The 61st Business Year Business
Performance Data Analysis
Fiscal Year Ending December 2023
Second Quarter

Published by:(Securities code: 9830)* Securities code: 9830

Business Administration Headquarters, Corporate Planning Division, Public Relations & IR Section
Trusco Fiorito Bldg. 10th floor, 4-28-1, Shinbashi, Minato-ku, Tokyo 105-0004, Japan
TEL：03-3433-9840 FAX：03-3433-9881
E-mail: info@trusco.co.jp

1
Copyright 2023 TRUSCO NAKAYAMA Corporation. All rights reserved.

Table of Contents
01. Company Profile

04. Financial and Other Performances …… P. 22……………………… P.3

Company overview
Business flow[Consolidated] Selling, general and administrative expenses (SGA)[Consolidated] Details of selling, general and administrative expenses (SGA)[Consolidated] Financial statements and financial indicators[Consolidated] Capital expenditures
Major capital expenditures for the current fiscal year

05. Various key indicators …………………… P. 28
02. Company-wide Business …………… P.6
Performance
Accounting highlights[Consolidated] Business performance/budget[Consolidated] Monthly sales[Consolidated] Monthly sales by sales route

03. Sales Performance………………… P. 12[Consolidated] Business performance by sales route[Non-consolidated] Changes in sales by category of goods[Non-consolidated] Sales by category of goods[Non-consolidated] Sales of private brand (PB) goods

Digital / Merchandise / Sales / Logistics / Human Resources

06. Management Plan ………………………… P. 35[Consolidated] About the 61st business year full-year revision[Consolidated] Quarterly business performance and budget (quarterly)[Consolidated] Quarterly business performance and budget(cumulative)
Vision - Capacity targets -07. ESG Information………………………… P. 40

TRUSCO's "Gentleness for the Future" Project
Sustainability indicators
Other environmental measures and initiatives
Relationship with society & corporate governance

08. Reference Information …………………… P. 46
This document contains statements regarding future forecasts of business performance and business plans.
Such statements are not guarantees of future performance and involve risks and uncertainties.
Please note that future performance may differ from the planned figures due to changes in the management
environment and other factors. This document is for informational purposes only and the Company is under noobligation to update it with the latest information available at this time.

Stock information
Index comparison in the industry
The Company's sales index and industrial production index
2
Copyright 2023 TRUSCO NAKAYAMA Corporation. All rights reserved.

01

Company overview
Business flow

Company Profile

3
Copyright 2023 TRUSCO NAKAYAMA Corporation. All rights reserved.

Company overview

Corporate message

Company name

TRUSCO Nakayama Corporation

Founding

May 15, 1959

“GAMBARE!!
JAPANESE MONODZUKURI”.

Tetsuya Nakayama, President
Representative

Head offices

Number of offices

Chairman, Nakayama Visually Impaired Welfare Foundation
Vice president, Japan Federation of Machine Tool Distributors Associations
President, Osaka Machine Appliance Wholesaler Cooperative

Tokyo Head Office (Minato-ku, Tokyo, registered as official headquarters)
Osaka Head Office (Nishi-ku, Osaka City)

94 in total:
89 domestic bases: (2 head offices, 59 domestic sales branches, 28 domestic distribution centers)
5 overseas bases: (Local subsidiaries: TRUSCO NAKAYAMA CORPORATION (THAILAND) LIMITED,
TRUSCO NAKAYAMA CORPORATION (INDONESIA) LIMITED
Supplier development office: Germany, Taiwan, Thailand)

Capital stock

5,022,370,000 yen

Listed stock exchangeFirst section of the Tokyo Stock Exchange (Code number: 9830)

Number of employees

3,051 (Consolidated)

Credit rating

Single A (Rating and Investment Information, Inc.)

Line of business

Wholesale of all kinds of factory auxiliary materials (pro-tools), including working tools,
measuring tools, and cutting tools needed in production. The company's mission is to improvethe convenience of materials procurement at manufacturing sites through the general catalog"TRUSCO Orange Book" and the search site "TRUSCO Orange Book.Com."Tokyo Head Office: Trusco Fiorito Bldg.
(Minato-ku, Tokyo)

4

As of end of June 2023
Copyright 2023 TRUSCO NAKAYAMA Corporation. All rights reserved.

Business flow
Manufacturers

Wholesale

3,423 companies

Connecting an outlet toDomestic suppliers

TRUSCO is an easy way to

3,0903,046
companies

take advantage of ourresources.

330

32 countries,
333 companies

Ireland, U.S.A., U.K., Italy, Israel,
India, Estonia, Austria, Netherlands,
Canada, Greece, Singapore,
Switzerland, Sweden, Spain, Sri
Lanka, Slovakia, Thailand, Czech
Republic, Denmark, Germany, New
Zealand, France, Vietnam, Belgium,
Poland, Portugal, Malaysia, Norway,
Korea, Taiwan, China

Users

Retail 5,596 companies∞ (infinite)

Factory route
We deliver our products to factories,
construction sites, and othermanufacturing sites through machine tool
dealers, etc.

e-business route
The products are delivered to factories
and consumers through Internet ordercompanies.

Overseas32

Distributors

Merchandise

Manufacturers,
general consumers,
etc.

Logistics
Home center route
We deliver our products to consumers
through home centers and pro-tool shops.

Sales

Manufacturers,
construction
companies, etc.

DigitalOverseas route
We deliver our products to manufacturing
sites around the world.

Businesses
conducting outdoor
work, general
consumers, etc.

Overseas
manufacturers, etc.

As of end of June 2023
Copyright 2023 TRUSCO NAKAYAMA Corporation. All rights reserved.

5

02

Company-wide
Business
Performance

Accounting highlights[Consolidated] Business performance[Consolidated] Monthly sales[Consolidated] Monthly sales by sales route

6
Copyright 2023 TRUSCO NAKAYAMA Corporation. All rights reserved.

Accounting highlights▮ Performance in the second quarter of the 61st business year
Net sales

131,390 million yen(YoY change +8.9%)･ Increased through measures that contribute to improved customer convenience and reduced
environmental impact, including “Niawase + Yuchoku” (assortment + direct delivery to users), which
utilizes an abundant inventory of approximately 570,000 items and state-of-the-art distribution
equipment

Gross profit margin

21.5%(YoY change +0.5pt)･ The impact of increased profit margins on sales of inventory purchased at the old prices, before theprice increases, after the price revisions･ The impact from progress in purchase price pass-through to selling prices

Selling, general andadministrative expenses (SGA)

19,031 million yen ･ Freight and packing expenses increased due to increased sales, while salaries and bonuses,(YoY change -2.1%) depreciation, and commission fees decreased year on year.

Quarterly profit attributable toowners of parent

6,066 million yen(YoY change +42.7%)･ 42.7% year-on-year increase due to higher gross profit margin resulting from changes in selling
prices of inventory purchased before the price revisions, etc., and lower selling, general andadministrative expenses, including salaries and bonuses▮ Regarding upward revision of the 61st full-year budget (revised on August 10, 2023)･ Taking into consideration that suppliers will continue to request price revisions in the second half of the year, gross profit is expected to increase by approximately
500 million yen from the initial budget.
Initial budget for
FYE December 31, 2023

Revised forecast for
FYE December 31, 2023

Share

Share

Previous year results

YoY change

Net sales

265,090 million yen

ｰ266,080 million yenｰ

246,453 million yen+8.0%

Gross profit

55,350 million yen

20.9%

56,970 million yen

21.4%

52,160 million yen+9.2%

Selling, general and administrative
expenses (SGA)

39,650 million yen

15.0%

39,040 million yen

14.7%

37,493 million yen+4.1%

Ordinary income

15,970 million yen

6.0%

18,220 million yen

6.8%

15,065 million yen+20.9%

Profit attributable to owners of parent

10,920 million yen

4.1%

12,190 million yen

4.6%

10,626 million yen+14.7%
7

Copyright 2023 TRUSCO NAKAYAMA Corporation. All rights reserved.

[Consolidated] Business performance
Actual results for FYE December 31, 2022
Actual results

Share

Actual results for FYE December 31, 2023 Second QuarterYoY change

Actual results

Share

YoY change

Changefrombudget (%)

Net sales

246,453 million yen

-

+8.6%

131,390 million yen

-

+8.9%

+0.7%

Gross profit

52,160 million yen

21.2%

+9.4%

28,188 million yen

21.5%+11.1%+4.3%

Selling, general andadministrative
expenses (SGA)

37,493 million yen

15.2%

+8.1%

19,031 million yen

14.5%

-2.1%

-4.5%

(depreciation includedin SGA)

6,667 million yen

2.7%

-3.8%

3,158 million yen

2.4%

-5.8%

-0.2%

Operating income

14,667 million yen

6.0%+12.8%

9,156 million yen

7.0%+54.3%+28.8%

Ordinary income

15,065 million yen

6.1%+11.1%

9,269 million yen

7.1%+50.8%+28.4%

Current (quarterly)
profit attributable toowners of parent

10,626 million yen

4.3%

-8.4%

6,066 million yen

4.6%+42.7%+23.0%

Current (quarterly) net
income per share161.15 yen--14.71 yen

91.99 yen-

+27.53 yen+17.20 yen

Dividend per share

40.00 yen-

+4.50 yen

23.00 yen-

+6.50 yen

+4.00 yen

Private brand sales

45,876 million yen

18.6%

+5.6%

24,338 million yen

18.5%

+6.6%

-

Capital expenditures

4,799 million yen-

ｰ5,125 million yen

-

-

-

Points・ Net sales
YoY change +8.9% Change from budget+0.7%
Increase in sales due to logistics, digitalstructure and various efforts
・ Gross profit margin
YoY change +0.5pt
Impact of inventory valuation gains andtime lag in higher purchase price passthrough to selling prices, etc.
・ Selling, general and administrative
expenses (SGA)YoY change -2.1% Change from budget 4.5%
(Increase) Freight and packing
expenses, etc.
(Decrease) Depreciation, etc.
・ Quarterly profit attributable to ownersof parent
YoY change +42.7% Change frombudget +23.0%
Increase in gross profit margin due toinventory valuation gains and decrease
in selling, general and administrative
expenses, etc.

8
Copyright 2023 TRUSCO NAKAYAMA Corporation. All rights reserved.

[Consolidated] Management plan

* This is the revised budget announced on August 10, 2023.
FYE December 31, 2023
Full Year Budget*

Second half budget for FYE December 31, 2023
BudgetShare

YoY change

BudgetYoY change

Points

Net sales

134,633 million yen

-

+7.0%

266,080 million yen+8.0%

Gross profit

28,816 million yen

21.4%

+7.6%

56,970 million yen+9.2%

Selling, general andadministrative expenses(SGA)

20,004 million yen

14.9%+10.8%

39,040 million yen+4.1%(depreciation included in
SGA)

3,238 million yen

2.4%

-2.3%

6,402 million yen-4.0%

Operating income

8,812 million yen

6.5%

+0.9%

17,930 million yen+22.2%

Ordinary income

8,973 million yen

6.7%

+0.6%

18,220 million yen+20.9%

Current (quarterly) profit
attributable to owners ofparent6,145 million yen

4.6%

-3.6%

12,190 million yen+14.7%

Current (quarterly) net
income per share

93.19 yen-

-3.50 yen

184.86 yen+23.71 yen

Dividend per share

23.50 yen-

±0 yen46.50 yen

+6.50 yen

8,576 million yen--

13,701 million yen-

Capital expenditures

・ Net sales
Formulated based on first half
performance and initial budget forsecond half
・ Gross profit margin
Approximately 500 million yen will beconsidered for the impact of expanding
profit margins due to changes in selling
prices for inventory purchased at theold prices.
・ Selling, general and administrative
expenses (SGA)
Changed based on results for first halfof year・ Quarterly profit attributable toowners of parent
YoY change -3.6%
Increase in gross profit margin due toexpanded profit margins and decrease
in selling, general and administrative
expenses due to sales of inventory
purchased at the old prices, before theprice increase, after the price revision9
Copyright 2023 TRUSCO NAKAYAMA Corporation. All rights reserved.

[Consolidated] Monthly sales

25,48526,00023,09924,00020,00021,566

21,59722,00021,81520,741

23,295 23,287

22,311 23,153▮ Actual results (January-June)

20,772▮ Budget (July-December)* Revised budget

18,89918,000+11.5
14,000

+11.4

+7.7

16,000

+12.2

+6.6

+8.4

+7.8

+7.0

+9.2

+4.8

+5.3

+4.3

12,00010,000・ Orders are constantly placed for
consumables used in factories. As such,
we place focus on the sales per day.
Our sales increase during the peak periodsof March when many companies close theiraccounts.

8,000
6,000

Net sales (million yen)
Year-on-year change (%)

4,000

2,000
0

Number ofbusiness days
(days)
Year-on-yearchange (days)
Sales per day(million yen)
Year-on-yearchange (%)

January

February

MarchJanuary

February

March

April
April

May
May

June
June

July
July

AugustAugustSeptember

September

October

OctoberNovember December

November

December

Total

19

19

22

20

20

22

20

22

20

21

20

21

246

+1

+1

±0

±0

+1

±0

±0

±0

±0

+1

±0

-1

+3

995

1,137

1,158

1,078

1,037

1,050

-

-1.2

+ 5.6

+ 7.7

+11.4

+12.2

+ 6.6

-

* Since April 1, 2022, we have changed our holidays
according to the calendar, so the number of business days
has increased compared to the previous year.

10
Copyright 2023 TRUSCO NAKAYAMA Corporation. All rights reserved.

▮ Actual results (January-June)[Consolidated] Monthly sales by sales route▮ Budget (July-December)* Revised budget

e-business route
5,462
5,050
4,814

4,789

4,723

4,553

* Since April 1, 2022, we have changed our holidays according to the calendar, so the number of business days
has increased compared to the previous year.

4,940

4,757

4,600

5,080

4,871

4,241

January

February

March

April

May

June

July

AugustSeptember

OctoberNovember December

Total

Number ofbusiness days

19

19

22

20

20

22

20

22

20

21

20

21

246

YoY change

+1

+1

±0

±0

+1

±0

±0

±0

±0

+1

±0

-1

+3

+19.2
Net sales (million yen)

+17.5

+9.7

Year-on-year change (%)

+17.4
+14.3

+13.1

Factory route

+11.3

+10.9

+12.8

+8.0

+9.0
+5.8

17,68815,922
14,784

15,835

14,575

16,13816,057January

March

April

May

June

July

AugustSeptember OctoberHome center route

14,02013,825February

November December

15,422

14,942

2,112

12,795

2,146

2,146

2,043

2,031
1,882

1,829

1,928

1,917

1,920

1,891

1,701

+ 9.5

+ 8.9

+ 9.3

+ 5.5

+ 7.1

+ 7.1

+ 7.3

+ 6.0
Net sales (million yen)

+ 5.3

+ 8.5

Year-on-year change (%)+ 5.4+ 18.1+ 0.7

Net sales (million yen)

+ 13.5+ 16.7+ 17.0+ 15.3+ 17.5Year-on-year change (%)

+ 6.3

△ 5.2
January

February

March

April

May

June

July

AugustSeptember

OctoberNovember December

January

February

March

April

May

June

July

August

△ 5.7

+ 0.6

△ 1.4

September△ 6.0

OctoberNovember December

Copyright 2023 TRUSCO NAKAYAMA Corporation. All rights reserved.

11

03
Sales
Performance[Consolidated] Business performance by sales route・Factory route・e-business route
・Home center route・Business performance of subsidiaries[Non-consolidated] Changes in sales by category of goods[Non-consolidated] Sales by category of goods[Non-consolidated] Sales of private brand (PB) goods

12
Copyright 2023 TRUSCO NAKAYAMA Corporation. All rights reserved.

[Consolidated] Business performance by sales route
Factory route: Share 68.2% (YoY change +6.4%) e-business route: Share 22.0% (YoY change +14.5%)
Home center route: Share 8.9% (YoY change +14.7%) Overseas route: Share 0.9% (YoY change +17.4%)
Actual results for FYE December 31, 2022

Actual results for FYE December 31, 2023 Second Quarter

Gross profit
marginNet sales

Actualresults

Gross profit margin

YoY change

68.2%

+6.4%

-0.6%

21.6%

+0.4pt

28,911 million yen

22.0%+14.5%

+3.3%

21.9%

-0.2pt17.4%

11,704 million yen

8.9%+14.7%

+4.8%

17.6%

+0.2pt+24.4%

35.8%

1,180 million yen

0.9%+17.4%

+1.8%

34.9%

-0.9pt

+8.6%

21.2%

131,390 million yen

100%

+8.9%

+0.7%

21.5%

+0.3ptActual results

Actual results

Factory route170,606 million yen

69.2%

+5.1%

21.2%

89,593 million yen

e-business route51,576 million yen

20.9%+16.2%

22.1%

Home center
route

22,162 million yen

9.0%+20.7%

Overseas route2,108 million yen

0.9%

246,453 million yen

100%

Share

Actualresults

Change fromthe end of
previous
fiscal year

Change frombudget (%)

Sales route

Total

Share

YoY
changeNet sales

13
Copyright 2023 TRUSCO NAKAYAMA Corporation. All rights reserved.

[Consolidated] Management plan by sales route* This is the revised budget announced on August 10, 2023.

Second half budget for FYE December 31, 2023

FY 2023

Net sales
Sales route

BudgetFull Year Budget*
Net sales

Share

YoY change

BudgetYoY change

Factory route

92,418 million yen

68.6%

+7.0%

182,011 million yen+6.7%

e-business route28,973 million yen

21.5%+10.1%

57,885 million yen+12.2%

Home center route11,846 million yen

8.8%

-0.9%

23,551 million yen+6.3%

Overseas route1,394 million yen

1.0%+26.5%

2,631 million yen+24.8%

134,633 million yen

100%

+7.0%

266,080 million yen

+8.0%

Total

14
Copyright 2023 TRUSCO NAKAYAMA Corporation. All rights reserved.

[Consolidated] Business performance by sales route: (Factory route)
This route delivers our products to factories, construction sites, and other manufacturing sites through machine tool dealers, etc. While businessconditions in the manufacturing sector have not returned to their pre-pandemic levels, the holding of abundant inventories and the implementationof various initiatives resulted in a YoY change in net sales of +6.4%.
Actual results for FYE December 31, 2022
Gross profit
marginNet sales
Sales route
Actual results

Actual results for FYE December 31, 2023 Second Quarter

Share

Actualresults

Net sales

Actual results

PointsGross profit margin
YoYchangeShare

Actualresults

Change fromthe end of
previous
fiscal year

Machine tool dealers

86,908 million yen

50.9%

21.5%

44,728 million yen

49.9%

+4.2%

22.5%

+0.6ptDealers in welding materials

24,206 million yen

14.2%

20.7%

12,870 million yen

14.4%

+8.7%

20.7%

+0.5ptOther manufacturing related (Physicalchemical, conductor, packaging material
dealers, etc.)

27,942 million yen

16.4%

20.3%

15,012 million yen

16.8%

+8.5%

20.0%

+0.1ptConstruction related

31,548 million yen

18.5%

21.5%

16,980 million yen

19.0%

+8.8%

21.4%

+0.3ptFactory route total

170,606 million yen

100.0%

21.2%

89,593 million yen

100.0%

+6.4%

21.6%

+0.4pt* The gross profit margin has beenadjusted in this document byreclassifying gross profit among
sales channels for FYE December
31, 2022.

･ By maintaining an abundant inventory, we
are able to provide our customers withimmediate delivery and one-stop
purchasing, and at the same time, we areable to achieve "assortment" of multipleorders into a single box for shipment.
･ We carried out business activities that also
help to reduce our environmental impact,
such as strengthening efforts in "MRO
Stocker," which enables productprocurement at the factory at any time, andstrengthening efforts in our "Naojiro" repair
workshop.

2022 2Q F route net sales (million yen)

20,8322023 2Q F route net sales (million yen)(+6.9%)( ) YoY change

16,434(+7.7%)

19,48915,266(+4.7%)

9,438

9,748

11,7938,533(+5.2%)

8,972

12,341

8,811(+6.2%)(+6.8%)(+7.9%)

9,178

7,910

8,251

3,452

15

(+2.8%)

3,359
Copyright 2023 TRUSCO NAKAYAMA Corporation. All rights reserved.
Hokkaido and Tohoku

Kita-Kanto and Shinshu

Tokyo Metropolitan

Hokuriku

Tokai

Kinki

Chugoku and Shikoku

Kyushu[Consolidated] Business performance by sales route: (e-business route)
This route delivers our products to manufacturing sites, such as factories and construction sites, and consumers through Internet order companies.
Product data and system linkage, as well as logistics processing tailored to customer needs, have improved convenience, resulting in a YoYchange in net sales of 14.5%.
Actual results for
FYE December 31, 2022
Gross profit
marginNet sales
Sales route
Actual results

Actual results for FYE December 31, 2023 Second Quarter

Share

Actualresults

Net sales

Actual results

Share

Gross profit margin
YoYchangeActualresults

Changefrom theend ofprevious
fiscal year

Mail order companies

40,148 million yen

77.8%

20.9%

21,965 million yen

76.0%+11.9%

20.6%-0.3ptCompanies participating in Orange
Commerce (TRUSCO’s electronic central
purchasing system), MRO Stocker

11,428 million yen

22.2%

26.3%

6,946 million yen

24.0%+23.4%

25.9%-0.4pte-business route total

51,576 million yen

100.0%

22.1%

28,911 million yen

100.0%+14.5%

21.9%-0.2ptSales to mail order companies: Sales ratio by industry

MRO mail ordercompanies
40.6%
MonotaRO, Misumi, etc.

Dealers of physical chemical
and medical devices
Tubing dealers
2.7%
Machine tool dealers4.8%
1.0%

Points･ By developing a product database withapproximately 3.48 million items, strengthening
system integration, and offering logistics services that
fulfill the demands of internet order companies andcompanies participating in Orange Commerce, wehave improved convenience and significantly
increased the number of orders made to ourcompany.

Data usage
Product adoption andperformance information

Data

Comprehensive
mail ordercompanies
20.4%

Stationery
mail ordercompanies
12.2%

Amazon, etc.

Askul, etc.

Mail ordercompanies
of homeelectricalappliances
9.3%
Other mail ordercompanies
4.6%

Other
2.3%

Hardware retailers
2.0%

Data expansion

Data linking

e-commerce

Data linkage with
suppliers and customers

16
Copyright 2023 TRUSCO NAKAYAMA Corporation. All rights reserved.

[Consolidated] Business performance by sales route: (Home center route)
This route delivers our products to consumers through home centers and pro-tool shops. As companies are strengthening their e-commercebusinesses, we aggressively proposed services utilizing our inventory of approximately 570,000 items and logistics capabilities, resulting in a YoYchange in net sales of 14.7%.
Actual results for
FYE December 31, 2022
Gross profit
marginNet sales

Actual results

Home center route

Actual results for FYE December 31, 2023 Second Quarter

Actual results

22,162 million yen

17.4%

Points
Net sales

Actual results

11,704 million yen

Gross profit margin

YoY change+14.7%

Actualresults
17.6%

Change in sales earned via home center route (Unit: million yen)
22,162

Budget23,551

Change fromthe end of
previous
fiscal year

+0.2ptWe consolidated commercial distribution channels
and acquired a new right to supply products throughcollaborative efforts between our stores and EC site.
In addition, we also saw an increase in sales at protool shops, which are dealers that target professional
craftspeople and factory workers who have a highaffinity with our company.
Utilizing the approximately 3.48 million items we havefor sale and approximately 570,000 items we have instock for instant delivery, we worked on measures tocontinue expanding sales by enhancing the productlineup in our stores and EC site.

18,366
16,992
14,702
11,704

17
2019

2020

2021

2022

2023

Copyright 2023 TRUSCO NAKAYAMA Corporation. All rights reserved.

[Consolidated] Business performance by sales route:(Business performance of subsidiaries)
We strengthened our sales activities by reviewing inventory items and developing local customers and suppliers.
TRUSCO NAKAYAMA CORPORATION (non-consolidated)
Actual results for FYE December 31, 2023
Second Quarter

Full year
budgetAmountShare

YoY change

Net sales

131,055 million yen

100.0%+8.9%

Gross profit

27,973 million yen

21.3%

Selling, generaland administrative
expenses (SGA)

18,867 million yen

Depreciation
included in SGA

YoYchange

TRUSCO NAKAYAMA CORPORATION (THAILAND) LIMITED
Actual results for FYE December 31, 2023
Second Quarter
Amount

Share

+7.8%

478 million yen

100.0%+18.0%+11.1%+9.2%

124 million yen

26.0%

14.4%

-2.2%

+4.0%

83 million yen

3,120 million yen

2.4%

-5.7%

-4.1%

Operating income

9,106 million yen

6.9%+54.6%

Ordinary income

9,236 million yen

7.0%

Quarterly net
income6,036 million yen

4.6%

Actual results
Business performance in otheroverseas regions (Philippines,
China, South Korea, etc.)

Rate
YoY change

YoYchangeActual results for FYE December 31, 2023
Second Quarter

Full year
budgetAmountShare+13.3%

259 million yen

100.0%+15.9%+33.9%+28.2%+19.9%

87 million yen

33.7%+37.4%+31.6%

17.3%

+2.6%

+6.3%

82 million yen

31.7%+11.3%+20.1%

11 million yen

2.3%

-8.5%

+1.5%

27 million yen

10.6%

+2.3%

+18.1%+22.5%

41 million yen

8.6%+157.4%+79.7%

5 million yen

2.0%

－

－

+50.3%+20.8%

44 million yen

9.2%

164.3%+70.9%

6 million yen

2.6%

－

+60.2%+42.2%+14.6%

44 million yen

9.2%+164.3%+70.9%

6 million yen

2.6%

－

+60.2%Net sales

Gross profit

438 million yen

106 million yenー

24.40%
16.40%

9.50%

YoY change

Full year
budget

TRUSCO NAKAYAMA CORPORATION (INDONESIA) LIMITEDYoY change

YoY change

Points･ By enhancing the development of personal suppliers for local top brands inThailand, and by reviewing inventory items in Indonesia, we have shortened thedelivery lead time and expanded the sales area through transactions with newcustomers of local companies.
・ With regards to sales to other overseas regions, we worked to expand transactions
by opening new accounts with EC companies mainly in the Asia-Pacific region.

18
Copyright 2023 TRUSCO NAKAYAMA Corporation. All rights reserved.

[Non-consolidated] Changes in sales by category of goods
Sales of consumables such as safety shoes, adhesives, and cutting tools increased
On the other hand, there was a lull in demand for fall arrest equipment following last year's revision of the Industrial Safety and
Health Act and novel-coronavirus-related products+600(Unit: million yen)

Safety signs

+42

+41

+37

+36

+34

+41.1%+18.8%+23.1%+14.3%+141+56.8%+24.0%+100 +50+0Anti-slip
gloves+98

Garbagebins+105+33.6%+200

Rain gear+110+45.5%

Impactdrivers

Cooling
garments+117

Lighting
equipment

Poly bags

+238

Rags

+274

Impactwrenches

Masking tape

Adhesives

+300

Chips

+424

Safety shoes(JPSA)+400

Evacuation
supplies

+509

+500

+48.8%+24.1%+12.3%+26.1%+45.2%+86+54.1%+49.3%+0-13.2%-25.7%△40△37-34.4%-50.6%-7.3%-28.8%

△31

△31

△30

△30

Accessories for fallarrest systems

△41

△63

Waist belts

Lanyard for waist belts★ Respiratory protective
equipment with electric fan

Mesh palettes

Single-lens eye protection

Work benches

△72

△42

Power generators-526★Hand sanitizers

△244

△76

★ Splash-guard panels

△124
△141

～
～

△250

-54.2%-60.1%-76.1%

Alcohol checkers△200

Harnesslanyards△150-53.1%

Harness-type personal
fall arrest systems△100-52.5%-26.3%★General-purpose face masks

△50

-5.9%

Hand lifters-12.5%-40.8%★: COVID-19 related products

19
Copyright 2023 TRUSCO NAKAYAMA Corporation. All rights reserved.

[Non-consolidated] Sales by category of goods(Unit: million yen, %)Category of goods(large category)
1. Cutting tools

2. Production
processing goods

3. Construction goods

Medium category

YoY change

Gross profit Category of goods
margin(large category)Medium category

TRUSCO's
sales

Share

YoY change

Gross profit
margin+5.9

22.7

17.4 6. Environmental
safety equipment
12.6

Environmental safety equipment total

23,067

17.6㉕ Protective equipment

12,263

9.4

-

23.5

22.5

㉖ Safety goods

5,342

4.1

-

26.0

15.9

㉗ Environment improvement goods

1,070

0.8

-

19.1

-

15.4

㉘ Air conditioning goods

2,163

1.7

-

17.6

1.5

-

15.3

㉙

1,158

0.9

-

18.4

1,207

0.9

-

24.3

-

1,340

1.0

-

11.2

Construction goods total

15,326

11.7⑦ Hydraulic tools

1,033

0.8

-

⑧ Pumps

1,902

1.5

⑨ Welding equipment

1,301

1.0

⑩ Painting and interior goods

1,311

1.0

4,105

3.1

① Cutting tools

2,099

1.6

-

② Drilling and thread cutting tools

2,006

1.5

-

Production processing goods total

9,629

7.4

③ Measurement equipment

5,055

4.0

④ Mechatronics

2,026⑤ Tools for machine tools⑥ Electronic machinery

+10.4

+7.6

Disaster and crime prevention
goods㉚ Closets and exterior goods

1,068

0.8

Distribution and storage equipment
total

14,10410.8

21.8㉛ Loading goods

3,896

3.0

-

18.3

12.2

㉜ Conveyors

550

0.4

-

15.9

-

16.9

㉝ Transportation goods

5,270

4.0

-

22.2

-

17.6

㉞ Containers and vessels

2,095

1.6

-

29.4

-

26.3

㉟ Steel shelves

2,291

1.7

-

26.1

Research management equipment
total

5,424

4.1

㊱ Tool wagons

476

0.4

-

30.2

+9.9

7. Distribution andstorage equipment

16.4
+4.2

1,225

0.9

-

⑫ Ladders and stepladders

1,750

1.3

-

8. Research
14.2
management
equipment
22.1

Piping and materials of⑬
electronic equipment

2,486

1.9

-

23.3

㊲ Storage and management goods

675

0.5

-

30.5

4,315

3.3

-

27.2

㊳ Work benches

872

0.7

-

32.3

25,046

19.1

22.2㊴ Stainless goods

1,048

0.8

-

18.7

Research and development㊵
related goods

2,351

1.8

-

18.6

Office and housing facility equipment
total

Component, hardware, andbuilding materials

Work supply total

+11.9

+6.3

0.6

-

22.2

⑯ Grinding and polishing goods

3,918

3.0

-

24.2

11,5008.8⑰ Chemical products

13,235

10.1

-

20.9

㊶ Cleaning utensils

3,422

2.6

-

21.7

⑱ Factory miscellaneous goods

2,306

1.8

-

16.5

㊷ Stationery

1,422

1.1

-

20.1

⑲ Packing and binding goods

3,167

2.4

-

31.2

㊸ Office miscellaneous goods

1,630

1.2

-

28.3

-

18.3

㊹ Electric appliances

1,749

1.3

-

23.5

19.6

㊺ OA business machinery

1,122

0.9

-

23.7

+5.8

23.2

⑳ Casters

1,625

1.2

Hand tool total

22,206

16.9

Electric power tools and㉑
accessories

6,642

5.1

-

16.6

㊻ Office furniture

2,005

1.5

-

23.5

Pneumatic tools and㉒
accessories

3,639

2.8

-

21.2

㊼ Interior goods

147

0.1

-

18.6

㉓ Tools for manual work

11,4678.7-

24.0 10. Others㊽ Entire company

458

0.3

-

-59.4

㉔ Tool boxes

+12.9

Total

Sales increased for thefollowing product groups
related to factory
operations:･ Hand tools
YoY change +12.9%
Sales of power tools, including
impact wrenches, as well as
hand tools, increased.

23.3

792

9. Office and housing
facility equipment

Points22.6

Civil engineering and building⑪
goods⑮ Cutting goods

5. Hand tool

Share

Cutting tools total⑭
4. Work supply

TRUSCO's
sales

642

0.5

+52.5

20.5

131,055

100.0

+8.9

21.3

･ Work supplies:
YoY change +11.9%
In particular, sales of adhesives,sealants, and tape supplies
increased･ Cutting tools:
YoY change +10.4%
Sales of various cutting tools
increased

20
Copyright 2023 TRUSCO NAKAYAMA Corporation. All rights reserved.

▮ Private brand product share in net sales[Non-consolidated] Sales of private brand (PB) goods

as of the end of June 2023
Production
processing goods
3.6%

Cutting tools 1.5%
Officeand housing
facility
Researchequipment
management
9.9%
equipment
7.8%

We will continue our efforts to revamp our core products so that our
private brand TRUSCO products will further contribute to
manufacturing and become a staple on the site.

(Unit: million yen)
Sales route
Categoryof goods

Gross profit
marginNet sales

36.9%
YoY change

Factory
Share
19.1%

e-business
Share
22.7%

Home center
Share
4.5%

Hand tool
10.0%

Gross profit
margin38.3%

Gross profit
margin34.2%

Gross profit
margin28.9%

Net sales

YoY change

Net sales

YoY change

Net sales

YoY change

24,338+6.6%

17,105

+3.0%

6,548

+18.3%

525-0.3%

Cutting tools

372

+6.2%

267

+2.6%

63

+20.8%

37+15.3%

Production
processing goods
Construction
goods

870

+7.1%

615

+3.1%

232

+19.0%

8

-7.1%

2,225

+8.5%

1,519

+3.3%

659

+22.5%

30-1.2%Work supply

4,402+11.6%

3,354

+8.0%

970

+26.1%

42+13.4%

Hand tool

2,434+10.9%

1,688

+6.9%

652

+24.4%

56-7.3%

Environmental
safety equipment
Distribution andstorage equipment
Research
management
equipment
Office andhousing facility
equipment

3,780

+4.0%

2,742

+1.7%

930

+10.3%

96+18.2%

5,941

+3.4%

4,047

+0.1%

1,636

+15.0%

236

-6.9%

Total

1,894
2,414

+4.6%
+6.3%

1,293
1,577

-1.8%
+2.6%

585
818

+21.6%+15.4%

Work supply
18.1%

Distribution andstorage equipment
24.4%

Sales by sales route and category of goods
Entire company
Share
18.6%

Construction
goods
9.1%

3
12

Environmental safety
equipment
15.5%▮ Trend in sales of private brand products(unit: million yen) ( ) YoY change
Full year budget
50,000 million yen

43,890(+0.7%)

41,302(-5.9%)

43,445(+5.2%)

45,876(+5.6%)

24,338 (6.6%)

2019

2020

2021

2022

Share

19.9%

19.4%

19.0%

18.7%

18.6%

Gross profit
margin

35.8%

36.4%

36.2%

35.8%

36.9%

+9.0%
-14.4%

2023
Second Quarter

21
Copyright 2023 TRUSCO NAKAYAMA Corporation. All rights reserved.

[Consolidated] Selling, general and administrative
expenses (SGA)

04

Financial and
Other
Performances[Consolidated] Details of selling, general andadministrative expenses (SGA)[Consolidated] Financial statements and financial
indicators[Consolidated] Capital expenditures

Major capital expenditures for the current fiscal year

22
Copyright 2023 TRUSCO NAKAYAMA Corporation. All rights reserved.

[Consolidated] Selling, general and administrative expenses (SGA)
Freight and packing costs increased due to an increase in shipment volume, while selling, general and administrative
expenses decreased by 2.1% year on year due to decreases in depreciation and commission fees.

Fiscal Year Ending
December 2022
Second Quarter

Freight andpacking expenses

Depreciation(Unit: million yen)

+300

-193

( ) YoY change

Commission fee-162

19,445

Salary and bonus

-133

～

Selling, general and administrative expenses 19,031 million yen,-413 million yen･ Freight and packing expenses: +300 million yen, due to increase in shipping volume andtransportation costs* Freight expenses associated with the User Direct Shipment Service are paid by customers.

・ Depreciation: -193 million yen, due to expiration of amortization period of software･ Commission fee: -162 million yen...Impact of initial costs related to the HACOBUne concept, etc.
･ Salaries and bonuses: -133 million yen...Impact of the provision of the temporary bonus paid tosupport living expenses in the previous year
・ Other: -225 million yen, due to effect of deduction of SGA expenses for catalog and web posting fees
* The difference as of the end of the quarter for FYE December 31, 2022 is due to the lump-sum recording in the
fourth quarter.

Other

-225

Fiscal Year Ending
December 2023
Second Quarter～
19,031(-2.1%)

Copyright 2023 TRUSCO NAKAYAMA Corporation. All rights reserved.

23

[Consolidated] Details of selling, general and administrative expenses (SGA)(Unit: million yen)
Fiscal Year Ending December 2023
Second Quarter

FYE December 31, 2022

No.

Actual results

Share in net sales

Share in net
sales

Actual results

FY 2023 Full Year
BudgetChange from the same
period of the previous year

YoY change

Full year budget andYoY change inperformance

1 Salary and bonus

13,036

5.3%

6,340

4.8%

-133

-2.1%

13,592+4.3%

2 Freight and packing expenses

7,630

3.1%

4,039

3.1%

+300

+8.0%

8,366

+9.7%

3 Depreciation

6,667

2.7%

3,158

2.4%

-193

-5.8%

6,402

-4.0%

4 Commission fee

2,638

1.1%

1,287

1.0%

-162

-11.2%

2,602

-1.4%

5 Welfare expense

2,343

1.0%

1,215

0.9%

+19

+1.6%

2,414

+3.0%

6 Taxes and dues

1,416

0.6%

670

0.5%

-44

-6.2%

1,330

-6.1%

7 Advertising expenses

505

0.2%

310

0.2%

+35

+12.7%

585+15.8%

8 Supplies expenses

434

0.2%

292

0.2%

+84

+40.6%

520+20.0%

543

0.2%

288

0.2%

+11

+4.1%

547

+0.9%

8

0.0%

275

0.2%

-4

-1.8%

264

+3111.6%

11 Utilities expenses

537

0.2%

238

0.2%

+38

+19.5%

552+2.8%

12 Communication expenses

434

0.2%

211

0.2%

-6

-3.1%

432

-0.5%

13 Leasehold and office rents

357

0.1%

182

0.1%

+0

+0.5%

358

+0.1%

14 Promotion expenses

316

0.1%

168

0.1%

-92

-35.5%

229-27.6%

15 Vehicle expenses

283

0.1%

148

0.1%

+0

+0.2%

294

+4.0%

16 Remuneration paid to directors

401

0.2%

148

0.1%

+6

+4.8%

432

+7.5%

17 Entertainment expenses

42

0.0%

70

0.1%

+49

+242.6%129+205.0%

-104

0.0%

-15

0.0%

-322

-

-17

-

37,493

15.2%

19,031

14.5%

-413

-2.1%

39,040+4.1%

Traveling expenses and transportation
expenses
10 Provision for bonuses
9

18 Other
Total

Copyright 2023 TRUSCO NAKAYAMA Corporation. All rights reserved.

24

[Consolidated] Financial statements and financial indicators
Balance Sheet
As of June 30, 2023

Statement of cash flows(Unit: million yen)

(Unit: Million yen)

Item
AmountItem
Amount(Assets)(Liabilities)
55,659Current assets
123,657 Current liabilities
Cash and deposits
Accounts payable - trade
19,31739,356
Accounts receivable
Short-term borrowings
10,00032,188
Electronically recorded monetary claims
Long-term borrowings scheduled to be
18,5002,026- operating
repaid within one year
Merchandise
Accounts payable - other
2,355
49,074
Other
Income taxes payable
3,106
1,013
Allowance for doubtful accounts
Provision for bonuses
279-1
Provision for bonuses for directors (andNon-current assets
66
107,718
other officers)
Allowance for loss on soil contamination
Property, plant and equipment
78
99,859treatment
Other
1,956
47,057
Buildings (net amount)
19,5607,187 Non-current liabilities
Machinery and equipment (net amount)
Tools, furniture and fixtures (netLong-term borrowings
16,5001,329
amount)Provision for retirement benefits for
151
38,782Land
directors (and other officers)
Long-term guarantee deposits
2,815
3,514
Construction in progress
Other
93
1,987
Other (net amount)
4,196 Total liabilities
75,219Intangible assets
Software
3,116 (Net assets)
Other
1,080 Shareholders' equity
155,266
Investments and other assets
Capital stock
3,661
5,022
Investment securities
Capital surplus
3,015
4,711
Deferred tax assets
Retained earnings
163
145,612Deferred tax assets for land revaluation
Treasury shares
155-80
Accumulated other comprehensive
Other
336 income
889
Valuation difference on available-for-sale
Allowance for doubtful accounts-10614
securities
Revaluation reserve for land-353
Foreign currency translation adjustment
627
Total net assets
156,155
Total assets
231,375
231,375 Liabilities / Total net assets

We promote "Ownership Management," believing that owning our own
distribution centers, branch office buildings, data centers, and vehicles,
which are the main arteries of corporate management, will bring thegreatest benefits.

2Q of FY 2022

2Q of FY 2023

ChangeCash flows from operating activities

6,508

6,296

-212

Cash flows from investing activities-3,461-5,148-1,686

Cash flows from financing activities-1,022-1,548

-526

86

85

-0

Net increase (decrease) in cash and cash equivalents

2,110

-315

-2,425

Cash and cash equivalents at beginning of period

41,44939,400-2,049Cash and cash equivalents at end of period

43,56039,085-4,475

Effect of exchange rate change on cash and cash equivalents

Equity ratio
End of FY 2022
Equity ratio

2023
Second Quarter

Change (pt)

67.1%

67.5%

+0.4

End of FY 2021

End of FY 2022

Other financial indicators
Change (pt)

ROA (Return on Assets)

6.3%

6.7%

+0.4ptROE (Return on Equity)

8.4%

7.2%

-1.2pt<Our Approach to ROE>
We believe it is important to expand profits and ensure long-term, stable increase by making continuous
investments to enhance corporate value. We believe that ROE should increase as a result of our business where
we place importance on improving the convenience of our customers.

25
Copyright 2023 TRUSCO NAKAYAMA Corporation. All rights reserved.

[Consolidated] Capital expenditures
Major capital expenditures and plans(Unit: million yen)
Investment results for Planned investment infirst half FY 2023
second half FY 2023

Details of major capital expenditures in 2023
Advance order for installation of distribution equipment and facilities at Planet Aichi (Total expected expenditures: approx. 9,500 million yen) [1H results:
approx. 2,300 million yen]

Distribution
Planet Higashi Kanto: 2nd automated pallet warehouse (total investment: 2,700 million yen) [first half actual results: approx. 600 million yen]equipment

3,647

414

864

2,000

614

6,162

5,125

8,576

Sakai Stock Center: Automated pallet warehouse (total investment: 1,800 million yen) [first half actual results: approx. 500 million yen], etc.

Digital

Buildings

Construction of product database "Sterra2.0" (planned total investment: approx. 800 million yen) [first half actual results: approx. 500 million yen, planned
second half: approx. 300 million yen]
Enhancement of supplier portal "POLARIO", etc., (planned total investment: approx. 300 million yen) [planned amount for second half of year: approx. 300
million yen] , etc.
Honmachi Central Building: renovation costs (total planned investment approx. 1,600 million yen) [First half result: approx. 400 million yen, second halfplanned: approx. 400 million yen]
Planet Aichi new construction project: (total planned investment: approx. 17,600 million yen) [first half actual results: approx. 300 million yen, second halfplanned amount: approx. 5,100 million yen], etc.

Subtotal

13,701

Annual capital expenditures

Change in capital expenditures
19,700 million yen

Expected
expenditures
13,701 million yen

Distribution
35
equipment
Digital39
Buildings

8,000
million yen

8,700
million yen
7
7

123

59

4

4,700
million yen
7

73

2020

67

11

5
15

2019

28

28

2021

2022

<Capital expenditures>
・ The investment amount may fluctuate as the planned amount of capital expenditures includes
expenses for projects at the planning stage.
・ The figures for the 61st business year represent values on a cash-out basis.

2023

26

Plan
Copyright 2023 TRUSCO NAKAYAMA Corporation. All rights reserved.

Major capital expenditures for the current fiscal year
Planet Higashi Kanto automatedpallet warehouse

Sakai Stock Center

Planet Aichi
Opening in 2026!

1st automated pallet warehouse

2nd automated pallet warehouse

Location: Matsudo, Chiba Prefecture

Location: Sakai, Osaka Prefecture

Location: Kitanagoya, Aichi Prefecture

Operation: March 2023

Operation: April 2023

Completion: November 2024
Operation: July 2026 scheduled

Site area: 14681 sqm (Planet Higashi Kanto)
Total floor area: 29706 sqm (Planet Higashi Kanto)

Site area: 3,303 sqm
Total floor area: 4,641 sqm

Total investment amount: approx. 2,680 million yen(investment for 61st business year: approx. 600
million yen)

Total investment amount: approx. 1,830 million yen(investment for 61st business year: approx. 500
million yen)

Site area: 41636 sqm Total floor area: 88579 sqm
Design and construction: Taisei Corporation
Total investment amount: approx. 30,000 million yen(planned) (planned amount for 61st business year:
approx. 7,800 million yen)

By setting up an automated pallet warehouse in the
new area, we will be able to store an additional 4,556
pallets, and strengthen our instant delivery systemthrough enlarging our product range.

By setting up an automated pallet warehouse, we will
be able to store 3,304 pallets and strengthen our
instant delivery system through improving ourinventory storage capacity.

We aim to create a highly efficient distribution center bystrengthening our product lineup (1 million SKUs) andproviding the “fastest,” “earliest,” and “best” service.

27
Copyright 2023 TRUSCO NAKAYAMA Corporation. All rights reserved.

05

DigitalVarious key
indicators

Logistics

Merchandise

Sales

Human resources

28
Copyright 2023 TRUSCO NAKAYAMA Corporation. All rights reserved.

Key indicators (digital)

Key indicators

Fiscal Year Ending
December 2023
Second Quarter

FYE December 31, 2022

Plan for FYE December 31,
2023

DigitalRate of automatedquotations (%)

22.6

26.7

28.0

Rate of online quotation
requests (%)

46.0

46.7

50.0

Since launching our Internet ordering system"Web Trusco" in 2002, we have been
automating ordering. Additionally, startingwith the launch of our core system "Paradise3" in 2020, we are striving to improve
convenience with the aim of automating alltasks that can be automated in the supply

85.2

System order rate

System order rate

86.3

chain.

(as of the end of June 2023)
Number of orders(thousand)Line share

Change inshare fromthe previous
fiscal year (pt)

Order price(million yen)Price share

YoY change
in price share(pt)

TRUSCO Orange Book.Com
Internet ordering (for distributors and users)

7,810

38.8%

-0.3

56,564

43.2%

+0.7

TRUSCO EDI
Data linkage with distributor ordering system

4,615

22.9%

+1.2

18,394

14.0%

+0.3

Orange Commerce
Linkage with users' purchasing system

524

2.6%

+0.3

3,881

3.0%

+0.3

EOS
Home center electronic ordering system

4,435

22.0%

+0.1

10,632

8.1%

+0.3

Total

17,384

86.3%

+1.3

89,472

68.3%

+1.7

Order type

86.0

▮ AI-based estimation system "Swift Estimator"[Automated estimate rate: 22.6%]
Automated quotations with AI
One of our challenges is how to respond quickly to theaverage of 30,000 quotation requests we receive from ourclients each day. In response, the company introduced "Swift
Estimator," an AI-based automatic quotation response
system, to promote the automation of quotations throughspecial price optimization that automatically calculates
appropriate prices for products on a regular basis based on
actual orders and quotations. This has led to an improvementin the speed of response to customers (minimum 5 seconds).
(Automated estimate rate: 22.6% (as of December 31, 2022))

AI-based comment analysis
Data analysis of actual
resultCustomer requests a quote

Data analysis

Quotation response

Receive a quotation
response in seconds.

29
Copyright 2023 TRUSCO NAKAYAMA Corporation. All rights reserved.

Key indicators (goods)

Key indicators
No. of items featured on
TRUSCO Orange Book.Com(10,000 items)
Total number of suppliers

FYE December 31, 2023
Second Quarter

FYE December 31, 2022

316

[Non-consolidated] Change in salesof newly listed goods on TRUSCO
Orange Book.Com in company-widesales

FYE December 31, 2023
Plan

348

420
3,500

3,272

3,423

3,272

3,470

2,966
3,000

Of these, number of overseas
suppliers

329

333

350

2,652
2,477

2,537

2,458

2,500

Number of manufacturer listed
in the TRUSCO Orange Book

2,152

ｰ

2,320

2,142
2,000

Merchandise

Number of items listed in the
TRUSCO Orange Book

374,000

ｰ

374,000

1,950

102

96

2,040

2,204
84
2,120

88

2,132

2,370

84
2,047

1,854
1,500

Number of items listed in the
TRUSCO Digital Orange Book

374,000ｰ

444,000

Number of items in inventory

562,026

571,100

595,000

Of these, goods automaticallyadopted: (SKU)

26,10932,92941,000

1,000

Sales of newly listed goods (100 million yen)

500

Sales of previously listed goods (100 million yen)
Number of suppliers

Private brand productdevelopment, number of brushups

-

ｰ

1,000

Total number in stock (10,000s)

5,319

5,424

5,600

452

490

464

Inventories (100 million yen)

0

2018

2019

2020

2021

2022

30
Copyright 2023 TRUSCO NAKAYAMA Corporation. All rights reserved.

Key indicators (sales)
Key indicators

Fiscal Year Ending
December 2023
Second Quarter

FYE December 31, 2022

5,575

5,596

5,630

31,61432,41732,500

2,233

2,282

No. of companies adopting
MRO Stocker

775

Number of sales (millions)

225

Number of corporate clients
Number of client accounts

Sales

No. of companies connectedto Orange Commerce

0

2020

0

2,600

2021

275

974

1,000

2022

0

112

242

Q2 of FY 2023

032,417

Number of accounts

29,561

Number of companies

25,46625,000MRO Stocker
10,0002022 actual results: 194 million yen 2023 2Q: 149 million yen

31,61430,00026,327

27,14026,16826,881

Amount irrecoverable(10,000 yen)

2019

[Consolidated] Change in number of sales accounts and companies
35,000

Amount irrecoverable due tobankruptcy

Plan for FYE
December 31, 2023

9,000

27,5508,000

23,683- Merits Management
cost

0 yen

Delivery0 min.

Waste

0

7,000
20,000
5,447

5,415

5,348

5,333

5,323

5,592

5,515

5,527

5,575

5,596

15,00010,000

6,000
5,000

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

Consolidated

Consolidated

Consolidated

Consolidated

2Q
Consolidated

4,000

31
Copyright 2023 TRUSCO NAKAYAMA Corporation. All rights reserved.

Key indicators (logistics)
Key indicatorsFYE December 31, 2023
Second Quarter

FYE December 31, 2022

FYE December 31, 2023
Plan

Logistics

No. of direct shipments to users(10,000s)

355

218

440

No. of direct shipments to users(10,000s)

437

267

540

Labor cost per incoming/outgoingshipment (yen)

113

115

108

Changes of the User Direct
Shipment Servicea

Share by Delivery Category (by number of shipments)() Year-on-year change

SecondQuarter

Delivery to distributors
68.1%

2023
SecondQuarter

Delivery to distributors
65.9%

Route shipments todistributors
18.6%

Route shipments todistributors
18.3%

Cut delivery times by half
Cut shipping load by half
Cut workload by half
Cut packaging materials by half
Cut environmental impact by half

No. of direct shipments (10,000s)
No. of direct shipments (10,000s)

User visits0.3%

Distributor visits 0.8%
2022

- Merits -To users
Route shipments
12.2%

Net
sales
(100
millionyen)

I-Pack®
[High-speed automatedpackaging and shipping line](Note)To users
Route shipments
14.8%

Distributor visits 0.7%

User visits 0.3%

2019

2020

2021

2022

2023
(Plan)

Shipping capacity: 720 cs/h per line,
equivalent to approx. 24 workers
I-Pack introduced to:Planet Tohoku,
Planet Saitama (3 lines)
Planet Tokai
Planet Osaka
Total 6 lines* One line is scheduled to be introduced
to Planet Higashi Kanto in 2024.

32

Copyright 2023 TRUSCO NAKAYAMA Corporation. All rights reserved.

Key indicators (logistics)
Key indicators

Fiscal Year Ending
December 2023
Second Quarter

FYE December 31, 2022

Plan for FYE
December 31, 2023

Logistics

Inventory shipment
rate (%)

91.7

92.0

92.0

Number of charteredvehicle deliveries

162

160

150

Number of own
company deliveries

116

116

600,000
124

Rate of own company
deliveries (%)

41.7

42.0

45.7
500,000

20 hours 10 minutes
4 seconds

19 hours 20 minutes
20 seconds

Delivery lead time*

Changes in number of inventory items andinventory shipment rate (instant delivery rate)

90.5

91.0

91.3

91.7
562,02692.0
571,100

499,964
442,436ｰ
400,000

392,100* Companywide, including primary + secondary provision and beyond, average of morning and afternoon deliveries)

Delivery service and internaltransportation service: Number of units
Change fromthe end of
previous fiscal
year

No. ofunits[Non-consolidated] Changes in inventory disposal andinventories

276

-2

Chartered vehicle delivery service(contracted delivery service)
Own company delivery service

160

-2

Inventory disposal(million yen)
Inventories(100 million yen)

116

±0

Disposal rate (%)

Internal transportation service

32+2Chartered vehicle delivery service(contracted delivery service)
Own company delivery service

26

±0

6

+2

308

±0

Total number of deliveries

Delivery service and internaldelivery service Total

300,000

2018

2019

2020

2021

2022

200,000

39

42

50

55

65

370

427

406

416

441 100,000

0.11

0.10

0.12

0.13

0.15

Number of items in inventory
Inventory shipment rate (%)

0

DeliveryWe are reviewing delivery and internal transportation services to optimize
the number of units by streamlining delivery routes and internal movementof inventory. We are also increasing the number of own company delivery
services (delivery by the Company's employees) to improve customer
service. The current own company delivery rate is 42.0%. We plan toincrease this to 50% in 2024.

2019

2020

2021

2022

2023
SecondQuarter

33
Copyright 2023 TRUSCO NAKAYAMA Corporation. All rights reserved.

Key indicators (human resources)

Number of Employees [Consolidated]
As of FYE June 30, 2023 (Unit: persons)Female

Male

Total

YoY change

Executives

1

11

12

+2

Executive officers

0

0

0

-1

Career (overseas anddomestic)

163

425

588

-5
±0

Digital career

0

0

0

Logistics career

0

1

1

+1

Carrier (regional)

8

9

17

+12

Specialist

12

14

26

+1

Area

304

297

601

+6

Expert

1

0

1

+1

Logistics area

3

24

27

+8

Logistics

99

257

356

+12

Contract employees

1

39

40

+1

Overseas subsidiaries
Seconded to healthinsurance association
Seconded to Nakayama
Visually Impaired Welfare
Foundation

21

21

42

-4

2

0

2

±0

0

1

1

±0

Employee total

614

1,088

1,702

+32

Part-time employees

977

360

1,337

+11

Total

1,592

1,459

3,051

+45

Average age and annual income
Average age (years)

Average annual income (10,000 yen)FemaleMale

Entirecompany

Career

Area

Logistics

Entirecompany

2022

33.0

43.4

39.8

771

633

494

661

2021

32.8

43.2

39.6

724

596

456

615

2020

32.1

41.9

38.4

721

601

461

619

2019

31.3

42.0

38.2

758

642

492

655

2018

30.9

42.1

38.2

804

680

520

701

* The total average annual income includes
executive officers and excludes financial
bonds provided as retirement benefits.
* The payment of performance-based
bonuses commenced in FY2014. In 2019,
they were discontinued, and bonuses
decreased.
* Consolidated accounting has been applied
to the fiscal year ended Dec. 2019 andlater fiscal years. From the fiscal year
ended Dec. 2019 onwards, the average
age figure is on a consolidated basis,
whereas all the average annual income
figures are on a nonconsolidated basis.
* The average annual income for 2022
includes the temporary bonus paid tosupport living expenses due to the soaring
costs of goods.

Numbers of incoming and outgoing employees [Consolidated]
2019

Share of female employees: 36.1%, Number of female sales staff members: 38,
Female employees in career-track positions: 28.2%* The number of part-time employees represents the actual number of such workers
under employment.

FemaleNo. of employees
No. of incoming
employees
No. of outgoing
employees
Turnover ratio (%)

Male

585
1,071
1,656
52
57
109
42
44
86
6.7
3.9
4.9

2020
Female

Male

589
1,085
1,674
41
46
87
37
33
70
5.9
3.0
4.0

2021
Female

2022

Male

571
1,061
1,632
26
25
51
45
45
90
7.3
4.1
5.2

Female

Male

577
1,062
1,639
47
51
98
39
44
83
6.3
4.0
4.8

End of June 2023
Female

Male

614

1,088
1,702

57

50
107

20

20
40

3.2

1.8
2.3

Copyright 2023 TRUSCO NAKAYAMA Corporation. All rights reserved.

34

06
Management
Plan[Consolidated] About the 61st business year full-year
budget[Consolidated] Quarterly business performance andbudget (quarterly)[Consolidated] Quarterly business performance andbudget (cumulative)
Vision - Capacity targets -35
Copyright 2023 TRUSCO NAKAYAMA Corporation. All rights reserved.

[Consolidated] About the 61st business year full-year budget▮ Plan for FYE December 31, 2023
Initial budget for FYE
December 31, 2023

Plan for FYE December
31, 2023

Share

Year-on-yearchangeShare

Net sales

265,090 million yen

ｰ266,080 million yen

ｰ

+8.0%

Gross profit

55,350 million yen

20.9%

56,970 million yen

21.4%

+9.2%

Selling, general andadministrative expenses (SGA)

39,650 million yen

15.0%

39,040 million yen

14.7%

+4.1%

(Depreciation included in SGA)

6,397 million yen

2.4%

6,402 million yen

2.4%

-4.0%

Operating income

15,700 million yen

5.9%

17,930 million yen

6.7%+22.2%

Ordinary income

15,970 million yen

6.0%

18,220 million yen

6.8%+20.9%

Profit attributable to parent

10,920 million yen

4.1%

12,190 million yen

4.6%+14.7%

41.50 yenｰ

46.50 yenｰ

+6.50 yen

Dividend per share

On August 10, 2023, we decided to revise our earnings forecast and dividend forecast.
Sales have been revised upward by adding the first half results (approximately 1,000 million yen higher) to the initial budget.
Regarding gross profit, we have taken into consideration the recording of approximately 500 million yen in inventory valuation gains,
and we have changed sales, general and administrative expenses based on the results for the first half of the year.
Copyright 2023 TRUSCO NAKAYAMA Corporation. All rights reserved.

36

[Consolidated] Quarterly business performance and budget (quarterly)

FYE December 31, 2023 Second Quarter [Quarterly](Unit: million yen)

1st Quarter (+2 days)
BudgetNet sales

Gross profit

Selling, general andadministrative expenses(SGA)

Operating income

Ordinary income

Quarterly profit attributableto owners of parent

Share

2nd Quarter (+1 day)YoY change

BudgetShare

3rd Quarter (±0 day)YoY change

BudgetShare

4th Quarter (±0 day)YoY change

BudgetShare

YoY change

Budget65,925

100.0

+7.8

64,535

100.0

+ 8.4

64,898

100.0

+ 7.7

69,735

100.0

+ 6.4

Actualresults

65,983

100.0

+7.9

65,407

100.0

+9.9

-

-

-

-

-

-

Budget13,65320.7+6.0

13,378

20.7

+ 7.1

13,480

20.8

+ 8.9

15,33622.0+6.5

Actualresults

13,23420.1+2.7

14,953

22.9

+19.7

-

-

-

-

-

-

Budget

9,714

14.7

+3.4

10,209

15.8

+ 1.6

9,746

15.0

+6.2

10,258

14.7

+15.6

Actualresults

9,319

14.1

-0.8

9,712

14.8

-3.4

-

-

-

-

-

-

Budget

3,939

6.0

+12.9

3,169

4.9

+ 29.6

3,734

5.8

+16.7

5,078

7.3

-8.2

Actualresults

3,915

5.9

+12.3

5,240

8.0

+114.3

-

-

-

-

-

-

Budget

3,981

6.0

+8.4

3,239

5.0

+ 30.8

3,789

5.8

+16.5

5,184

7.4

-8.5

Actualresults

3,972

6.0

+8.2

5,296

8.1

+113.9

-

-

-

-

-

-

Budget

2,719

4.1

+7.3

2,213

3.4

+ 29.0

2,595

4.0

+16.9

3,550

5.1

-14.6

Actualresults

2,675

4.1

+5.6

3,390

5.2

+97.6

-

-

-

-

-

-

* The budgets for the first and second quarter are based on the budget at the beginning of the period, and the budgets for the third and fourth
quarter are based on the revised budget announced on August 10.
37
Copyright 2023 TRUSCO NAKAYAMA Corporation. All rights reserved.

[Consolidated] Quarterly business performance and budget (cumulative)FYE December 31, 2023 Second Quarter [Cumulative]
1st Quarter (+2 days)
BudgetNet sales

Gross profit

Selling, general andadministrative expenses(SGA)

Operating income

Ordinary income

Quarterly profit attributable toowners of parent

Share(Unit: million yen)
2nd Quarter (+3 days)

YoY change

BudgetShare

3rd Quarter (+3 days)

YoY change

BudgetShare

Full year (+3 days)

YoY change

BudgetYear-on-yearchangeShare

Budget65,925

100.0

+7.8

130,460

100.0

+8.1

196,345

100.0

+ 8.5

266,080

100.0

+ 8.0

Actualresults

65,983

100.0

+7.9

131,390

100.0

+8.9

-

-

-

-

-

-

Budget13,65320.7+6.0

27,031

20.7+6.5

41,634

21.2

+10.3

56,970

21.4+9.2

Actualresults

13,23420.1+2.7

28,188

21.5

+11.1

-

-

-

-

-

-

Budget

9,714

14.7

+3.4

19,92315.3+2.5

28,78214.7+0.6

39,040

14.7+4.1

Actualresults

9,319

14.1

-0.8

19,031

14.5

-2.1

-

-

-

-

-

-

Budget

3,939

6.0

+12.9

7,108

5.4

+19.8

12,852

6.5+40.7

17,930

6.7+22.2

Actualresults

3,915

5.9

+12.3

9,156

7.0

+54.3

-

-

-

-

-

-

Budget

3,981

6.0

+8.4

7,220

5.5

+17.4

13,036

6.6+38.7

18,220

6.8+20.9

Actualresults

3,972

6.0

+8.2

9,269

7.1

+50.8

-

-

-

-

-

-

Budget

2,719

4.1

+7.3

4,932

3.8

+16.0

8,640

4.4

+33.5

12,190

4.6+14.7

Actualresults

2,675

4.1

+5.6

6,066

4.6

+42.7

-

-

-

-

-

-

* The budgets for the first and second quarter are based on the budget at the beginning of the period, and the budgets for the third and fourth
quarter are based on the revised budget announced on August 10.
38
Copyright 2023 TRUSCO NAKAYAMA Corporation. All rights reserved.

“Vision” - Capacity targets -want to be a company that can hold 1 million
01 We
items in inventory by 2030.

want to be a company that can take orders
02 We
24 hours a day and ship 365 days a year.

03

We want to be a company without product shortages,
incorrect orders, or incorrect shipments.

04

We want to be a company without inventory work.
(Inventory variance ratio at the end of 2022: 0.43%)

05

We want to be a company that can ship directly tousers without stress, even if we are a wholesaler.

06

We want to be a company that can respond toquotations instantly.
(Automated estimate response rate as ofDecember 31, 2022: 22.6%)

07

We want to be a company that can achieve the"fastest," "shortest," and "best" deliveries in
the industry.

want to be a company with the smallest
08 We
possible environmental impact.

09

We want to be a company that is active inrecycling, reuse, and returnables.
(Repair workshop "Naojiro" FY2022 results:
1,817 million yen)

10

We want to be a platform operator that supports
Japanese manufacturing.

11

We want to be a company that can rewrite theconventional thought, customs, set theories, andplaybook of the industry.
39
Copyright 2023 TRUSCO NAKAYAMA Corporation. All rights reserved.

07
ESG Information

TRUSCO's "Gentleness for the Future" Project
Sustainability indicators
Other environmental measures and initiatives
Relationship with society & corporate
governance40
Copyright 2023 TRUSCO NAKAYAMA Corporation. All rights reserved.

TRUSCO's "Gentleness for the Future" Project

TRUSCO's "Gentleness for the Future" Project
We have been making various environmental efforts under our environmental philosophy "Gentleness for the Future"since 1998, based on our desire "to be a global environment-friendly company so that our small efforts will lead togreat compassion for the future."
The idea of connecting the global community to the future has been ingrained in the company for more than 20 years
before the term "sustainability" became popular.
Until now, "Gentleness for the Future" has only referred to the environment. From now on, as part of TRUSCO's"Gentleness for the Future" Project, we will work toward the future of people and society, including the global
environment.
Scan here
for details"Gentleness for the Future" Basic Policy - TSV
Under the motto, "Business must serve people and society," the Company will create both social value andcorporate value (TSV*) through its businesses to help resolve social issues and build sustainable local communities.

* The term TSV was created by combining TRUSCO and Creating Shared Value (CSV).

Based on this basic policy, we will continue our efforts toward the future of people and society.
41
Copyright 2023 TRUSCO NAKAYAMA Corporation. All rights reserved.

Sustainability indicators
CO₂ emissions (as of the end of 2022)
CO₂ emissions from fuel use (Scope 1) 2,327t-co₂ / CO₂ emissions from electricity use (Scope 2) 8,109t-co₂

CO₂ emissions in the supply chain (Scope 3 * ) 1,724,759t-co₂ * Only Scope 3 results are for 2021.
▮ CO₂ emission reduction through various services:

Annual CO₂ emission reduction

12,781t-co₂
Reduction(t-co₂)

Assortment and direct
delivery to users

MRO Stocker

Reduction calculation formula

Packaging material
usage halved

Packaging material
waste halved

Delivery frequency
reducedDelivery frequency
halvedNo purchasing

Workshop

NaojiroRepair workshop"Naojiro"

Fixed cost logistics(fixed route deliveries)

Wide range of
inventory

Emissions from newpurchases

No packaging
materials used

Emissions when repaired with “Naojiro”

No packaging
material waste

Emissions when each shipment ismade from a supplier to a distributor

Delivery distance
reducedEmissions when shipped in bulk as
Trusco inventory

42
Copyright 2023 TRUSCO NAKAYAMA Corporation. All rights reserved.

Sustainability indicators
Workshop

TRUSCO power generation installations (solar and wind power)
at 19 locations
Annual power generation in 2022 2,653,344kWh
Renewable energy power self-sufficiency 16.4%

NaojiroRole of repair workshop "Naojiro"

It is a service that maintains the safety and precision essential for pro
tools, and aims to reduce the environmental impact and contribute to cost
reduction by allowing familiar tools and equipment to be used for a longtime. In January 2022, the Company will relaunch its Naojiro section to
popularize and enhance this service.
8 services of repair workshop "Naojiro"

Environmental measures for TRUSCO’s products
We have established environmental standards in product planning and development, and arepromoting environmentally friendly product development from all aspects, from productdesign to product use and disposal. For existing products, we are also working to improveloading efficiency and reduce the resources used for containers and packaging.

RepairRegrinding

Calibration

Reuse

Processing

Maintenance

Assembly

Construction
and installation

Sales of repair workshop "Naojiro"(Unit: million yen)
Budget2,000

TRUSCO Air Forest For Factory
Product number: AFF250 etc.

1,817

1,708

1,549

This is an air freshener for factories. It eliminates odor
components found only in factories, such as the odor
of deteriorated cutting oil. Formulated with "functional
tree extracts" that are effectively taken from thinned
wood found in the Sakhalin fir forests of Hokkaido, thisproduct helps to create a "recycling-oriented society"by making use of unused thinned wood that is left
behind in the forests.

1,596

1,072

2019

2020

2021

2022

2023 2Q

Copyright 2023 TRUSCO NAKAYAMA Corporation. All rights reserved.

43

Other environmental measures and initiatives
When it comes to environmental initiatives, it is important to consider "when they started being implemented.”
Over 20 years ago, the Company began carrying out environmental initiatives based on the idea of"Gentleness for the Future." The initiatives covered a wide range of areas, from the office building toindividual employees, business measures, and product development.

Facilities

PeopleInstallation of ceiling fans

Air well voids

Fleece jumpers (2002)

Fluorescent lights with motion sensors

Sandwich panels

GORE-TEX jumpers (2002)

W-folded plate roof

Sprinkling well water on the roof (2007)

Neck warmers, lap blankets (2012)

Use of underground cool air

Installation of solar panels (1998)

Turning air conditioning off 30 minutes
before leaving work

Measures

Merchandise

Reducing overtime by inventorying items

FAX OCR "DOTKUL" (2000)

2 inch paper tube tape

Abolishing receipts for goods (2001)

System orders (2002)

No-gas sprays

Inventory for manufacturers’ catalogs

Abolishing printing of picking lists (2012)

Return cushions
44
Copyright 2023 TRUSCO NAKAYAMA Corporation. All rights reserved.

Relationship with society & corporate governance“TRUSCO Unknown Gulliver”, TV program provided by asingle company
This is a program provided by a single company that conveys our company's
desire to "give pride and vitality to Japan by presenting world-class Japanesecompanies.” In each episode, the ways and ideas of a Japanese company arepresented.

Open judge system (OJS = 360 degree evaluation)
This is our company's unique evaluation system, in which employees areevaluated not only by their superiors, but also by colleagues andsubordinates. The purpose is to give feedback in evaluation commentsthat will lead to behavioral changes in each employee.
Type

Frequency

Operation details

Employeeevaluation
OJS

Twice a year

An OJS evaluation will be conducted on an employee
among other employees who work in the same workplace(superiors, colleagues, subordinates), then the results will
be reflected in that employee’s evaluation

Started in 2003

Promotion
OJS

Once a year

All employees who know that employee will evaluate
him/her, then the results will be reflected in how he/she ishandled going forward (receiving a promotion, etc.)

Started in 2001

* All full-time and part-time employees, excluding executives, are subject to evaluation.

Board of directors meeting (management meeting)Decisions are made at the board of directors meeting, which is generally
held once a month. In order to ensure a broader perspective andtransparency, we seek the opinions of a wide range of participants, including
executive officers and general managers.

Donations to the NGO Peshawar-kai
Started in 2020
In Afghanistan, where there is an ongoing drought,
we are donating to support the Peshawar-kai,
which engages in comprehensive ruralreconstruction projects with the idea that “oneirrigation canal will do more good than 100
doctors”.

The late Dr. Tetsu Nakamura with
Afghan workers

Board of directors meeting(management meeting) inNovember 2022
45
Copyright 2023 TRUSCO NAKAYAMA Corporation. All rights reserved.

08
Reference
Information

Stock information

Index comparison in the industry
The Company's sales index and industrial
production index

46
Copyright 2023 TRUSCO NAKAYAMA Corporation. All rights reserved.

Stock information
Shareholder Information (Unit: persons)2020
End of December

2021
End of June2021
End of December

2022
End of June2022
End of December

2023
End of June

Shareholders total

16,336

14,903

14,406

16,212

15,46615,111

Holder of share
Holder of shares less than one
unit
Treasury shares
Financial institutions andsecurities companies
Domestic corporations

15,514

14,03013,527

15,19014,436

13,798

821

872

878

1,021

1,029

1,312

1

1

1

1

1

1

65

69

61

59

55

53

553

544

533

546

540

542

Overseas corporations, etc.

201

203

203

212

222

217

Individuals and others

15,516

14,086

13,60815,394

14,64814,298Treasury shares

1

1

1

1

1

1
Monday, July 31, 2023
TRUSCO
Nakayama(2,274 yen)
359.8
Nikkei Stock
Average(33,189.04 yen)
325.4
TOPIX
(2,288.60pt)
254.0

Change in stock price index

January 2010
Movements of each indicator are quantified with the figures in January 2010 set as 100.

The Company's Stock
Closing price
2,189 yen
Nikkei Stock Average
Closing Price
33,172.22 yen
TOPIX2,322.56pt

June 2023

47
Copyright 2023 TRUSCO NAKAYAMA Corporation. All rights reserved.

Index comparison in the industry
Performance of trading companies and direct sales companies (listed companies) in the same industry[Wholesale]
Closing monthMarketcapitalization(100 million yen)

Year-on-yearchangeNet sales (million yen)
YAMAZEN CORPORATION

2023

March

Actual results

527,263

+5.1

1,151

YUASA TRADING CO.,LTD.

2023

March

Actual results

TRUSCO Nakayama Corporation

2022

December

Actual results

NICHIDEN Corporation

2023

March

Actual results

504,806
246,453
131,609

+9.1
+8.6
+6.2

1,005
1,444
1,101

MARUKA FURUSATOCORPORATION

2022

December Actual results

162,416ｰ680

Naito & Co., Ltd.

2023

February

Actual results

SUGIMOTO & CO., LTD

2023

March

Actual results

44,45745,558
1,662,562

+1.9
+5.7

81
240
-

Total of 7 companies-ｰ

Trading companies in the machine tools industry include
the companies shown on the left, but they operate
differently in the wholesale and retail sectors, and eachhandles different core products.
The Company does not handle large machinery such asmachine tools, and mainly handles consumable supplies.

[Retail]
Closing month

Net sales (million yen)
MISUMI Group Inc.

2023

MonotaRO Co.,Ltd.

2022

Total of 2 companies

Year-on-yearchangeMarketcapitalization(100 million
yen)

Actual results

373,151

+1.9

7,386

December Actual results

225,970

+19.1

8,703

599,121

-

-

March

ｰ

* For companies that announce consolidated accounting, figures forconsolidated accounting are shown.
* All figures represent actual results and forecasts announced as ofJuly 31, 2023.
* Market capitalization is based on the closing price on July 31, 2023.

48
Copyright 2023 TRUSCO NAKAYAMA Corporation. All rights reserved.

The Company's sales index and industrial production index
Changes in the Company's sales index and industrial production index

148.0

137.7

140.0

128.7

TRUSCO sales index

132.5
128.1

117.1

120.0

106.3
103.1

104.2
101.1

100.0
100.0

95.2

100.0

95.6

90.9
Industrial production index

80.0

2015

2016

2017

2018

2019

2020

2021

2022

(Consolidated)(Consolidated)(Consolidated)(Consolidated)* Index standard: Year 2015 set as 100.
* Industrial production index is the figure published by the Ministry of Economy, Trade and Industry on January 31, 2023.

Copyright 2023 TRUSCO NAKAYAMA Corporation. All rights reserved.

49