ENGLISH TRANSLATION OF JAPANESE-LANGUAGE DOCUMENT
This is a translation of the original Japanese-language document and is provided for convenience only.
In the event of any discrepancy between this translated document and Japanese original, the original shall prevail.

August 1, 2024

Consolidated Financial Results
for the First Three Months of the Fiscal Year Ended March 31, 2025
<under Japanese GAAP>
Company name:
Listing:
Stock code:
URL:
Representative:
Inquiries:

TAIYO HOLDINGS CO., LTD.
Prime Market of the Tokyo Stock Exchange4626
https://www.taiyo-hd.co.jp/en
Eiji Sato, President and CEOSayaka Tomioka, Managing Executive Officer, CFO
Tel: +81-3-5953-5200

Scheduled date to file quarterly report:
Scheduled date to commence dividend payments:
Preparation of supplementary results briefing material on financial results:
Holding of financial results presentation meeting:

August 1, 2024
−Yes
None

(Millions of yen with fractional amounts discarded, unless otherwise noted)

1.

Consolidated financial results for the first three months of the fiscal year ended March
31, 2025 (from April 1, 2024 to June 30, 2024)(1) Operating results (cumulative)(Millions of yen, % year on year)

Net sales
Three months ended:

Operating income%

Profit attributable toowners of parent

Ordinary income%%%June 30, 2024

30,854

29.3

6,358

83.2

6,183

91.1

4,605

79.8

June 30, 2023

23,861(7.4)

3,470(35.0)

3,235(36.8)

2,561(29.2)

Note:

Comprehensive income
For the three months ended June 30, 2024: 7,199 millions of yen [53.1%]
For the three months ended June 30, 2023: 4,701 millions of yen [(21.0%)]

Basic earnings per share
Three months ended:

Yen

Diluted earnings per share
YenJune 30, 2024

82.35

－

June 30, 2023

45.94

－

ENGLISH TRANSLATION OF JAPANESE-LANGUAGE DOCUMENT
This is a translation of the original Japanese-language document and is provided for convenience only.
In the event of any discrepancy between this translated document and Japanese original, the original shall prevail.

(2) Financial position
Total assets
As ofNet assets

Equity ratio

Net assets per share

Millions of yen

Millions of yen

June 30, 2024

217,164

105,24448.5

1,881.77

March 31, 2024

212,751

100,398

47.2

1,795.14

Reference:2.

%

Yen

Equity (Net assets excluding non-controlling interests)
As of June 30, 2024: 105,239 millions of yen
As of March 31, 2024: 100,394 millions of yen

Cash dividends
Annual cash dividends
Firstquarter-end

Secondquarter-end

Yen
Fiscal year ended
March 31, 2024－

Fiscal year ended
March 31, 2025－

Fiscal year ended
March 31, 2025
(Forecast)Note3.

Third
quarter-end

Yen

Fiscalyear-end

Yen

TotalYen

Yen

38.00

－

42.00

80.00

40.00

－

40.00

80.00

Revisions to the forecasts of cash dividends most recently announced: None

Consolidated earnings forecasts for the fiscal year ended March 31, 2025
(from April 1, 2024 to March 31, 2025)(Millions of yen, % year on year)

Net sales

Operating income%Ordinary income%

Profit attributable toowners of parent

Basicearnings
per share%

Yen%

Six months ended
September 30, 2024

59,40016.2

11,70028.7

11,400

31.8

8,000

28.4

143.05

Fiscal year ended
March 31, 2025

116,100

10.8

20,60013.2

20,00015.5

13,80059.5

246.76

Note:

Revisions to the consolidated earnings forecasts most recently announced: Yes

ENGLISH TRANSLATION OF JAPANESE-LANGUAGE DOCUMENT
This is a translation of the original Japanese-language document and is provided for convenience only.
In the event of any discrepancy between this translated document and Japanese original, the original shall prevail.

* Notes(1) Significant change in scope of consolidation during the first three months of the fiscal year ended March 31, 2025:
None(2) Application of specific accounting for preparing quarterly consolidated financial statements:

None(3) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial
statements after error corrections
a. Changes in accounting policies due to revisions to accounting standards and other regulations:Yesb. Changes in accounting policies due to other reasons:Nonec. Changes in accounting estimates:
None
d. Restatement of prior period financial statements after error corrections:
None
Note:

See “2. Consolidated Financial Statements and Explanatory Notes (3) Notes on consolidated financial statements (Changes inaccounting policies)” on P. 6 of Supplementary Schedules and Notes regarding changes in accounting policies due to revisions toaccounting standards and other regulations.

(4) Number of issued sharesa. Total number of issued shares at the end of the period (including treasury shares)
As of June 30, 2024

58,291,559shares

As of March 31, 2024

58,291,559sharesb. Number of treasury shares at the end of the period
As of June 30, 2024

2,365,858shares

As of March 31, 2024

2,366,038sharesc. Average number of outstanding shares during the period (cumulative from the beginning of the fiscal year)
As of June 30, 2024

55,925,586shares

As of June 30, 2023

55,756,377shares

Notes: The number of treasury shares includes the Company’s shares held by The Master Trust Bank of Japan, Ltd. (trust account for shares
granted under the Employee Stock Ownership Plan (ESOP)).

* Review of the accompanying quarterly consolidated financial statements by a certified public accountant
or audit firm : None
* Proper use of earnings forecasts and other special matters
The forward-looking statements, including earnings forecasts, contained in these materials are based on
information currently available to the Company and on certain assumptions deemed to be reasonable. TheCompany makes no promise regarding the achievement of any content in the forward-looking statements. Actualbusiness and other results may differ substantially due to various factors.

ENGLISH TRANSLATION OF JAPANESE-LANGUAGE DOCUMENT
This is a translation of the original Japanese-language document and is provided for convenience only.
In the event of any discrepancy between this translated document and Japanese original, the original shall prevail.

Index of Supplementary Schedules and Notes

1. Overview of Operating Results....................................................................................................................................... 2
2. Consolidated Financial Statements and Explanatory Notes............................................................................................ 3(1) Consolidated balance sheet ................................................................................................................................... 3(2) Consolidated statement of income and consolidated statement of comprehensive income .................................. 4Consolidated statement of income (cumulative).............................................................................................. 4Consolidated statement of comprehensive income (cumulative)..................................................................... 5(3) Notes to consolidated financial statements ........................................................................................................... 6(Changes in accounting policies) .................................................................................................................. 6(Segment information and related information) ............................................................................................ 7(Substantial changes in the amount of shareholders’ equity) .......................................................................... 9(Premise of going concern).............................................................................................................................. 9(Consolidated statement of cash flows) ......................................................................................................... 9-1-

ENGLISH TRANSLATION OF JAPANESE-LANGUAGE DOCUMENT
This is a translation of the original Japanese-language document and is provided for convenience only.
In the event of any discrepancy between this translated document and Japanese original, the original shall prevail.

1. Overview of Operating Results
Please refer to the overview of operating results which is included in the financial results briefing material posted
today (August 1, 2024) on TDnet and our corporate website (https://www.taiyo-hd.co.jp/en).

-2-

ENGLISH TRANSLATION OF JAPANESE-LANGUAGE DOCUMENT
This is a translation of the original Japanese-language document and is provided for convenience only.
In the event of any discrepancy between this translated document and Japanese original, the original shall prevail.

2.

Consolidated Financial Statements and Explanatory Notes(1) Consolidated balance sheet(Millions of yen)
Consolidated fiscal year ended March The first three months of consolidated
31, 2024
fiscal year ended March 31, 2025
(As of March 31, 2024)(As of June 30, 2024)

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract
assetsMerchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Other, net
Total property, plant and equipment
Intangible assets
Goodwill
Sales rights
Customer-related assets
Other
Total intangible assetsInvestments and other assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings
Current portion of long-term borrowings
Income taxes payable
Provision for bonuses
Other provisions
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Retirement benefit liability
Other provisions
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets-3-58,58358,07728,352

32,688

8,571
1,451
7,143
5,582
(30)
109,655

9,286
1,450
8,066
3,754
(46)
113,276

30,69038,161
68,852

31,26438,81070,075

2,896
13,9795,000
3,927
25,804

2,84613,524
4,881
3,856
25,108

8,666
(227)
8,439
103,096
212,751

8,972(269)
8,703
103,887
217,164

8,795
9,821
33,766
1,986
1,152
118
9,232
64,874

10,741
11,94635,913
2,378
1,817
260
5,951
69,00943,134292
48
4,002
47,478112,353

38,542
298
163
3,906
42,911111,920

9,903
15,02570,989(5,993)89,925

9,903
15,02573,240(5,992)
92,176

709

930

9,766
(6)
10,4694
100,398
212,751

12,138(5)
13,062
4
105,244
217,164

ENGLISH TRANSLATION OF JAPANESE-LANGUAGE DOCUMENT
This is a translation of the original Japanese-language document and is provided for convenience only.
In the event of any discrepancy between this translated document and Japanese original, the original shall prevail.

(2)

Consolidated statement of income and consolidated statement of comprehensive income
Consolidated statement of income (cumulative)

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Gain on valuation of investment securities
OtherTotal non-operating income
Non-operating expenses
Interest expensesForeign exchange losses
Other
Total non-operating expenses
Ordinary income
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit and loss attributable to non-controlling interests
Profit attributable to owners of parent

The first three months ofconsolidated fiscal year
ended March 31, 2024
(April 1, 2023
to June 30, 2023)
23,861
13,596
10,265
6,794
3,470(Millions of yen)
The first three months ofconsolidated fiscal year
ended March 31, 2025
(April 1, 2024
to June 30, 2024)
30,854
16,193
14,6608,302
6,35850－
40
90

95
48
69
213

138
64
123
326
3,235
3,235
884(210)674
2,561(0)
2,561

216
104
67
388
6,183
6,183
1,921(344)
1,577
4,605
0
4,605-4-

ENGLISH TRANSLATION OF JAPANESE-LANGUAGE DOCUMENT
This is a translation of the original Japanese-language document and is provided for convenience only.
In the event of any discrepancy between this translated document and Japanese original, the original shall prevail.

Consolidated statement of comprehensive income (cumulative)

ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners ofparentComprehensive income attributable to non-controllinginterests

The first three months ofconsolidated fiscal year
ended March 31, 2024
(April 1, 2023
to June 30, 2023)
2,561(Millions of yen)
The first three months ofconsolidated fiscal year
ended March 31, 2025
(April 1, 2024
to June 30, 2024)
4,605

116
2,025
(0)
2,140
4,701

221
2,372
0
2,593
7,199

4,701

7,19900-5-

ENGLISH TRANSLATION OF JAPANESE-LANGUAGE DOCUMENT
This is a translation of the original Japanese-language document and is provided for convenience only.
In the event of any discrepancy between this translated document and Japanese original, the original shall prevail.

(3) Notes to consolidated financial statements(Changes in accounting policies)(Application of Accounting Standard for Current Income Taxes and Related Guidance)
The Accounting Standard for Current Income Taxes (ASBJ Statement No. 27, revised October 28, 2022;
hereafter, “the 2022 revised accounting standard”) and related guidance were applied from the beginning of thefirst three months of the consolidated fiscal year ended March 31, 2025.
The revision to the account classification for current income taxes (taxes on other comprehensive income)follows the transitional treatment specified in the provisory clause of Paragraph 20-3 of the 2022 revised
accounting standard and the transitional treatment specified in the provisory clause of Paragraph 65-2, Provision(2) of the Guidance on Accounting Standard for Tax Effect Accounting (ASBJ Guidance No. 28, revised October28, 2022; hereafter, “the 2022 revised guidance”). The change in accounting policy had no effect on theconsolidated financial statements for the first three months of the fiscal year ended March 31, 2025.
We applied the 2022 revised guidance on revisions concerning treatment in the consolidated financial
statements when deferring taxes on gain or loss on the sale of the shares of subsidiaries, etc., between
consolidated companies from the beginning of the first three months of the consolidated fiscal year ended March31, 2025. The change in accounting policy was applied retroactively, and we have restated the quarterly and fullyear consolidated financial statements for the previous year to reflect the changes after the revision. The change
in the accounting policy had no effect on the quarterly consolidated financial statements and the full-year
consolidated financial statements for the previous year.

-6-

ENGLISH TRANSLATION OF JAPANESE-LANGUAGE DOCUMENT
This is a translation of the original Japanese-language document and is provided for convenience only.
In the event of any discrepancy between this translated document and Japanese original, the original shall prevail.

(Segment information and related information)[Segment information]
I. The first three months of consolidated fiscal year ended March 31, 2024 (April 1, 2023 to June 30, 2023)
1. Information regarding net sales and profit or loss by reportable segment(Millions of yen)
Reportable segment
Other
Total
Medical andTotalElectronics(Note)
Pharmaceuticals
Net sales
External sales
15,703
7,335
23,039822
23,861
Inter-segment sales or－－－79
79
transfers
Total
Segment profit

15,703

7,335

23,039901

23,941

2,642

7513,393

183,411

Note: The “Other” category represents operating segments not included in reportable segments, and includes
ICT business, fine chemicals business, energy business, and food business. These are collectively
referred to as ICT and Sustainability business.
2. Differences between the total profit or loss amount in reportable segments and the amount recorded on theconsolidated statement of income (cumulative), and details of thereof (reconciliation)(Millions of yen)
Profit (Loss)
AmountReportable segment total“Other” segment profit
Inter-segment eliminations
Profit (Loss) not allocated to business segments (Note)

3,393
18(7)
66

Operating income in the consolidated statement of income

3,470

Note: Profit (loss) primarily related to the holding company (company filing the consolidated financialstatements).
3. Information regarding impairment loss on non-current assets, goodwill, etc., in each reportable segment(Significant impairment loss on non-current assets)
None.
(Significant change in the amount of goodwill)
None.

-7-

ENGLISH TRANSLATION OF JAPANESE-LANGUAGE DOCUMENT
This is a translation of the original Japanese-language document and is provided for convenience only.
In the event of any discrepancy between this translated document and Japanese original, the original shall prevail.

II. The first three months of consolidated fiscal year ended March 31, 2025 (April 1, 2024 to June 30, 2024)
1. Information regarding net sales and profit or loss by reportable segment(Millions of yen)
Reportable segment
Other
Total
Medical andElectronics
Total(Note)
Pharmaceuticals
Net sales
External sales
21,451
8,261
29,712
1,141
30,854
Inter-segment sales or－－－8989
transfers
TotalSegment profit

21,451

8,261

29,712

1,23130,943

6,088

579

6,668

69

6,737

Note: The “Other” category represents operating segments not included in reportable segments, and includes
ICT business, fine chemicals business, energy business, and food business. These are collectively
referred to as ICT and Sustainability business.
2. Differences between the total profit or loss amount in reportable segments and the amount recorded on theconsolidated statement of income (cumulative), and details of thereof (reconciliation)(Millions of yen)
Profit (Loss)
AmountReportable segment total“Other” segment profit
Inter-segment eliminationsProfit (Loss) not allocated to business segments (Note)

6,668
69(3)
(374)

Operating income in the consolidated statement of income

6,358

Note: Profit (loss) primarily related to the holding company (company filing the consolidated financialstatements).
3. Information regarding impairment loss on non-current assets, goodwill, etc. in each reportable segment(Significant impairment loss on non-current assets)
None.
(Significant change in the amount of goodwill)
None.

-8-

ENGLISH TRANSLATION OF JAPANESE-LANGUAGE DOCUMENT
This is a translation of the original Japanese-language document and is provided for convenience only.
In the event of any discrepancy between this translated document and Japanese original, the original shall prevail.

(Substantial changes in the amount of shareholders’ equity)
None.
(Premise of going concern)
None(Consolidated statement of cash flows)
We did not prepare a consolidated statement of cash flows for the first three months of the consolidated
fiscal year ended March 31, 2025. Depreciation (including depreciation of intangible assets except for
goodwill) and amortization of goodwill for the first three months of the consolidated fiscal year ended March31, 2025 are as follows.
(Millions of yen)
The first three months ofconsolidated fiscal year
ended March 31, 2024
(April 1, 2023
to June 30, 2023)

Depreciation
Amortization of goodwill-9-

The first three months ofconsolidated fiscal year
ended March 31, 2025
(April 1, 2024
to June 30, 2024)

2,090

2,1587273