Our Path to Value Creation and Our Strengths

Takamiya’s History
FY ended
March 31, 2023

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

¥41,894
millionTakamiya
Platform
Development and manufacturing

Net Sales
Sales

PartnerBusiness and Value Chain Expansion

DesignPartner

TAKAMIYA

PartnerPartner

Installation
Takamiya Platform

RentalPartners and Takamiya’s Customers

Management and logistics
1970

10

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
the industry and createda business structure

Ventured into new businessdomains leveraging
our business structure

Accelerating transformation
by creating 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 and systems 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 shifted fromhighways 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 forhigh-rise condominiums and office buildings.

In 2010, we acquired a company that
manufactures temporary equipment for
construction with the intention of revolutionizing
scaffolding, which had not changed in 50 years.
We developed the next generation of scaffolding
in-house and launched it in 2013. Iq Systemnext-generation scaffolding increased the story
height from the conventional 170 cm to 190 cm
while providing excellent workability. It is steadilysolidifying 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 inwhich each of our functions creates synergy withthe others, such as responding to the labor
shortage at construction sites while promoting ournext-generation scaffolding.

We have advanced into various fields based on
our core business in scaffolding. In 2015, weentered the agriculture business. Agriculture,
which is a primary industry, faces many issues,
such as the aging 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 createand sell agricultural greenhouses that are highly
weather resistant. Also, we have worked tostrengthen our role as a manufacturer and offer
value in new domains, such as through thedevelopment and sale of anti-seismic damping
frames to protect homes from earthquakes.

In addition to revising our business model tostay ahead of the times, we are carrying out atransformation to continuously increase ourcorporate value through the development ofhigh-value-added products and services. We willcontinue to take on the challenge of creating newvalue, and aim to become a corporate group thatdrives 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 disaster prevention,
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 2023

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11

Realizing Our Vision

Our Path to Value Creation and Our Strengths

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
Construction
company

Realization of a safe and secure society
Infrastructure
redevelopment

Preparation for
natural disasters

OutputSafety andsecurity atconstruction sites

Business value¥41,894 million

Net sales
Business Environment and Risks & Opportunities
P. 16

Scaffolding
construction
company

RentalTemporaryequipment rental
company

Sales

Medium-Term
Management Plan
P. 34-37

Leverage for Achieving Transformation

Takamiya’s
Value Chain

Input

Management
and logistics

Sales bybusinesssegment

Message from the CFO

Sales Business¥13,157 million

Rental Business¥24,714 million

Overseas Business¥8,986 million

P. 38-39

Human capital
Number of employees

1,266
Non-consolidated
736
ConsolidatedIntellectual capitalIntellectual property rights

Scaffolding
manufacturing
company

Development
andmanufacturing

Equipment supply locations
Sales bases
Subsidiaries

Logistics
company

4 locations
29 locations
21 locations
14 companies

P. 26-33

Share ofnext-generation
scaffolding

Financial capital
Total assets¥62,749 million

Interest-bearing debt

¥30,143 million

Reinforcement of diverse personnel

Environmentally friendly operations

to support our sustainable growth

Creation and promotion of products andservices that contribute to the achievement ofa recycling-based society

Creation of attractive working environmentsthat ensure both physical and mental healthResponsible procurement and respectfor human rights

Continuous product safety and quality

Iq System

4.65 million kWh* Only for our sales

9.49 million m

Utilization rate forrental assets

71.50%

Sophistication of corporate governance

Information security and privacy management

465 companies

Cumulative square
footage of Iq
Systems sold2

Social value
CO2 emissions

194,305 t-CO2

P. 14-15

Environment

Natural capital
Power consumption

37%

Cumulative
number ofcustomers

On-sitescaffolding
assembly
company

TAKAMIYA Material
issues (Key Issues)¥2,253 million

Operating income

435 cases

Manufacturing capital / Network
Manufacturing bases

Takamiya’s Businesses

Design andinstallation

Managementfoundation

Human Resources /Environment
P. 40-44

Corporate Governance
P. 52-55

P. 44

Mission Statement /Management Philosophy
P. 02-03

Strengthen capital • Reinvestment
12

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13

Our Path to Value Creation and Our Strengths

Identifying Material Issues (Key Issues)
In addition to the risks and opportunities that could
have a significant impact on its medium- to long-term
management strategies, in August 2023 the Company
identified eight material issues that are important for
its stakeholders and that could have a major impact on
its management and business activities. We willcontinue to implement long-term initiatives to resolve
social issues and meet stakeholder expectations
through our future business activities, leading tosustainable enhancement of corporate value.

Identified Materiality

Takamiya Stakeholders

Item

Extraction of social
issue items

Societyand theEnvironment

Employees

1

Environmentally friendly
operations

Questionnaire for officers andother stakeholders to assess
the level of importance

Why We Consider These ImportantE

Within our Company and throughout ourvalue chain, we are engaging in initiatives toreduce GHG emissions and mitigate
environmental impact relating to water
stress, air pollution, biodiversity, and landuse.

To realize a sustainable society and sustainablecorporate growth, it is imperative to pursue
businesses that take environmental impacts into
consideration. We believe this is to minimize theenvironmental burden and risk through our
corporate activities, and to contribute to thesustainable development of society.

2Creation and promotionof products and services
that contribute to theachievement of arecycling-based society

E

Ensure efficient utilization of limited
resources (natural capital, human capital,social capital), and introduce and promote
products and services that contribute to theachievement of a recycling-based society.

We believe this is important as it is necessarythat we ensure effective use of limited resourcesto achieve a sustainable society. The constructionindustry is facing challenges such as labor
shortages and the deterioration of social
infrastructure. We will introduce products andservices that address these challenges and aim
to achieve a recycling-based society.

S

Engage in initiatives to track and manage thesocietal and environmental impacts of the
raw materials used in our products, andprotect the rights of those associated withraw materials.

We believe it is important to choose environmentallyconscious raw materials and to protect the rights
of workers in their production process. Products
manufactured with the right materials, processes,
and with respect for the environment have highreliability. By promoting these products, we aim
to achieve a sustainable and fair society.

Engage in initiatives to attract, nurture andretain diverse employees who possess
advanced skills.

We believe this is important as diverse talents
and capabilities are essential for sustainablecorporate growth. Based on our Mission
Statement of “Love,” we conduct peoplecentered management under a Management
Philosophy that views human resources as theessence of corporate strength, and we will
respect, reinforce, and develop diversity.

Shareholders
and Investors

To identify our material issues, we extracted social issue items to examine. While referring to internationalguidelines in the area of sustainability, including MSCI, SASB, GRI, and the SDGs, as well as information
disclosed by benchmark companies, we extracted social issue items based mainly on relevance to our businessactivities and challenges faced by society and the construction industry. We assessed these social issue items

3

based on their level of impact on and level of importance for our business and society. We then created a list of
material issue candidates based on the items deemed to have a high level of impact and importance.

STEP 2

Details

Customers
and Partners

Identification Process
STEP 1Category

Responsible procurement
and respect forhuman rights

Using the material issue candidates we selected in STEP 1, we conducted hearings in the form of questionnaires
for officers and other stakeholders closely related to the Company on their expectations for each issue item andtheir judged level of importance. We also interviewed other stakeholders including employees, clients,
institutional investors, and local administrations, seeking information on which of each of the issues should beprioritized, alongside the reasons why, based on their relevance to the Company and their impact on society.

4

Reinforcement of diverse
personnel to support oursustainable growth5

Creation of attractive
working environmentsthat ensure both physicaland mental health

S

STEP 3Creation of material issue
candidates based on the
results of hearings

STEP 4
Approval by the Board of
Directors

Based on the results of the hearings from STEP 2, we assessed each issue item based on the two axes of its
level of importance for the company and its level of importance for our stakeholders. We then integrated andassessed their overall importance to put together a final material issues proposal and create a material issues map.

The final material issue proposals created in STEP 3 were then reported to the Management Committee and theS

Board of Directors, alongside the purpose for their selection and the selection process. Following a resolution,material issues in line with changes in industry trends and new ESG issues.

Continuous productsafety and quality

S

In addition to enhancing the safety of
products, engage in initiatives to ensuresustained safety and thorough quality control
throughout procurement, manufacturing, anddevelopment processes.

As our products are used on construction sites,
their safety is directly linked to the safety ofworkers. We believe this is important as it isessential to enhance product safety to prevent
industrial and other worker accidents and toensure our products can be used with confidence.

G

Engage in initiatives aimed at highly
transparent corporate governance, thoroughadherence to corporate ethics, andcompliance with laws and regulations, aswell as initiatives to maintain internal
systems for monitoring, management, andprevention to support these efforts.

The support of our stakeholders is paramount, if
we are to enhance our corporate value over the
medium to long term. To gain the support of our
stakeholders, it is essential that we ensure highly
transparent corporate management, respect therights of our stakeholders, prevent organizational
fraud or misconduct, and ensure fairness indecision-making and operations in corporate
management.

S/G

Engage in initiatives to establish information
systems that balance versatility withconfidentiality, and to prevent information
leakage and manage privacy.

We hold a vast amount of data on customers andvarious construction sites, and we will ensure
thorough management of large volumes of data
as we make further utilization of digital tools andpromote DX. Information security and privacy
management are essential to ensure that ourservices can be used with confidence.

Finalized Material Issues Map
1

Environmentally friendly operations

2

Creation and promotion of products and services that
contribute to the achievement of a recycling-based society

5
6

14

8
6
1

Responsible procurement and respect for human rights
Reinforcement of diverse personnel to support oursustainable growth
Creation of attractive working environments that ensure both
physical and mental health

Stakeholders

4

5

7
3

7
2

7

Sophistication of corporate governance

8

Information security and privacy management

8

Our Company

Sophistication of
corporate governance4

Continuous product safety and quality

TAKAMIYA Report 2023

(Note: We provide various safety training programs,
including scaffolding safety education for users
and operators of our products, with the goal of
reducing fatal industrial accidents.)

We believe the creation of better working
environments will enable us to enhance worker
motivation, happiness, and productivity. To
enhance safety not only for our employees but
for workers at construction sites as well, we arealso implementing training such as scaffolding
safety education.

they were decided as official material issues of the Company. Moving forward, we will regularly review these63

Minimize safety and health risks for everyone
involved in our business, and create an
attractive working environment that promotes
both physical and mental well-being.

Information security andprivacy management

TAKAMIYA Report 2023

15

Our Path to Value Creation and Our Strengths

Business Environment and Risks & Opportunities
Primary Factors

Changes inthe economic
environment

Risks & Opportunities

Transition from new
construction to maintenanceand repairs

Productivity improvements atconstruction sites

Opportunity

Capital investment trends of private companies• Capital investment of private companies is affected byeconomic trends• Hold versatile temporary equipment and technologies that 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

Risk

Opportunity

Increase and decrease in domestic construction
investment amount• Construction investment amounts have an impact on us,
because our main 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 countries) which is not directly affected byconstruction demand in Japan

Risk

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

Risk

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

Increase in demand for infrastructure maintenance and repair• More than 50 years have passed since the construction of domestictransport infrastructure such as highways, and demand formaintenance and repair is increasing• Longer construction periods at rental customers’ sites result inbetter profitability on a site-by-site basis• Expand the lineup of temporary equipment required for maintenance and repair work of
infrastructure, and renew temporary equipment to more versatile types

Accelerated spread of next-generation scaffolding• Demand for Iq System next-generation scaffolding, which enables
safe and easy work without bending forward, will increase• Demand for lighter scaffolding will also increase because it enables
not only space savings in equipment storage areas, but also
improves transportation efficiency and reduces the work burden for
scaffolding installation• Replace all tube pipes held with high-tension steel pipes to make them lighter• Completed replacing equipment with next-generation scaffolding Iq System withsuperior workability and safety• Make equipment lighter by switching material from steel to aluminum• Increase production capacity of Iq System

Risk

Obsolescence of temporary equipment held

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

Risk

Delays in promotion of DX due to the shortage ofIT professionals• We may lose our market share if we cannot secure IT professionals
and cannot 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 oftransactions with them

• The Group has been working on building/construction information modeling (BIM/CIM),
which is essential for DX in construction, and opportunities for receiving orders will
increase due to the expansion in demand• We introduced the online system “OPERA,” which diversified order channels andincreased opportunities

Increasing number of new companies entering the
agricultural sector• There is demand for facilities with high yield potential for a relatively
large investment• Many new farmers are starting out, requiring automatic control andcultivation know-how• Demand of facilities and equipment for productivity improvement
increases, necessitating increase in yield per acreage• Develop pipe houses for agriculture and products for agriculture, utilizing our metalworking
technologies 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 toleverage them (“Hanyu Aisai Project”)• Collaborate with other companies on smart agriculture

Surge in raw materials, fuel costs, and transportation costs• Raw material/fuel prices and transportation costs may surge dueto the rise in the prices of fossil fuels driven by the reduction of
CO2 emissions• Make components smaller and lighter through the systemization of scaffolding, thereby
reducing the number of vehicles and round trips required to transport equipment• Shift from suburban to urban equipment supply locations (Takamiya Lab. West)

Demand for new construction and renewal of plants• Demand for construction including renewal and new opening offacilities increases due to the usage restriction of fossil fuels andenergy efficiency as well as increase in usage of alternative energy
including hydrogen and electricity
E.g., Power plants, hydrogen production plants, supply bases (gasstations), net zero energy buildings (ZEBs) and net zero energy
houses (ZEHs)• Develop and sell next-generation solar carport, POGERO• Develop scaffolding supply bases for new construction and maintenance of electric
power plants

Slowdown in business and economic 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 manufacturing 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 from damage to transportation infrastructure
due to natural disasters• Position equipment supply locations across the country and establish the system tosupply temporary equipment necessary for recovery and reconstruction works

Shortage of personnel and manpower• New hiring becomes difficult due to the advancement of thedeclining birthrate• Securing talents with skills and qualifications such as scaffolding
installation becomes difficult• Enhance employee benefit programs as well as improve working conditions andenvironments mainly through workstyle reform• Implement various training, scaffolding safety courses, etc.

Increased demand for new and existing products• Amendment of laws and guidelines to secure the safety of workers
in construction sites generates demand for new products• Introduction of five‐day week is promoted and overtime work is
capped in the construction industry• Promote development, manufacturing, and sales expansion of products with highsafety and workability, such as Iq System next-generation scaffolding and SPIDERPANEL panel-type hanging scaffolding system• Develop products with lighter weight and aluminum materials

Opportunity

Opportunity

Digital transformation (DX)
Opportunity

Changes inthe social
environment

Diversification ofagricultural workers

Opportunity

Risk

Response to climate change
Opportunity

Risk

Natural disasters
Opportunity

Domestic demographic trends

Changes in laws
and rules
16

TAKAMIYA Report 2023

Amendment of Ordinanceon Industry Safety and Health(related to scaffolding)Long-Term Responses and This Fiscal Year's Initiatives

Risk

Domestic economic trends

Exchange rate fluctuations

Reasons

Risk

Opportunity

TAKAMIYA Report 2023

17

Our Path to Value Creation and Our Strengths

Takamiya’s Business Model

Takamiya Platform
Making Our Customers Partners in Our Platform
Going forward

Transforming from a Flow Business to Stock-Type BusinessTakamiya has used its business foundation to provide services to customers while enhancing each function to makethem more convenient. Now, we are ready to open up this enhanced business foundation as a platform forcustomers. In doing so, our customers will become partners who share the platform, 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.
The high-value-added services offered on our platform enhance profitability for Takamiya and for our partners. By
encouraging customers to use our platform and our services, we will transform into a highly profitable and stable
stock-type business.

Utilizing the features of Takamiya

Combining the features that each of our customers
need to provide tailored solutions

as their business foundation

Partner

An Evolving Business Model

Partner

TAKAMIYA

Partner

By being a true partner for our customers, weare achieving both the evolution of ourcustomer’s business and the transformation
into a stock-type business model.

Takamiya’s Business Foundation

Stock-basedxPartners

Responding to Changing
Connections with an Evolution
in the Value We Provide

Partner

Takamiya Platform

A business foundation developed based on
customer needs and backed by 50 years ofexperience in construction sites

Partners and Takamiya’s Customers

Takamiya Platform
In the past

Flow-basedx
Customers

Design andinstallation

RentalThe User's Business
Providing solutions toaddress challengesof customers

The user’s own
corporatefunctions

TAKAMIYA

Aiming to expand scaleof business

Sales

Management
and logistics

Business foundation
Takamiya’s customers

TAKAMIYA

Development andmanufacturing
Development capabilities
for temporary equipment, building
materials and agricultural products
metalworking technolgies
Four plants in Japanand overseas

Sales

RentalSales network in Japanand overseas

Diverse temporary
equipment for
ultra-high-rise tounderground construction

Used temporary
equipment market

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

Takamiya grew its business around the rental of temporary equipment, and we have
expanded the various functions of our rental service to make it even more convenient.
Covering the entire process of temporary equipment use, including new productdevelopment, manufacturing and sales, preparation of assembly blueprints, andproduct assembly, we offer a one-stop service from downstream to upstream.
TAKAMIYA Report 2023

The user’s own
corporatefunctions

Supplying needed resources with the Takamiya Platform
to boost profitability and expand the scale of business

The Takamiya Platform Business ModelManagement
and logistics
29 equipment
bases nationwide

Aiming to add features thatare lacking
Aiming to start new businesses

At Takamiya, we are using DX to improvethe convenience of our platform solutions
and promoting increased usage.

Providing a One-Stop Service for Temporary Equipment

18

Platform usage fees

Development
andmanufacturing

We will create further added value by using digital transformation (DX) for
each function that we have enhanced so far. The added value our platform
offers with its safety and convenience will encourage partners to continue
using it, thereby sustaining stable earnings for our business. In addition, theservices provided by the platform will enhance efficiency for both our partners
and for Takamiya, enabling us to develop a highly profitable business.

P. 20-21

Providing Value Created through Building Platform

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Our Path to Value Creation and Our Strengths

Providing Value Created through Building Platform
Providing a Range of Solutions with DX
We will utilize DX to enhance each of the functions that we have established to date in our business—development
and manufacturing, sales, rental, design, installation, management, and logistics. As well as improving the safety
and convenience of these functions, we will integrate them to create new services, in order to provide services with
unprecedented high added value. The industries of construction and providing temporary equipment face a host ofchallenges, including labor shortages, long working hours, and delays in DX and digitalization. We will solve thesechallenges through productivity improvement using the solutions we provide through the Takamiya Platform.

System for Realizing Optimal Storage Amount of Temporary Equipment“Iq-Bid”

Sales

Management
and logistics

Key Services

Platform Portal“OPERA”
Development
andmanufacturing

Sales

RentalDesign andinstallation

Management
and logistics

OPERA is a portal that integrates our platform services.
All high value-added services that we add to ourplatform in the future will be available through OPERA.
In addition to the scaffolding digital marketplace Iq-Bid,
the platform’s main features include support forordering rental items and booking delivery vehicles.
Conventionally, rental items were ordered via telephoneor fax. Digitalizing these processes will contribute toeliminating human errors while boosting efficiency in

Expanding Our Business Areas

Iq System Storage Service

Sales

RentalManagement
and logistics

This service manages Iq System equipment purchasedby customers at our Equipment Bases. Our temporary
equipment is mainly used either on a rental basis or aspurchased equipment. Using purchased equipment
introduces the need for storage space and personnel
to manage the equipment. In addition, equipment
maintenance requires certification by a specializedorganization, which not only involves management
costs, but also requires advanced technology. With thisservice, we provide all such necessary elements forusing our materials. Customers can store the Iq System

20

TAKAMIYA Report 2023

terms of labor hours.
Customers can now
access our platform
services from a
digital device like asmartphone orcomputer 24 hours aday, 365 days a year. OPERA strengthens theintegration of our platform services, bringing increased
benefits to our customers. By taking tasks that have
conventionally been done in analog methods andtransforming them into digital processes and improving
task efficiency, we will contribute to solving problems
such as the labor shortages faced by the constructionindustry and providing temporary equipment. In thismanner, the platform portal OPERA serves as
infrastructure for our temporary equipment business.

equipment they have purchased at our Equipment
Base. In addition, once a customer has stored their Iq
System with us, they can use an equivalent equipment
system from any one of our Equipment Bases acrossJapan. We charge fees for shipping and maintenancearising from the use of equipment. Due to transportation
costs and other factors, companies that own their own
temporary equipment must typically confine theiroperations to an area near their equipment storage
area. This makes it difficult to substantially growbusiness and earnings when taking on a larger number
or greater scale of construction projects. Using the Iq
System Storage Service eliminates the need forcustomers to manage equipment at their own equipment
storage sites. By taking out equipment as they need itfrom our Equipment Bases located nationwide, they
can not only curb fixed costs but also expand theirarea of operations. In this manner, customers canboost earnings and build optimal profit structures.

This digital market system allows customers to freely
buy and sell Iq System equipment after they havebought it and left it in storage. This makes it easy to buy
required materials or sell surplus materials, and sellers
can set listing prices. Temporary equipment that has
been purchased and used deteriorates in value as an
asset by nature. However, by forming a secondary
market, we provide companies visibility over daily buy
and sell prices, with those prices giving them an

Visualization of All Temporary Construction Information“BIM/CIM 3D Laser Scanner”

RentalDesign andinstallation

This product utilizes DX to enhance the design process
for temporary construction. The use of a 3D laser
scanner enables the creation of a 3D data model ofthe frame for temporary construction. This enables
accurate measurement for frame information thatwould be either missing or difficult to understand in a
2D representation. BIM/CIM allows 3D drawings to beshared, updated, and used to visualize conceptual
construction images, so that various potential
problems can be flagged ahead of construction by

Expanding Our Business Areas

Joint Product Development
Development
andmanufacturing

Sales

indication of thevalue of their assets.
By buying and using
equipment based on
the expected selling
price, customers can reduce costs compared to rental
equipment. During periods of high demand,
equipment can even be sold for an amount close to
the purchase price. In addition, the quality of theequipment is ensured through our thoroughmaintenance. Furthermore, customers can use thesystem to check the operating status of owned
equipment, enabling them to identify surplus or
required materials. By buying and selling equipment
accordingly, they can then adjust their equipment
holdings as necessary. Companies planning a business
shift can easily replace equipment, thereby building an
optimal portfolio of temporary equipment.

identifying frameinterference points
or hazardous areas.
With the proprietaryfunctions of oursystem, customers
can calculate the quantity of parts that will be required
simply by selecting a range on the blueprint. Thisquantitative data can be linked to OPERA for direct
placement of a rental order. Design information that
had previously been updated on paper blueprints can
now be updated in real time through the sharing ofdata. The optimized plan thus curbs costs and reduces
unnecessary labor-hours arising from rework. We arealso developing an automatic drafting tool. By utilizing
this tool, blueprints can be created easily regardless ofwhether or not the user has drafting experience.

We make it easy for customers to develop productsthat are suitable for special sites and that improvesafety, convenience, and workability by enabling themto utilize our metalworking technologies. Customers
can use products that meet their needs, whether bymodifying existing products or developing new ones.
This allows them to expand the business areas thatthey can address.

TAKAMIYA Report 2023

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Providing Value Created through Building Platform

Takamiya Lab. West

Accelerating Platform Transformation
Takamiya Lab.
Takamiya Lab. conducts research and development with a view to improving the safety and convenience of theservices and products that we offer on our platform. It enhances our platform in various ways including throughthe development of products and testing services.

Takamiya Lab.

Spider Deck
The spider panel will be on permanent display.

Theater Hall

Collaboration Studio

Reception

Meetings can be held here at any time.

Theater Hall Office
The reception area and offices for lab employees are
situated here. Various types of training can be conducted in
the video viewing space.

Innovation Hub
The Innovation Hub can be adapted to suit the customer’s needs, serving as an R&D areaor as an exhibition area.

R&D Area

Gateway

Concept: Joint development, test assembly/verification, test installment

A corridor linking the Theater Hall and Innovation Hub.

Iq Square

We will collaborate with our customers on everything from product development to the unveiling of
new products.
(e.g. joint development with general contractors, provision as test installment site, display of new
additions to product lineup)
We will distribute and share information to strengthen our sales and marketing capabilities.

Exhibition Area
Concept: For exhibiting our own products, exhibiting products of other companies, and forrental exhibition space* Applications for each building and area are still in the conceptual stage andare subject to change.

We will use video content and physical displays to promote Group products through hands-on experience.
We will hold special exhibitions that showcase products of other companies, with the aim of forming
matches between companies in different industries.
By taking advantage of the facility’s location, we are also considering offering it as a rental space.

Features of Takamiya Lab.
As a R&D base, Takamiya Lab. has a variety of facilities fordifferent purposes. The Theater Hall has a large screen thatcan be used for various types of training. The Innovation
Hub, construction of which is still at the planning stage,
will use DX and IT to provide and develop new services.
Together with our customers, we will use these facilities
to enhance our products and services and explore new
possibilities in the temporary equipment business.
In our Equipment Base at Takamiya Lab., we haveintroduced equipment aimed at improving customer
convenience on a trial basis ahead of other Equipment
Bases. The data we gather by introducing equipment iscirculated to other Equipment Bases. This enables us toenhance the functionality of our Equipment Bases, whichspan 29 locations across the country. At the time of
shipment and of return, a truck scale and multiple cameras
record equipment weight and packaging as data. Thiseliminates human errors that might otherwise arise duringloading or unloading of the equipment. This in turn
prevents potential misunderstandings with customers

22

TAKAMIYA Report 2023

regarding whether equipment has been loaded or not
loaded, or returned or not returned. We have also
introduced a fast lane that prioritizes platform users in theloading and unloading of equipment. During busy periods,
the time required to load equipment after returning it canbe up to 150 minutes. However, by using the fast lane, theloading and unloading work can be completed in just 50
minutes, about one third of the time. This greatly improves
time efficiency, an important advantage given theconstraints on working hours stemming from the 2024
Problem. It leads to a higher number of truck round trips,
which increases the turnover rate. Fixed-point cameras
enable monitoring of the maintenance processes taking
place on-site, which fosters trust in the products andservices we provide.
We will use the data obtained at Takamiya Lab. toenhance the platform services we offer to our customers.
This truly novel facility offers a world of new possibilities inthe temporary equipment business.

Safety Initiatives
At this facility, we are engaged in various efforts toenhance safety so that customers can use our products
and services with peace of mind. Various products are on
display that can actually be put together by visitors,
including temporary equipment such as the Iq System.
Through hands-on experience with the product, visitors
can directly appreciate the superiority of our products overthose of competitors in terms of ease of installment andworkability, as well as its safety and convenience. We alsoplan to introduce equipment for testing product quality
and strength during product development. This will enable
our own products to act as a reference during the productdevelopment process.
In addition, we are conducting various types of training
and education related to scaffolding using (actual)assembled products and large-scale screens. At the
Scaffolding and Health and Safety Workshop, we aim toraise safety awareness among new and young employeesof construction companies. The workshop covers a rangeof areas from basic knowledge of scaffolding to specificsafety measures. Furthermore, we offer statutory training(special training), which is mandatory for businesses
whose workers are engaged in hazardous or potentiallyharmful work. The content includes special training forscaffolding assembly, etc.; special training on full harnesstype fall prevention equipment; special education forworkers handling asbestos; special training on oxygen
deficient/hydrogen sulfide hazardous work; training to
improve the ability of work chiefs for scaffolding assembly;
training for foremen and health and safety managers; andtraining to improve the ability of foremen and health andsafety managers, etc. We will promote our rigorous safety
approach to other companies, as only few companies in
the industry provide training and education of this kind.
TAKAMIYA Report 2023

23

Providing Value Created through Building Platform

Message from the Company Officer in Charge of the Platform Business
Becoming a Company That Delivers Security
to Society

We aim to expand
our platform andprovide safety andsecurity to society

The platform has no completed form. This is because we
aim to continue working to gain an understanding of users’
needs and expand its functions. At present, we are alsousing the Lab. as a venue to gradually expand our
initiatives, such as introducing existing products and holding
safety seminars. These initiatives are borne from the users’
needs. Going forward, we will expand the functions of“OPERA,” our online ordering system, to evolve it into a
portal for our platform. We plan to enhance the attractivenessof the platform as a centralized system that enables thedigital management of platform services. We have also

launched “Iq-Bid,” a service that enables temporary
equipment to be traded as an asset. This service willcompletely change how temporary equipment is used. Our
wide-ranging initiatives and services will deliver safety andconvenience to the construction industry.
To me, these efforts are simply starting points. Takamiya
will strive to change the construction and civil engineering
industries for the better and ultimately make the world abetter place. We will continue to expand the scope of ouroperations and provide added value to society by transforming
our business model. Please look forward to seeing
Takamiya continue to make leaps forward.

Akiyoshi Takamiya
Representative Director,
Executive Vice President
Division General Manager
of Takamiya Lab. Division

Topics

Improved convenience, dissemination, and promotionof our platform business through 14 subcommittees

Significance of Business Model Transformation

Takamiya Lab.’s Role within Our Platform

Safety is one of the most important aspects of theconstruction industry in which we operate. Many people
get injured or die in accidents at construction and civilengineering sites every year. As a company that prides
itself on supporting the infrastructure that underpins
Japanese society, we must provide products and services
that pursue safety for the people working at these sites.
The Iq System, which was created based on our desire forsafety, has now acquired a leading share of the nextgeneration scaffolding market. Over the course of ten
years, Takamiya constantly worked to develop this systemand continued to pursue the true needs of our customers.
This led us to focusing our operations on the manufacturing,
rental, and logistics management functions.
Now, we are working to transform ourselves into aplatform company that leverages these core functions. We
at Takamiya are aiming for a future in which customers
participate in our platform and achieve safer and smarter
construction and civil engineering sites.

Our platform solves a variety of issues for users, greatly
improving safety, convenience, and profitability. The role of
Takamiya Lab. (hereinafter the “Lab.”) is to ensure theplatform’s safety and improve its convenience. As thename “Lab.” suggests, we seek to provide benefits for ourusers as an R&D base. Our platform provides safety andsecurity by opening up our initiatives and accumulated
data to external parties. We also leverage information
disclosed internally to enhance the safety andconvenience of the platform. At the forefront of these
efforts is the Lab. Accumulating and utilizing data, such as
on equipment management and maintenance, delivery
and collection, and product development, helps improvethe benefits of platform users. That is not all there is to theLab. The construction industry has endured labor
shortages for some time. However, with tighter labor
regulations that are scheduled to come into effect from
April 2024, specifically caps on overtime for theconstruction and transportation businesses, the industry
may well face further labor shortages. One answer to thisissue is efficiency improvement. The Lab. is equipped witha mechanism that improves user productivity by making
full use of digital transformation (DX) and IT.

As part of efforts to develop our platform business, weare enhancing our platform through 14 subcommittees,
aiming to improve its convenience and safety. Each
subcommittee is supervised by the Division General
Manager of the related business division, with projects
being led by leaders who carry out the work.
Subcommittees are composed not only of many
young employees, but also of employees from different
departments, enabling us to generate ideas fromvarious perspectives. In order to achieve the goals set
by each subcommittee, we will collaborate with other

List of
Subcommittees*

subcommittees and recruit additional members asnecessary. The project’s progress will also be disclosed
as necessary to solicit participation from within the
Company. Employees can participate in subcommitteesof their own volition, and this fosters more active
exchanges of opinions.
We are promoting projects from various perspectives,
such as enhancing existing services and systems,
developing new services, utilizing Takamiya Lab. West,and increasing uptake of the platform business.

Fastest service

Visualization
through thepromotion of DX
and mechanization

Innovation HubConstruction
Subcommittee

Innovation Hub
Internal Exhibition
Subcommittee

Platform (Iq-Bid)
Subcommittee“OPERA Rental”(Including Reward
Points) Subcommittee

Regional Strategy
Subcommittee

Media Strategy
Subcommittee

Safety Education
and Training
Subcommittee

Logistics Reform
Subcommittee”OPERA”
Development
Subcommittee

Testing Machine
Utilization
Subcommittee* Confidential subcommittees are not included.

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25

Our Path to Value Creation and Our Strengths

Takamiya’s Businesses
Results for the Fiscal Year Ended March 31, 2023

Sales Business

Sales business

28.1%

P. 32

Net sales (left scale)Operating income (loss) (left scale)Operating income margin (right scale)Net sales were down 3.5% year on year at ¥13,157 million, and operating income was down
27.2% year on year at ¥1,189 million.
In the temporary equipment sector, there were some postponements in purchasing and ashift toward rental usage resulting from concerns regarding price revisions due to soaring
material prices, construction delays due to labor shortages, and uncertainty in future prospects.
However, interest in the Company’s business platforms centered on next-generation scaffolding
product Iq System remained high, and the number of inquiries for new procurement, replacements,
and additional purchases remained strong.
In areas other than the temporary equipment sector, while the construction projects of largescale high-performance glass houses for agriculture ran their course in the first half of theprevious fiscal year, sales of solar power-related products and building materials remained strong.

Overseas business

19.2%

Net Sales, Operating Income (Loss), and Operating Income MarginP. 28(¥ million)

10,0000(¥ million)

25,00015,0005,000(¥ trillion)

66,444.8
60,00080

56,646.8

51,567.6

60
40,00041,928.2

40

20,000

0

20

2005

2010

2015

2020
(est.)

2022(forecast)

Reference: “Construction Investment Outlook by Construction
Economic Model,” announced in October 2023,
Research Institute of Construction and Economy

26

TAKAMIYA Report 2023

0

26.4

28.0

24.0
53.4
12.8

40.6

2005

56.4
47.0

30.2

30.7

75.7

76.7

22.8

23.6

2010

2015

(Ten thousand persons)

30.0
25.0

(Operators)

8,000

900,000
6,356

24,00923,2830(FYE March 31)(%)

24,714

15.0

10.6
10.0

7.5
5.2

5.0
1,793

1,221

2021

2022

2,610
0

2023

(FYE March 31)(%)

10,000
6,000

10.0

8,986

8,000

8.0

6,410
4.3

5,300

6.0

4.5

4,000
2,000
0
(2,000)

4.0

(1.9)
2021

2.0

404

277

(99)

2022

0
(2.0)

2023

(FYE March 31)

6,298

6,402

6,710

Number of Construction
Industry Fatalities

Population of ASEAN

167,707(Operators)

174,289 178,667
161,895

162,041

180,000

Number of construction industry fatalities (left scale)
Number of fatalities in all industries (left scale)
Percentage of construction industry fatalities (right scale)(Million persons)(Persons)

800

600
600,000

542,264

498,806

120,000
467,635

53.2

10.0

516

553

589

626

2,000
1,500

2021

0

Reference: “Statistical Survey of Construction Works,”
Ministry of Land, Infrastructure, Transport
and Tourism (MLIT)

0

494

479

2005

2010

2015

2020

2022

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

0

2010

2015

2020

2022

0

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

0

500

2000

2005

2010

2015

2020

Reference: Includes estimates from IMF“World Economic Outlook Database,
October 2023”

0

40.0

32.2
30.0
15.8
20.0

972

1,000

60,000

2005

36.3

1,195

200
503

33.6
30.5

1,514

400

300,000
504

32.8

661

473,952 474,948

2,000
568

(%)

2,500

6,723

6,000

5.0
2020

2023

(¥ million)

15.0

12.4
40.6

35.0

4,000

52.8

2022

Net sales (left scale)Operating income (loss) (left scale)Operating income margin (right scale)

Number of licensed construction business operators (left scale)
Number of scaffolding and civil engineeringbusiness operators (right scale)

20.0

15.8

34.6

Number of Licensed Construction
Business Operators

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

(%)

100

2021

5.0

Market Environment

Number of Workers in
the Construction Industry

Maintenance and Repair Work72,240.0

1,189

Net Sales, Operating Income (Loss), and Operating Income Margin

In the overseas business, net sales were ¥8,986 million, up 40.2% year on year, and operating
income was ¥404 million, up 45.8% year on year. 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 the improvement of the Company’s financial standingis making progress, and we believe that we will be able to bring the Company back to thegrowth stage. In the Philippines, the construction sector has been revitalized with thecontainment of COVID-19, and employees are correspondingly more motivated. Over the past
two years, we have worked to strengthen our financial position by thoroughly visualizing
management figures and increasing the speed at which we identify issues and implement
improvement measures, and our profitability has improved as a result.

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

80,000

1,633

10,000Overseas Business

Market Environment(¥ billion)

10.0

1,404

20,000“Percentage of net sales” is calculated based on net sales before intersegment eliminations.

Construction Investment

9.0

Net sales (left scale)Operating income (loss) (left scale)Operating income margin (right scale)

0

P. 30

15.0

12.0

11.7

Net Sales, Operating Income (Loss), and Operating Income Margin

Rental business

52.7%

20.0

13,1575,000

Net sales were up 6.1% year on year at ¥24,714 million, and operating income was up 113.6%
year on year at ¥2,610 million.
According to our analysis, one of the reasons for the favorable performance of the rental
business was a temporary shift to rentals in response to increased sales prices due to thesoaring prices of raw materials for products. In addition, the growing recognition of the Iq
System led to the high utilization of rental assets, including the Iq System. In terms of products
for civil engineering, shipments for large bridge construction projects started mainly in the
Chubu region, which drove rental sales.

(Figures below the decimal
point are rounded.)

13,62911,990Rental Business

Percentage of
Net Sales(%)

15,000

802
497

2005

774
10.0

365

327

258

281

2010

2015

2020

2022

0

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

TAKAMIYA Report 2023

27

Our Path to Value Creation and Our Strengths

Business Strategies in the Medium-Term Management Plan

Sales BusinessAs a result of sales price revisions in response to thesoaring prices of raw materials such as steel andaluminum, a trend toward rental use has been
observed. With the full-scale start of construction work,a tightening in the rental supply is expected across theConsulting Sales

industry, necessitating preparedness for a switch to

We continue to expand high-value-added services that
promote the use of our platform business to customers,
aiming for the expansion of our platform business. To
encourage the use of our storage service, we provide
customers with a comparison of income and expenses
when using rental services and using the storage service
after purchase. We encourage customers to purchase the
Iq System by presenting an operational image after
purchase. In addition, we are developing a system tovisualize the utilization status of owned equipment. There
were challenges with customers purchasing more
temporary equipment than needed, not knowing the
optimal amount to own for their own use. However, withthe utilization status visualized and purchase and sale ofowned equipment enabled on Iq-Bid, customers can
optimize the amount of equipment, enhancing profitability
without incurring excess costs.

investment through purchases. In addition, theexpansion of sales of the next-generation scaffolding
Iq System, which serves as a core to our platform, isprogressing smoothly, and we are preparing the
product supply system for the further development ofour platform business.

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

What We Do
We conduct a wide range of businesses that develop, manufacture, and sell proprietary products that leverage
our metalworking technologies, including light-duty temporary equipment such as Iq System next-generation
scaffolding and clamps. These products also include SPIDER PANEL and V-MAX, two types of hanging
scaffolding for maintenance and repair work on expressways and viaducts, as well as agricultural
greenhouses and solar carports.

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

S

Strengths• Increasing demand for safety and efficiency
at construction sites due to shortage of
construction workers

O

Opportunities

W• Shortage of new/hit products

Weaknesses

T

Threats• Severe economic outlook• Aggressive price competition from rival companies• Skyrocketing raw material prices such as steel
and aluminum• Frequent occurrence of natural disasters• 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• Refrain from buying due to rising prices

Responding to the Changing External
Environment and Further Expanding
Platform Services
Due to changes in social conditions, the prices ofaluminum and steel, which are raw materials for our
products, have soared since around 2021, recently
reaching near record-high levels. In response to the soaring
raw material prices, we have revised sales prices tomaintain a profit margin on product sales. For customers
who are reluctant to buy due to price surges, we areworking to expand sales by introducing convenient platform
services. Although our current platform services arefocused mainly on the Iq System, we are considering
expanding the services to other products as well. We are
expanding services on a trial basis so that high-valueadded services can be used for all products.

TOPICSStrengthening Manufacturing Base andSupply Structure through DX
Each plant is promoting DX in the manufacturing
process. This not only improves production capacityand efficiency but also enhances the safety of
products and the added value for users.
Conventionally, the appearance inspection of
manufactured products was performed visually byinspectors. For this reason, inspections took a longtime, imposed a heavy burden on inspectors, andtherefore was one of the hinderances to improving
production capacity. In addition, because it was
impossible to always secure evidence for inspections,
there was always a risk of having to reinspect fromscratch. In order to address this issue, we haveswitched to AI-based appearance inspections. By
training AI on the features and shapes of products, we
can automate appearance inspections, which not only

eliminates human error, but also improves the accuracy
and speed of inspections and secures evidence. As AI
continues to learn, the accuracy of inspections
improves, and it becomes possible to performappearance inspections on a wide variety of products.
Additionally, we have introduced “smart glasses” inthe process of doing inspections to check quality
standards of raw materials of products and materials
upon arrival (receiving inspections). We arestandardizing the receiving inspections conducted ateach of our four domestic and overseas factories by
having inspection supervisors from remote locations
check and provide guidance on whether measuring
instruments and jigs are being used correctly during
the inspection process.

Future Outlook
The soaring prices of raw materials such as steel and aluminum are settling down. While procurement prices in Japan remain high, overseas
procurement prices are gradually declining. In addition, construction investment is increasing, and many projects postponed due to the
COVID-19 pandemic are now beginning construction. Amidst growing demand for temporary equipment, a shift to purchasing is expected asa method of procurement, as the supply of rentals is limited.

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29

Our Path to Value Creation and Our Strengths

Business Strategies in the Medium-Term Management Plan

Rental Business
The Iq System has been operating at a high utilization
rate since the beginning of the fiscal year. In civilengineering, large-scale falsework in the Chubu region
and a major project for the Hokkaido Shinkansen are

Expanding Sales of the Platform Businessprogressing smoothly.
In addition, we are developing a business model
centered on the platform business, aiming to increasecustomer satisfaction with the goal of improving theirbusiness efficiency and profitability.

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

What We Do
Through rental services, we provide light-duty temporary equipment for all kinds of worksites, including
buildings, bridges, ultra-high-rise building renovations, tunnels and underground worksites, as well as
scaffolding and falsework in times of disaster. Our in-house functions for contract scaffolding installation workand scaffolding plan drafting are strengths that enable us to provide comprehensive customer-oriented services.

• Products that focus on safety and workability such as
the Iq System, Spider Panel, and Lift Climber• Number of Equipment Bases• Equipment Bases deployed nationwide• Low skills in information gathering and analytics• Safety education• Shortage of both on-site managers and craftsmen
at partner contractors• Scaffolding Construction Department’s
nationwide network of construction companies(partner contractors)• OPERA, a platform portal to promote DX• BIM/CIM support• Lack of transport function

S

Strengths• Increasing demand for safety and workability• Requests for labor arrangements due to a shortageof scaffolding construction workers

O

Opportunities

W• Abundance of maintenance work requiring
manpower

Weaknesses

T

Threats• Disadvantages of price competition due to stablerental supply• Penetration of the platform business• Acceleration of DX implementation due topersonnel shortages• 2024 Problem• Uncertain currency and interest rate fluctuations• DX promotion in the construction industry in responseto the 2024 Problem

Starting with the storage service of the next-generation
scaffolding Iq System, which is also part of our platform
services, we will be dedicated to temporary constructionrelated consulting sales that can accommodate theparameters of our customers’ asset value and asset
management. From there, we would like to have ourcustomers use all of Takamiya’s services and aim toincrease customer satisfaction.

Expansion of OPERA
The core system, OPERA, an online ordering system,
contributes to improved service for customers, as well
as speeding up internal and external operations andreducing human error, thus contributing to workstylereforms of employees.

BIM/CIMWe support customers through the introduction of BIM/
CIM. From client proposals and construction planning tocalculating delivery quantities, we contribute to ourcustomers’ DX promotion and workstyle reforms by utilizing
our proprietary know-how in temporary construction.

Expansion of Scaffolding Construction
Department Partner Contractors(Scaffolding Construction Workers)
The chronic shortage of workers (craftsmen) continues tobe a serious issue. In addition, with tighter labor regulations
that are scheduled to come into effect due to the 2024
Problem, securing more personnel is becoming even moredifficult. As for Takamiya, we aim to further collaborate
with our nationwide Scaffolding Construction Department
partner contractors and expand our nationwide scaffolding
construction worker network. Our goal for the final yearof the Medium-Term Management Plan is to have 200
official members.

DX for Managing Sales Organizations
We introduced CRM/SFA* to improve operational
efficiency and labor productivity. By visualizing know-howthat sales staff possess and quantifying customer
information, we will improve earnings and implement
workstyle reforms for sales employees.
* CRM = Customer relationship management
SFA = Sales force automation

TOPICS
Toward Sales Utilizing Digital Data
We aim to accelerate our business transformation
to the platform business and become an IT company
in scaffolding.
The construction industry has been slow to employ
digitalization and DX, and a great deal of operations arestill performed to date using analog approaches. Evenin our case, we took rental orders via telephone andfax until we introduced OPERA.
To actively promote DX, we will respond to changing

customer needs and implement customer marketing
using digital tools such as Salesforce, OPERA, andTobee. By digitizing data, we can visualize figures anddevelop sales activities using a strategic approach. We
will establish a new sales style for the constructionindustry by utilizing data and enhancing the level ofmarketing, such as through demand forecasting andthe improvement of our product supply system.

• Increase in demand for equipment with high workability

Future Outlook
We expect construction investment to be flat or to slightly increase from the previous fiscal year. However, due to the impact of personnel
shortages and the 2024 Problem, we anticipate an extension of construction periods by up to 20%, resulting in a lower turnover rate but alonger usage period. We also expect that the rise in prices will continue and labor costs will also increase. Against this backdrop, we expect
continued demand for rentals, and for high utilization to continue. With regard to the issue of prices, we believe that the expansion of ourplatform business will enable us to break free from unnecessary price competition.

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31

Our Path to Value Creation and Our Strengths

Business Strategies in the Medium-Term Management Plan

Overseas BusinessIn the overseas business, a sudden upsurge in activity
has been observed with the global containment of
COVID-19. In order not to miss out on this business
opportunity, we have developed a foundation in thePhilippines, South Korea, and Vietnam over the pastThree-Year Policy

two years or so, which we will now fully leverage to

For the fiscal year ending March 31, 2024, we will utilize
the foundational strength accumulated up to the previous
fiscal year to establish a firm base in Asia while starting afull-scale entry into Africa. For the fiscal year ending March
31, 2026, we will begin the introduction of the platformbusiness in South Korea and the full-scale development of
the Africa business along with the introduction of theplatform business in Europe. As for the fiscal year ending
March 31, 2027, we will view this year as a harvestingstage for these initiatives and develop business operations
that will become a source of earnings for the Company.

contribute to the Group’s earnings, with the aim to
expand our business not only in Asia but also into
Africa and Europe.

Hiroyuki Okamoto
Senior Executive Officer,
Division General Manager of Overseas Business Division and
Deputy Division General Manager of Takamiya Lab. Division,
General Manager of Agribusiness Development Department,
Corporate Strategy Division

Securing a Foothold That Contributes to Earnings
What We Do
The overseas business primarily operates in three ASEAN countries: the Philippines, South Korea, andVietnam. We will continue to strengthen our earnings base as a pillar for sustained growth through theorganic coordination of our manufacturing base in Vietnam, our rental sales base in the Philippines, and ouroperations in South Korea, which provide both manufacturing and sales functions. In addition, this fiscal year
marks the first step in exploring new sales channels.

• Adoption and deployment of domestic expertise andbusiness models

HORY KOREA
We have reformed our corporate structure over the past
three years from laying the foundation to the growthstage, and from the growth stage to the harvesting stage.
We feel that the Company has been revitalized and avirtuous cycle is beginning. As a result, significant
progress has been made in improving profitability andfinancial position, and we have moved from the growthstage to the harvesting stage. With the launch of new
business expansion utilizing South Korea’s IT infrastructure
for platform business, entry into e-commerce, andutilization of other DX initiatives, we expect to become abusiness entity that will lead overseas business in thenext three years and grow into a company that cancontribute to the Group in various ways.
DIMENSION-ALL (DAI)
Although economic activity stagnated for over two years
under very challenging conditions due to the pandemic,
with the containment of COVID-19, previously halted
investments have rapidly resumed. During the pandemic,
DAI enhanced its comprehensive corporate strength byvisualizing as much of its management as possible,
identifying issues, considering improvement measures,and implementing them, through teamwork between local
and Japanese teams.
We expect DAI to leap forward as a gateway to ASEAN
countries and Africa.

Network Building and Product Development in Asia
In regions beyond our current operations, we plan to fully
establish and develop our alliance network over the next
three years, and actively pursue product development andsales for Asia and other regions.
Although it has been difficult to operate due to COVID-19,
we intend to actively resume our activities from now on.

• Linkage among overseas Group companies• Recognition of the Company in the Philippines and South Korea• Local management• Track record of transactions with major local
construction companies• Different perceptions of governance due todifferences in habits and customs• Employment of local staff• Concentration of bases in the ASEAN countries• Improved production capacity throughfactory expansion• Network in ASEAN countries• Economic development in ASEAN countries• Active investment in construction and civil engineeringin each country following the pandemic

S

W

Strengths

Weaknesses

O

T

Opportunities

Threats

DAI’s Initiatives in the Philippines• The impact of the situation in Ukraine• Inflation• Active investment in infrastructure in ASEAN countries
by organizations such as JICA

• Local laws (related to taxation and accounting)• Demand for plants and solar power generation to copewith energy shortages and decarbonization• Political relations• Increased safety awareness at construction sites inSouth Korea• Increasing transportation costs due to soaring
fuel costs• Public security, political climate• Rapid depreciation of the yen• Diverse and talented human resources

TOPICS

Future Outlook
In the ever-changing international situation impacted by disasters and conflicts, we expect that a large amount of temporary equipment willIn the Philippines, during the world’s longest quarantine
caused by COVID-19, the market environment remained
difficult as DAI had to compete for the few inquiries it
received due to the shutdown and stagnation ofworksites. With the pandemic under control, theeconomy has recovered, and the Philippines isreturning to its previous strong, bright, and energetic
state.
Under these circumstances, DAI focused on actively
recruiting and training Philippine employees in the coredepartments of its temporary equipment business,
namely the sales and engineering and equipment
supply locations, as well as improving its internalmanagement system, in preparation for the rapid
recovery of the construction market and its own
business expansion in the current fiscal year andbeyond. DAI also focused on winning orders forlarge-scale projects from major local generalcontractors such as Megawide and EEI andinfrastructure projects such as the MRT Line 7.
Now that the exchange of human resources within
the Group, which had been suspended due to the
COVID-19 pandemic, can resume, the DAI family willplay a central role in driving the Group’s overseas
business as a strategic base for the Group in thePhilippines and Asia from the next fiscal year onward.

be required at the time of reconstruction. Moreover, with the development of emerging countries around the world, especially in the ASEAN
region and Africa, the temporary equipment business has become a very large market. First, in the Philippines, where the Company has abase, delayed construction projects are expected to start, leading to increased demand in various regions.

32

TAKAMIYA Report 2023

TAKAMIYA Report 2023

33

Our Path to Value Creation and Our Strengths

Medium-Term Management Plan
The fiscal year ending March 31, 2024 is the final year of the 2021 Medium-Term Management Plan. The Management
Vision in the Plan is “Create new value through transformation and aim for sustainable growth by becoming apartner to our customers.” We will enhance each of the Takamiya Group’s businesses from the perspective ofcustomers to sustainably create new value, create a system and structure that will permanently enhance corporate
value, and aim to complete our transformation. We are executing measures in accordance with the four basic
strategies for achieving the plan.

Basic Strategies

Investment Policy

Strengthening of management foundation

Curtail investment in domestic rental assets, actively pursue
overseas investment

Reform of earnings baseStrengthen overseas production bases

Acceleration of overseas expansion

Invest to improve the efficiency of equipment supply locations

Creation of new growth businesses

Invest in human resource development and workstyle reforms
Invest to strengthen technological development capabilities

2018
Medium-Term
Management
Plan

Revision of Performance Targets
As described in the Revision of Performance Forecasts in
the Medium-Term Management Plan, we have revised theperformance targets for the final year of the Medium-Term
Management Plan. The policies to prevent the spread of
COVID-19 have become prolonged, causing global supply
and demand changes, operational halts at production
bases, transportation constraints, rapid depreciation of theyen due to U.S. interest rate policies, while the situation in
Ukraine led to soaring crude oil and raw material prices. In
the construction industry, delays and postponements inconstruction starts have occurred due to soaring material

prices and a shortage of human resources. In thisenvironment, while our performance has been firm due tothe promotion of our platform to our customers and active
development and release of services, we have come tothe conclusion that achieving the original performancetargets for the fiscal year ending 31, March 2024, the final
year of the 2021 Medium-Term Management Plan, ischallenging, and have therefore conducted revisions
accordingly. However, there are no changes to theManagement Vision and basic strategies outlined in the2021 Medium-Term Management Plan.

Review of Performance Targets
FY Ending March 31, 2024

Outcomes

We made renewal investments and were able to reform
our earnings base to promote the spread of the Iq System.
In addition, we improved the profitability of assets acrossthe Group and enhanced our earnings structure.

Business activities stagnated due to the impact of
COVID-19, resulting in a significant downturn in businessperformance. It became clear that continuing operations
Challenges
under our conventional business model would make it
difficult for us to improve corporate value, as we will be
continuously impacted by changing external environments.

Outcomes

We successfully acquired the planned construction site
for Takamiya Lab. West, a R&D base for our platformbusiness. In addition, we were able to improve
profitability by curtailing investment in rental assets.

Revised targets (performance targets)

Net sales¥60,000 million¥48,000 million¥41,894 million

Operating income¥5,000 million¥3,800 million¥2,253 million

8.3%

7.9%

5.4%

¥10.0 billion¥9.1 billion¥7.3 billion

ROA

6.0%

5.4%

3.9%

ROE

12.0%

11.4%

7.6%

Equity ratio

35.0%

31.0%

31.7%

Operating income margin
EBITDAWe had to curtail planned investments due to the impact
of COVID-19. We were unable to execute investments
Challenges
such as strengthening production bases for overseas
business expansion, which resulted in plan delays.

Results for FY Ended March 31, 2023

Initial targets

Performance Trends
Net Sales

Investment in service development (equipment, systems, etc.) toincrease product added value (develop new services that blend
hardware and software)

2021
Medium-Term
Management
Plan

Strengthen products for maintenance/
repairs and infrastructure redevelopment
Nurture businesses beyond the temporary equipment sector
Redevelop overseas business bases

Operating Income Margin

2021 Medium-Term Management Plan
¥48,000 million• Takamiya Lab.
• Online orders• 3D measurement, BIM

Develop services that blend hardware and software,with a focus on the Iq System

Operating Income¥41,894 million¥39,800 million

7.9%
5.4%

4.2%

Investment in developing and training human resources to support
sustainable growth• Workstyle reforms• Office reforms• Personnel system reforms

FY Ended March 31, 2022
(Results)

Investment in system development for labor-saving and manpower
reduction through digitalization¥3,800 million¥2,253 million¥1,682 million

FY Ending March 31, 2024
(Targets)

FY Ended March 31, 2023
(Results)• Robot utilization• Factory automation

Investment in products and goods (rental assets) for maintenance/
repairs and other expanding markets (strengthen products formaintenance/repairs and infrastructure redevelopment)• Product development• Adoption of overseas products

Results and Plans for Capital Investments and Investments in Rental Assets
Capital Investments

Investments in Rental Assets

Original Plan

Results and Revised Plan(¥ million)(¥ million)

3,934

3,910

Management
Vision34

TAKAMIYA Report 2023

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

3,900

3,990

3,970

3,570

3,860

FY Ended
March 31, 2022

FY Ended
March 31, 2023

FY EndingMarch 31, 2024

1,165
2,911

5,746

7,989

2,523
FY Ended
March 31, 2022
(Results)

FY Ended
March 31, 2023
(Results)

FY EndingMarch 31, 2024
(Revised plan)

TAKAMIYA Report 2023

35

Medium-Term Management Plan

Develop Services That Blend Hardware and Software, with a Focus on the Iq System
We will shift our business through the Takamiya Platform,
which reduces the impact of the external environment andstabilizes and increases revenue. The Takamiya Platform is
an initiative to eliminate various inefficiencies for bothcustomers and the Company and to improve profitability

by providing high-value-added services utilizing DX whenusing our products. As the number of users grows, wewill be able to raise earnings steadily and efficiently, andtransition to a stock-type business.

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
have passed since the construction of transportation
infrastructure during Japan’s period of rapid economic
growth, and maintenance and repair work is necessary sothat it can continue to be used safely. We are establishinga production system for compatible products to ensurethat we can supply products without missing out on theincrease in demand for construction work. The
SPIDERPANEL, a panel-type hanging scaffolding systemthat can be used in work on concrete floor slabs ofexpressways, and VMAX, a hanging scaffolding system,

are continuing to operate at high capacity, and we arecontinually manufacturing and investing in these systems
as rental assets to avoid supply shortages. In addition, we
will be able to handle maintenance and repair work at
various worksites with a full line of products including theYT Lock System, a working platform that is necessary inconstruction work on dams, power facilities, and otherprojects in mountainous areas, and the Lift Climber, amast-climbing work platform that can be used on high-risebuildings in both the construction and civil engineering
sectors. We expect high demand to continue, and will
maintain an optimal manufacturing system and further
strengthen our product supply capabilities.

Nurture Businesses beyond the Temporary Equipment Sector
In developing businesses other than the temporary
equipment sector, we will continue to focus on developing
our agriculture business. The background of our entry into
the agriculture business lies in the challenges faced byagriculture. In Japan, the continuity of Japanese agriculture
is being threatened by issues such as declining foodself-sufficiency, the decreasing number and aging ofagricultural workers, the increasing amount of abandoned
cultivation land, decreasing farmland area, and theabandonment of farming due to disasters. We are working
to establish a sustainable and strong agriculture industry
that resolves these issues.
We provide a cultivation environment and know-howthat enables stable harvesting, and thus leads to anincrease in new entrants into farming. Our product, theG-Castle series of high-performance agricultural
greenhouses, is a highly robust greenhouse utilizing
metalworking technologies and structural calculation
know-how cultivated through the development of our
temporary equipment. We thoroughly conduct strength

tests, load tests, and tensile tests, enabling the realizationof stable cultivation with excellent snow and wind
resistance, and without risk of collapse.
In addition, we conduct demonstration cultivation using
our greenhouse products in Hanyu City, Saitama Prefecture,
to provide cultivation know-how. We gather data at eachstage of the process from planting, environmental control
to harvesting in the greenhouse, harvest actual fruit andvegetable crops, and offer know-how and greenhouseproducts as a package. The harvest is sold through Group
companies and has been well received by consumers.
In addition, we pursue new forms of agriculture incollaboration with companies, governments, and research
institutions. We are advancing initiatives to facilitate newentrants into farming, such as smart agriculture throughthe introduction of robots and AI, moving away fromfarming based on experience and intuition, and conducting
seminars. We will establish a model case for future
agriculture and implement measures to realize sustainable
and profitable agriculture.

G-Castle Neo48

Utilization Rate of the Iq System and Hanging Scaffolding(%)

Iq System

80
70

70.5
63.7

60
50

65.8

76.8

73.4

71.3

Hanging scaffolding

69.3

71.0

65.2

66.6

67.2

4Q

1Q

60.8

76.7

71.3

G-Castle Pro

64.3

63.2

40
30
Averageutilization
rate

1Q

2Q
3Q
FY Ended March 31, 2022

Iq System: 69.1% Hanging scaffolding: 68.3%

2Q
3Q
FY Ended March 31, 2023

4Q

Iq System: 71.5% Hanging scaffolding: 65.8%

Redevelop Overseas Business BasesStrengthen Products for Maintenance/Repairs and Infrastructure Redevelopment
SPIDER PANEL

VMAX

Lift Climber

YT Lock System

Panel-type hanging scaffolding system

Hanging scaffolding system

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

Can be erected along slopes andalso used as a gantry

Transition of Maintenance and Repair WorkNew construction (left scale)(¥ trillion)

Maintenance and repair work (left scale)

Ratio of maintenance and repair work (right scale)

60

(%)

30.7

80
13.8 14.0
13.5

40

15.8 15.5 16.4 16.8 17.4
13.2 12.7 12.8 13.2 13.0 13.2 12.5 12.4 13.8 14.3 14.9 15.3

22.8 23.6

2002000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

35
30
25
20
15
10
5
0

* Compiled from Construction Industry Handbook by Ministry of Land, Infrastructure, Transport and Tourism

36

TAKAMIYA Report 2023

Improvement of our overseas business bases is proceedingsmoothly. The Philippines, South Korea, Vietnam, like Japan,
were impacted by the COVID-19 pandemic, but we havestrengthened our internal control systems and are now
able to resume business. In Vietnam, we are strategicallymanufacturing temporary equipment, focusing on the
manufacture of the Iq System, which continues to operate
at high capacity in response to domestic demand in Japan.
We are expanding plant facilities and preparing for further
demand. In South Korea, demand for our safety-oriented
products has increased due to the growing awareness ofsafety at construction sites. Both rentals and sales havebeen strong. In the Philippines, although it was very
difficult to resume business activities due to the continued
lockdown, by the end of the year, the lockdown was lifted
and we were able to resume operations. Construction
demand is showing signs of increasing, centered on

JICA-related infrastructure projects.
For the fiscal year ending March 31, 2024, we havecompleted the development of our business foundation
for the full-scale resumption of business activities, and aretransitioning to the phase of monetization.
TAKAMIYA Report 2023

37

Our Path to Value Creation and Our Strengths

Message from the CFO
Financial Policy

We plan to proactively invest
in human resources and DX
to transform our company(Targets) Operating income margin: 7.9%
EBITDA: ¥9.1 billion
Equity ratio: 31%
ROA: 5.4%
ROE: 11.4%

2021 Medium-Term Management PlanFY ended March 31, FY ended March 31,
2022 (Results)
2023 (Results)

Operating income margin

FY endingMarch 31, 2024

4.2%

5.4%

7.9%

¥6,466 million¥7,393 million¥9.1 billion(Results) All items improved

EBITDA

Equity ratio
Decrease due to increase in total assets

Equity ratio

31.8%

31.7%

31.0%

ROA

3.4%

3.9%

5.4%

ROE

5.2%

7.6%

11.4%

ROA
Increase in productivity, in particular anincrease in the utilization rate of rental
assets, despite the increase in total assets

Ratio of profit to
net sales

ROE
Improvement in profit margin and increasein equity
EBITDA
Increase in operating income and decreasein depreciation and amortization

2.4%

3.5%

5.0%

(March 31, 2023)(March 31, 2024)

Total asset turnover

0.7 times

0.7 times

0.7 times

Financial leverage

3.1 times

3.1 times

3.2 times* 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

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

Revising the Targets in the 2021 MediumTerm Management Plan due to Changes
in the External Environment
Looking at recent performance first of all, our results forthe fiscal year ended March 31, 2023 were in line with theplan. This is thanks to diminished impact from the
COVID-19 pandemic and the steady recovery inconstruction demand. Meanwhile, we have revised our
performance targets for the fiscal year ending March 31,
2024, the final year of the Medium-Term Management
Plan. This is to reflect changes in the global supply anddemand balance due to the fact that the pandemic lasted
longer than expected. In the construction industry,
deterioration in the business environment, due to such
issues as soaring material prices and labor shortages, led
to delays in construction work and caused a slowdown for
the industry as a whole. However, construction demand iscurrently on the rise. From a long-term perspective, there
are many large-scale projects ahead, such as Expo 2025
Osaka, Kansai, Japan and the opening of an IR (integrated
resort) in Osaka, as well as repair work for the projected
Shinkansen lines and expressways. For this reason, we
set our revised targets to include record-high profits forthe fiscal year ending March 31, 2024. As a direction weshould take, our management vision of “Create new value
through transformation and aim for sustainable growth bybecoming a partner to our customers” and our goal oftransforming into a platform company remain unchanged.

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TAKAMIYA Report 2023

Financial Initiatives
In order to achieve our vision of transforming into aplatform company, we need to refine the functions of ourplatform as necessary. As CFO, I consider raising funds forthese activities to be of utmost importance. Instead ofcapital investments and rental asset investments aimed at
expanding the rental business carried out thus far, going
forward, we will focus our investments on expanding thefunctions of our platform and on DX. In other words, wewill implement investments geared toward transformation,an essential move for us. The main source of theseinvestment funds will be financial institutions. We havebeen meeting with financial institutions, mainly banks, as
often as possible to reiterate our initiatives. Doing so has
enabled all financial institutions with whom we do businessto understand our goals. Having said that, financial
indicators may appear to deteriorate temporarily due tothese fund-raising and investment activities. Therefore, wefeel that it is necessary to formulate an effective financing
plan for the Group and be prepared to execute it at any
time, while considering a wide range of financing
methods, including equity financing. We will continue tomake efforts to explain our vision to our stakeholders.
As for financial indicators for the fiscal year ended
March 31, 2023, the operating income margin was 5.4%
(up 1.2 points year on year), EBITDA was ¥7,393.0 million(up ¥927.0 million), ROA was 3.9% (up 0.5 pt), ROE was
7.6% (up 2.4 pt), and the equity ratio was 31.7% (down 0.1

pt). While each indicator showed improvement, the equity
ratio declined due to an increase in total assets as a resultof fund-raising aimed at platform business expansion. We
expect each indicator to reach the targets for the fiscal
year ending March 31, 2024, the final year of the MediumTerm Management Plan.

Investments and Initiatives in Human
Resources and DX We are Focusing On
Takamiya has always been a people-oriented company. It
goes without saying that the most essential element intransforming our company is the employees who arecarrying out the transformation. We conduct peopleoriented management under the idea that views people as
the driving force that supports the company, and haveactively carried out human capital investments. Each
employee changing the way he or she thinks and acts andtaking initiative will bring about change in the company. I
am confident that if we can achieve this, we will be able tobecome a company that can grow in the VUCA* era even
100 years from now. I believe that DX provides opportunities
for employees to transform themselves and for thecompany to transform itself. We have already several
measures geared toward this. For example, we set
incentives with the aim of promoting DX so that employees
can start carrying out reforms where possible. This is asystem that encourages people who want to and can put
in their best efforts to work even harder, and is also ameasure to further accelerate DX initiatives that areunderway within the Company. It is essential to invest in
DX to improve the convenience of our platform. We also
introduced a system that allows employees to choose

from a variety of workstyles that make it easier for themto put in their best efforts. We enable employees to selecttheir place of work, such as the office or working remotely,
and their working hours, such as a flextime schedule,
according to their stages in life. In addition to this, we also
help them achieve a healthy work-life balance bypromoting childcare leave for both men and women andsupporting the continuation of their work after maternity/
paternity leave. We believe that creating a workplace andwork environment in which all employees can enjoy
opportunities fairly, and fostering a culture in which all
employees are highly motivated to play an active role
based on our Mission Statement of “Love,” will bringTakamiya closer to promoting diversity, achieving
sustainable growth, and transforming our business.
* VUCA: Volatility, Uncertainty, Complexity, Ambiguity

Shareholder Returns
While the PBR (price book-value ratio) has been attracting
attention in recent years, Takamiya’s shares are currently
trading a little above book value. We intend to return
profits to shareholders by continuing to engage in carefuldialogue with market participants and ensuring that themarket’s assessment of us is reflected in our stock price.
While continuing to pay stable dividends, we will endeavor
to increase our corporate value by actively investing in ourtransformation into a platform company.
We are currently in the midst of transforming from aflow business model to a stock-type business model.
Please look forward to the value Takamiya creates as wework to transform our company.

TAKAMIYA Report 2023

39