Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail.

July 31, 2024

Consolidated Financial Results
for the Three Months Ended June 30, 2024
(Under Japanese GAAP)
Company name:TOMOKU CO., LTD.
Listing:
Tokyo Stock Exchange / Sapporo Securities Exchange
Securities code:
3946
URL:
https://www.tomoku.co.jp/english/
Representative:
Mitsuo Nakahashi, Representative Director, President & Chief Executive Officer
Inquiries:
Yoshito Yamaguchi, Director, Senior Managing Executive OfficerTelephone:+81-3-3213-6811
Scheduled date to commence dividend payments:―
Preparation of supplementary material on financial results:
None
Holding of financial results briefing:
None(Yen amounts are rounded down to millions, unless otherwise noted.)1.

Consolidated financial results for the three months ended June 30, 2024 (from April 1, 2024 to June 30, 2024)(1) Consolidated operating results (cumulative)
Net sales
Three months ended(Percentages indicate year-on-year changes.)

Operating profit

Millions of yenProfit attributable toowners of parent

Ordinary profit%

Millions of yen%

Millions of yen%

Millions of yen%

June 30, 2024

49,372

1.6818

33.1

1,093

1.667013.3

June 30, 2023

48,592

(1.1)

614

―

1,076

129.9

591

55.0

Note:

Comprehensive income

For the three months ended June 30, 2024:
For the three months ended June 30, 2023:

Basic earnings
per share
Three months ended¥1,022 million¥1,670 million[(38.8)%][74.0%]

Diluted earnings
per share
Yen

Yen

June 30, 2024

40.81

―

June 30, 2023

36.03―(2) Consolidated financial position
Total assets
As ofNet assets

Equity-to-asset ratio

Millions of yen

Millions of yen

June 30, 2024

211,71389,645

42.1

March 31, 2024

213,366

89,203

41.5

Reference:

EquityAs of June 30, 2024:
As of March 31, 2024:¥89,049 million¥88,623 million%

2.

Cash dividends
Annual dividends per share
1st quarter-end

Fiscal year ended
March 31, 2024
Fiscal year ending
March 31, 2025

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen

Yen

Yen

Yen

Yen

―35.00

―

35.00

70.00

45.00―

45.00

90.00

―

Fiscal year ending
March 31, 2025 (Forecast)
Note:

3.

Total

Revisions to the forecast of cash dividends most recently announced: None

Consolidated financial results forecast for the fiscal year ending March 31, 2025 (from April 1, 2024 to March 31, 2025)(Percentages indicate year-on-year changes.)

Net sales
Millions of yen

Operating profit

Profit attributable toowners of parent

Ordinary profit% Millions of yen% Millions of yen% Millions of yen

Basicearnings pershare%Yen

Six months ending
September 30, 2024

108,500

6.0

3,200

3.13,300(7.3)

2,000(9.8)

121.67Full year

226,000

6.8

10,30027.8

10,400

20.7

7,000

31.9

425.83

Note:

Revision to the financial results forecast most recently announced: None

*Notes(1) Significant changes in the scope of consolidation during the period: None
(2) Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements: None
(3) Changes in accounting policies, changes in accounting estimates, and restatement(i)
Changes in accounting policies due to revisions to accounting standards and other regulations: None(ii) Changes in accounting policies due to other reasons: None(iii) Changes in accounting estimates: None(iv) Restatement: None(4) Number of issued shares (common shares)
(i)

(ii)

(iii)

Total number of issued shares at the end of the period (including treasury shares)
As of June 30, 2024

19,341,568 shares

As of March 31, 2024

19,341,568 shares

Number of treasury shares at the end of the period
As of June 30, 2024

2,903,254 shares

As of March 31, 2024

2,903,009 shares

Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year)
Three months ended June 30, 2024

16,438,417 shares

Three months ended June 30, 2023

16,428,427 shares* Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified publicaccountants or an audit firm: None
* Proper use of earnings forecasts, and other special matters
The forward-looking statements in this document are based on information available to the Company as of the date of disclosureof this document, and actual results may differ from these forecasts due to various factors in the future.

Table of contents of the attached materials
1. Summary of Business Results............................................................................................................................... 2(1) Summary of Business Results for the Current Quarter...................................................................................... 2(2) Summary of Financial Condition for the Current Quarter................................................................................. 2(3) Explanation of Consolidated Financial Results Forecast and Other Forward-Looking Statements................. 2
2. Quarterly Consolidated Financial Statements and Principal Notes....................................................................... 3(1) Quarterly Consolidated Balance Sheets ............................................................................................................ 3(2) Quarterly Consolidated Statements of Income and Comprehensive Income.................................................... 5(3) Notes on the quarterly consolidated financial statements.................................................................................. 7(Segment information, etc.)............................................................................................................................... 7(Notes on significant changes in the amount of shareholders’ equity).............................................................. 8(Notes on premise of going concern)................................................................................................................ 8(Notes on Statement of Cash Flows)................................................................................................................. 81

1. Summary of Business Results(1) Summary of Business Results for the Current QuarterIn the first quarter of the fiscal year under review, Japan's economy recovered moderately, with signs ofimprovement in capital investment and production, while consumer prices rose moderately and personalconsumption stalled. However, the outlook remained uncertain, with raw material and energy prices remaining
high, prices rising due to the depreciation of the yen, and the global situation becoming more tense.
For the first quarter of the fiscal year under review, net sales were 49,372 million yen (up 1.6% year-on-year),
operating profit was 818 million yen (up 33.1% year-on-year), ordinary profit was 1,093 million yen (up 1.6%year-on-year), and profit attributable to owners of parent was 670 million yen (up 13.3% year-on-year).
The results of each segment are as follows.
〔Corrugated Cardboard〕
Domestic demand for corrugated cardboard remained at the same level as the previous year, amid continued pricehikes, especially for food products, and signs of stagnation in the improvement of consumer sentiment. In theGroup's Domestic Corrugated Cardboard Division, sales of corrugated cardboard for fruits and vegetables andmail-order home delivery decreased year-on-year, while sales for processed foods, a mainstay of the Group, wereslightly higher than the previous year, with production volume remaining at the same level as the previous year. Inthe Overseas Corrugated Cardboard Division, production volume increased year-on-year due to the effects offacility expansion by Southland Box Company in the U.S. and the recovery trend in the Vietnamese economy,resulting in sales in Japan and overseas combined exceeding those of the previous year. In addition, the impact offoreign exchange also contributed positively.
As a result, net sales in the Corrugated Cardboard segment were 30,325 million yen (up 2.2% year-on-year) andoperating profit was 1,907 million yen (up 10.1% year-on-year).
〔Housing〕
In the housing market, the number of new housing starts for owner-occupied houses and single-family houses forsale continued to decline from a year earlier. In the Group's Housing Division, the number of houses sold by bothSweden House Co., Ltd. and Tamazen Co., Ltd. decreased year-on-year due to factors such as rising housing prices
against the backdrop of soaring material prices and increased labor costs, although the number of visitors to theexhibition hall increased.
As a result, net sales in the Housing Division were 8,441 million yen (down 3.2% year-on-year). In terms ofprofits, operating loss was 1,265 million yen (compared to an operating loss of 1,348 million yen in the same
period of the previous fiscal year) due to the low ratio of net sales in the first half of the year to annual net sales.
〔Transportation and Logistics〕
In the Transportation and Logistics Division of the Group, while we continue to optimize logistics costs, we haveseen an increase in handling volume due to the establishment of new logistics centers and the delegation oflogistics operations, as well as efforts to provide relay transport between the Kanto and Kansai regions through theChubu area in response to the 2024 logistics problem. In terms of profits, due to factors such as an increase inpreparation costs for the operation of new centers, net sales in the Transportation and Logistics Division were
10,604 million yen (up 4.0% year-on-year), while operating profit was 427 million yen (down 2.1% year-on-year).
(2) Summary of Financial Condition for the Current Quarter
Total assets at the end of the first quarter of the consolidated accounting period decreased by ¥1,652 million fromthe end of the previous fiscal year to ¥211,713 million due to a decrease in cash and deposits, despite increases innotes and accounts receivable-trade, and contract assets, inventories, etc. Liabilities decreased by ¥2,093 million
year from the end of the previous fiscal year to ¥122,068 million due to decreases in income taxes payable,provision for bonuses, etc., despite an increase in short-term borrowings. Net assets increased by 441 million yen
from the end of the previous fiscal year to 89,645 million yen due to factors such as an increase in foreign currencytranslation adjustment.
(3) Explanation of Consolidated Financial Results Forecast and Other Forward-Looking Statements
Based on the results of the first quarter consolidated cumulative period, the consolidated earnings forecast for thesecond quarter (cumulative) and the full year has not been changed as we continue to strive to achieve the earnings
forecast announced on May 8, 2024.

22. Quarterly Consolidated Financial Statements and Principal Notes(1) Quarterly Consolidated Balance Sheets(Millions of yen)
As of March 31, 2024

As of June 30, 2024

AssetsCurrent assets
Cash and deposits

18,125

12,52531,22233,257

8,620

9,026

Inventories

27,66029,902

Other

8,143

6,995

(12)

(12)

93,75991,695

Buildings and structures, net

36,26336,278

Machinery, equipment and vehicles, net

19,885

19,588Land

36,83037,267

Other, net

3,371

3,546

Total property, plant and equipment

96,35096,6801,051

958

Investment securities12,047

11,841Other

10,455

10,804

Allowance for doubtful accounts

(298)

(267)

Total investments and other assets

22,204

22,379119,606

120,018

213,366

211,713

Notes and accounts receivable - trade, and contract
assetsElectronically recorded monetary claims operating

Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment

Intangible assets
Investments and other assets

Total non-current assets
Total assets3

(Millions of yen)
As of March 31, 2024

As of June 30, 2024

Liabilities
Current liabilities
Notes and accounts payable - trade23,51821,905

Short-term borrowings

13,511

15,725Current portion of long-term borrowings

12,11013,139

Income taxes payable

1,958

351

Provision for bonuses

2,059

1,007

300

188

Other

13,033

13,598

Total current liabilities

66,491

65,917Long-term borrowings

47,35545,696Retirement benefit liability

3,083

3,072

Other

7,232

7,382

Total non-current liabilities

57,671

56,151

124,162

122,068

Share capital

13,66913,669

Capital surplus

11,284

11,047Retained earnings

59,09059,421

Treasury shares(4,185)(4,186)

Total shareholders’ equity

79,85879,952

Valuation difference on available-for-sale securities

4,178

4,025

Foreign currency translation adjustment

1,909

2,473

Remeasurements of defined benefit plans

2,677

2,596

Total accumulated other comprehensive income

8,765

9,096

579

595

89,20389,645

213,366

211,713

Other provisions

Non-current liabilities

Total liabilities
Net assets
Shareholders’ equity

Accumulated other comprehensive income

Non-controlling interests
Total net assets
Total liabilities and net assets4(2) Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income
First Quarter Consolidated Cumulative Period(Millions of yen)Three months ended
June 30, 2023

Three months ended
June 30, 2024

Net sales

48,592

49,372

Cost of sales

41,363

41,524Gross profit

7,229

7,847

Selling, general and administrative expenses

6,614

7,029

614

818

Interest and dividend income

107

130

Foreign exchange gains

333

165

Miscellaneous income

173

135

Total non-operating income

614

431

Interest expenses

108

120

Miscellaneous losses

44

34

Total non-operating expenses

152

155

1,076

1,093

Loss on disposal of non-current assets

35

8

Impairment losses

57

Other0–Total extraordinary losses

40

16

1,036

1,077

Income taxes - current

379

302

Income taxes - deferred

56

86

Total income taxes

436

389

Profit599

688

817591

670

Operating profit
Non-operating income

Non-operating expenses

Ordinary profit
Extraordinary losses

Profit before income taxes

Profit attributable to non-controlling interests
Profit attributable to owners of parent5

Quarterly Consolidated Statements of Comprehensive Income
First Quarter Consolidated Cumulative Period(Millions of yen)Three months ended
June 30, 2023
ProfitThree months ended
June 30, 2024
599

688

Valuation difference on available-for-sale securities

484

(149)

Foreign currency translation adjustment

625

564

Remeasurements of defined benefit plans, net of tax

(38)

(81)

1,070

334

1,670

1,022

Comprehensive income attributable to owners of parent

1,657

1,001

Comprehensive income attributable to non-controllinginterests

1320

Other comprehensive income

Total other comprehensive income
Comprehensive income(Comprehensive income attributable to)6(3) Notes on the quarterly consolidated financial statements(Segment information, etc.)
Ⅰ.Three months ended June 30, 2023 (from April 1, 2023 to June 30, 2023)
Information on net sales and profit or loss by reportable segment(Millions of yen)
Reportable segments

CorrugatedCardboard

Transportation andLogistics

Housing

Total

Amountrecorded
Adjustments in Consolidated
Statements of(Note 1)
Income(Note 2)

Net sales
Net sales toexternal customers

29,667

8,724

10,20048,592―

48,592

Intersegment sales
or transfers

123

1,404

1,419(1,419)

―

Total

29,6798,727

11,60450,012(1,419)48,592

Segment profit(loss)

1,733(1,348)

436

821

(206)

614

(Notes) 1. The adjustment amount for segment profit of (206) million yen includes elimination of intersegment
transactions of 35 million yen, and corporate expenses not allocated to reportable segments of (242)
million yen.
Corporate expenses are mainly general and administrative expenses that are not attributable to reportablesegments.
2. Segment income (loss) is adjusted to reflect operating profit as recorded in the quarterly consolidated
income statement.
Ⅱ.Three months ended June 30, 2024 (from April 1, 2024 to June 30, 2024)
Information on net sales and profit or loss by reportable segment(Millions of yen)
Reportable segments

CorrugatedCardboard

Transportationand Logistics

Housing

Total

Adjustments(Note 1)

AmountrecordedinConsolidated
Statements ofIncome(Note 2)

Net sales
Net sales toexternal customers

30,3258,441

10,60449,372―

49,372

Intersegment sales
or transfers

163

1,511

1,531

(1,531)―

Total

30,342

8,445

12,11550,903(1,531)

49,372

Segment profit(loss)

1,907(1,265)427

1,069(251)818

7

(Notes) 1. The adjustment amount for segment profit of (251) million yen includes elimination of intersegment
transactions of 34 million yen, and corporate expenses not allocated to reportable segments of (285)million yen.
Corporate expenses are mainly general and administrative expenses that are not attributable to reportablesegments.
2. Segment income (loss) is adjusted to reflect operating profit as recorded in the quarterly consolidated
income statement.
(Notes on significant changes in the amount of shareholders’ equity)
None(Notes on premise of going concern)None(Notes on Statement of Cash Flows)
The Company has not prepared a consolidated quarterly statement of cash flows for the three months ended June30, 2024. Depreciation and amortization (including amortization related to intangible assets excluding goodwill)
for the three months ended June 30, 2024 is as follows.
Previous term
(From April 1, 2023
to June 30, 2023)(million yen)

Current term
(From April 1, 2024
to June 30, 2024)(million yen)

1,785

1,920

Depreciation and amortization

8