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, 2022
(Based on Japanese GAAP)
November 14, 2022
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, 2022

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, 2022 (from April 1, 2022 to September 30, 2022)(1) Consolidated operating results (cumulative)
Net sales
Six months ended September 30, 2022
Six months ended September 30, 2021

Millions of yen
3,895
3,757

Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
owners of parent% Millions of yen% Millions of yen% Millions of yen%
3.7
216(3.1)
184
18.3
159
34.3
38.1
223
–
156–
118
–

Earnings per share

Diluted earnings per share

Yen
53.71
39.31

Six months ended September 30, 2022
Six months ended September 30, 2021

Yen––(2) Consolidated financial position
Total assets
As of September 30, 2022
As of March 31, 2022

Net assets

Millions of yen
17,171
16,372Equity ratioMillions of yen
6,865
6,737%
37.8
38.7

2. Cash dividends
Annual dividends per share

Year ended March 31, 2022
Year ending March 31, 2023

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––

Yen
0.00
0.00

Yen–

Yen
18.00

Yen
18.00

–

20.00

20.00

Year ending March 31, 2023 (Forecast)Total

3. Forecast of consolidated financial results for the year ending March 31, 2023 (from April 1, 2022 to March 31, 2023)
Percentages indicate year-on-year changes
Profit attributable toNet sales
Operating profitOrdinary profit
Earnings per shareowners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Yen
Full year
8,600
5.5
380
1.8
320
11.2
280
5.5
94.59

1

4. Notes(1) Changes in significant subsidiaries during the six months ended September 30, 2022
(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 September 30, 2022

3,027,626 shares As of March 31, 2022

3,027,626 shares

65,165 shares As of March 31, 2022

56,793 shares

Number of treasury shares at the end of the period
As of September 30, 2022

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Six months ended September 30, 2022

2,960,272 shares Six months ended September 30, 2021

23,012,398 shares

Quarterly consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of March 31, 2022

As of September 30, 2022

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade

561
1,529

655
1,127

Electronically recorded monetary claims - operating
Merchandise and finished goods

798
2,631

775
3,434

873
577

1,039951

Work in process
Raw materials and supplies
Other

2358

6,996

8,041

3,604

3,514

Machinery, equipment and vehicles, net
Other, net

4,349
383

4,153
392

Total property, plant and equipment

8,338

8,060

18

15

Other
Allowance for doubtful accounts

1,021
(1)

1,056
(1)

Total investments and other assets

1,020

1,054

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

Intangible assets
Investments and other assets

Total non-current assets

9,376

9,130

16,372

17,171

699

980

285
2,350

322
2,950

Current portion of long-term borrowings
Income taxes payable

506
67

582
64

Provision for bonuses
Other

162
710

163
699

Total current liabilities

4,783

5,763

Non-current liabilities
Long-term borrowings

4,264

3,976

Retirement benefit liability
Asset retirement obligations

584
3562
4

Total non-current liabilities

4,852

4,542

9,635

10,306

Total assets
Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operatingShort-term borrowings

Total liabilities

3

(Millions of yen)
As of March 31, 2022

As of September 30, 2022

Net assets
Shareholders' equity
Share capital

3,443

3,443

Capital surplus
Retained earnings

402
2,287

402
2,392

Treasury shares

(101)

(117)

Total shareholders' equity

6,031

6,120

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

251
99

287
120

Remeasurements of defined benefit plans

(48)

(38)

Total accumulated other comprehensive income

303

370

402

374

6,737

6,865

16,372

17,171

Accumulated other comprehensive income

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

4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, 2021

September 30, 2022

Net sales
Cost of sales

3,757
2,984

3,895
3,145

Gross profit

772

749

Selling, general and administrative expenses

549

533

Operating profit

223

216

Interest income
Dividend income09015

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

58–
7Non-operating income

Other

53

Total non-operating income

2826Interest expenses
Share of loss of entities accounted for using equity method

23–

21
4

Loss on suspension of production
Other

1061

25
5

Total non-operating expenses

95

57

156

184

Gain on sale of non-current assets–

4

Total extraordinary income–

408

Non-operating expenses

Ordinary profit
Extraordinary income

Extraordinary losses
Loss on retirement of non-current assets

08Profit before income taxesTotal extraordinary losses

155

180

Income taxes - current

2442

Income taxes - deferred(3)7Total income taxes

2149

Profit134

131

Profit (loss) attributable to non-controlling interests

16(27)

Profit attributable to owners of parent

118

159

5

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

ProfitOther comprehensive income

Six months ended

Six months ended

September 30, 2021

September 30, 2022
134

131

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

2
1135
9

Share of other comprehensive income of entities accounted
for using equity method821

Total other comprehensive income

2266

156

198

140

225

16(27)

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

6