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 Six Months Ended September 30, 2023
(Based on Japanese GAAP)
November 14, 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
November 14, 2023

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

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 six months ended September 30, 2023 (from April 1, 2023 to September 30, 2023)(1) Consolidated operating results (cumulative)

Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profitowners of parent% Millions of yen% Millions of yen% Millions of yen%(9.0)(277)–(277)–(192)
–
3.7
216
(3.1)
184
18.3
159
34.3

Net sales
Six months ended September 30, 2023
Six months ended September 30, 2022

Millions of yen
3,546
3,895

Earnings per share

Diluted earnings per share

Yen(64.84)53.71

Six months ended September 30, 2023
Six months ended September 30, 2022

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

Net assets

Millions of yen16,444
16,756Equity ratio

Millions of yen
6,971
7,099

%
39.9
39.9

2. Cash dividends
Annual dividends per share
1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Year ended March 31, 2023

Yen–

Yen
0.00

Yen–

Yen
20.00

Yen
20.00

Year ending March 31, 2024

–

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
Full year
8,250
2.2
10 (97.4)
60 (82.4)
60 (81.4)
20.24

1

4. Notes(1) Changes in significant subsidiaries during the six months ended September 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:

No
No

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 September 30, 2023

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

3,027,626 shares

60,181 shares As of March 31, 2023

65,272 shares

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

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

2,964,473 shares Six months ended September 30, 2022

22,960,272 shares

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

As of September 30, 2023

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

569
1,357

Electronically recorded monetary claims - operating
Merchandise and finished goods

439
3,277

220
3,173

Work in process
Raw materials and supplies

1,158
1,106

1,306
995

Other

28

48

7,875

7,670

3,426

3,345

Machinery, equipment and vehicles, net
Other, net

3,851
352

3,653
335

Total property, plant and equipment

7,630

7,334

1210

Other
Allowance for doubtful accounts

1,238
(1)

1,431
(1)

Total investments and other assets

1,237

1,429

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

Intangible assetsInvestments and other assets

Total non-current assets
Total assets

38,881

8,774

16,756

16,444

(Millions of yen)
As of March 31, 2023

As of September 30, 2023

Liabilities
Current liabilities
Notes and accounts payable - trade

660

489

295
3,150

308
3,300

Current portion of long-term borrowings
Income taxes payable

552
31579
20

Provision for bonuses
Provision for business restructuring

162
35

159
34

Asset retirement obligations
Other14460

13639

Total current liabilities

5,363

5,544

Non-current liabilities
Long-term borrowings3,711

3,397

Retirement benefit liability
Asset retirement obligations

578
4527
4

Total non-current liabilities

4,293

3,928

9,656

9,473

Shareholders' equity
Share capital

3,443

3,443

Capital surplus
Retained earnings

402
2,556

402
2,302

Electronically recorded obligations - operating
Short-term borrowings

Total liabilities
Net assets

Treasury shares

(117)

(108)

Total shareholders' equity

6,284

6,040

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

333
102

433
122

Remeasurements of defined benefit plans(43)(37)

Total accumulated other comprehensive income

393

518

422

412

Accumulated other comprehensive income

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

47,0996,971

16,756

16,444Consolidated statements of income (cumulative) and consolidated statements of comprehensive income(cumulative)
Consolidated statements of income (cumulative)(Millions of yen)Six months ended

Six months ended

September 30, 2022

September 30, 2023

Net sales
Cost of sales

3,895
3,145

3,546
3,263

Gross profit

749

282

Selling, general and administrative expenses

533559Operating profit (loss)

216(277)

Interest income
Dividend income

015013

Share of profit of entities accounted for using equity method
Subsidies for employment adjustment–75–

Non-operating income

Other

3

8

Total non-operating income

2627

Interest expenses
Share of loss of entities accounted for using equity method21421–

Loss on suspension of production
Other

255–
6

Total non-operating expenses

5728184(277)Gain on sale of non-current assets

4–

Total extraordinary income

4–81Non-operating expenses

Ordinary profit (loss)
Extraordinary income

Extraordinary losses
Loss on retirement of non-current assets
Total extraordinary losses

81

Profit (loss) before income taxes

180(279)

Income taxes - current

42

2Income taxes - deferred7(79)Total income taxes

49(77)

Profit (loss)

131(201)

Loss attributable to non-controlling interests

(27)

(9)

Profit (loss) attributable to owners of parent

159(192)5

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

Profit (loss)
Other comprehensive income

Six months endedSix months ended

September 30, 2022

September 30, 2023
131(201)

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

35
999
5

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

21

20

Total other comprehensive income

66

125

198

(76)

225

(66)

(27)

(9)

Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests6