TAKAMIYA Report 2022
Fiscal Year Ended March 31, 2022

Contents

Introduction

Knowing Takamiya FirsthandMission Statement

02

Management Philosophy

03

Takamiya’s History

04

Financial and Non-Financial Highlights

06

Takamiya’s Value Creation Story
Message from the President

08

Takamiya’s Value Creation Process

14

Takamiya’s Business Model

16

Takamiya’s Key Issues

18

Business Environment and Risks & Opportunities

19

Medium-Term Management Plan

22

Message from the Division General Manager of
the Corporate Strategy Division

26

Message from the Division General Manager ofthe Business Management Division

28

Business Strategies
Takamiya’s Businesses

30

Sales Business

32

Rental Business

34

Overseas Business36

In today’s rapidly changing society, flexible corporate
management is necessary in order to respond tochanges in our external environment. The COVID-19
pandemic continues to have an impact, and international
relations are changing, so Takamiya Co., Ltd. (the“Company”) and its subsidiaries (the “Takamiya Group”
or the “Group”) has continued to grow by responding tothis ever-changing environment. In the ongoing 2021
Medium-Term Management Plan, in order to maintainsustainable corporate growth we are promoting thedevelopment of a new business model that is notaffected by the external environment, a “platformbusiness” that defies common sense in our industry ofproviding temporary equipment for construction work.
We will transform all aspects of our business, earnings
structure, workstyles, and organizational structure inorder to complete the transformation of the Group.
2022 is the year of the beginning of our platformbusiness, the “first year of the platform.” I hope thatthrough this TAKAMIYA Report, we will be able to sharewith our many stakeholders how the Takamiya Group istransforming and what future we envision beyond that.

Foundations for Value Creation
Human Resources

38

Environment

40

Product Safety / Trust of Customers

41

Messages from the Outside Directors

42

Directors, Audit and Supervisory Committee Members, andExecutive Officers

43

Corporate Governance

44

Data Section
11-Year Financial Summary

48

Corporate Information / Share Information

50

Domestic and International Network

51

Editorial Policy

Note Regarding Forward-Looking Statements

The content of this report ranges from the Takamiya Group’s
history to its strategy for medium- to long-term value creation,
the path to achieving its mission and vision, and financial andnon-financial information. Our aim is to provide all stakeholders,in particular shareholders and investors, with a better
understanding of the Takamiya Group. We hope this report will
help you deepen your understanding of the Takamiya Group,
which is transforming into a new corporate group, with“Love” set as the Mission Statement. We will continue todisclose information in an easy-to-understand manner,reflecting the opinions and requests of various stakeholders.

The performance forecasts and other forward-looking
statements in this report are assumptions made by theCompany based on information available at the time of
publication, and involve inherent risks, uncertainties, andvarious other factors that could cause actual results to differ
materially from forecasts herein

Kazumasa Takamiya
Representative Director, President and Chairman

Map of Disclosure Tools

WebsiteInvestors

Corporate
Information

https://www.takamiya.co/en/ir/

https://www.takamiya.co/en/corporate/

Annual Securities Report

Our Approach to ESG

Result Briefing Materials

Overview of Takamiya

Historical Data

Corporate Governance Report

Scope and Period Covered
This report is a collection of information that is highly relevant to
the Takamiya Group. It covers the fiscal year ended March 31,
2022 (from April 1, 2021 to March 31, 2022) unless specified
otherwise, and also includes information on subsequent
periods (on and after April 1, 2022) for latest updates.

WebsiteFinancial
Information

TAKAMIYA
ReportNon-Financial
Information

TAKAMIYA Report 202201

Knowing Takamiya FirsthandMission Statement

Management Philosophy

Love yourself
From birth, we have all been given our own life to live.
It is only natural that we seek to keep on improving ourselves, to be better
tomorrow than we are today. We need to be disciplined, and we need to be
humble; we need to remember that even those things we regard as
everyday events are in fact precious and can be experienced only once.

Love others
Love starts with showing consideration for our family—our parents, ourbrothers and sisters. Loving others means showing consideration for ourfriends, our neighbors, and all the people of the world, and wishing foreach other’s happiness.

Love the company
Companies are an innate part of the local community. We are grateful to theThis world in which we live is constantly on the move, driven by the complex

community, the country, and the world in which we were raised,intertwining of national economies and the business activities of countless companies.

and we do our best to give back to each of these however we can.

Individual companies are made up of the untiring endeavors of their members.

Groups naturally form wherever people gather.

What motivates people?

The company is one such group. Through the company, we give backTheir own ambitions. Consideration for their families.

to the community, the country, and the world. This is what it means

We believe these are where it all starts.

to love the company.

We want to make these things the driving force behind our corporate growth.

That is why our Mission Statement is “Love.”

02

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TAKAMIYA Report 202203

Knowing Takamiya Firsthand

Takamiya’s History

Transform

Using foresight—staying ahead of the issues facing society and coming changes of the times—Takamiya has been
providing value to society by innovating its businesses and creating frameworks whenever necessary. Here, weshowcase our history of transformation.

PartnerPartner

TAKAMIYA

PartnerPartnerdard

Transformation of Business Model

stan
o
t
c
a
f
e de

hing
stablisE

Iq

FY ended March 31, 2022

as th
m
e
t
s
y
S

Takamiya Platform¥ 39,800 million

Partners and Takamiya’s customers

HardwareNext-generation scaffolding

Developed the Iq System

SoftwareStrengthening
functions
Development andmanufacturing

Net Sales

Sale oftemporaryscaffolding

HardwareRental of temporary
scaffolding

1970

04

Strengthened thefoundation

Sales

RentalDesign andinstallation

Management
and logistics

HardwareSpreading andexpanding Iq System

Hardware

SoftwareEntered theenvironmental business

Expanding functions

Expanded into
agriculture businesslooking ahead to changes

to provide added value

1980

1990

2000

2010

2020

1974–

2000–

2010–

2015–

2021–

Established the scaffolding rental businessEntered environmental businessin pursuit of safety, environment,
and workability

Iq System revolutionized theindustry and created a businessstructure

Ventured into new businessdomains leveraging ourbusiness structure

Accelerating transformation bycreating new structures

Having started its business in 1969 as a scaffolding seller, the Company quickly shifted to
the rental business. During construction for the Japan World Exposition, Osaka in 1970,
many construction companies procured large amounts of equipment in Osaka, and sold it
off immediately after use. Anticipating the era of the temporary equipment rental business,
we decided to change our business structure. We went on to establish frameworks andsystems that have become a standard in the industry today, such as a security deposit
system for products and minimum rental periods. From the 1980s, aiming to expand its
business scale, the Company developed operations in Tokyo and across the country.
Furthermore, in a bid to strengthen its business foundation ahead of others, the Company
worked on establishing the Scaffolding System Engineering Office, automating its
equipment supply locations, and introducing a CAD system. In the 1990s, the Company
established its own quality control standard to improve safety.

In the 2000s, construction investment shiftedfrom highways and new infrastructure to disasterprevention, repair, maintenance, and improvement.
Anticipating further changes, we entered theenvironmental business. Since then, we havepositioned the environmental business as animportant part of our growth plan and introduced
several strategic products, such as the YT Lock
System, designed for disaster prevention works onmountain slopes, where accidents can easily happen,
and the Lift Climber, which targets large-scale
maintenance and repair projects for high-rise
condominiums and office buildings.

In 2010, we acquired a company that manufactures
temporary equipment for construction with the intentionof revolutionizing scaffolding, which had not changed
in 50 years. We developed the next generation ofscaffolding in-house and launched it in 2013. Iq Systemnext-generation scaffolding increased the story
height from the conventional 170 cm to 190 cm whileproviding excellent workability. It is steadily solidifying
its position as the de facto standard for scaffolding.
We also established the Scaffolding Construction
Department to handle scaffolding installation
in-house, and have built a system in which each of ourfunctions creates synergy with the others, such as
responding to the labor shortage at construction sites
while promoting our next-generation scaffolding.

We have advanced into various fields based on ourcore business in scaffolding. In 2015, we entered
the agriculture business. Agriculture, which is a
primary industry, faces many issues, such as theaging population of agricultural workers and theabandonment of farming for economic reasons.
In light of these issues, we used the metalworking
technologies we have cultivated through thedevelopment of temporary equipment to create andsell agricultural greenhouses that are highly weather
resistant. Also, we have worked to strengthen
our role as a manufacturer and offer value in new
domains, such as through the development and saleof anti-seismic damping frames to protect homesfrom earthquakes.

In addition to revising our business model tostay ahead of the times, we are carrying out atransformation to continuously increase our corporate
value through the development of high-value-added
products and services. We will continue to take on
the challenge of creating new value, and aim tobecome a corporate group that drives qualitative
development of the industry.

Japan World Exposition, Osaka

Japan’s economic boom

Construction investment shiftedLabor shortage

Growing need for productivity improvement

Anticipated the era of the rental business for
temporary equipment for construction work

Rival companies engaged inprice competition

From new construction to disasterprevention, maintenance, and repair• Labor shortage at construction sites• Securing excellent human resources andimproving productivity became challenging

Advent of the era of productivity improvement, required not only atconstruction sites but also in various industries including agriculture

TAKAMIYA Report 2022

TAKAMIYA Report 202205

Knowing Takamiya FirsthandFinancial and Non-Financial Highlights
Financial Highlights*1

Non-Financial Highlights
Profit Attributable to
Owners of Parent

Net Sales/Operating Income /Operating Income Marginn Net sales (left scale) n Operating income (left scale)l Operating income margin (right scale)(¥ million)(%)

50,00042,18240,00010

46,065
8.0

36,114(¥ million)

Annual Dividends per Share /Dividend on Equity (DOE)

Number of Employees / Ratio of Female
Employees / Ratio of Employees with
Non-Japanese Nationalities (Consolidated)

Number of New Hires / Ratio of Female
Employees (Non-consolidated)n Annual dividends per share (left scale)l DOE (right scale)n Number of employees (left scale)l Ratio of female employees (right scale)l Ratio of employees with non-Japanese nationalities (right scale)n Number of new male hires (left scale)n Number of new female hires (left scale)l Ratio of female employees (right scale)(Persons)(Persons)

(¥)

2,500

(%)

25

2,370

5

38,812 39,800

6.4
4.1

4.7

20,000

4.2

10,000
0

1,690

2,713

3,703

2018

2019

2020

50
1,298

8

2,000

6

1,500

3.9

3.7

20

3.5

3.6

3.5

14

14

1,637
30,000

(%)

1,500

1,586

1,682

2021

2022

4

1,252

1,000

2

500

0

0

14

15
11

965

857

2018

2019

2020

2021

3

900

2

0

2018

2019

2020

2022

2021

600

1

300

0

0

l ROE l ROA

n Total assets (left scale) l Equity ratio (right scale)n Interest-bearing debt (left scale)l D/E ratio (right scale)(%)(¥ million)(¥ million)

(%)

(%)

40,000400

6059,282

52,81354,41456,45459,081

Interest-Bearing Debt /Debt-to-Equity (D/E) Ratio

(%)

40

12.0

30.5

40,000

9.8

25.0

10

5
5.0

2018

2019

2.7

3.4

31.8

2018

2020

29,49720,000

224

2021

2022

0

2018

2019

2020

2021

2022

0

0

4,815

4,050

3,649

0

2018

5,434
4,784
2,911

1,558
2,768

2019

2020

2,091

2,523

2021

2022

0

52.7
48.1

54.0

151

150

24

27

2019

2020

18

2018

2019

2020

2021

2022

34

2021

2022

7,491
6,402

6,353

3,771

6,466

2,500

1,925

1,714

4,294

58

60

38
34

15

11

4,000
-2,500

2,000

-195
-222
-1,909-1,243-1,72802018

育児短縮勤務取得者数

20

12
11

7
2019

12
2020

(%)

12

12
9.47
8.2

8
25

10.22

10.45

6.5

6.2

7.8
6.9

8

23
4

4

11
16

7
2021

9.61

9.47

0

2022

2018

2019

2020

(FY ended March 31)

Number of Hires with
Disabilities / Employment Ratio

16

16

12

11

1,315
2

-65

2022

2021

2022

0

(FY ended March 31)

CO2 Emissions(%)(t-CO2)

3

200,000
175,867

6,000
0

2021

(FY ended March 31)(Years)35(Persons)

4

3

1,590

2020

n Number of hires with disabilities (left scale)l Employment ratio (right scale)(Cases)3,653

0n Average length of service (left scale)l Turnover rate (right scale)(FY ended March 31)

Number of Accidents (Occupational
Injuries, Non-consolidated)

3,653

0

2022

19

2021

2019

10

n Maternity leave n Childcare leaven Shorter hours for childcare

47.6

2020

2018

5

21

Average Length of Service(Non-consolidated) / Turnover Rate*4(Non-consolidated)

20

2019

9

Number of Employees Taking Maternity /Childcare Leave/Shorter Hours forChildcare (Non-consolidated)

40

2018

9

(FY ended March 31)

7

0

30

24.4

20

100

0

12

40

11

2

2

8

-588

8

12

12

150,000
2.20

1.85
1.63

1.79

100,000

1.38-1,382
1

1

1

2019

2020

1

143,0922

1
50,0004-2,873 -2,979-3,836(FY ended March 31)

0

2018

2019

2020

2021

2022

(FY ended March 31)

Notes: 1. Figures below millions of yen are truncated. However, indices shown in ratios are rounded to the unit displayed.
2. ROE = Profit attributable to owners of parent ÷ Average equity ROA = Ordinary income ÷ Average total assets
3. EBITDA = Operating income + Depreciation

TAKAMIYA Report 2022

0

20

5,035

8,508

4,804

2,467

2022

10

15

15

10
11

27.3

(Persons)

13

32

20

10

n Cash flows from operating activitiesn Cash flows from investing activitiesn Cash flows from financing activities n Free cash flows

8,000

3,757

2021

16

28,209 300

Cash Flows

EBITDA*3

6,818

2,000

20

33
9

(Persons)(FY ended March 31)

5,000

1,517

13

27.1
22.6

200

(FY ended March 31)(¥ million)

3,984

31

Paid Leave Utilization Rate
(Non-consolidated)

206

2018

10,0001,508

27,620

30

34.4

7

(¥ million)

4,000

2020

30

37.2

12

8,000

4,662

29,633

10,000(¥ million)

4,777

29,124164

n Investments in rental assets
n Capital investments l Depreciation

06

30,00020,00010Investments in Rental Assets /Capital Investments/Depreciation

5,265

2019

40

50

45

43

41.9
40

40
20

(FY ended March 31)

6,000

21.8

34.9

1,222
36.3

26.0

6.2

3.1
0

4.7

5.2

32.3

30

32.3

25.4
22.3

47.8
14.7

15

30.8

1,221

(%)

50

(FY ended March 31)

Total Assets / Equity Ratio

60,0001,204(FY ended March 31)(FY ended March 31)

Return on Equity (ROE) /Return on Assets (ROA)*2

20

1,144

11

10

2022

1,200

31.8

5

(FY ended March 31)

4

Number of Female Managers(Consolidated)-5,000

2018

2019

2020

2021

2022

(FY ended March 31)

0

2018

2021

2022

(FY ended March 31)

0

2018

2019

2020

2021

2022

0

0

(FY ended March 31)

2021

2022
(FY ended March 31)

4. Turnover rate = Number of regular employees who retired during the fiscal year ÷ Number of regular employees at the beginning of the fiscal year

TAKAMIYA Report 2022

07

Takamiya’s Value Creation Story

Message from the President

Business Environment and Initiatives in the Current Fiscal Year

We will keeptransforming toward
the next stage toachieve new growth.
Kazumasa Takamiya
Representative Director, President and Chairman

Our domestic business has been impacted by suspensions
and delays in some construction work. However, interest
from the market in our next-generation scaffolding,
Iq System, remains high, as reflected in the strong
performance of both sales and rentals. In rentals, werecorded the highest utilization rate ever in the previous
fiscal year, and in sales, we achieved solid growth driven by
new purchases, additional purchases, and replacements of
conventional scaffolding. We are currently preparing to
expand production capacity for the Iq System by 1.6 times,
with plans to eventually double it. Construction work on
our high-performance agricultural greenhouses wasaffected by customer restraint in purchasing, partly
because of a shortage of foreign workers due to the
COVID-19 pandemic. We think a recovery in demand willtake time—roughly six months to one year—but we aremaking preparations to be ready when demand does
recover, including continued collection of cultivation data
through demo cultivation using the actual products.
In our overseas business, we have started to see arecovery trend in market conditions in each country where

we do business. In Vietnam, the lockdown was lifted andwe were able to conduct manufacturing activities asplanned. In the Philippines, railway infrastructure
improvement projects are underway, and construction is infull swing. In Korea, the new government is helping toincrease safety awareness in construction, especially for
scaffolding. We have a firm budget for safety, as in Japan,
and we expect to see increasing demand for the Iq
System, which offers a high level of safety. Thus, theenvironment for conducting our business activities in thesecountries has steadily been improving. On the other hand,
there is the exchange rate issue. For our overseas business,risks and opportunities are not always two sides of thesame coin, but we will take measures for each of them toensure that we can maximize opportunities for businessexpansion. We recognize that we have made progress in
our respective efforts to maintain and expand our top
market share in next-generation scaffolding; respond tothe market shift to maintenance and repair construction;
nurture businesses beyond the temporary equipment
sector; and grow revenue at overseas business bases.

Medium-Term Management Plan • Message from the Division General Manager of the Corporate Strategy Division •Takamiya’s Businesses Reference

P.22

The Changing External Environment and the Risks We Should Focus on
Net Sales
The fiscal year ended March 31, 2022 was like the previous
fiscal year in that Takamiya’s performance was impacted toan extent by the COVID-19 pandemic. Although the spreadof infections has shown signs of settling down, and there
was some resumption of construction work and activity
related to infrastructure improvement, we were unable toachieve results as planned.
The construction industry is in a period of great change.
In Japan, civil engineering work has been more active
than building construction in recent years. In particular,
maintenance and repair work on expressways andrailroads, especially as public works projects, is beginningto pick up. Initiatives for maintenance and repair to enable
continued use of the nationwide transportation network,
which has long supported Japan, is a job that also has
great significance for society. The challenge of reinforcing

and maintaining infrastructure and buildings in preparation
for increasingly severe disasters is also all around us.
Economically, although inflation and the unpredictableinternational situation pose challenges, we recognize that
we have built a solid position in the market, and will
strengthen our position to expand our business growth aswell as the social value we provide.
On the other hand, there are also risks to be concerned
about. We are avoiding and mitigating risks related to thesoaring price of steel, a raw material, in ways such as
passing along price increases. In the supply chain, thesituation overseas is hard to predict in some respects,
so we are duplicating and optimizing production andprocurement as much as possible and taking action toensure that supply chain issues do not slow down ourbusiness expansion, which is now gaining momentum.

50,000¥46,065 million¥42,182 million

40,000¥36,114 million¥38,812 million¥39,800 million

2021

2022

30,00020,00010,000

0

2018

2019

2020

(FY ended March 31)

08

TAKAMIYA Report 2022

TAKAMIYA Report 2022

09

Message from the President

The Meaning of Transformation in the Medium-Term Management Plan

Progress of the Medium-Term Management Plan
Outline of the Medium-Term Management Plan

The Medium-Term Management Plan that started in 2021
is an aggressive plan. As a precondition for achieving thisplan, we must change and transform our company itself.
This past year, we were unable to increase earnings as
we were in the process of transformation, and we also
continued to be greatly impacted by the external
environment, as I mentioned earlier. Given theperformance goals in the final year of the plan, it may befair to say that our target figures for the fiscal year ending
March 31, 2023 are rather conservative. However, I am
confident that we can steadily achieve our performancetargets in the second and third years by carrying out thistransformation.
The transformation we are pursuing is abouttransforming our business foundation, which we havebeen enhancing into a new “platform” that can create
demand on its own, independent of the external
environment, and generate stable earnings. Until now, thetemporary equipment for construction work industry has
been in a situation where macro and market conditions
were driven by major construction companies, and ourown business figures depended on how high or low
construction investment was within that environment.

10

TAKAMIYA Report 2022

For similar reasons, when I look at our stock price, which
represents the valuation of our company by the capital
markets, I find it hard to believe that our true value isbeing fairly assessed, and I feel that our future is not being
looked at enough. Because of that, in our pursuit ofsustainable growth, we need to break away fromcontinued dependence on the external environment. We
concluded that one requirement for that was to build a“platform” that would allow us to create demand on ourown. The transformation we are pursuing is a switch to abusiness model that produces stable earnings that are notoverly impacted by changes in the external environment.
The platform we will provide is the very businessfoundation we have continually improved up to now. It
includes the functions of development and manufacturing,sales, rental, design and installation, and management andlogistics, and these functions will not only be used by
Takamiya, but will also be open to customers. Customers
will be able to use the infrastructure of Takamiya’s
temporary equipment for construction work business as if
it were part of their own business. For example,
customers beyond the Kansai area will be able toparticipate in projects related to the expected future
development of the Osaka Bay area by using Takamiya’s
equipment supply locations, logistics networks, andinstallation network. In other words, customers will beable to expand the scale, area and range of their traditional
businesses. An attractive platform that enables ourbusiness foundation and Takamiya itself to provide highadded value for customers is the kind of platform we areaiming for.
The key to achieving this transformation is digitaltransformation, or DX. In essence, DX is the use of digitaltechnology to streamline and raise the efficiency ofoperations and tasks. The construction industry that weare in is making more progress than before in digitalization
and DX, but it still has many analog aspects. This situation,
where much work is still being done with analog
technology, is one reason why the capital markets view
this business as being out of step with the current times
and environment. The fact is that DX-related companies
are capturing attention in the capital markets, especially inConsolidated operating income

Create new value throughManagement
Visiontransformation and aim
for sustainable growth by becoming
a partner to our customers.

Performance
Target5.0 billion (+35%)¥

FY ending March 31, 2024
Figure in parentheses is the comparison
with the fiscal year ended March 31, 2020

(Build a stock-type business model)

Medium-Term Management Plan Targets (as announced on May 31, 2021)

FY ending March 31, 2024

Net sales

Operating income

Operating income
margin¥60 billion¥5 billion

8.0%

growth stocks. By advancing DX, we will not only improve
efficiency in our business operations, but will enhance theconvenience of the services we offer to customers andaccelerate our transformation.
Our success in building the platform and achievingtransformation will hinge on how much we can increase
the number of stakeholders—customers, partners, andP.16

shareholders willing to support us. To do that, we need tokeep our customers and partners informed about what
we are currently doing, and have them empathize withus. Without that empathy, expansion of our platform
will not be possible. Sharing our platform with many
partners is the future I envision for Takamiya, and forthe construction industry.

Takamiya’s Business Model Reference

The Drivers of Our Transformation: People and DX
The most important requirement for realizing thistransformation is to attract and develop people whohave goals and a vision, and will carry out that vision. We
cannot afford to hire people blindly. Even if they choose
to join us, it is meaningless if they leave soon after that.
Therefore, since 2018, we have lowered our rate ofinvestment in rental assets and made investments intraining and creating a system for people in their third andfourth years. This continues today, and we are leveraging
the power of DX to “visualize” workstyles and officeenvironments. After all, we cannot increase the value
we provide to customers unless we improve our own
work productivity. By raising our own efficiency, we will
increase the added value we deliver to customers. This is
the only way that we can enhance profitability. We willproduce scaffolding more efficiently and have customers

TAKAMIYA Report 2022

11

Message from the President

use it more efficiently. DX is also necessary to boost ouroperating rate. That in turn will further raise the efficiencyof our workers. The first year of the Medium-Term
Management Plan was the year for building thefoundation. I feel the response has been quite positive.
The numbers should start to steadily show up in thesecond and third years as a result.
I have long been telling our people to “raise efficiency,
raise productivity, and if you want to rest, rest. If you wantto earn more, do more,” and then keep transforming. We
will reward people appropriately for a certain level ofresults. DX will not be realized unless employees feel that
there is a solid return in it for them, too. The Company’s
profit and the profits that employees receive must bealigned with each other. DX is necessary for realizing eachof these objectives, but is not the objective in itself. Thisline of thinking was boosted by the acceleration of remote
work due to the COVID-19 pandemic. Work where youwant to work. Get a return on the hard work you put in. At
times like that, I want the Company to be a “place of
P.38

relaxation.” Remote work inevitably leads to feelings ofisolation and alienation. I believe the Company will play apart in resolving the lack of communication, and insupporting mental and physical health. We now have
digital signage in several locations in the company.
Information from each operating base is now in a form
that can be monitored from anywhere in the country. Workfreely, of your own volition, by choice—this is very
important. The turnover rate of new graduate hires was
dramatically lower this year and last year. I believe thisdemonstrates that our company, which is in the middle ofa transformation, is seen as attractive by today’s digital
native generation, both for its environment and as a job.
Some people were saying that we should go after sales
in the rental business, which had been performing well,and focus more on investing in rental assets. But I did notthink that was the way forward, and have instead beenpromoting human resource investment. We now have thefoundation in place for the future we want to bring about.

Human Resources Reference

Sustainability and Governance Support Takamiya’s Growth
Takamiya moved to the Prime Market of the Tokyo Stock
Exchange in April 2022, and I believe that is where wemust be. To realize transformation and achieve sustainablebusiness growth, we will need to raise funds from awide range of investors, including overseas institutional
investors. And to do that, we have to give due
consideration and attention to environmental, social, andgovernance (ESG) initiatives. We will carefully address
whatever is necessary for growth, one by one. This year,
we changed our governance structure to a “Company with
an Audit and Supervisory Committee,” and added three
independent outside members—Yoshihiro Sakatani, Teiji
Joko, and Sachie Kato—to the Committee. I believe wehave enlisted the participation of people who will give us
P.44

12

Corporate Governance Reference

TAKAMIYA Report 2022

the most candid opinions possible. I view external
requests, such as the Corporate Governance Code, as
positive guidance for determining what Takamiya should
do, and how we can continue to grow in the future. The
same is true for environmental issues and initiatives for the
Task Force on Climate-related Financial Disclosures (TCFD)
recommendations, and for promoting the empowerment of
women in the workplace. If there are companies (not justours) that have not kept up with changes in the world andare finding it difficult to do so, I believe that means they
have not sufficiently adapted to the times and environment,
and are not keeping pace with current trends. I would liketo take a positive approach with the view that what areoften called challenges are really opportunities for growth.

To Our Stakeholders
First, a message to employees. I would like each one of
you to think about how working in this day and age isabout being happy while having many options, increasing
profit for yourself, and ultimately, how you contributeto the Company and society. And most importantly, toenjoy doing so. I hope to realize this major change andtransformation together with all of you.
To our partners: Takamiya is attempting a majortransformation. We will develop a “platform” that goesagainst the conventional wisdom of the industry andserves as a new kind of infrastructure for the temporary
equipment business. This platform will provide previously
unheard-of high-value-added services that our partners
will want to use, as it will improve their business revenue
and will be the key to broadening the potential of theirbusinesses. Some of you may feel it will be difficult to

respond to the dramatic changes at our company.
However, this transformation will eventually change notjust our company but the whole industry. Since we cannot
complete this transformation alone, I hope to expand theplatform together with as many partners as possible.
For our shareholders, I would like to apologize forthe times that we caused concern about our financial
performance. At present, we are still thought of asa scaffolding company. However, we are making
steady progress in solidifying the foundation for ourtransformation. The platform business will fundamentallychange our earnings structure, and we will release new
information about this platform from time to time. I
sincerely hope you will look forward to the expansion of
our new businesses and platform business, and continue
to support Takamiya with a long-term perspective.

TAKAMIYA Report 202213

Realizing Our Vision

Takamiya’s Value Creation Story

Takamiya’s Value Creation Process
Takamiya has created new business models through foresight—staying ahead of the changes of the times andinnovating its business portfolio and frameworks. We will repeat this process and provide products and services that
resolve social issues, so as to continuously improve our corporate value.

Business environment and social issues

Business activities

Value to Society

OutputRealization of a safe and secure society

Construction
company

Infrastructure redevelopment

Business value

Preparation for natural disasters

Business Environment and Risks & Opportunities

Scaffolding
construction
company

RentalTakamiya’s
Value Chain

Leverage for achieving transformation

1,222
Non-consolidated
722
Consolidated

Scaffolding
manufacturing
company

Equipment supply locations
Sales bases
Subsidiaries

Financial capital
Total assets¥59,081 million

Interest-bearing debt

¥28,209 million

14

TAKAMIYA Report 2022

4.5 million kWh

Rental Business¥23,283 million¥6,410 million¥1,682 million

Operating income

Share ofnext-generation
scaffolding

Logistics
company

Iq System

36%

Cumulative
number ofcustomers

417 companies*Only for our sales

Cumulativesquare footage of
Iq Systems sold

8.15 million m

Utilization rate
for rental assets

69.05%

Managementfoundation

2

Social value

Human Resources • Environment

Corporate Governance

Mission Statement /Management Philosophy

P.38–40

P.44

P.02–03

175,867 t-CO

CO2 emissions

2

Environment

Natural capital
Power consumption¥13,629 million

Overseas
Business

P.32

Development
andmanufacturing

Sales Business

P.26

On-sitescaffolding
assembly
company

4 locations
29 locations
22 locations
14 companies

Sales bybusinesssegments

Message from the Division General
Manager of the Corporate Strategy Division

Management
and logistics

Design andinstallation

Manufacturing capital / Network
Manufacturing bases

New Medium-Term
Management Plan

Business Strategies

Input

Number of employees

Temporaryequipment rental
company

Sales

P.19

Human capital¥39,800 million

Net sales

Safety and security at construction sites

Strengthen capital • Reinvestment

P.40

TAKAMIYA Report 2022

15

Takamiya’s Value Creation Story

Takamiya’s Business Model

Transforming into a Platformer, Takamiya Will
Become Part of the Infrastructure of the Temporary

Takamiya Platform

Equipment for Construction Work Industry

Making Our Customers Partners in Our Platform

Takamiya has used its business foundation, built mainly around rental and sales, to provide services to customers
while enhancing each function to make them more convenient. Now, we are ready to open up this enhanced
business foundation as a platform for customers. In doing so, our customers will become partners who share theplatform, enabling them to use Takamiya’s business foundation (temporary equipment business infrastructure) as
part of their own, and facilitating the expansion of their business scale, geographical area, and domain. Takamiya
will increase profit by continuing to conduct its traditional business with customers while encouraging them toparticipate in the platform, expand it, and make use of the platform functions.

PartnerPartnerPartner

TAKAMIYA

Partner

Takamiya Platform
Partners and Takamiya’s customers

TAKAMIYA

Business foundation

Takamiya Lab.—Driving Business Model Transformation

Takamiya’s customers

Takamiya Lab. is our R&D base for promoting evolution of the platform and developing
and supplying (verifying) new technologies and services that enhance user convenienceand competitiveness. Visitors to the Lab. can not only experience the functions
provided by the platform, but also actually use and try out the high-value-addedfunctions of the products on display. The Lab. will accelerate customer participation asa symbol of the platform.

Takamiya’s Business Foundation
Development andmanufacturing

Sales

RentalDevelopment capabilities
for temporary equipment,
building materials andagricultural products

Sales network in Japanand overseas

Metal processing
technology

Used temporary
equipment market

Diverse temporary
equipment for ultra-highrise to undergroundconstruction

Four plants in Japanand overseas

16

TAKAMIYA Report 2022

Design andinstallation
Temporary equipment
design technology
BIM/CIM
Domestic installation
network

Management andlogistics

29 equipment supply
locations nationwide

TAKAMIYA Report 2022

17

Takamiya’s Value Creation Story

Takamiya’s Key Issues

Business Environment and Risks & Opportunities

The Takamiya Group has identified risks and opportunities in the fiscal year ended March 31, 2022 that are issues thathave significant management impact and are important to our stakeholders. We will continue to take long-term
initiatives to resolve social issues and meet stakeholder expectations through our future business activities, leading
to sustainable enhancement of corporate value.

Primary Factors

Changes in theeconomic
environment

Domestic economic trends

Exchange rate fluctuations

Risks & Opportunities
Opportunity

Risk

Opportunity

Risk

Rapid depreciation of the yen

Risk

Introduce a working environment

Employees

Transition from new construction
to maintenance and repairs

and personnel/education systems
that respect diversity.

Opportunity

Opportunity

Productivity improvements atconstruction sites
Risk

Provide safe and secure

Customers
and Partners

temporary equipment andRiskhigh-value-added services that

Opportunity

Changes inthe social
environment

Diversification of agricultural
workers

Opportunity

Risk

Contribute to the realization ofa sustainable society throughOpportunity

Natural disasters
Opportunity

TAKAMIYA Report 2022

Increase in demand for infrastructure
maintenance and repair

Accelerated spread of next-generation
scaffolding

Obsolescence of temporary equipment held
Delays in promotion of DX due tothe shortage of IT professionals
New demand

Increasing number of new companies
entering the agricultural sector

Surge in raw materials, fuel costs,
and transportation costs

Demand for new construction and renewalof plants

Slowdown in business andeconomic activities
Response to recovery and reconstruction
from disaster

Achieve stable returns
Domestic demographic trends

by continuously increasing

Risk

Shortage of personnel and manpower

corporate value.
Changes in laws
and rules

18

Decrease in demand for new constructionof transportation infrastructure

Response to climate change

corporate activities.

Risk

Shareholders
and Investors

Increase and decrease in domestic
construction investment amount

Digital transformation (DX)meet their needs.

Society andthe Environment

Capital investment trends ofprivate companies

Risk

Amendment of Ordinance on
Industry Safety and Health(related to scaffolding)Opportunity

Increased demand for new and existingproducts

TAKAMIYA Report 2022

19

Business Environment and Risks & Opportunities

Risks & Opportunities• Capital investment of private companies is affected by economic trends• Hold versatile temporary equipment and technologies which can be applied to a wide range of works including public infrastructure
construction works, because government investment (mainly civil engineering works) tend to increase amid economic downturns

Increase and decrease in domestic
construction investment amount• Construction investment amounts have an impact on us, because ourmain business is related to temporary equipment for construction works• Enhancement of highly versatile temporary equipment and supply system• Nurture businesses beyond the temporary equipment for construction work sector• Expand business overseas (ASEAN) which is not directly affected by construction demand in Japan

Rapid depreciation of the yen• Manufacturing and transportation costs will increase due to soaring
energy and raw material prices• Pass on higher raw material prices to selling prices as appropriate

Decrease in demand for new constructionof transportation infrastructure• Demand for new construction of infrastructure is shrinking, resulting inoversupply of large-scale falsework equipments for bridge construction in
highways and railroads• Sell to ASEAN countries where demand for construction of infrastructure is expected

Opportunity

Risk

Opportunity

Risk

Opportunity

Opportunity

Risk

Risk

Opportunity

Increase in demand for infrastructure
maintenance and repair

Accelerated spread of next-generation
scaffolding• More than 50 years have passed since the construction of domestictransport infrastructure such as highways, and demand for maintenanceand repair is increasing• Longer construction periods at rental customers’ sites result in better
profitability on a site-by-site basis• Demand for Iq System next-generation scaffolding, which enables safeand easy work without bending forward, will increase• Demand for lighter scaffold will also increase because it enables not only tosave space in material storage areas, but also to improve transportation
efficiency and reduce the work burden for scaffold installation

Risk

Opportunity

Risk

Opportunity

Risk

Opportunity

20• Expand the lineup of temporary equipment required for maintenance and repair work of infrastructure, and renew temporary equipment tomore versatile types• Replace all tube pipes held with high-tension steel pipes to make them lighter• Completed replacing equipment with next-generation scaffold Iq System with superior workability and safety• Make equipment lighter by switching material from steel to aluminum• Increase production capacity of Iq System

Obsolescence of temporary equipment held

• Development of innovative method of construction may eliminate thedemand for temporary equipment including scaffold• Nurture businesses beyond the temporary equipment sector (agriculture business, etc.)• Shift to business models which do not rely on hardware (platform business)

Delays in promotion of DX due tothe shortage of IT professionals• We may lose our market share if we cannot secure IT professionals andcannot provide DX-related services in a timely manner• Promote the hiring of IT professionals and the training of employees• Digitize factory forms and store documents electronically• Adopt incentives for employees for DX initiatives

New demand• Online transactions will become the norm, and being well-prepared may
increase the number of new customers and the amount of transactions
with them• There is demand for facilities with high yield potential for a relatively large
investment

Opportunity

Long-Term Responses and This Year’s Initiatives

Capital investment trends ofprivate companies

Risk

Risk

Reasons

Increasing number of new companies
entering the agricultural sector• Many new farmers are starting out, requiring automatic control andcultivation know-how

Surge in raw materials, fuel costs,
and transportation costs• Raw material prices and transportation costs may surge due to the rise in
the prices of fossil fuels driven by the reduction of CO2 emissions

Demand for new construction and renewalof plants• Demand of facility and equipment for productivity improvement
increases, necessitating increase in yield per acreage• Demand for construction including renewal and new opening of facilities
increases due to the usage restriction of fossil fuels and energy efficiency
as well as increase in usage of alternative energy including hydrogen andelectricity• The Group has been working on building/construction information modeling (BIM/CIM) which are essential for DX in construction, andopportunities for receiving orders will increase due to the expansion in demand• We introduced the online ordering system “OPERA” in order to diversify order channels and increase opportunities• Develop pipe houses for agriculture and products for agriculture, utilizing our metal processing technology and steel pipes for scaffolding• Release of G-Castle Pro and G-Castle Neo48 high-performance agricultural greenhouses• Implement demo cultivation with our products, and collect know-how and data to leverage them (Hanyu Aisai Project)• Make components smaller and lighter through the systemization of scaffold, thereby reducing the number of vehicles and round trips
required to transport materials• Shift from suburban to urban equipment supply locations (Takamiya Lab. West)• Develop and sell a solar carport, POGERO• Develop scaffolding supply bases for new construction and maintenance of electric power plants

E.g., power plants, hydrogen production plants, supply bases (gas stations),
net zero energy buildings (ZEBs) and net zero energy houses (ZEHs)

Slowdown in business andeconomic activities• We may be forced to shut down our operations due to natural disasters
such as earthquakes and typhoons, and the spread of infectious diseases
such as viruses• Diversify risk by operating 29 equipment supply locations across the country• Distribute production bases in 4 locations: 2 in Japan and 2 overseas• Promote remote work

Response to recovery and reconstruction
from disaster• Demand for temporary equipment necessary for construction works rises
to quickly recover damages in transportation infrastructure due to natural
disasters• Position equipment supply locations across the country and establish the system to supply temporary equipment necessary for recovery
and reconstruction works

Shortage of personnel and manpower

Increased demand for new and existingproducts

TAKAMIYA Report 2022

• New hiring becomes difficult due to the advancement of the declining
birthrate• Securing talents with skills and qualifications such as scaffolding
installation becomes difficult• Amendment of laws and guidelines to secure the safety of workers inconstruction sites generates demand for new products• Introduction of five‐day week is promoted and overtime work is capped in
the construction industry• Enhance employee benefit programs as well as improve working conditions and environments mainly through workstyle reform• Develop human resources through various training programs• Promote development, manufacturing, and sales expansion of products with high safety and workability, such as Iq System nextgeneration scaffolding and SPIDER PANEL panel-type hanging scaffolding system• Develop products with lighter weight and aluminum materials

TAKAMIYA Report 2022

21

Takamiya’s Value Creation Story

Medium-Term Management Plan
In the 2021 Medium-Term Management Plan, which has been in progress since last year, we set forth our Management
Vision of “Create new value through transformation and aim for sustainable growth by becoming a partner to ourcustomers.” We will enhance each of the Takamiya Group’s businesses from the perspective of customers to sustainably
create new value, create a system and structure that will permanently enhance corporate value, and aim to complete ourtransformation. We are executing measures in accordance with the four basic strategies for achieving the plan.

Medium-Term Management Plan Targets (as announced on May 31, 2021)

FY ending March 31, 2024(¥ million)

Progress of the Medium-Term Management Plan

Net sales

Operating income

Operating income
margin¥60 billion¥5 billion

8.0%

n Net sales n Operating income l Operating income margin

8.0%

8.0%

6.4%

Overview of the Medium-Term Management Plan

4.1%

Performance
TargetManagement
Vision4.2%

46,0655.1%

60,00045,00042,18239,80038,812

FY ending March 31, 2024 Operating income

Create new value through transformation¥5.0 billion (+35%)

and aim for sustainable growth bybecoming a partner to our customers.

Figure in parentheses is comparison withthe fiscal year ended March 31, 2020

(Build a stock-based business model)

2,713

Basic Strategies

2019

3,703
2020

1,586
2021

1,682
2022

2,300
2023 (Forecast)

5,000
2024 (Forecast)(FY ended March 31)

1

2

3

4

Develop Services that
Blend Hardware andSoftware, with a Focus on
the Iq System

Strengthen Products
for Maintenance/Repairs
and Infrastructure
Redevelopment

Nurture Businesses
beyond the Temporary
Equipment Sector

Redevelop Overseas
Business Bases

Investment Policy: Changes in Capital Investment and Depreciation
Original plan
Capital investment for the fiscal year ending
March 31, 2023: ¥3.9 billion
Cumulative investment for three years: ¥11.8 billion

Original plan
Depreciation expense for the fiscal year ending
March 31, 2023: ¥5.2 billion
Cumulative depreciation for three years: ¥15.3 billion

Rental Asset Investment /Capital Investment

Depreciation(¥ million)(¥ million)n Rental asset investmentn Capital investment

7,850
6,954

6,818
5,434
3,984

4,050
3,649

1,517

4,777

3,218

Rental Asset Investment /Capital Investment
4,804

4,815

4,950

5,170

3,990

2,467

2,768

2,911

2019

2020

3,736
2,091

2,523

2021

2022

Depreciation

3,860

2023 2024(Forecast) (Forecast)

2019

2020

2021

(FY ended March 31)

TAKAMIYA Report 2022

• The forecast for capital investmentin three years is ¥20.2 billion, adecrease of ¥2.9 billion from theoriginal plan.
• In the fiscal year ended March 31,
2022, COVID-19 curbed investment
overall.

1,5582018 Medium-Term
Management Plan

22

4,784

2021 Medium-Term
Management Plan

2022

2023 2024(Forecast) (Forecast)(FY ended March 31)2018 Medium-Term
Management Plan

2021 Medium-Term
Management Plan

• Depreciation expenses were ¥4.7
billion, a decrease of ¥100 million
from the initial plan, due to therestraint of investment in the fiscal
year ended March 31, 2022.

2018 Medium-Term Management Plan

2021 Medium-Term Management Plan

Develop Services That Blend Hardware and Software, with a Focus on the Iq System
In developing services that blend hardware and software,with a focus on the Iq System, we are expanding businesswith a platform for developing and providing services that
integrate high-value-added temporary equipment such as
the Iq System (“hardware”) with the five functions ofDevelopment/Manufacturing, Sales, Rental, Design andInstallation, and Management/Logistics (“software”). By
using the platform to provide management, operation, andconsulting for temporary equipment purchased by ourcustomers, we will enable customers to use our temporary
equipment business infrastructure as if it were their own.
Customers will be able to develop their businesses using
functions including our diverse product development
capabilities that encompass temporary equipment, building
materials, and agricultural products; our manufacturingsystem of four factories in Japan and abroad; our domestic
and overseas sales networks and second-hand market;
temporary equipment suitable for a variety of worksites
from high-rise buildings to underground construction;
design technology, BIM/CIM, and an installation network;and 29 temporary equipment centers nationwide.
With Iq Sharing, a service available with the platform,
we provide management (maintenance, delivery andcollection, quality maintenance, etc.) of Iq Systems owned
by customers. Equipment purchased by customers that isbeing held by Takamiya can be stored and shipped out
from one of our equipment supply locations throughout
Japan, and insufficient or peripheral parts can be rented on
the spot. In addition, we offer a sales brokerage service
and other services to help customers optimize the amountof temporary equipment they own. These services aremanaged by OPERA, a new online ordering system wedeveloped. Currently, receiving orders for rental products
is the main function, but in the future OPERA will be able
to centrally manage a variety of services.
We have also conducted a pre-opening of Takamiya Lab.
West, an urban equipment supply location in Amagasaki,
Hyogo Prefecture that plays a central role in our platform.
This facility will provide a variety of services related to our
temporary equipment business, in addition to the services
provided by our conventional equipment supply locations.
It is a new R&D center that will provide functions unavailable
at our conventional equipment supply bases, including theindustry’s fastest delivery and collection, accurate
equipment inspection and counts, product exhibitions andjoint development, and education and training.
TAKAMIYA Report 2022

23

Medium-Term Management Plan

Strengthen Products for Maintenance/Repairs and Infrastructure Redevelopment
The proportion of maintenance and repair work in originalcontractor construction revenue is trending upward in theJapanese construction market. Approximately 50 years havepassed since the construction of transportation infrastructureduring Japan’s period of rapid economic growth, and maintenanceand repair is necessary so that it can continue to be used. We
are establishing a production system for compatible products
to ensure that we can supply products without missing out on
the increase in demand for construction work. Sales of SPIDERPANEL, a panel-type hanging scaffolding system that is usable
in work on concrete floor slabs of expressways, and VMAX, ahanging scaffolding system, doubled in one year. Because of

the risk of future inventory shortages and supply disruptions, weare systematically increasing production and incorporating these
temporary equipment into sales and rental assets. In addition,
we will be able to handle maintenance and repair work at various
worksites with a full line of products including the YT Lock
System, a working platform that is necessary in construction
work on dams, power facilities, and other projects inmountainous areas, and the Lift Climber, a mast-climbing
work platform that can be used on high-rise buildings in boththe construction and civil engineering sectors. We expect highdemand to continue, and will maintain an optimal manufacturingsystem and further strengthen our product supply capabilities.

Transition of Maintenance and Repair Work(¥ trillion)

60

Company nameYame Kaisei Co., Ltd.

30

EstablishedEstablished in December 1962, in operation since July 1961

25

Capital stock¥60 million

20

Head office1024 Ota, Hirokawa-cho, Yame-gun, Fukuoka

15

Business

Agricultural building work, sales of agricultural materials

PurposeTo strengthen and expand the Agriculture Business in the Kitakyushu area

35
28.3%
13.8

14.0

50

13.5
13.2

40

12.7

12.8

13.2

13.0

13.2

12.5

12.4

13.8

14.3

14.9

15.8

15.3

15.5

16.4

16.8

17.4

30
20

10

10

5

0

them along with cultivation know-how, such as installationof environmental control equipment and verification of
the optimal cultivation method. The performance of thegreenhouse-grown products has received high praise, as
evaluation of the harvested crops has been very positive
and the number of wholesale customers is increasing.
We are also focusing on nurturing the photovoltaic
business, and have developed and sell POGERO, a nextgeneration solar carport that combines solar panels anda carport in one. The cumulative delivered capacity has
surpassed 1,000 kWh, and since demand is expected to
grow in a society that is accelerating its decarbonization
efforts, we will strengthen our supply system andpromote the development of this business.

M&A to Expand the agriculture business(%)

n New construction (left scale) n Maintenance and repair work (left scale) l Ratio of maintenance and repair work (right scale)

80
70

business, with sales increasing every year. To drive further
business expansion and growth, we made Yame KaiseiCo., Ltd. a Group company in May 2022. Yame Kaisei isengaged in construction of agricultural buildings and salesof agricultural materials, and has built a customer basein the Kyushu area. The company will create synergy andexpand business in the Kitakyushu area by providing ourG-Castle series of high-performance greenhouses.
In addition, we are conducting demo cultivation for
product performance evaluation in Hanyu City, Saitama
Prefecture, to promote sales of greenhouse products.
Under the title of the “Hanyu Aisai Project,” we haveconstructed the high-performance greenhouses G-Castle
Neo48 and G-Castle Pro I, and will cultivate vegetables inthem. We will promote sales of the products by providing

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

0

Yame Kaisei Co., Ltd. is engaged in the agricultural greenhouse business and is building a customer base in Fukuoka and neighboring prefectures. We provide our original agricultural
greenhouse G-Castle series to Yame Kaisei Co., Ltd., and determined that business synergies with the company will enable us to expand and grow our business in the Kyushu area.

* Compiled from ”Construction Industry Handbook for 2021” by Japan Federation of Construction Contractors

Agriculture Business

Hanyu Aisai Project

Hanging scaffolding (SPIDER PANEL, VMAX) sales performance

105.3% increase from the same period of the previous year (+¥453 million)
Hanging Scaffolding Sales Performance
VMAX

Panel-type hanging scaffolding system

Hanging scaffolding system(¥ million)

YT Lock System
Can be erected along slopes andalso used as a gantry

24

TAKAMIYA Report 2022

Transfer of greenhousesales business
954

KYASSE HANYU

1,273
1,082

1,163

TohokuExpressway
Hanyu Suigo Park

G-Castle Pro

13
times

Site
(approx. 240,000 m2)
TowardTokyo

Inside “Hanyu Challenge Farm,”
Hanyu City, Saitama Prefecture
Approx. 3 hectares (leased land)

105.3% increase from

93
2017

182

2018

2019

2020

2021

2022

(FY ended March 31)

the same period of
the previous year

Redevelop Overseas Business Bases
2020

2021

2022
(FY ended March 31)

Nurture Businesses beyond the Temporary Equipment Sector
In business areas beyond the temporary equipment
sector, we will continue to focus on growing our
agriculture business. In this business, we manufacture,

Sale of high-performancegreenhouses

Saitama Aquarium

883

257

Mast-climbing work platform forlarge-scale maintenance and repair
work

TowardKitakanto

Hanyu
Interchange

430

Lift Climber

Sales Performance of the Agriculture Business(¥ million)

Strengthen Products for, Maintenance/Repairs and Infrastructure Redevelopment

SPIDER PANEL

G-Castle Neo48

sell, and install high-performance agricultural greenhouses,
applying the metalworking techniques honed in our
temporary equipment business. This is a rapidly growing

Improvement of our overseas business bases is proceedingsmoothly. South Korea, Vietnam, and the Philippines, like
Japan, were impacted by the COVID-19 pandemic, but wehave strengthened our internal control systems and are now
able to resume business. Given the disruption of manufacturing
activities in Vietnam and South Korea due to the pandemic, andthe fragmentation of the supply chain, we reviewed our optimal
manufacturing structure in Japan and overseas. In Vietnam,

manufacturing and sales for the Japanese market areproceeding as planned, while in South Korea, there isincreasing emphasis on safety in construction work, so we can
expect expansion of demand for our temporary equipment,
which features excellent safety. In the Philippines, many
infrastructure projects are underway, including railroads.
Redevelopment of our business base there is complete,
and we are transitioning to the monetization phase.
TAKAMIYA Report 2022

25

Takamiya’s Value Creation Story

Message from the Division General Manager of the Corporate Strategy Division
economic activity despite the easing of restrictions on
movement within the country. On the other hand, HORYVIETNAM Co., Ltd.’s sales of temporary equipment tocustomers inside Japan and Hory Korea Co., Ltd.’s rental
and sales of temporary equipment performed steadily,with overall performance bottoming out and showing
signs of a trend reversal.

Investment Policy and Progress on Basic
Strategies in the Medium-Term Management
Plan

Hideki Yasuda
Director and Managing Executive Officer
Division General Manager of Corporate Strategy Division,
Division General Manager of Overseas Business Division,
Deputy Division General Manager of Takamiya Lab. Division,
Supervisor of Logistics Department Preparation Office

My Mission as Division General Manager of
the Corporate Strategy Division
The Corporate Strategy Division’s most important mission
is to take the lead in establishing strategies and guiding
the Company. It is comprised of five departments—the
Corporate Planning Department, PR & IR Department,
Information Systems Department, Legal & ComplianceDepartment, and Real Estate Management Department—
which coordinate with one another to execute
management strategy. The specific activities of thedivision are drafting of the medium-term management
plans, confirming progress toward achieving the targets ofthe plans, internal and external communications, andcoordination between the divisions.

Review of the Fiscal Year Ended March 31, 2022
In the fiscal year ended March 31, 2022, net sales were
¥39,800 million (up 2.5% year on year), operating income
was ¥1,682 million (up 6.0%), and profit attributable toowners of parent was ¥965 million (up 12.6%).

26

TAKAMIYA Report 2022

It was an extremely challenging year for management.
Amid recurring rounds of restrictions and relaxations ineconomic activity due to the impacts of COVID-19, somemovements toward recovery were observed; however,the deterioration of the situation in Ukraine exacerbatedthe high prices of resources and energy.
In the rental business, although there have been issues
such as delays in private-sector construction projects, theutilization rate of our next-generation Iq System scaffolding
reached a historic high, and maintained a higher full-year
average than the previous fiscal year. On the other hand,the utilization rate of civil engineering rental assets
remained low throughout the year, leading to a year-onyear decrease in the overall average utilization rate forrental assets for the year.
In the sales business, some production activities were
obstructed by lockdowns at overseas plants. However,through the second half of the year, we prepared a structurethat enabled us to respond to strong demand from new andrepeat customers, mainly for sales of the Iq System, withstrong sales outperforming the initial plan as a result.
In the overseas business, the Philippines saw continued
adverse conditions, and has yet to see a recovery in

The fiscal year ended March 31, 2022 was the first year of
the Medium-Term Management Plan (“Medium-TermPlan”). Although growth in operating results slowed, we
did execute all the measures based on the initialinvestment policy.
In particular, in the first of the basic strategies ofthe Medium-Term Plan, “Develop services that blend
hardware and software, with a focus on the Iq System,”
we positioned this as a year for moving to execution of thetransformation vision for the platform business that wehave prepared. To this end, we developed services forgenerating new value and executed investments to
prepare a foundation for them. Specifically, we pre-opened
Takamiya Lab. West (Amagasaki, Hyogo Prefecture). The
facility is not yet fully functional, but as the foundation of
the platform business that we are preparing to develop,
it enhanced the five functions that form our businessfoundation—development and manufacturing, sales,
rental, design and installation, and management andlogistics—bringing them up to an industry-leading level.
It also created new added value through DX, and prepared
for the provision of services that will lead to conveniencefor customers. Finally, we developed and introduced the
OPERA online ordering system as an interface with ourcustomers. Currently, the main function of the system isto handle orders for rental of temporary equipment, but
we have started work on further functional expansion todevelop a system that can supply the following fivefunctions online in the near future.
With regard to the second basic strategy of theMedium-Term Plan, “Strengthen products formaintenance/repairs and infrastructure redevelopment,”
we prepared a structure for increasing production of
hanging scaffolding such as our specialist SPIDER PANEL
and VMAX equipment and established a structure for
expanding our rental assets in preparation for an expected
continued increase in infrastructure rebuilding, particularly
repair and construction of expressways.
In other areas, under the third basic strategy of theMedium-Term Plan, “Nurture businesses beyond thetemporary equipment sector,” we worked to develop new
businesses. To develop the agriculture business, we madea subsidiary of Yame Kaisei Co., Ltd., which conducts
agricultural construction work and sells agricultural
materials. We will work to generate business synergies
and expand and grow our business area. We will also
focus on growing the solar power-related business, mainly
though the next-generation solar carport POGERO.
For the fourth basic strategy of the Medium-Term Plan,“Redevelop overseas business bases,” we were unable toconduct proactive investment in our Group companies in
the Philippines, Vietnam, or South Korea due to theimpact of COVID-19. On the other hand, by strengthening
our internal control systems, we have established asystem that will enable us to move at speed to restarteconomic activities, and we are now looking forinvestment opportunities.

Future Business Model and Business Portfolio
Our future business model is not only to simply rent andsell temporary equipment, but to transition to a platformbusiness providing industry-leading services that solve
customers’ issues and lead to increased convenience,safety, and profit.
As a result, from the final year of the Medium-Term
Plan onward, our business portfolio will center onbusiness revenue generated from the platform. By
transitioning from our existing flow (pay per purchase/use)business, which generates revenue from the rental
and sales businesses, to a stock (commission-based)business, we will increase the proportion of revenue fromrental and sales businesses via the platform business.

Performance Forecast for the Fiscal YearEnding March 31, 2023 and Achieving
Medium-Term Plan Profit Targets
In our performance forecast for the fiscal year ending
March 31, 2023, despite a slow start in the sales
business, demand for the Iq System is as strong as ever,and the rental business is performing steadily. In theoverseas business, economic activity is restarting andthere are signs that planned construction investments will
be executed, and at this stage, the business is expected
to perform in line with the plan.
Toward achieving our profit target for the final year of
the Medium-Term Plan, we will focus on executing themeasures for building our platform in order to achieve our
profit target and gain further momentum in the current
fiscal year, which marks the halfway point of the plan.

TAKAMIYA Report 2022

27

Takamiya’s Value Creation Story

Message from the Division General Manager of the Business Management Division
Financial Policy
2021 Medium-Term Management Plan

(Targets) Operating income margin: 8%
EBITDA: ¥10.0 billion
Equity ratio: 35%
ROA: 6%
ROE: 12%(Results) All items improved
Equity ratio
Decrease due to increase in total assets
ROA
Increase in productivity, in particular anincrease in the utilization rate of rental
assets, despite the increase in total assets
ROE
Improvement in profit margin improvement
and increase in equity

Tomoya Tatsumi

EBITDA
Increase in operating income and decreasein depreciation and amortization

Director and Executive Officer
Division General Manager of Business Management Division and
Deputy Division General Manager of Takamiya Lab. Division

My Mission as Division General Manager ofthe Business Management Division
The Business Management Division’s broad role is tomaintain a stable, unbeatable management structure. It
acts as the lynchpin for the Company. As the manager andcontroller of management resources, namely, people,
equipment, and money, the Business Management
Division is made up of four departments—the HR
Department, General Affairs Department, Accounting
Department, and Safety Management Department—
which coordinate with one another as they conduct theiroperations. Naturally, however, Takamiya’s Business
Management Division has to take more than a purely
defensive role in order to realize the Medium-Term
Management Plan (“Medium-Term Plan”) objective of“transforming,” and I therefore recognize that it has animportant mission in planning and promoting as a strategic
partner for other divisions, sometimes working alongsidethem and sometimes pushing them forward from behind.

28

TAKAMIYA Report 2022

HR Investments and Initiatives
Takamiya has always been a people-centered company.
To realize transformation, it is not enough to simply
change the business model. It is essential to develop an
organizational culture and reform workstyles so that
individual employees can act autonomously, recognizing
the need to increase their productivity. To this end, we
have reviewed HR systems such as the one-on-one
meeting system and the flextime system. Also, while
improving employee productivity, we have also designatedthe office as a “relaxation space” by shifting the main
focus of the office from a conventional workspace to acommunication and refreshment space. We have also
conducted various initiatives on both hard and soft aspectsof management with the aim of completely transforming
office functions. As a first step, we have refurbished andrelocated the Nagoya Branch office.
Furthermore, all of our measures for realizing
transformation require implementation by promoting DX.

FY ended
March 31, 2021

FY ended
March 31, 2022

FY endingMarch 31, 2024

4.1%

4.2%

8.0% or more

¥6,402 million¥6,466 million¥10 billion
or higher

Equity ratio

32.3%

31.8%

35% or more

ROA

2.7%

3.4%

6% or more

ROE

4.7%

5.2%

12% or more

2.2%

2.4%

4.8%

Total asset turnover

0.7 times

0.7 times

0.9 times

Financial leverage

3.1 times

3.1 times

2.8 times

Operating income margin
EBITDA

Ratio of profit to
net sales* ROE = Net income ÷ Equity (average at the beginning and end of the period) x 100
		= Net profit margin x Total asset turnover x Financial leverage		= Profit/Net Sales × Net Sales /Total assets × Total assets /Equity capital

Therefore, in the second half of the fiscal year ended March
31, 2022, the Company set DX targets separately fromindividual employee mission and targets, and introduced
the DX Incentive Plan, which pays an incentive in order toreturn profits captured through adoption of DX, depending
on employees’ achievement and degree of realization of thetarget. Under this system, the entire Company is working
on adopting DX, and DX is generating new innovation,
having become part of our corporate culture. Our aim is tosee human resources also develop as a result.

Financial Policy
Our financial policy is to achieve an operating income
margin of at least 8%, EBITDA of at least ¥10 billion, ROA
of at least 6%, ROE of at least 12%, and an equity ratio ofat least 35%. Looking at our results for the fiscal year
ended March 31, 2022, the first year of the Medium-Term
Plan, the operating income margin was 4.2% (up 0.1 point
year on year), EBITDA was ¥6,466.0 million (up ¥65.0
million), ROA was 3.4% (up 0.7 pt), ROE was 5.2% (up 0.5pt), and the equity ratio was 31.8% (down 0.5 pt). Some
indicators deteriorated, and at this stage we have not yet
reached out numerical targets, but overall, our indicators
improved, and we expect to achieve our targets in the final
year of the Medium-Term Plan, the fiscal year ending
March 31, 2024.

In addition, to ensure that investments are translated
into higher earnings profits, we will work to inculcate
within the Company the ideas of return on investment(ROI) and return on invested capital (ROIC). We will
thereby shift to a management style that is conscious of
how much profit is being generated from investments.

Shareholder Return Policy
As always, we intend to return value to shareholders bymaintaining stable dividends while increasing our corporate
value through proactive investment and ensuring that themarket’s assessment of us is reflected in our stock price.
To that end, we will be engaging in communication withshareholders and other investors so that they can feelour growth potential firsthand. We appreciate yourunderstanding of Takamiya’s consistent approach andhope you will support us over the medium to long term.
The current Medium-Term Plan is positioned as amilestone to indicate how we will build our transformationfrom the conventional flow business model to a stockbusiness model. Moreover, as we enter the second yearof the Medium-Term Plan, I believe it is important toconsider how to connect our initiatives to date to the final
year of the plan. We appreciate your support andexpectation as we work toward achieving the targets inthe final year and transforming to create new value.

TAKAMIYA Report 2022

29

Business Strategies

Takamiya’s Businesses
Takamiya Products That Provide Value to Society
Iq System

YT Lock System

Using lightweight pipes and featuring a locking function, the Iq System

The YT Lock System has been developed to provide a safe and efficientachieved higher workability and safety compared to conventional wedge-type

working platform with the same high quality at all times regardless of thescaffolding systems as well as economic efficiency equivalent to them.

skill level of the workers. The unitization of components makes it easy and

Adopting a story height of 190 cm reduces the burden on workers as theyeconomical to assemble, remove, reinstall, and divert components. The

can work and pass through without bending down. In addition, this next-

system is used for bridge construction sites as components for piers are

generation scaffolding system comes with preset handrails that are 101 cm

available, and also as a scaffolding and falsework system in urban civilin height, providing a level of safety that is one step ahead.

engineering works.

SPIDER PANEL

VMAX

SPIDER PANEL is a panel-type hanging scaffolding used for maintenanceIts floors are unified and very clean, making it easy to work on, and theand repair work on aged highways and other transportation infrastructure.

systemization of beams, etc., makes it possible to visually check the safety

The panel is used to repair bridges and highway floor slabs. It features aof the site. With the same ease of use and wide range of applicability as

retractable platform to create a flat work surface with no gaps or unevenness,conventional scaffolding systems, VMAX is applicable to all types ofand other functions to ensure safety and workability in every detail. This is anconstruction work, lifting light to heavy loads, not to mention work on theadvanced panel-type hanging scaffolding that allows all work to be performed

footings, railings, and floorboards of bridges, using the three installationon the temporary panels.

methods of partial assembly method, unitization method, and panel method.

POGERO

G-Castle

This next-generation solar carport is aimed at the realization of a sustainable

Offering wide spaces, excellent natural lighting, and durability, this proprietarysociety. Using our know-how in designing and developing solar panel installation

greenhouse is ideal for controlling the environment for growing crops and forframes and various structural parts, we have made it a high-strength, low-costyear-round cultivation. We have an extensive lineup of steel-framed, high-eaves

steel structure. It supports customers’ renewable energy introduction plans,

greenhouses and pipe greenhouses according to the produce for cultivation

aimed at realizing a low-carbon society or implementing business continuity plansand design standards. This reliable and high-performance greenhouse is offered(BCPs). We will also make effective use of the premises of customers who could

by structural design professionals who manufacture temporary equipment for

not install solar power generation systems on the roof of their existing building.

construction, building materials for housing and solar panel installation frames.

Overseas business

14.8%
Sales business
P. 36

31.5%
P. 32

Percentage of
Net Sales(Figures below the decimal
point are rounded.)

Rental business

53.7%
P. 34

“Percentage of net sales” is calculated based on net sales before intersegment eliminations.

Market Environment

Construction Investment

Market Environment

Maintenance and Repair Workn New construction work (left scale)n Maintenance and repair work (left scale)l Ratio of maintenance and repair work (right scale)(¥ billion)(¥ trillion)

80,00080
65,356.0 66,990.0

60,000

60

13.8
12.8

47.0

15.8

28.3

17.4

0

2005

2010

2015

2020
(est.)

2022(forecast)(FY)

Reference: “Construction Investment Forecast for FY2021” by Construction
Research and Statistics Office, Policy Bureau, Ministry of Land,
Infrastructure, Transport and Tourism (MLIT)

30

TAKAMIYA Report 2022

0

2000

n Number of workers in the construction industry
n Number of workers in all industries

n Number of licensed construction business operators (left scale)l Number of scaffolding and civil engineering business operators(right scale)n ASEANn Japann Number of construction industry fatalities (left scale)n Number of fatalities in all industries (left scale)l Percentage of construction industry fatalities (right scale)(Ten thousand persons)(Operators)(Thousand persons)(Persons)

8,000

900,000
6,298

6,402

6,710

167,707(Operators)

161,895

162,041

174,289 176,906

180,000

Population of ASEAN

800,000

2,000

6,713

667,301

6,000

595,854600,000

20.0

600,000

542,264

498,806

120,000
467,635

33.6
30.5

32.8

443,726

473,952 475,293

4,000

1,514

1,500

524,124

(%)

45.0

1,889
38.7

400,000 357,042

1,195

1,000

2005

34.6

2010

40.6

2015

43.9

2019

Reference: “Construction Industry Handbook for 2021” by Japan
Federation of Construction Contractors

10.0

300,000

60,000

2,000

0

(FY)

0

200,000
568

504

503

494

485

2005

2010

2015

2020

2021

(FY)

Reference: “Labour Force Survey” by Statistics Bureau, Ministry of Internal
Affairs and Communications

0

2005

2010

2015

2020

2021

0

(FY)

Reference: “Results of the Survey on the Number of Licensed Construction
Business Operators - Current Status of Licensed Construction
Business Operators (as of the end of March 2022)” by MLIT

0

117,817

1980

124,505

1990

127,524

2000

Reference: World Population Prospects 2019

128,5422010

126,476

2020

(FY)

0

2000

30.0
802

497

500

32.2

15.8
972

731
40.6

20

Number of Licensed Construction
Business Operators

6,356

61.3

56.7
20,000

30.0

12.4

40

41,928.2

56.4

53.4
19.5

40,000

26.4

70.5
24.0

56,646.8

51,567.6

(%)

28.0

Number of Construction Industry
Fatalities

Number of Workers in theConstruction Industry

2005

15.0
365

327

258

2010

2015

2020

0

(FY)

Reference: “Statistics of Industrial Accidents in the Construction Industry”
by Japan Construction Occupational Safety and Health
Association

TAKAMIYA Report 2022

31

Business Strategies

Sales BusinessResults for the Fiscal Year Ended March 31, 2022

As domestic construction investment recovers and theamount of construction work increases, there is somemovement of investment toward temporary equipment,
which had been held back by the COVID-19 pandemic.
We are gradually revising selling prices in response torising raw materials and fuel costs, as well as the impact
of exchange rates. We are making smooth progress with

Net sales were up 13.7% year on year at ¥13,629 million,
and operating income was up 16.3% year on year at¥1,633 million.
In the temporary equipment sector, interest in the Iq
System remained high, and the number of inquiries forboth new and ongoing projects remained strong. There
was also recovery in domestic construction investment,
as well as last-minute demand due to price revisions
Net Sales, Operating Income,and Operating Income Marginn Net sales (left scale)n Operating income (left scale)l Operating income margin (right scale)

implemented in response to soaring raw material prices.
There was a temporary drop in production volume due
to restrictions on going out and moving in Vietnam, but
shipments were steady. In areas other than the temporary
equipment sector, agricultural-related sales increased
mainly due to the construction of high-performance glass
houses for agriculture.

25.0 (%)(¥ million) 20,000

15,00010,00015,29912.6

11,99011.7

13,62912.0

the expansion of Iq System next-generation scaffolding,

20.0
15.0
10.0

5,000

and by developing the platform business, we aim toestablish a de facto standard.

0

1,934

1,404

1,633

2020

2021

2022

5.0
0

(FY ended March 31)

Hidehiko Yamashita
Executive Officer
General Manager of Sales Department
Sales & Marketing Division

We carry out a wide range of businesses that develop, manufacture, and sell proprietary products that leverage our

What
We Do

Business Strategies in the Medium-Term Management Plan
Fully leveraging our competitive edge in the development and manufacturing fields, we aim to achieve sales target of ¥20
billion (of which, ¥10 billion from sales of the Iq System) by establishing the platform business, formulating a product strategy
in line with customer needs, and expanding our sales and marketing network.

metalworking technologies, including light-duty temporary equipment such as Iq System next-generation scaffolding
and clamps. These also include SPIDER PANEL and VMAX, two types of hanging scaffolding for maintenance andrepair work on expressways and viaducts, as well as agricultural greenhouses and solar carports. One of Takamiya’s
strengths is the ability to materialize what is needed at worksites by developing and manufacturing products.

• Boasts the largest number of customers in the industry
as the leader in next-generation scaffolding• Need for productivity improvements• Rental business infrastructure• High-mix, low-volume production• Development and manufacturing of products that
embody customer needs• Management resources scattered due to wide
variety of product categories• Ability to apply metalworking techniques in other fields• Weak linkage between domestic and overseas
production bases• Improved transportation efficiency through warehousestock located nationwide• Provision of high-value-added services throughplatforms

S

W

Strengths

Weaknesses• Shortage of new/hit products

Deployment of the platform businessWe provide the Group’s temporary equipment infrastructure to customers who
have purchased the Iq System and support optimal operation of temporary
equipment. We can expand our business field, area, and scale, creating new
business opportunities.
We propose the effective use of temporary equipment through ourplatform, which enables customers to reduce their equipment management
costs, labor costs, and other expenses. After purchasing the Iq System,
customers can entrust us with management of the system, so we can doshipping as our own equipment from our equipment supply locations
nationwide. We maintain high asset value through thorough quality control. In
order to realize the optimal amount of equipment in stock for customers, wewill deploy services that maximize convenience for customers, such asservices that mediate transactions between holders and purchasers.

Response to the changing external environment
Due to the prolonged suspension of operations at overseas factories causedby the COVID-19 pandemic, our Manufacturing Division revised the optimal
product manufacturing system for each factory. We will clearly state the roleof each factory, improve production efficiency, and make a thorough response
to risks such as disruption of the supply chain.
We will also steadily pass on rising raw material prices to selling prices.
We will expand our warehouse stock in Hokkaido, Tohoku, the Kanto coastal
area, Kansai, and Kyushu. We will also establish a direct delivery system fromour factories in Gunma Prefecture and Gifu Prefecture in Japan and overseas
factories in Vietnam and South Korea, to each of those warehouses, aiming tocreate an optimal manufacturing and supply system.

“Kaizen Activities” to Strengthen Manufacturing Bases with DX• Increasing demand for safety and efficiency atconstruction sites due to shortage of construction
workers

T• Severe economic outlook

Opportunities

Threats• Aggressive price competition from rival companies• Difficulty in securing production line workers• Frequent occurrence of natural disasters• Skyrocketing raw material prices• Shortage of agricultural workers due to the aging
population and other factors• Greater burden of transportation costs due toskyrocketing fuel costs• Increase in public works for economic revitalization• Disruption of supply chains due to natural
disasters, infectious diseases, etc.

• Restructuring of supply chains• Replacement of conventional scaffolding and residentialbuilding scaffolding with next-generation scaffolding

32

O

TAKAMIYA Report 2022

• Rapid depreciation of the yen• Refrain from buying due to rising prices

TopicsWith the purpose of reducing costs and improving motivation, the four factories in our
Manufacturing Division are working together to promote kaizen (improvement) and digitaltransformation (DX) in manufacturing operations, such as by reviewing the layout of factories
and reviewing production lines and processes through factory automation (FA). Amid changes
in market needs, production volumes of products, and variations thereof, we thoroughlymanage hourly rate transitions and improvement activity results, and share these with the
Manufacturing Division, in order to improve manufacturing efficiency and reduce costs whilestill maintaining high quality. We also share excellent examples from each factory at kaizenpresentations held once a year, and have introduced a unique incentive system forachievements. By updating manufacturing equipment and introducing AI, we aim to promote
DX, reduce product defects and malfunctions, further improve quality, and reduce costs. Kaizen
activities help us strengthen our manufacturing base and accelerate the platform business.

TAKAMIYA Report 2022

33

Business Strategies

Rental BusinessIn the construction scaffolding market, condominium
renovation work centered on the Iq System, and in civilengineering, products centered on maintenance andrepair, such as SPIDER PANEL and VMAX, which aresuitable for floor slab replacement work, maintained
high operations.
This fiscal year, we are also developing a businessResults for the Fiscal Year Ended March 31, 2022
Net sales were down 3.0% year on year at ¥23,283
million, and operating income was down 31.9% year on
year at ¥1,221 million.
In the fiscal year ended March 31, 2022, while public
works orders remained steady, sales were sluggish due
to delays in the start of construction. Although private
projects were affected by a review of capital investment
and construction delays due to the uncertain economic
Net Sales, Operating Income,and Operating Income Margin

outlook, Scaffolding Construction Department projects,
mainly condominium renovation projects, remained
steady, and shipments of the Iq System maintained highutilization throughout the year, mainly in the Kanto region.
However, low utilization of civil engineering materials,
which are expected to be relatively profitable, also
affected earnings.

(¥ million) 30,000

n Net sales (left scale)n Operating income (left scale)l Operating income margin (right scale)model centered on the platform business. We intend to

26,11824,00923,28320,0000

our customers.

10.0

7.5
5.2
3,025

improving capital efficiency and business profitability for

2020

20.0
15.0

11.6
10,000increase customer satisfaction with the goal of

25.0 (%)

1,793

1,221

2021

2022

5.0
0

(FY ended March 31)

Kazunori Kawakami
Director and Executive Officer
Division General Manager of Sales & Marketing Division and
Deputy Division General Manager of Takamiya Lab. Division

Through rental services, we provide light-duty temporary equipment for all kinds of worksites, including buildings,

What
We Do

bridges, ultra-high-rise building renovations, tunnels and underground worksites, as well as scaffolding andfalseworks in times of disaster. Our in-house functions for contract scaffolding installation work and scaffold plan
drafting are strengths that enable us to provide comprehensive customer-oriented services.

• Iq System• BIM/CIM support• Scaffolding Construction Department and network ofpartner contractors• Most equipment supply locations are in suburban
areas• OPERA• Shortage of on-site managers• Nationwide transportation network• Many servicing procedures rely on manual labor• 50 years of know-how and track record in the rental
business• Long standby times for drivers when shipping
temporary equipment• Takamiya Lab., an urban equipment supply location• Proposal-type sales• Increasing demand for safety and workability

W
Weaknesses

O

T

Opportunities

Threats• Severe economic environment due to rising prices• Increase in urgent need to redevelop aging infrastructure• Price competition due to economic uncertainty• Growing demand, especially for sales through platforms• Difficulty in securing equipment servicing staff• Supply of equipment to respond to natural disasters• Pressure on profits from rising steel prices

TAKAMIYA Report 2022

We will implement the following measures in the Medium-Term Management Plan in order to respond to changes in demandfor construction work, supply temporary equipment in a safe and efficient manner, and make the most of the Company’scompetitive edge.
Promotion of the platform businessWe will promote business models that support efficient rationalization of
the use of temporary equipment to improve capital efficiency and businessprofitability for our customers, including the sharing business of the nextgeneration scaffolding Iq System.
Promotion of OPERA
We will improve services to customers based on the online ordering system.
In addition, by reviewing internal operations, we will speed up operations,
reduce human error, and promote workstyle reform among employees.
3D design and digital construction management by introducing
BIM/CIM
We will build an efficient and high-quality building production andmanagement system by sharing information at each stage of planning,

research, design, construction, and management in the building production
system using the latest ICT.
Expansion of works and construction systems
To meet the increasing demand for maintenance and repair works, we will
focus on securing and training construction managers. We will also secure
partner contractors and workers to ensure a safer construction management
system.
DX for managing sales organizations
Customer relationship management (CRM) and salesforce automation (SFA)
will be introduced to improve operational efficiency and labor productivity.
We aim to improve earnings and reform the way sales employees work by
visualizing their know-how and quantifying customer information.

Initiatives for Human Resource Development in the Construction Industry• Resumption of construction works that had been
postponed due to the pandemic• Rising logistics costs and shortage of drivers

34

S
Strengths

Business Strategies in the Medium-Term Management Plan

• Impact of the spread of COVID-19

TopicsWe provide safety training related to scaffolding as part of the education for new employees
and other employees who have started working in the construction industry. Many of them are
new to scaffolding in working on construction sites, and we hope to contribute to construction
site safety in any way we can by explaining the basics in an easy-to-understand manner. In
addition, in an industry where the introduction of BIM/CIM is becoming more and moreurgent, we aim to achieve coexistence and co-prosperity by sharing our BIM/CIM know-how
with other companies in the industry, such as small- and medium-sized rental companies andconstruction companies.

TAKAMIYA Report 2022

35

Business Strategies

Overseas BusinessIn the overseas business, the outlook remains uncertain
due to the impact of COVID-19 and the situation in
Ukraine. During the past two years, we have beenworking to develop a foundation that will enable us tocontribute to the Group’s earnings once COVID-19 iscontained.
Going forward, we also intend to actively build a
network in Asia to develop products tailored to the
local market.

Results for the Fiscal Year Ended March 31, 2022
In the overseas business, net sales were ¥6,410 million,
up 20.9% year on year, and an operating income of ¥277
million was recorded, moving into the black. Hory Korea
Co., Ltd.’s leveraging of its management foundation has
created a positive cycle and employee motivation has
increased. As a result, profitability has improved and theimprovement of the company’s financial standing ismaking progress. We believe that we will be able to bringthe company back to the growth stage during thisMedium-Term Management Plan period by making further
Net Sales, Operating Income (Loss),and Operating Income Marginn Net sales (left scale)n Operating income (loss) (left scale)l Operating income margin (right scale)(¥ million)

8,000

improvements on the financial front. In the Philippines,
after more than two years of lockdown due to COVID-19,
we have been able to resume business activities sinceApril. Over the past two years, we have worked tostrengthen our financial position by thoroughly visualizing
management figures and increasing the speed atwhich we identify issues and implement improvement
measures. When management activities resume inearnest, we hope to make a significant contribution toGroup earnings.
20.0 (%)

7,306
6,410

6,000
4,000

10.0
5.6

4.3

2,000
410
0

Hideki Yasudai

15.0

5,300

Director and Managing Executive Officer
Division General Manager of Corporate Strategy Division,
Division General Manager of Overseas Business Division, and
Deputy Division General Manager of Takamiya Lab. Division
Supervisor of Logistics Department Preparation Office

2020

(99)

277

(1.9)
2021

2022

5.0
0

(FY ended March 31)

Business Strategies in the Medium-Term Management Plan
The overseas business primarily operates in three countries in the ASEAN region: the Philippines, Vietnam, and

What
We Do

South Korea. We will continue to strengthen our earnings base as a pillar for sustained growth through the organic
coordination of our production base in Vietnam, our rental sales base in the Philippines, and our operations inSouth Korea, which provide both manufacturing and sales functions.

• Adoption and deployment of domestic expertiseand business models• Linkage among overseas Group companies• Recognition of the Company in South Korea andthe Philippines• Local management• Different perceptions of governance due todifferences in habits and customs• Track record of transactions with major local
construction companies• Marketing to attract new customers• Employment of local staff• Improved production capacity through factory
expansion• Network in ASEAN• ASEAN’s economic development, period of
population growth• Active investment in infrastructure development
in ASEAN• Demand for plants and solar energy to cope withenergy shortages and decarbonization• Increased safety awareness at construction sites
in South Korea• Diverse and talented human resources

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TAKAMIYA Report 2022

S

W

Strengths

Weaknesses

O

T

Opportunities

Threats

Three-year policyFirst, we will secure our foothold. Specifically, we will create asystem to collect correct management information, strengthen
our financial base, and build an alliance network in the Asian
region. Based on the network, we intend to actively develop
and manufacture products for the Asian market.
Securing our foothold Contributing to earnings
Hory Korea From securing a foothold to entering the growth stage, Hory
Korea has been reforming its corporate structure over the past three years.
Through educating and raising awareness of employees on the basic conceptsof what is a company, what is corporate management, and what is cash flow
management, we feel that the company is beginning to revitalize itself anda positive cycle is starting to emerge. As a result, the company has madesignificant progress in improving its profitability and financial position, whichallows it to consider many options for the growth stage. Over the next three
years, we plan to establish businesses that will drive new growth, and expect
the company to grow into one that can contribute to the Group in many ways.

DAI The Philippines was in a lockdown for more than two years due tothe COVID-19 crisis, and its economic activity remained extremely severe.
However, as seen in other countries, all the investments that are currently
suspended may resume at once after COVID-19 is contained. In order toenhance its comprehensive capabilities as a company by then, DIMENSIONALL Inc. (DAI) has been visualizing management as much as possible,
identifying problems, considering improvement measures, and implementing
them through cooperation between the local team and Japan HQ. As somecompanies are withdrawing from the market, with its growing presence in thePhilippines, we expect it to become a company that achieves a high ROI after
the COVID-19 pandemic ends.
Network building and product development in Asia
Over the next three years, we will build a full-fledged network of alliancepartners in areas other than those where we operate to aggressively develop
and market products for the Asian market.
Although it has been difficult to operate due to COVID-19, we intend toactively resume our activities in the future.

Initiatives in the Philippines, a Strategic Base for the Business• The impact of the COVID-19 pandemic• The impact of the situation in Ukraine• Inflation• Local laws (related to taxation and accounting)• Public security, political climate• Political relations

TopicsIn the Philippines, during the world’s longest quarantine caused by COVID-19, the market environment remained difficult for a long time as DAI had tocompete with competitors for the few inquiries it received due to the shutdown and stagnation of worksites. Fortunately, the economy has recovered
with the easing of quarantine since the second half of this fiscal year, and the Philippines is returning to its previous strong, bright, and energetic state.
Under these circumstances, DAI focused on actively recruiting and training Philippine employees in the core departments of its temporary
equipment business, namely the sales and engineering and equipment supply locations, as well as improving its internal management system, in
preparation for the rapid recovery of the construction market and its own business expansion in the next fiscal year and beyond. DAI also focused on
winning orders for large-scale projects from major local general contractors and infrastructure projects such as the Metro Rail Transit (MRT) Line 7.
Now that the exchange of human resources within the Group, which had been suspended due to COVID-19, can resume, the DAI family will play a central
role in driving the Group’s overseas business as a strategic base for the Takamiya Group in the Philippines and Asia from the next fiscal year onward.

TAKAMIYA Report 2022

37

Foundations for Value Creation

Human Resources
Basic Approach to Human Resources

Initiatives for Improving Employee Engagement

Based on our Mission Statement of “Love,” we conduct people-centered management under a Management Philosophy
that views human resources as the essence of corporate strength. We recognize human resources as an exceedingly
important asset and a source of realizing the sustainable improvement of corporate value. Keeping individual employees
highly motivated and challenging higher goals ambitiously will enable a corporation to grow sustainably. We believe thatthe basis for achieving sustainable growth is for a corporation to provide opportunities for the development of skills andcareers of individual employees and support them in achieving self-actualization so they can deliver their full potential, as
well as develop a fair and convincing personnel system and pay.

Initiatives for Promoting Diversity
Hiring diverse resources will broaden choices for management, and drive growth and innovation. In modern society where
the management environment changes drastically, we believe that respecting diversity, accepting diverse perspectives andpersonalities, and flexible thinking thus enabled will be the path to the sustainable improvement of corporate value.

Achieving Diverse Workstyles
With our DX policy, our employees are realizing diverse
ways of working, partly because we are improving our IT
environment. As for remote working, not only
administrative staff and the technology integration team,
but also employees who are going through life stages
such as child-rearing are practicing it. In addition, we areencouraging employees in sales positions to return
directly home after work and implementing flexible
working hours on a trial basis to allow employees tochoose a workstyle that suits them best. However, there
are some issues that we have found in realizing diverse
workstyles. Going forward, we will further promote DX
and business process innovation. We will also introduce

Office Reform

Topics Renewal of the
Nagoya Branch Office

Reforming workstyles and making the officea place for communication in state-of-the-art offices

Remote working has rapidly become familiar in oursociety since the spread of the COVID-19 pandemic.
We have introduced paperless operations, developed
workflows, and reviewed our operation flows andbusiness processes, in addition to remote working.
However, while remote working is free from burdens
related to commuting and allows one to work flexibly,
we have identified increased occasions for employees
to feel stressed, such as insufficient consultationand communication on work, difficulty in switching
between work and private life, and lack of change
in the scenery because one stays at home for asignificantly longer period of time. This has led tothe opportunity to review the value of offices.
Consequently, we believe that the office needs thefunction of a communication platform more than ever.
We have renewed our Nagoya Branch office under
the concept of “a place to rest.” In order to activate
communication among employees, which is lacking
with remote working, we have eliminated the factors

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TAKAMIYA Report 2022

communication tools and platforms through which we canshare our vision and measure results, regardless of where
and when employees work.
As for the way employees are evaluated, to encourage
employees who want to work, we are shifting to a systemthat emphasizes results such as improving efficiency or
productivity rather than focusing on hours worked or how
earnestly tasks are executed. The current situation where
workstyle reform is progressing rapidly presents the
optimum opportunity to defy conventional thinking.
Through trial and error, the Company will promote
workstyle reform that enables employees to choose
workstyles and produce the best results.

that fix where and when employees work by setting
open space at 80% and limiting office space to 20%
and introducing a flexible working hours system in
addition to a free-address system. Furthermore, wehave introduced a cloud system and installed multiple
monitors to remotely connect with our offices acrossthe country to enable close communication without
being restricted by distance. We have also created anenvironment in which individual achievements can bevisualized and evaluated fairly, even if workstyles
change. Open spaces and a small, modern Japanesestyle room have been set up for casual exchanges ofideas, creating
an office where
flexible ideas canemerge without
being restrictedby conventional
thinking.
Nagoya Branch office

In order to achieve corporate goals and implement management strategies, it is ideal that a corporation shares management
vision with employees, based on which employees voluntarily act toward the goals while identifying and solving issues. On theother hand, if employees only deal with immediate tasks, it is difficult for them to sustain their motivation in the long run. Insteadof a mere give-and-take relationship, we aim to establish a high-level relationship (engagement) where both management andemployees can understand each other and benefit from a win-win situation. In addition to the intranet, digital signage, andpaper in-house newsletters, a “web in-house newsletter” was launched last fiscal year to enable employees to deepen
their understanding of management conditions, Company policies, and other in-house information in real time. In addition,
each department holds in-house seminars to disseminate information to other departments. We are laying the groundworkfor individual employees to formulate tasks to tackle and independently work toward the accomplishment of the tasks.

Capability Development and Development ofAutonomous Employees
Development of autonomous employees requires animproved environment. We are working on such mattersas providing information to facilitate logical thinking,creating a corporate culture that encourages taking onchallenges, establishing an appraisal system with tangible
results, developing measures to assist in creating ideas,
and creating a mechanism to assist in self-improvement.
We believe that these initiatives, coupled with theindividual values of employees, will generate diverse ideas
and lead to a respect for diversity that we promote.

One-on-One Meeting
We have introduced a one-on-one meeting system startingfrom the fiscal year ending March 31, 2022. By providing
regular meetings between supervisors and subordinates,
we aim to support the setting and achieving of individual
objectives, manage productivity through regularmonitoring of progress, and increase the involvement ofmanagers in workplace management and human resource
development. We are developing a fair and convincing
personnel system and pay by providing occasions to think
about and discuss careers in the future, setting objectives
and monitoring progress, providing support for achieving
objectives, and giving feedback on evaluation results.
Discussions may also include any other topic of choice,issues and concerns, as well as career aspirations.

Visualization of Management Information
We are promoting disclosure of information such as
materials for timely disclosure, in order for employees
to know what we are doing to realize our management
vision which we disclose to society. In order for
employees to gain live corporate information, we will
disclose how our strategies are carried out and theprogress of projects to solve management issues. Sharing
the process of realizing our management vision helps
convey the management approach, brings out questions
and opinions, triggering employees to consider it as theirown affair. This will help raise personnel who voluntarily
participates in management.

Star Career System
The job rotation system is designed to promote selfmotivated and autonomous career development. The programis intended for dedicated administrative positions that do not
involve transfers, and assuming that the employee returns towork in the experienced department during busy periods, theemployee can be transferred to the department of theirchoice if adjustments are made, and if their skills arerecognized after a certain period of time at the new
department, an allowance will be provided. Female employees
who have been in dedicated administrative positions can
expand their field of activity if they wish to do so. Employees
can now freely choose the form, location, and occupationalcourse of their work in accordance with their own career andlife plans, which encourages them to take on new challenges.

Development of Global Personnel
Human resource development is key for expanding
the overseas business. To communicate with local
businesses, in addition to linguistic abilities, a great amountof expertise is necessary ranging from an understanding of
the business to overall management. Furthermore, as
M&As and alliances with major overseas enterprises areintegral to accelerating overseas business development, it
is essential to ensure management skills in communicatingwith local staff and refining the administration system
post-acquisition. To that end, we strive to improve thepractical skills of employees through on-the-job training
from the beginning of their careers. We also provide plentyof occasions for employees to obtain various skills andtake on challenges independently without fear of failure.

Incentive System for Employee Stock Ownership Plan
Since April 2021, we have raised the incentive amount for
stock purchase through the employee stock ownershipplan from 5% to 10%. We support the asset formation of
employees through the employee stock ownership plan,
and at the same time, we aim to enhance the engagementof employees through holding Company stock.
We believe it is vital that employees and a corporation
are aligned in the same direction for the sake of respecting
individual values and improving corporate value. We arepromoting initiatives so that the accomplishment of theCompany translates into the happiness of employees.
TAKAMIYA Report 2022

39

Foundations for Value Creation

Environment

Product Safety

Basic Approach

Basic Approach

When we founded the business, the majority of scaffolding used at construction sites in Japan was made of wood. The
idea of a rental business came about from our thoughts on how we can save on wooden scaffolding, which is normallydisposed after several times of use. We started our rental business triggered by the import of steel scaffolding fromabroad. The Group’s underlying ideal is to use limited resources effectively and help realize a sustainable society.

Contribution to the Environment through BusinessInitiatives for the Improvement of Safety

Iq System
Next-generation scaffolding with high load-carrying
efficiency and reduced greenhouse gas emissions

Tiger Dam
Minimizing damage caused by typhoons andtorrential rains

Compared to conventional scaffolds, the height of one
level is 20 cm higher, which reduces the number ofcomponents required. Lightweight high-tension steel pipe
is used as the material for the support columns, enabling aweight reduction of up to 2 kg per column. It also saves
space by 50% of the storage area, significantly increasing
the loading capacity of trucks. The number of transport
vehicles can be reduced by approximately 30%, which
contributes to the reduction of greenhouse gas emissions.

In recent years, sudden torrential downpours caused by
the occurrence of linear rainbands in addition to large
typhoons have become more frequent. The resulting
landslides and flooding have caused tremendous damage,and it has become difficult to take measures against
flooding with conventional sandbags. Tiger Dam, ourdam system with easily fillable water bags to replace
conventional sand bags, only fills a tube with water andthen enables a small number of people to erect a portabledam 45 cm high and 15 m long in a short time. With
length and height flexibly adjusted by connecting andpiling up products, it can protect vast areas from flooding.
Removal is also easy, involving draining water from each
unit and folding. The product is reusable, making it
environmentally friendly.

POGEROA solar carport to create a sustainable futureWith the increasing introduction of renewable energy,
many corporations have started to introduce solar powersystems on their premises and on the roofs of theirbuildings, in order to utilize electricity for selfconsumption. On the other hand, the size of the sitepremises and the structure of existing buildings
sometimes make it difficult to install solar power systems.
POGERO is our solar carport which has a solar power
generating function and enables the effective use ofparking spaces on premises. With the adoption of hot-dip
zinc-coated steel sheets and design with a durable
structure to withstand a windspeed of 38 m/s and snow
accumulation of 99 cm, POGERO has deliveries exceeding
1,000 kW and supports introduction plans of renewableenergy by corporations toward the realization of a lowcarbon society and the implementation of BCPs.

Quality First is a fundamental idea at manufacturing sites. Our main product, scaffolding for construction, supports
important works that are foundations of social life, such as construction, maintenance, and repair of buildings, apartments,
and transportation infrastructure. We are constantly striving to improve the quality of our products with the belief thatmaintaining the quality of our products contributes to safe construction and, in turn, supports the foundations of social life.

Our own quality control standard

Thoroughly implement safe installation

A certain quality control standard formulated by theindustry applies to temporary equipment provided in therental business.
In addition to following the quality control standard of
the industry, we adopt and operate our own quality control
standard that is a level higher than the industry standard.
We also regularly conduct performance tests by a thirdparty organization and strive to control the quality of our
temporary equipment with the goal of preventing productrelated problems before they occur, thereby always
providing our customers with safe and reliable equipment.

We consider on-site safety
as an important element ofquality just like productquality. At scaffolding
installation sites we manage,
we set our safety control
indicators, and provide
high-quality construction
with the goal of zeroaccidents based on thorough safety control.
In addition, to improve safety awareness, we conductvarious training programs for our employees andcustomers, including classroom safety training, safety
simulation training, and hands-on construction training.
Takamiya Lab. West offers a combination of VR andaugmented reality training with actual products.

Trust of Customers
Basic Approach
Staying worthy of the trust of customers is the most important theme of the Company. Customer needs are becoming
sophisticated day by day in such aspects as safety, efficiency, and response to DX in construction. In order to satisfy theseneeds, we provide services from our platform, which is the foundation of our business. We continue to brush up ourplatform and aim to be a company that is always chosen by our customers based on the relationships of trust gained
through these efforts.

Initiatives to Earn the Trust of Customers
Environment-Friendly Business Activities
Reducing waste and gradual use ofrenewable energy
The Gunma Factory attempts to recycle and reduce
leftover materials and grinding sludge generated in the
production process. The factory is working to utilize
renewable energy by adopting solar power systems for
self-consumption.

Utilizing solar power systems for electricity storageand electric forklifts
Some of our factories and equipment supply locations haveintroduced electric forklifts that do not rely on fossil fuels.
While it is difficult to make all of our forklifts powered byelectricity due to the frequent transportation of heavy

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TAKAMIYA Report 2022

Develop products with customers
loads, we are making efforts to reduce CO2 emissions.
In the future, we will work on the utilization of stored
electricity by solar power generation for electric forklifts.

Paperless workflow
In addition to promoting DX, we are also moving forwardwith a paperless workflow. By reviewing our workflow
and converting documents used to data, we are reducing
environmental impact and printing costs as well as
increasing the speed of information sharing. In the fiscal
year ended March 31, 2022, the amount of paper used
was reduced by 600,000 sheets compared to the fiscal
year ended March 31, 2021.

We receive inquiries on products and services every day.
Feedback received through the Sales & Marketing Division
are shared with related departments in the Company, andreflected in the process of brushing up our products andservices. Some customers bring us requests andconsultation related to the development and improvementof products. In order to materialize customer requests,
the Sales & Marketing Division implements interviews
in detail including the background of requestingdevelopment, key attributes required for the products,
and preferred prices, and shares them with the ProductDevelopment Division to reflect in product design.
We pursue the commercialization of products throughrepeated dialogue with customers attended by the ProductDevelopment Division. In the process, we also makeparallel proposals to our customers regarding easy-to-stowor easy-to-handle features, packing style in transportation,and mass production for supply as rental products.

Monitoring of temporary equipment management
Takamiya Lab. West has installed truck scales to manage
shipment return data as they enter and exit the facility to
reduce loading errors. In addition, significantly morecameras have been installed than at a typical equipment
supply location toaccumulate evidence ofmanagement, acceptanceinspection, and maintenance,
and to analyze issues anddata to prevent human error
and increase reliability.
TAKAMIYA Report 2022

41

Foundations for Value Creation

Messages from the Outside Directors

Directors, Audit and Supervisory Committee Members, and Executive Officers(As of October 1, 2022)
Director

Yoshihiro Sakatani

Teiji Joko

Sachie Kato

Director (Audit and Supervisory Committee Member)

Director (Audit and Supervisory Committee Member)

Director (Audit and Supervisory Committee Member)

Corporate governancedemanded of companies

Contributing to thesustainable growth of
Takamiya from theperspective of an Audit
and Supervisory
Committee member

Developing both offensive
and defensive governance

Under the leadership of thepresident, we are working to achievesustainable growth of the Company
and improve our corporate value
over the medium to long term, byproactively undertaking business
management based on an
enterprising spirit, such as
development of a “platformbusiness” centered on Takamiya Lab.
West, and active investment for DX.
In such an environment, I
recognize the importance of building
a firm “offensive governance”
system. To that end, I intend to fulfill
my responsibilities as an outside
director by fully understanding new
businesses, creating a system toensure transparency and fairness indecision-making, and proactively
making remarks from an outside
perspective. In terms of “defensive
governance,” I believe that the properdevelopment and operation of aninternal control system is of theutmost importance, and I intend to
conduct pre-monitoring audits asmuch as possible.

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TAKAMIYA Report 2022

I believe that the term corporate
governance is an extremely broadconcept. A long time has passed
since corporate governance wasdemanded of companies and cameto be considered an importantelement of corporate management.
However, it can be said that allcompanies are still in the dark as to
how to deal with this. Furthermore,
corporate scandals are being
reported on a daily basis, so it cannot
be said that corporate governancehas been inculcated in all companies.
Takamiya has also strengthened
governance by transitioning to a
Company with an Audit andSupervisory Committee. Although
we do aim to increase corporate
value, we recognize that thechallenge is not only the formalorganizational theory, but also theconstruction of a system with true
substance. As members of the Audit
and Supervisory Committee, we
intend to work toward building asystem that is substantial.

In recent years, outside officers havebeen expected to do audits rationally,
appropriately, and effectively, befitting
their status as outsiders to thecompany. The Audit and Supervisory
Committee’s audit of the execution ofduties by directors is done based on
the premise that an internal control
system is in place. First, I would liketo examine our organization from theperspective of just what our internal
control system is and whether it isfunctioning adequately. The COVID-19
pandemic has forced companies tochange in many ways, and audits are
no exception. Previously, the auditing
was conducted mainly on-site, but
now remote auditing is often usedinstead. However, I believe it isimportant to directly observe
worksites, exchange opinions with
employees in charge, and directly
check the materials when doing
auditing work. In order to help theCompany achieve sustainable growth,
I intend to perform my duties as an
Audit and Supervisory Committee
member by auditing to check whether
the directors are appropriately
executing their duties, based on theirawareness of their responsibilities.

Kazumasa Takamiya

Akiyoshi Takamiya

Tsutomu Abe

Hideki Yasuda

Yuki Mukaiyama

Representative Director, President andChairman
Supervisor of Scaffolding Management
Division, Overseas Business Division,
Product Development Division

Representative Director, Executive Vice
President
Division General Manager of Takamiya
Lab. Division
Supervisor of Scaffolding Management
Division, Overseas Business Division,
Product Development Division

Director and Senior Managing Executive
Officer

Director and Managing Executive Officer
Division General Manager of Corporate
Strategy Division, Division General
Manager of Overseas Business Division,and Deputy Division General Manager
of Takamiya Lab. Division
Supervisor of Logistics Department
Preparation OfficeDirector and Executive Officer
Division General Manager of
Manufacturing Division, Division
General Manager of Global Procurement
Division and Deputy Division General
Manager of Takamiya Lab. Division

Tomoya Tatsumi

Kazunori Kawakami

Kouji Shimokawa

Noboru Furuichi

Director and Executive Officer
Division General Manager of Business
Management Division and Deputy
Division General Manager of Takamiya
Lab. Division

Director and Executive Officer
Division General Manager of Sales &Marketing Division and Deputy Division
General Manager of Takamiya Lab.
Division

Outside Independent
Director
Important concurrent position:
Representative Partner of Shimokawa &Partners Accounting Corporation

Director

OutsideIndependent

Audit and Supervisory Committee Members

Yasushi Shimizu

Yoshihiro Sakatani

Teiji Joko

Sachie Kato

Director (Full-Time Audit andSupervisory Committee Member)

Outside Independent
Director (Audit andSupervisory Committee Member)
Important concurrent position:
President and Representative Director ofJapan Management Consulting K.K.

Outside Independent
Director (Audit andSupervisory Committee Member)
Important concurrent position:
Representative Partner of Yodoyabashi& Yamagami LPC

Outside Independent
Director (Audit andSupervisory Committee Member)
Important concurrent position:
Representative Partner of Professional
Corporation, Chuo Sogo Law Office

Note: Kouji Shimokawa andNoboru Furuichi areoutside directors. Yoshihiro
Sakatani, Teiji Joko, andSachie Kato are outside
directors (Audit andSupervisory Committee
members). The Company
designated these five as
Independent Directors
pursuant to the regulationsof the Tokyo Stock
Exchange and registeredthem as such at the stock
exchange.

Executive Officers
Takahiro Shozaki

Takashi Masuno

Hidehiko Yamashita

Takashi Nagumo

Senior Executive Officer
General Manager of Sales & Marketing Planning
Department and General Manager of Technical
Section, Sales & Marketing Division

Senior Executive Officer
General Manager of Global Production
Engineering Department, Manufacturing Division

Executive Officer
General Manager of Sales Department,
Sales & Marketing Division

Executive Officer
Division General Manager of Product Development
Division, Deputy Division General Manager ofTakamiya Lab. Division, General Manager ofTechnology Development Center Preparation Office

Mitsunori Yamato

Tetsuya Aoki

Hiroshi Koda

Shinri Ueda

Executive Officer
Division General Manager of Scaffolding
Management Division, Deputy General Manager
of Takamiya Lab. Division and General Manager
of Scaffolding Yard Operating Department andScaffolding Purchasing Department

Executive Officer, Regional Manager ofSales & Marketing Division and Osaka
Branch General Manager
Supervisor of Business Development Division

Executive Officer
General Manager of Manufacturing
Division and Vietnam Factory General Manager

Executive Officer
General Manager of Global Quality
Assurance Department, Manufacturing Division

Takashi Kawabata

Eizo Aihara

Executive Officer
General Manager of Corporate Planning
Department, Corporate Strategy
Division and General Manager of PR & IR Department

Executive Officer
General Manager of HR Department,
Business Management Division

TAKAMIYA Report 2022

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Foundations for Value Creation

Corporate Governance
The Takamiya Group believes that the basic foundation for sound corporate governance consists of thoroughly
enforcing compliance, ensuring the transparency and efficiency of management, and working to maximize corporate

Basic
Approachvalue for all stakeholders, including shareholders and investors. With the stable supply of safe, high-value-added

Audit and Supervisory Committee*1 Independent directors *2 The Company transitioned to a Company with an Audit and Supervisory Committee on June 23, 2022.

Number of members: 4 (of which, outside directors who are Audit and Supervisory Committee members: 3)*1

temporary equipment as our base axis, we will conduct high-quality corporate activities, and focus on efforts to*1

Number of meetings*1

improve the status of the industry, not just for the development of our own group, but for the benefit of users and theindustry as a whole. We will build a temporary equipment industry that is clearly recognized for its excellence by both

Ordinary:

the general public and investors, and aim for sustainable development in a highly transparent business environment.

Takamiya’s Corporate Governance Systemdecisions to be made with incorporating diverse viewpoints,
as well as appropriate supervision over the Company’s
management from the outside directors’ objective positions.
The Company has also introduced an executive officer
system, under which executive officers are appointed
separately from directors who are elected in accordancewith the Companies Act. The Company believes that thiswill enable business operations determined by the Board of
Directors to be executed in a prompt and efficient manner.
The Company’s Board of Directors consists of 13
Directors of outstanding character, possessing insight,
capabilities, abundant experience, and high ethicalstandards. Factors such as expertise in management, sales
and marketing, technology, overseas business, finance andaccounting, and law, as well as diverse backgrounds andexperience, were taken into consideration when selecting
members of the Board of Directors. We recognize that
securing human resources with an emphasis on diversity,
such as appointing female directors, is our ongoing task.

To strengthen the supervisory function of the Board of
Directors and realize highly transparent management,
thereby building a system that can better meet the
expectations of domestic and overseas stakeholders, theCompany, with the approval of the 54th Ordinary General
Meeting of Shareholders held on June 23, 2022, made thenecessary changes to its Articles of Incorporation andtransitioned to a Company with an Audit and Supervisory
Committee. The Company has in place a system underwhich the Board of Directors provides strategic guidance
and management supervision and the Audit andSupervisory Committee audits directors’ execution ofduties by attending and giving their opinions at various
important meetings, such as those of the Board of
Directors. The Board of Directors makes decisions onimportant managerial matters and supervises the executionof duties by directors. In addition, by appointing outside
directors, we have created a system that enables important
Corporate Governance System (As of June 23, 2022)

General Meeting of Shareholders
Appointment/Dismissal

Appointment/Dismissal

Audit and Supervisory Committee

Appointment/Dismissal
Audit/
Supervision

Board of Directors

Directors who are Audit and Supervisory Committee members
Cooperation

ReportCooperation

ReportDirectors(excluding directors who are Audit andSupervisory Committee members)

Selection/Dismissal/
SupervisionInternal Audit OfficeInstruction

Management
anddecision-making

ReportSupervision

Supervision

Business
execution

Business divisions

Cooperation

Cooperation

Audit

Board of Directors

Nomination andCompensation
Committee
Recommendation

Representative Directors
Audit

Accounting Auditor

Consultation

Affiliated subsidiaries

Accounting audit*1 Independent Directors *2 The Company transitioned to a Company with an Audit and Supervisory Committee on June 23, 2022.

Number of members: 13 [of which, outside directors: 5]
*1

*1

*1

*1

*1

Number of meetings

Attendance rate
Directors

Ordinary:

17 Extraordinary: 5

98%

Corporate
auditors

95%

The Board of Directors is comprised of Representative Director, President and Chairman Kazumasa Takamiya, six inside directors, two outside directors, and four directors who are Audit andSupervisory Committee members for a total of 13 members, with terms of office of one year for directors who are not Audit and Supervisory Committee members in order to ensure flexible,
responsive corporate management. In addition to the monthly regular meeting of the Board of Directors, extraordinary meetings are held when necessary. Furthermore, when making decisions
on matters specified by laws and regulations and important matters involving management, the Board of Directors constantly monitors the execution of management duties.

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TAKAMIYA Report 2022

14 Extraordinary: 1

Attendance rate
Audit and Supervisory
Committee members

97%

The Audit and Supervisory Committee is comprised of one full-time Audit and Supervisory Committee member and three part-time Audit and Supervisory Committee members for a total of four members,
and meets once a month, in principle. In accordance with the policies determined by the Audit and Supervisory Committee, the Audit and Supervisory Committee members audit and supervise thedirectors’ execution of business by attending various important meetings such as those of the Board of Directors, inspecting important documents and investigating business affairs and asset conditions.

Nomination and Compensation Committee
In order to strengthen the independence, objectivity, andaccountability of the functions of the Board of Directors, theCompany established the Nomination and Compensation
Committee on April 21, 2021 as an advisory body to the Boardof Directors, which makes recommendations on mattersrelated to the nomination and compensation of the Company’s
senior management and directors. The Committee consists ofsix members: two outside directors, two outside directors

who are Audit and Supervisory Committee members, and two
inside directors, and is chaired by an outside director. Outside
directors and outside directors who are Audit and Supervisory
Committee members provide unreserved opinions, advice, andcomments from an independent and objective perspective
regarding matters not limited to the nomination andremuneration of the Company’s senior management anddirectors. As such, we believe the transparency andobjectivity of the Company’s Board of Directors are ensured.

Status of Directors and Audit and Supervisory Committee Members(As of June 23, 2022. Figures on the meeting attendance and attendance rate are for the fiscal year ended March 31, 2022)

Structure of the Board of Directors

Structure of the Audit and Supervisory Committee

Name

Board of Directors meeting
attendance/attendance rate

Board of Directors meeting
attendance/attendance rate

Board of Corporate Auditors
meeting attendance rate

Kazumasa Takamiya

17 times/100%

Management

Akiyoshi Takamiya

17 times/100%

Management and sales and marketing

Yasushi Shimizu

17 times/100%

14 times/100%

Yoshihiro Sakatani

17 times/100%

Tsutomu Abe

17 times/100%

14 times/100%

Sales and marketing

Teiji Joko

13 times/76%

Hideki Yasuda

12 times/86%

17 times/100%

Finance and accounting

Sachie Kato

Note: Appointed in June 2022

Note: Appointed in June 2022

Yuki Mukaiyama

17 times/100%

Overseas operations, management and new business

Tomoya Tatsumi

11 times/85%

Finance and accounting

Kouji Shimokawa

17 times/100%

Taxes and accounting

Noboru Furuichi

17 times/100%

Financing, finance and management

Note: Appointed in June 2022

Sales and marketing

Kazunori Kawakami

Expertise

Criteria for the Appointment of Directors andAudit and Supervisory Committee Members
The appointment and dismissal of candidates for directors anddirectors who are Audit and Supervisory Committee members
are determined by a meeting of the Board of Directors after
consulting with and receiving recommendations from theNomination and Compensation Committee, based on
relevant regulations including the Regulations for Professional
Organization of Officers and the Nomination and Compensation
Committee Regulations. Comprehensive consideration is given
to the career history, track record, knowledge, experience, andcapabilities of each candidate. Furthermore, the consent
of the Audit and Supervisory Committee is obtained inadvance for the appointment of candidates for directors
who are Audit and Supervisory Committee members.

Selection Criteria
1. Directors (excluding directors who are Audit and Supervisory Committee members)
The basic requirements for director candidates are having outstanding
character and insight, as well as being such individuals that willcontribute to the growth and improvement in the corporate value of the

Name

Company and the Group. The candidates must have high levels ofknowledge and judgment capabilities in each business field. Outside
director candidates are required to have a high level of expertise in afield such as taxation, accounting, law, or management. They must beable to actively state opinions from an objective and external
viewpoint, reflecting a diverse background.
2. Audit and Supervisory Committee Members
The basic requirements for Audit and Supervisory Committee member
candidates are having high ethical standards and objective, fair, andimpartial judgment capabilities. The candidates must also have theappropriate experience and capabilities as directors who are Audit andSupervisory Committee members and a high level of expertise in a fieldsuch as taxation, accounting, law, or management. In addition to theabove requirements, candidates for outside directors are required tohave no conflicts regarding their independence.
For the dismissal of officers, if an officer has deviated from the above
appointment criteria and it is deemed reasonable to dismiss themfrom an objective viewpoint, a resolution shall be made at a meeting of
the Board of Directors after the Board has sufficient discussions, andconsults with and receives recommendations from the Nomination andCompensation Committee.
TAKAMIYA Report 2022

45

Corporate Governance

Succession Plan

Remuneration for Directors and Audit andSupervisory Committee Members

The Company does not currently have a specific plan forsuccessors for positions such as chief executive officer.
However, we recognize succession planning as
an important management issue and we are nurturing
candidates from the management team (directors
and executive officers). We will continue to engage
in constructive discussions on the approach to theappropriate implementation and supervision of succession
planning at meetings of the Board of Directors and its
advisory body, the Nomination and Compensation
Committee, which was established on April 21, 2021.

Remuneration System for directors and Audit andSupervisory Committee members
The Company has established a policy regarding thedetermination of the amount of remuneration for officers or
its calculation method, which states that the officer
remuneration consists of fixed remuneration according totheir position, performance-linked remuneration (bonuses) asa short-term incentive linked to single-year performance, andstock-based remuneration stock options positioned as a
medium- to long-term incentive. Through thorough evaluation
based on the interests of shareholders, we are working toensure the long-term sustainable growth of the entire Groupand enhance corporate value. Meanwhile, the remunerationof outside officers consists only of basic remunerationfrom the perspective of their roles and independence.
Bonuses, which are short-term, performance-linked
remuneration, are paid within the limit of the total amount of
remuneration for directors resolved at the General Meeting of
Shareholders when the consolidated operating income target
for a single year is achieved. Stock-based remuneration stock
options, which are a medium- to long-term incentive, aregranted based on the position factor set in the Company’s
regulations within the limit of the total amount of stock options
provided for in a resolution by the General Meeting of
Shareholders. The respective proposals for bonus payment
and granting stock options are submitted to the Board of
Directors, which determines and grants the bonuses and stock
options after consulting with and receiving recommendations
from the Nomination and Compensation Committee.

Evaluations of the Effectiveness of the Boardof Directors
The Company has conducted questionnaires withdirectors regarding the effectiveness of the Board of
Directors in the fiscal year ended March 31, 2022. We
analyze and evaluate the structure and operations of theBoard of Directors as well as the role of the Board of
Directors in management strategy decisions and thesupervisory function.
In the fiscal year ended March 31, 2022, while there
was room for improvement, such as discussions on the
successor development plan and the opinion that it isnecessary to further enhance the training of directors, it
was deemed that the Board largely maintains its
effectiveness. Going forward, we will further improve theeffectiveness of the Board of Directors based on theseanalyses and evaluations.

For the fiscal year ended March 31, 2022, remuneration
for directors and corporate auditors was as follows.

Category

Total remuneration by type (¥ million)

Total remuneration(¥ million)

Fixed remuneration

Performance-based
remuneration

Directors (excluding outside directors)

Number of eligible
Medium- to long-term individuals (Persons)incentive (stock options)

272

241

—

30

7

Corporate auditors (excluding outside corporate auditors)

9

9

—

—

1

Outside officers

14

14

—

—

4

Notes:
1. The total remuneration for directors who concurrently serve as officers of consolidated subsidiaries does not include the officer remuneration from the consolidated subsidiaries.
2. It was resolved that the limit on directors’ remuneration shall be up to an annual amount of ¥500 million (not including employee salaries for directors) at the 49th Ordinary General Meetingof Shareholders held on June 28, 2017 (number of Officers in relation to the said resolution: 10). In addition, it was resolved that the limit on separate remuneration as stock options
shall be up to an annual amount of ¥150 million at the 53rd Ordinary General Meeting of Shareholders held on June 24, 2021 (number of officers in relation to the said resolution: 6).
3. It was resolved that the limit on corporate auditors’ remuneration shall be up to an annual amount of ¥50 million at the 25th Ordinary General Meeting of Shareholders held on May
18, 1994 (number of officers in relation to the said resolution: 3).
4. The above includes the remuneration for one director who retired on June 24, 2021.

Details of Audit Fees
For the fiscal year ended March 31, 2022, audit fees paid to certified public accountants and others were as follows:
Fiscal Year Ended March 31, 2021
Category

46

Fiscal Year Ended March 31, 2021
Category

Fiscal Year Ended March 31, 2022

Fees paid for audit
certification work (¥ million)

Fees paid for non-audit
certification work (¥million)

Fees paid for audit
certification work (¥million)

Fees paid for non-audit
certification work (¥million)

The Company

—

0

—

0

Consolidated subsidiaries

5

1

5

1

Total

5

1

5

1

Non-audit certification work paid for by the Company is tax consultation. Non-audit certification work paid for by consolidated subsidiaries is preparation of corporate tax returns, tax
consultation, and others.

Communications with Shareholders andInvestors
The Company has designated the PR & IR Department as
the department in charge of investor relations (IR) and theDivision General Manager of the Corporate Strategy
Division, who is responsible for IR affairs, as the contact
person. In addition, the PR & IR Department works
together with the General Affairs Department, Accounting
Department, Legal & Compliance Department, and otherrelated departments to share information and prepare
For individual investors

disclosure materials. As opportunities for dialogue with
our shareholders and investors, we hold General Meetingsof Shareholders, Company information meetings, financial
results briefings, etc., as needed, and enhance our website
to facilitate their understanding of our business. Moreover,
we release the videos and materials of our financial results
briefing to the public in Japanese and English. We also
publish our convocation notices in Japanese and English
on the internet, and are enhancing the content of briefing
sessions for individual investors.

For analysts and institutional investors

Briefings for individual investors• February 3, 2021, online (hosted by Japan Investor
Relations and Investor Support, Inc.)• March 12, 2022, online (hosted by NIKKEI RADIO
BROADCASTING CORPORATION & PRONEXUS Inc.)• Video distribution of financial results briefings: Twice ayear (year-end and the second quarter)• Individual meetings: Conducted online

We hold briefing sessions both online and offline withspeakers such as the Company’s officers. The date andtime of each event are announced on our website.

We distribute a video presentation of our financial results
twice a year. The president and chairman and other
Company officers provides briefings on our performanceand earnings forecasts. Materials and videos are available
on our IR website.

Risk Management, Internal Control, andCompliance
The Group has established the basic policy and othermatters concerning risk management in the Basic Rules
for Risk Management. In addition, we have established
the Risk and Compliance Committee, with the Legal &Compliance Department acting as the administrative
office. The Committee discusses issues and measures
regarding the promotion of Company-wide risk
management in order to appropriately manage and respondto the variety of risks that surround our businesses.
For internal control, we have developed a system inwhich internal checking operates between departments
and clarifies the division of duties by establishing internal
regulations and other rules. In addition, the Basic Policy forInternal Control and the Basic Policy for Financial

IR website
Our website for investors in Japanese
https://www.takamiya.co/ir/
Our website for investors in English
https://www.takamiya.co/en/ir/
We have set up a page for investors on our website toprovide timely disclosure information such as the financial
results summary and other information for investors suchas financial results briefing materials, the annual report,
and historical data.

Reporting outline systems to ensure that the directors
comply with laws and the Articles of Incorporation when
conducting operations, and also to ensure properness ofother operations of the Company.
For the compliance system, we have outlined theCompliance Standards and the Code of Conduct in the
Compliance Manual. We have established the Risk andCompliance Committee, with the Legal & ComplianceDepartment acting as the administrative office, to discussspecific compliance initiatives to be implemented
internally and to identify at early stages legal issues
emerging in the Company. Through these efforts, we aim
to further raise and promote compliance awareness.
Additionally, we seek advice and guidance as needed fromour corporate lawyers regarding our daily operations andmanagerial decisions.

Fiscal Year Ended March 31, 2022

Fees paid for audit
certification work (¥ million)

Fees paid for non-audit
certification work (¥ million)

Fees paid for audit
certification work (¥ million)

Fees paid for non-audit
certification work (¥ million)

The Company

35

—

32

—

Consolidated subsidiaries

—

—

—

—

Total

35

—

32

—

TAKAMIYA Report 2022

For the fiscal year ended March 31, 2022, fees paid to Ernst & Young member firms, which are members of the same EY
network of the Company’s certified public accountants, was as follows:

TAKAMIYA Report 2022

47

Data Section

11-Year Financial Summary
Fiscal years ended March 31

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

Net sales

23,201

28,11332,44334,26134,35036,76336,11442,182

46,06538,81239,800Operating income

1,037

1,605

3,051

3,098

2,983

2,429

1,690

2,713

3,703

1,586

1,682

4.5

5.7

9.4

9.0

8.7

6.6

4.7

6.4

8.0

4.1

4.2

1,080

1,553

3,006

3,325

2,731

2,337

1,610

2,662

3,541

1,569

1,954

755

807

1,768

2,070

2,153

1,516

1,252

1,637

2,370

857

965

Investments in rental assets

3,687

2,850

2,381

5,577

7,227

5,447

3,757

2,467

2,768

2,091

2,523

Depreciation

3,088

3,280

3,369

3,649

4,137

4,502

4,662

4,777

4,804

4,815

4,784

47

50

45

88

74

81

64

62

88

84

97

4,126

4,886

6,421

6,747

7,120

6,932

6,353

7,491

8,508

6,402

6,466

Cash flows from operating activities

669

1,575

2,839

(1,620)(1,081)

1,163

1,714

3,653

3,771

5,035

4,294

Cash flows from investing activities

(539)

(812)

(1,239)(1,563)(1,736)(1,093)(1,909)(1,728)(3,836)(1,382)(2,979)Cash flows from financing activities

(39)

(779)

(715)

2,927

2,844

879

(222)

(1,243)

1,590(2,873)(588)

Cash and cash equivalents at end of period

3,100

3,076

3,979

4,233

4,242

5,187

4,750

5,414

6,922

7,712

8,516

Total assets

32,47233,987

37,245

43,52050,091

52,76052,81354,41459,28256,45459,081Equity

6,271

6,947

9,514

11,453

11,766

12,33813,19014,17018,054

18,253

18,773

Interest-bearing debt

19,534

19,384

18,694

21,635

26,63629,28729,497

29,124

29,63327,62028,209Net interest-bearing debt

16,43416,30814,715

17,402

22,394

24,10024,74723,71022,711

19,908

19,693

ROA (%)*1

3.5

4.7

8.4

8.2

5.8

4.5

3.1

5.0

6.2

2.7

3.4

ROE (%)*2

12.7

12.2

21.5

19.8

18.5

12.6

9.8

12.0

14.7

4.7

5.2

Ratio of profit to net sales (%)

3.3

2.9

5.4

6.0

6.3

4.1

3.5

3.9

5.1

2.2

2.4

Total asset turnover (times)

0.7

0.8

0.9

0.8

0.7

0.7

0.7

0.8

0.8

0.7

0.7

Financial leverage (times)

5.2

4.9

3.9

3.8

4.3

4.3

4.0

3.8

3.5

3.2

3.1

Fiscal year (¥ million)

Operating income margin (%)
Ordinary income
Profit attributable to owners of parent

Research and development expenses
EBITDA

Notes: 1. ROA = (Ordinary income ÷ Average of total assets at beginning and end of fiscal year) × 100
2. ROE = (Profit attributable to owners of parent ÷ Average of shareholders’ equity at beginning and end of fiscal year) × 100

48

TAKAMIYA Report 2022

Notes: Numerical values in parentheses mean negative values.

TAKAMIYA Report 2022

49

Data Section

Corporate Information

Domestic and International Network

Corporate Outline (As of March 31, 2022)

Group Companies in Japan

Name

Takamiya Co., Ltd.

Capital¥1,052.14 million

Date ofestablishment

June 21, 1969

Representative

Kazumasa Takamiya
Representative Director, President and Chairman

Grand Front Osaka Tower B Bldg., 27F, 3-1
Ofuka-cho, Kita-ku, Osaka 530-0011, Japan

Head Office

Consolidated
Non-consolidated

Number of
employees

1

IWATA Co., Ltd.

Head office

Ibaraki Prefecture

Business

Rental of temporary equipment for

Business

Contract construction and scaffolding installation works

1,222
722

construction, planning, design, and2

Aomori Prefecture

Business

Sale and rental of temporary equipment
for construction

3

Breakdown of Shares by Type of Shareholder
144,000,000
46,585,600
4,052

Foreign institutions and others

Financial instruments firms

6.78%

0.61%

3,155 thousand shares
Number ofshares held(Thousandshares)Percentage ofshares held
(%)

7,443
5,356
3,859
3,061
1,705
1,678
1,579
1,350
1,288
1,000

15.98
11.50
8.29
6.57
3.66
3.60
3.39
2.90
2.77
2.15

Takamiya Ltd
Tojitsu Takamiya
Custody Bank of Japan, Ltd. (Trust account)
The Master Trust Bank of Japan, Ltd. (Trust account)
Takamiya Employee Stock Ownership Plan
Toyoji Takamiya
Chikako Takamiya
Kazumasa Takamiya
Akiyoshi Takamiya
Quattro Co., Ltd.

Notes: 1. The Company holds 7,020 shares of treasury stock. Treasury stock is excluded
from the list of principal shareholders and is not used in calculating
percentages of shares held.
2. Numbers of shares held below thousands have been truncated, andpercentages have been rounded to the second decimal place.
3. Among the above numbers of shares held, shares related to trust services
are as follows.
		 Custody Bank of Japan, Ltd. (Trust account)
3,857 thousand shares		 The Master Trust Bank of Japan, Ltd. (Trust account) 3,061 thousand shares

Individuals andothers

23.89%

46.60%

21,698thousand shares

Fukuoka Prefecture

Business

Agricultural construction works, and22agricultural materials

and agricultural materials

Nakaya Kizai Co., Ltd.

Head office

Shimane Prefecture

Business

Rental of temporary equipment for construction

Gifu Factory
Main products Temporary equipment

HIRAMATSU Co., Ltd.

Head office

Shizuoka Prefecture

Business

Transportation of temporary equipment

Preparation of temporary equipment planning

7
7
4
4
5
5

Cadian Co., Ltd.

1
1
9
9

3 6 8
3 6 8

Head Office of Takamiya Co., Ltd.
Head Office of Takamiya Co., Ltd.

sheets, calculation sheets, and construction
Notes: 1. The Company holds 7,020 shares of treasury stock. Treasury stock is
excluded from the above.
2. Numbers of shares held below thousands have been truncated, andpercentages have been rounded to the second decimal place.

facility drawings as well as surveys andvarious designs(BIM/CIM modeling and spatial measurement)Group Companies Overseas
10 Hory Korea Co., Ltd.

300

3,000

3

4

5

6 7
2020

8

9 10 11 12 1

2

3

4

5

6 7
2021

8

9 10 11 12 1

2 3
2022

0

Head officeSouth Korea

Business

Manufacture, sale, and rental of temporary equipment

10
10

for construction
11 HORY VIETNAM Co., Ltd.

Head officeVietnamBusiness

Manufacture and sale of temporary equipment for construction

12 DIMENSION-ALL Inc.

Head office

The Philippines

Business

Sale and rental of temporary equipment for construction

14
14

12
12
13 11
13 11

13 Cadian Vietnam Co., Ltd. (non-consolidated)

Record dateOrdinary General Meeting of Shareholders: March 31
Year-end dividend: March 31
Interim dividend: September 30

Share trading unit

100 sharesFiscal year

From April 1 to March 31 of the following year

Securities code

2445 (Prime Market of the Tokyo Stock Exchange)

Ordinary General Meetingof Shareholders

June

Transfer agent and registrar
for common stock

Mitsubishi UFJ Trust and Banking Corporation

Contact for transfer agent
and registrar

Osaka Securities Agent Department, Mitsubishi UFJ Trust and Banking Corporation, 3-6-3 Fushimi-cho, Chuo-ku, Osaka-shi, Osaka 541-8502, Japan
TEL: 0120-094-777 (toll-free in Japan)

Method of public notice

By electronic notification on Takamiya’s website: https://www.takamiya.co/ (in Japanese only)
However, if electronic notification is not possible due to an accident or other unavoidable circumstances, notice will be published in the Nihon
Keizai Shimbun newspaper.

TAKAMIYA Report 2022

Yame Kaisei Co., Ltd. (non-consolidated)

Head office

Main products Temporary equipment, structural equipment,

Business

10,305 thousand shares

Shareholder Information

50

9temporary equipment for shield works

Tokyo

6,000

2

agricultural products

Gunma Factory

Head office600

8 9 10 11 12 1
2019

Production, processing, and sale ofengineering works, sale and rental of

22.13%

9,000

7

Rental of temporary equipment for civil

6

900

6

Business

Financial institutions

Trading volume (Thousand shares)

5

Tokyo

Businessfor construction

Stock price (¥)

4

Tokyo

5

Stock Prices and Trading Volume0

Head office4

Other Japanesecompanies
11,126thousand shares

TOTAL TOSHISEIBI Co., Ltd.*TAKAMIYA NO AISAI Co., Ltd. (non-consolidated)

Head officebuilding materials, solar panel installation frames,

283 thousand shares

Principal Shareholders
Shareholders

8

AOMORI ATOM Co., Ltd.

Head office

Share Information (As of March 31, 2022)
Total number of authorized shares
Total number of issued shares
Number of shareholders

ECO-TRY Co., Ltd. (non-consolidated)

Wakayama Prefecture

installation of temporary works

Share Data

7

Head office

Head officeVietnamBusiness

Preparation of temporary equipment planning sheets,
calculation sheets, and construction facility drawings

14 Cadian Myanmar Co., Ltd. (non-consolidated)

Head office

MyanmarBusiness

Preparation of temporary equipment planning sheets,
calculation sheets, and construction facility drawings* On October 1, 2022, an absorption-type merger was conducted with NEXTECH Co., Ltd. as the dissolved company.

TAKAMIYA Report 2022

51

Takamiya Co., Ltd.
Head OfficeGrand Front Osaka Tower B Bldg., 27F, 3-1 Ofuka-cho, Kita-ku, Osaka 530-0011, Japan
TEL: +81-6-6375-3918

https://www.takamiya.co/en/