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 Year Ended March 31, 2024
(Based on Japanese GAAP)May 15, 2024
Company name:Titan Kogyo,Ltd.

Stock exchange listing: Tokyo
Stock code:
4098
Representative:
Inquiries:

URL

http://www.titankogyo.co.jp

President
DirectorYasuo Inoue
Atsushi Nishida

Scheduled date of ordinary general meeting of shareholders:
Scheduled date to file Securities Report:

June 26, 2024
June 26, 2024

Scheduled date to commence dividend payments:
Preparation of supplementary material on financial results:

June 27, 2024
No

Holding of financial results meeting:

NoTEL

0836-31-4155(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the year ended March 31, 2024 (from April 1, 2023 to March 31, 2024)(1) Consolidated operating results
Percentages indicate year-on-year changes
Profit attributable toNet sales
Operating profitOrdinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Year ended March 31, 2024
7,953
(1.4)
(726)
–(667)–(1,680)–Year ended March 31, 2023
8,070
(1.0)
385
3.3
341
18.5
322
21.7

Earnings per share

Profit attributable toOrdinary profit/total Operating profit/net
owners ofassets
sales
parent/equity
Yen%%%–(28.8)
(4.2)
(9.1)
–
5.0
2.1
4.8

Diluted earnings pershare

Yen(566.58)
109.05

Year ended March 31, 2024
Year ended March 31, 2023
(2) Consolidated financial position

Total assets
As of March 31, 2024
As of March 31, 2023

Net assets

Equity ratio

Millions of yen
14,882
16,756

Millions of yen
5,495
7,099

Cash flows fromoperating activities
Millions of yen
728
(204)

Cash flows frominvesting activities
Millions of yen
187
(180)

Net assets per share%
33.5
39.9

Yen
1,681.11
2,254.19(3) Consolidated cash flows

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

Cash flows from
Cash and cash equivalents
at end of period
financing activities
Millions of yen
Millions of yen(512)
785
216
382

2. Cash dividends
Annual dividends per share
1st quarter-end 2nd quarter-end 3rd quarter-end Fiscal year-end

Year ended March 31, 2023
Year ended March 31, 2024
Year ending March 31, 2025
(Forecast)of dividends
Total cash
Dividend payout Ratio
to net assets
dividends (Total) ratio (Consolidated) (Consolidated)

Total

Yen

Yen

Yen

Yen

Yen

Millions of yen

%%

–
–

0.00
0.00

–
–

20.00
10.00

20.00
10.00

59
29

18.3
–

0.9
0.5

–

0.00

–

10.00

10.00

112.9

3. Forecast of consolidated financial results for the year ending March 31, 2025 (from April 1, 2024 to March 31, 2025)
Net sales
Millions of yen
Six months ending
September 30, 2024
Full year

Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
Earnings per shareowners of parent% Millions of yen% Millions of yen% Millions of yen%Yen

3,800

7.2

(200)

–(210)

–

20

–

6.74

8,500

6.9

80

–

60

–

230

–

77.51

4. Notes(1) Changes in significant subsidiaries during the year ended March 31, 2024
(changes in specified subsidiaries resulting in the change in scope of consolidation):No(2) 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:No
Changes in accounting policies due to other reasons:
Changes in accounting estimates:

No
No

Restatement of prior period financial statements:

No(3) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2024

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

3,027,626 shares

60,254 shares As of March 31, 2023

65,272 shares

2,965,941 shares Year ended March 31, 2023

2,961,348 shares

Number of treasury shares at the end of the period
As of March 31, 2024
Average number of shares during the period
Year ended March 31, 20242

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

As of March 31, 2024

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade402
1,463

785
1,999

Electronically recorded monetary claims - operating
Merchandise and finished goods

439
3,277

359
2,695

Work in process
Raw materials and supplies

1,158
1,106

961
853

Other

28

26

7,875

7,681

3,426

3,255

3,851
231

2,700
231

9111

13
71

7,630

6,272

Intangible assets
Investments and other assets

127

Investment securities
Deferred tax assets

945
164

806
3

Other
Allowance for doubtful accounts

129
(1)

112
(1)

Total investments and other assets

1,237

920

8,881

7,201

16,756

14,882

Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Machinery, equipment and vehicles, net
LandConstruction in progress
Other, net
Total property, plant and equipment

Total non-current assets
Total assets3

(Millions of yen)
As of March 31, 2023

As of March 31, 2024

Liabilities
Current liabilities
Notes and accounts payable - trade

660

812

295
3,150

241
3,250

Current portion of long-term borrowings
Income taxes payable

552
31

590
69

Provision for bonuses
Provision for business restructuring

162
35

156
–

Asset retirement obligations
Other14460–
656

Total current liabilities

5,363

5,776

Non-current liabilities
Long-term borrowings

3,711

3,120–
578

8476

Electronically recorded obligations - operating
Short-term borrowings

Deferred tax liabilities
Retirement benefit liability
Asset retirement obligations

44

Total non-current liabilities

4,293

3,609

9,656

9,386

Share capital
Capital surplus

3,443
402

3,443
402

Retained earnings
Treasury shares

2,556
(117)

809
(108)

Total shareholders' equity

6,284

4,546

Total liabilities
Net assets
Shareholders' equity

Accumulated other comprehensive incomeValuation difference on available-for-sale securities

333

475

Foreign currency translation adjustment
Remeasurements of defined benefit plans

102(43)–(33)

Total accumulated other comprehensive income

393

442

422

507

7,099

5,495

16,756

14,882

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

4Consolidated statements of income and consolidated statements of comprehensive income
Consolidated statements of income(Millions of yen)
Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Net sales

8,070

7,953

Cost of sales6,620

7,593

Gross profit

1,450

360

Selling, general and administrative expenses

1,064

1,087385(726)Operating profit (loss)
Non-operating income
Interest income

00

Dividend income
Share of profit of entities accounted for using equity method

25–

25
5

Foreign exchange gains
Subsidies for employment adjustment

0874–

Other

32

22

Total non-operating income

67

128

Interest expenses
Share of loss of entities accounted for using equity method

43
142–

Loss on sale of electronically recorded monetary claims
Loss on suspension of production533

7–Other27

19

Total non-operating expenses

112

69

Non-operating expenses

Ordinary profit (loss)

341

(667)

Extraordinary income
Gain on sale of non-current assets

4–

Total extraordinary income

4–

18

6

Impairment losses
Loss on sale of shares of subsidiaries and associates

52–

739
34

Business restructuring expenses

35–

Total extraordinary losses

106

780

Profit (loss) before income taxes

239(1,448)

Income taxes - current

33

54

Income taxes - deferred

(137)

92

Total income taxes

(103)

146

Profit (loss)

342(1,595)

Profit attributable to non-controlling interests

1985

Profit (loss) attributable to owners of parent

322(1,680)

Extraordinary losses
Loss on retirement of non-current assets

5Consolidated statements of comprehensive income(Millions of yen)

Profit (loss)
Other comprehensive income

Fiscal year ended

Fiscal year ended

March 31, 2023

March 31, 2024
342

(1,595)

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

824141
10

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

3(102)

Total other comprehensive income

8948

432

(1,546)412(1,631)

1985

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

6Consolidated statements of changes in equity
Fiscal year ended March 31, 2023
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning ofperiod

Capital surplus

3,443

Retained earnings
402

Total shareholders'equity

Treasury shares

2,287

(101)

6,031

Changes during period
Dividends of surplus

(53)

(53)

Profit (loss) attributableto owners of parent

322

322

Purchase of treasury
shares
Disposal of treasury
shares(0)

Transfer of loss on
disposal of treasury
shares

0(23)

(23)

77(0)

–

Net changes in items
other than shareholders'equity–Total changes during
periodBalance at end of period––

268(15)

253

3,443

402

2,556(117)6,284

Accumulated other comprehensive income

Balance at beginning ofperiod

Valuation difference
on available-for-salesecurities

Foreign currencytranslation
adjustment

Remeasurements ofdefined benefit
plans

Total accumulated
othercomprehensive
income251

99(48)

303

Non-controllinginterests

402

Total net assets

6,737

Changes during period
Dividends of surplus(53)

Profit (loss) attributableto owners of parent

322

Purchase of treasury
shares(23)

Disposal of treasury
shares7

Transfer of loss on
disposal of treasury
shares–Net changes in items
other than shareholders'equity

82

3489

19109

Total changes during
period

82

3489

19362

Balance at end of period

333

102(43)

393

422

7,099

7Fiscal year ended March 31, 2024
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning ofperiod

Capital surplus

3,443

Retained earnings
402

Total shareholders'equityTreasury shares

2,556

(117)

6,284

Changes during period
Dividends of surplus

(59)

(59)

Profit (loss) attributableto owners of parent(1,680)(1,680)Purchase of treasury
shares
Disposal of treasury
shares(2)

Transfer of loss on
disposal of treasury
shares2

Change in scope ofequity method

(0)

(0)

97(2)

–

(5)

(5)

Net changes in items
other than shareholders'equity–Total changes during
periodBalance at end of period––(1,747)

9(1,738)

3,443

402

809

(108)

4,546

Accumulated other comprehensive income

Balance at beginning of
periodValuation difference
on available-for-salesecurities

Foreign currencytranslation
adjustment

Remeasurements ofdefined benefit
plans

Total accumulated
othercomprehensive
income333102(43)393

Non-controllinginterests

422

Total net assets

7,099

Changes during period
Dividends of surplus(59)

Profit (loss) attributableto owners of parent(1,680)Purchase of treasury
shares(0)

Disposal of treasury
shares7

Transfer of loss on
disposal of treasury
shares–Change in scope ofequity method(5)

Net changes in items
other than shareholders'equity141(102)104885134

Total changes during
period141(102)104885(1,603)

Balance at end of period

475

–(33)

442

507

5,495

8

Consolidated statements of cash flows(Millions of yen)

Cash flows from operating activities
Profit (loss) before income taxes

Fiscal year ended

Fiscal year ended

March 31, 2023

March 31, 2024
239

(1,448)Depreciation
Impairment losses

857
52785
739

Increase (decrease) in retirement benefit liability
Retirement benefit expenses

(10)
(3)

(106)
10

Increase (decrease) in provision for bonuses
Increase (decrease) in provision for business restructuring

(0)
35(5)
(35)

Interest and dividend income
Interest expenses(26)
43(25)
42–

(73)

1(5)

–

34

Decrease (increase) in trade receivables
Decrease (increase) in inventories

426(1,459)

(456)
1,031

Increase (decrease) in trade payables
Other, net

(213)
(65)

97
171

Subtotal

(122)

755

Interest and dividends received
Interest paid

26(44)

25(42)

Foreign exchange losses (gains)Share of loss (profit) of entities accounted for using equity
methodLoss (gain) on sale of shares of subsidiaries and associates

Income taxes paid

(64)

(10)

Net cash provided by (used in) operating activities

(204)

728

Payments into time deposits
Proceeds from withdrawal of time deposits

(20)
10

–
20

Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment(185)
13(106)––
2278
8

Cash flows from investing activities

Proceeds from sale of shares of subsidiaries and associates
Proceeds from collection of loans receivable
Other, net

–(14)

(180)

187

Proceeds from short-term borrowings
Repayments of long-term borrowings

800(506)

100(552)

Purchase of treasury shares
Dividends paid

(23)
(53)

(0)
(59)

Net cash provided by (used in) financing activities

216

(512)

Effect of exchange rate change on cash and cash equivalents(0)0

Net increase (decrease) in cash and cash equivalents

(168)

403

Cash and cash equivalents at beginning of period

551

382

Cash and cash equivalents at end of period

382

785

Net cash provided by (used in) investing activities
Cash flows from financing activities

9