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 Nine Months Ended December 31, 2023
(Based on Japanese GAAP)
February 14, 2024
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 NishidaFebruary 14, 2024

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 nine months ended December 31, 2023 (from April 1, 2023 to December 31, 2023)(1) Consolidated operating results (cumulative)

Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
owners of parent% Millions of yen% Millions of yen% Millions of yen%(5.7)(578)–(503)–(381)–(0.4)
251 (16.8)
215(6.4)
168 (11.4)

Net sales
Nine months ended December 31, 2023
Nine months ended December 31, 2022

Millions of yen
5,438
5,770

Earnings per share

Diluted earnings per share

Yen(128.76)
56.89

Nine months ended December 31, 2023
Nine months ended December 31, 2022

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

Net assets

Millions of yen16,008
16,756Equity ratio

Millions of yen
6,656
7,099

%
39.0
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

–
10.00

10.00

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
7,700
(6.7)
(510)
–(450)–(480)–(161.86)

1

4. Notes(1) Changes in significant subsidiaries during the nine months ended December 31, 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 December 31, 2023

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

3,027,626 shares

60,202 shares As of March 31, 2023

65,272 shares

Number of treasury shares at the end of the period
As of December 31, 2023

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Nine months ended December 31, 2023

2,965,458 shares Nine months ended December 31, 2022

22,961,002 shares

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

As of December 31, 2023

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade

402
1,463

736
1,459

Electronically recorded monetary claims - operating
Merchandise and finished goods

439
3,277

344
3,128

Work in process
Raw materials and supplies

1,158
1,106

1,035
937

Other

28

39

7,875

7,681

3,426

3,308

Machinery, equipment and vehicles, net
Other, net

3,851
352

3,556
326

Total property, plant and equipment

7,630

7,191

129

Other
Allowance for doubtful accounts

1,238
(1)

1,128(1)Total investments and other assets

1,237

1,127

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

8,327

16,756

16,008(Millions of yen)
As of March 31, 2023

As of December 31, 2023

Liabilities
Current liabilities
Notes and accounts payable - trade

660

599

295
3,150

252
3,300

Current portion of long-term borrowings
Income taxes payable

552
31

562
7

Provision for bonuses
Provision for business restructuring

162
35

50
34

Asset retirement obligations
Other

14
460

–741

Total current liabilities

5,363

5,549

Non-current liabilities
Long-term borrowings

3,711

3,293Retirement benefit liability
Asset retirement obligations

578
4505
4

Total non-current liabilities

4,293

3,802

9,656

9,352

Shareholders' equity
Share capital

3,443

3,443

Capital surplus
Retained earnings

402
2,556

402
2,107

Electronically recorded obligations - operating
Short-term borrowings

Total liabilities
Net assets

Treasury shares

(117)

(108)

Total shareholders' equity

6,284

5,845

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

333
102

437
–

Remeasurements of defined benefit plans

(43)

(35)

Total accumulated other comprehensive income

393402422

409

Accumulated other comprehensive income

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

4

7,099

6,656

16,756

16,008

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

Nine months ended

December 31, 2022

December 31, 2023

Net sales
Cost of sales

5,770
4,729

5,438
5,194

Gross profit

1,040243

Selling, general and administrative expenses

789822

Operating profit (loss)

251(578)

Interest income
Dividend income

025025

Share of profit of entities accounted for using equity method
Foreign exchange gains–
0573

Subsidies for employment adjustment
Other

85–
16

Total non-operating income

40

121

33

32

033–
–

Other

913

Total non-operating expenses

7745

Non-operating income

Non-operating expenses
Interest expenses
Share of loss of entities accounted for using equity method
Loss on suspension of production

Ordinary profit (loss)

215(503)

Extraordinary income
Gain on sale of non-current assets

4–

Total extraordinary income

4–81Loss on sale of shares of subsidiaries and associates–

34

Total extraordinary losses

836

Profit (loss) before income taxes

Extraordinary losses
Loss on retirement of non-current assets

211(539)

Income taxes - current

92

Income taxes - deferred75(146)

Total income taxes

84(144)

Profit (loss)

126

(394)

Loss attributable to non-controlling interests

(41)

(12)

Profit (loss) attributable to owners of parent

168(381)5Consolidated statements of comprehensive income (cumulative)(Millions of yen)

Profit (loss)
Other comprehensive income

Nine months ended

Nine months ended

December 31, 2022

December 31, 2023
126(394)

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

53
14103
8

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

(4)

(102)

Total other comprehensive income

63

8190

(385)

232

(372)

(41)

(12)

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

6