Translation
Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any
discrepancy between this translated document and the original Japanese document, the latter shall prevail.

Summary of Consolidated Financial Results
for the Three Months Ended June 30, 2023
(Based on Japanese GAAP)
August 10, 2023
Company name:Titan Kogyo,Ltd.
Stock exchange listing: Tokyo
Stock code:
Representative:

4098
President

URL

http://www.titankogyo.co.jp
Yasuo Inoue

Inquiries:
Director
Scheduled date to file Quarterly Securities Report:

Atsushi Nishida
August 10, 2023

Scheduled date to commence dividend payments:
Preparation of supplementary material on quarterly financial results:–No

Holding of quarterly financial results meeting:

NoTEL

0836-31-4155(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the three months ended June 30, 2023 (from April 1, 2023 to June 30, 2023)(1) Consolidated operating results (cumulative)

Three months ended June 30, 2023
Three months ended June 30, 2022

Percentages indicate year-on-year changes
Profit attributable toNet sales
Operating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
1,931 (13.8)
(39)
–(37)
–(26)
–2,239
18.8
185
28.4
190
94.7
136 125.2
Earnings per share

Diluted earnings per share

Yen(8.95)
45.97

Three months ended June 30, 2023
Three months ended June 30, 2022

Yen––(2) Consolidated financial position
Total assets
As of June 30, 2023
As of March 31, 2023

Net assets

Millions of yen
16,554
16,756Equity ratio

Millions of yen
7,1047,099%
40.4
39.9

2. Cash dividends
Annual dividends per share

Year ended March 31, 2023
Year ending March 31, 2024

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––

Yen
0.00

Yen–

Yen
20.00

Yen
20.00

0.00

–

20.00

20.00

Year ending March 31, 2024 (Forecast)Total

3. Forecast of consolidated financial results for the year ending March 31, 2024 (from April 1, 2023 to March 31, 2024)
Percentages indicate year-on-year changes
Profit attributable toNet sales
Operating profit
Ordinary profit
Earnings per shareowners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Yen
Six months ending
4,300
10.4
50 (76.9)
40 (78.4)
10 (93.7)
3.38
September 30, 2023
Full year
9,800
21.4
300 (22.1)
270 (20.8)
150 (53.6)
50.64

1

4. Notes(1) Changes in significant subsidiaries during the three months ended June 30, 2023
(changes in specified subsidiaries resulting in the change in scope of consolidation):No(2) Application of special accounting methods for preparing quarterly consolidated financial statements:

No(3) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
Changes in accounting policies due to revisions to accounting standards and other regulations:
Changes in accounting policies due to other reasons:

NoNo

Changes in accounting estimates:
Restatement of prior period financial statements:

NoNo(4) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of June 30, 2023

3,027,626 shares As of March 31, 2023

3,027,626 shares

65,278 shares As of March 31, 2023

65,272 shares

Number of treasury shares at the end of the period
As of June 30, 2023

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Three months ended June 30, 2023

2,962,349 shares Three months ended June 30, 2022

2

2,960,247 shares

Quarterly consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of March 31, 2023

As of June 30, 2023

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade

402
1,463

596
1,322Electronically recorded monetary claims - operating
Merchandise and finished goods

439
3,277

283
3,335

Work in process
Raw materials and supplies

1,158
1,106

1,149
1,037

Other

28

37

7,875

7,762

3,426

3,386

Machinery, equipment and vehicles, net
Other, net

3,851
352

3,713
347

Total property, plant and equipment

7,630

7,447

1211

Other
Allowance for doubtful accounts

1,238
(1)

1,333
(1)

Total investments and other assets

1,237

1,332

Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net

Intangible assets
Investments and other assets

Total non-current assets
Total assets

38,881

8,791

16,756

16,554

(Millions of yen)
As of March 31, 2023

As of June 30, 2023

Liabilities
Current liabilities
Notes and accounts payable - trade

660

694

295
3,150

271
3,250

Current portion of long-term borrowings
Income taxes payable

552
31

505
10

Provision for bonuses
Provision for business restructuring

162
35

49
34

Asset retirement obligations
Other14460

14472

Total current liabilities

5,363

5,301

Non-current liabilities
Long-term borrowings

3,711

3,569

Retirement benefit liability
Asset retirement obligations

578
4573
4

Total non-current liabilities

4,293

4,147

9,656

9,449

Shareholders' equity
Share capital

3,443

3,443

Capital surplus
Retained earnings

402
2,556

402
2,470

Electronically recorded obligations - operating
Short-term borrowings

Total liabilities
Net assets

Treasury shares

(117)

(117)

Total shareholders' equity

6,284

6,198

Valuation difference on available-for-sale securities
Foreign currency translation adjustment

333
102

410
112

Remeasurements of defined benefit plans

(43)

(40)

Total accumulated other comprehensive income

393

482

422

422

Accumulated other comprehensive income

Non-controlling interests
Total net assets
Total liabilities and net assets

47,0997,104

16,756

16,554

Consolidated statements of income (cumulative) and consolidated statements of comprehensive income(cumulative)
Consolidated statements of income (cumulative)(Millions of yen)Three months ended

Three months ended

June 30, 2022

June 30, 2023

Net sales
Cost of sales

2,239
1,785

1,931
1,700

Gross profit

454

230

Selling, general and administrative expenses

268270Operating profit (loss)

185(39)Interest income
Dividend income

015013

Share of profit of entities accounted for using equity method
Other

1203

Total non-operating income

1917101033

Non-operating income

Non-operating expenses
Interest expenses
Other

1414

Ordinary profit (loss)

Total non-operating expenses

190(37)

Profit (loss) before income taxes

190(37)

Income taxes - current
Income taxes - deferred

5370(11)

Total income taxes

43(11)

Profit (loss)

147(25)

Profit attributable to non-controlling interests

100Profit (loss) attributable to owners of parent

136(26)

5

Consolidated statements of comprehensive income (cumulative)(Millions of yen)

Profit (loss)
Other comprehensive income

Three months ended

Three months ended

June 30, 2022

June 30, 2023
147

(25)

Valuation difference on available-for-sale securities
Remeasurements of defined benefit plans, net of tax

21476
2

Share of other comprehensive income of entities accounted
for using equity method

2110Total other comprehensive income

4889

19563184

63

100

Comprehensive incomeComprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

6