Note: This document has been translated from the Japanese original for reference purposes only. In the event of any
discrepancy between this translated document and the Japanese original, the original shall prevail.

Consolidated Financial Results
for the Nine Months Ended December 31, 2023
(Under Japanese GAAP)
February 2, 2024
Company name:
TOA Corporation
Listing:
Tokyo Stock Exchange
Securities code:
6809
URL:
https://www.toa-global.com/en
Representative:
TANIGUCHI Masahiro, President, CEO
Inquiries:
YOSHIDA Keigo, General Manager of Accounting & Financial Department
Telephone:+81-78-303-5620
Scheduled date to file quarterly securities report:
February 14, 2024
Scheduled date to commence dividend payments:–
Preparation of supplementary material on quarterly financial results: Yes
Holding of quarterly financial results briefing:
None(Yen amounts are rounded down to millions, unless otherwise noted.)

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)
Net sales
Nine months ended(Percentages indicate year-on-year changes.)

Operating profit

Profit attributable toowners of parent

Ordinary profit

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

December 31, 2023

34,389

9.0

1,990

225.1

2,438

181.2

1,558

77.0

December 31, 2022

31,5548.3

612(46.7)

867(33.0)

880

9.5

Note: Comprehensive income

For the nine months ended December 31, 2023:
For the nine months ended December 31, 2022:

Basic earnings
per share
Nine months ended¥3,723 million¥3,169 million[17.5%][(4.2)%]

Diluted earnings
per share
Yen

Yen

December 31, 2023

48.43

–

December 31, 2022

27.11

–

(2) Consolidated financial position
Total assets
As of

Net assets

Equity-to-asset ratio

Millions of yen

Millions of yen

December 31, 2023

65,31551,06874.2

March 31, 2023

63,905

48,764

72.4

Reference:

EquityAs of December 31, 2023:
As of March 31, 2023:¥48,457 million¥46,242 million%

2. Cash dividends
Annual dividends per shareFirst quarter-end

Second quarter-end

Third quarter-end

Yen

Yen

Yen

Fiscal year ended
March 31, 2023
Fiscal year ending
March 31, 2024

–

20.00

–

–

20.00

–

Fiscal year-end

Fiscal year ending
March 31, 2024
(Forecast)

Total

Yen

Yen

20.00

40.00

20.00

40.00

Note: Revisions to the forecast of cash dividends most recently announced: None
Breakdown of the dividends for the fiscal year ended March 31, 2023: Stable dividend ¥40
Dividends for the fiscal year ending March 31, 2024 (Forecast) will be determined by taking into account theperformances on stable dividend of ¥40, aiming at a consolidated dividend payout ratio of 45%, as announced in“Consolidated Financial Results for the Fiscal Year Ended March 31, 2023” on May 2, 2023.

3. Consolidated financial results forecasts for the fiscal year ending March 31, 2024 (from April 1,
2023 to March 31, 2024)
Net sales
Millions ofyen

Fiscal year ending
March 31, 2024

49,000Operating profit%

8.6(Percentages indicate year-on-year changes.)
Profit attributable to Basic earnings perowners of parent
share

Ordinary profit

Millions ofyen%Millions ofyen%Millions of
yen

3,200

86.8

3,700

75.8

1,800

Note: Revisions to the consolidated financial results forecasts most recently announced: Yes

%

1.9

Yen

55.94

* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in thechange in scope of consolidation): None
(2) Adoption of accounting treatment specific to the preparation of quarterly consolidated financial
statements: Yes(3) Changes in accounting policies, changes in accounting estimates, and restatement(i) Changes in accounting policies due to revisions to accounting standards and other regulations:None(ii) Changes in accounting policies due to other reasons: None(iii) Changes in accounting estimates: None(iv) Restatement: None
(4) Number of issued shares (common shares)(i)

Total number of issued shares at the end of the period (including treasury shares)
As of December 31, 2023

34,136,635 shares

As of March 31, 2023

34,136,635 shares(ii) Number of treasury shares at the end of the period
As of December 31, 2023

1,954,948 shares

As of March 31, 2023

1,970,633 shares(iii) Average number of shares outstanding during the period (cumulative from the beginning of the
fiscal year)
Nine months ended December 31, 2023

32,174,661 shares

Nine months ended December 31, 2022

32,469,900 shares* Quarterly financial results reports are exempt from quarterly review conducted by certified public
accountants or an audit corporation.
* Proper use of earnings forecasts, and other special matters Forecasts presented herein are the current prospects based on information currently available andcontain elements of uncertainty. Actual results may therefore differ from the forecasts due tosubsequent changes in the circumstances.

○ Table of Contents of Attached Materials
Index
1. Qualitative Information on Quarterly Financial Results for the Period Under Review ............................ 2(1) Explanation of Operating Results ....................................................................................................... 2(2) Explanation of Financial Position ...................................................................................................... 3
2. Quarterly Consolidated Financial Statements and Significant Notes Thereto .......................................... 4(1) Quarterly consolidated balance sheet ................................................................................................. 4(2) Quarterly consolidated statement of income and consolidated statement of comprehensive income 6
Quarterly consolidated statement of income (cumulative) ................................................................. 6
Quarterly consolidated statement of comprehensive income (cumulative) ........................................ 7(3) Notes to the Quarterly Consolidated Financial Statements ................................................................ 8(Notes on going concern assumption) ................................................................................................ 8(Notes in the case of significant changes in shareholders’ equity) ..................................................... 8(Accounting policies adopted specially for the preparation of quarterly consolidated financial
statements) .......................................................................................................................................... 8(Segment information, etc.) ................................................................................................................ 9-1-

1. Qualitative Information on Quarterly Financial Results for the Period Under Review(1) Explanation of Operating Results
During the nine months ended December 31, 2023, in the environment surrounding TOA Corporation(hereinafter “the Company”) and its subsidiaries (collectively, the “Group”), due to various
developments in Japan such as the Government changing the category of COVID-19 under the
Infectious Diseases Control Act to Category 5, social and economic activities proceeded to go back tonormal. In addition, the recovery in inbound demand, an increasing appetite for capital investment andother factors have led to a trend of moderate recovery in the business economy. On the other hand,rising prices of raw materials and increase in the price of goods, geopolitical risk caused by theunstable international situation, as well as rapid fluctuations in foreign exchange markets, slowdown ineconomic growth of China and other factors mean that the outlook for the global economy still
continues to be uncertain.
In such an environment, in order to achieve “Smiles for the Public,” which is our corporate value, wehave set forth our management vision targeting 2030, “Dr. Sound–becoming a professionalorganization that improves sound in society.” We aim to create the value of reassurance, reliability, andemotion as a reliable partner that realizes, along with our customers, a cycle of identifying, solving, andimproving social issues through the continuous provision of good experience through sound that
customers choose.
During the nine months ended December 31, 2023, we promoted the development of our “connectedbusiness” that provides value at various points of contact with customers, such as by starting to provide
the beta version service of “YUTTE” (won the GOOD DESIGN AWARD 2023), which allows simpleto-use voice generation for broadcast announcements that works by inputting text on a PC, andexpanding the lineup of the “IP Audio Series,” which is a broadcast system that can be linked to various
systems and controlled on a network.
The Company also started supporting EXPO2025 Osaka, Kansai in Japan as a Bronze Partner of Exposite operation participation. TOA perceives the World EXPO as a “City of the Future”, and has joinedwith the aim of creating and disseminating new forms of information transmission and communication
through this endeavor. We are dedicated to taking on the challenge of implementing these innovations
as part of future societies.
In these circumstances, net sales during the nine months ended December 31, 2023 were ¥34,389
million (up ¥2,835 million, or 9.0%, year on year). In terms of profits, operating profit was ¥1,990
million (up ¥1,378 million, or 225.1%, year on year), ordinary profit was ¥2,438 million (up ¥1,571
million, or 181.2%, year on year), and profit attributable to owners of parent was ¥1,558 million (up¥677 million, or 77.0%, year on year), partly as a result of the improvement of profitability with thegrowth of sales in Japan.
Performance by segment is as follows.
(Japan)Net sales amounted to ¥19,303 million (up ¥1,232 million, or 6.8%, year on year), and segment
profit (operating profit) was ¥3,909 million (up ¥881 million, or 29.1%, year on year).
Sales of products for factories, hospitals, and the transport market in Japan grew. Although sales of
products for railway cars in North America declined, net sales for the entire segment increased, andsegment profit rose.
(Asia & Pacific)
Net sales amounted to ¥6,838 million (up ¥681 million, or 11.1%, year on year), and segment profit(operating profit) was ¥1,319 million (up ¥231 million, or 21.3%, year on year).

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In the Islamic world, sales to the religious market grew as a result of efforts to capture demand
related to Ramadan. In addition, progress was made on deliveries to government agencies andlarge-scale urban development projects in Vietnam, and to the educational market in Thailand. As aresult of that and other factors, net sales for the entire segment increased, and segment profit rose.
(Europe, Middle East & Africa)
Net sales amounted to ¥4,757 million (up ¥796 million, or 20.1%, year on year), and segment profit(operating profit) was ¥672 million (up ¥300 million, or 81.1%, year on year).
Sales were solid in Europe, and progress was made on deliveries to a national library in the UK,
and to hospitals in Southern Africa. This and other factors caused net sales for the entire segment
and segment profit to increase.
(The Americas)
Net sales amounted to ¥1,992 million (up ¥157 million, or 8.6%, year on year), and segment profit(operating profit) was ¥143 million (up ¥75 million, or 110.0%, year on year).
Progress was made on deliveries to government agencies and the educational market in the UnitedStates, and to hospitals and the educational market in Canada. As a result of that and other factors,
net sales for the entire segment increased, and segment profit rose.
(China & East Asia)
Net sales amounted to ¥1,498 million (down ¥32 million, or 2.1%, year on year), and segment
profit (operating profit) was ¥135 million (up ¥9 million, or 7.6%, year on year).
Sales were solid in China and Hong Kong due to market recovery, and progress was made on
deliveries to museums and the educational market in China. This and other factors caused net sales
to increase. Progress was made on deliveries to factories, particularly for semiconductors, in
Taiwan. However, as a result of the reactive lull caused by deliveries to major sports facilities in thenine months ended December 31, 2022, net sales and net sales for the entire segment declined.
Although net sales decreased, the decrease in operating expenses caused segment profit to increase.
(2) Explanation of Financial Position
Total assets at the end of the nine months ended December 31, 2023 increased by ¥1,410 million fromthe end of the previous fiscal year to ¥65,315 million. Assets increased due mainly to an increase ininventories, despite a decrease in trade receivables, etc. Liabilities and net assets increased due mainly
to an increase in foreign currency translation adjustment.

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2. Quarterly Consolidated Financial Statements and Significant Notes Thereto(1) Quarterly consolidated balance sheet(Millions of yen)
As of March 31, 2023
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
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets-4-

As of December 31, 2023

16,93816,188

10,223

9,471

8,423
827
5,542
979
(81)
42,853

10,242
941
5,524
1,339
(90)
43,617

6,170
4,523
10,693
1,859

6,012
4,818
10,830
1,733

7,256
1,242
(0)
8,498
21,051
63,905

7,690
1,443
(0)
9,133
21,69765,315

(Millions of yen)
As of March 31, 2023
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings
Income taxes payable
Provisions
Other
Total current liabilities
Non-current liabilities
Retirement benefit liability
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-sale securities
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-5-

As of December 31, 2023

3,483
2,706
641
359
2,604
9,796

3,113
1,820
263
372
3,039
8,608

2,924
2,419
5,343
15,140

3,081
2,556
5,637
14,246

5,279
5,045
32,152(1,373)
41,103

5,279
5,048
32,423(1,362)
41,389

4,444
865
(171)
5,138
2,522
48,76463,905

4,473
2,759
(166)
7,067
2,611
51,06865,315

(2) Quarterly consolidated statement of income and consolidated statement of comprehensive income
Quarterly consolidated statement of income (cumulative)(Millions of yen)
Nine months ended
December 31, 2022
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Foreign exchange gains
Share of profit of entities accounted for using equity
methodOther
Total non-operating income
Non-operating expenses
Interest expenses
Loss on tax purpose reduction entry of non-current
assets
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of land
Total extraordinary income
Profit before income taxes
Income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent-6-

Nine months ended
December 31, 2023

31,55419,02912,525
11,912612

34,38919,656
14,733
12,742
1,990

10
112
63

79
128
218

1

5

140
328

121
554

41

67

–

25

32
74
867

12
106
2,438

522
522
1,390
380
1,009
128
880

–
–
2,438
661
1,776
218
1,558

Quarterly consolidated statement of comprehensive income (cumulative)(Millions of yen)
Nine months ended
December 31, 2022
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Share of other comprehensive income of entities
accounted for using equity method
Remeasurements of defined benefit plans, net of tax
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests-7-

Nine months ended
December 31, 2023

1,009

1,776

(281)
2,454

29
1,912

0

0

(13)
2,159
3,169

4
1,946
3,723

2,607

3,487

561

236

(3) Notes to the Quarterly Consolidated Financial Statements(Notes on going concern assumption)
There is no relevant information.
(Notes in the case of significant changes in shareholders’ equity)
There is no relevant information.
(Accounting policies adopted specially for the preparation of quarterly consolidated financial
statements)
Calculation of tax expense
The Company calculates tax expense by multiplying profit before income taxes by an effective tax ratethat was reasonably estimated by applying tax effect accounting to profit before income taxes for thecurrent fiscal year.

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(Segment information, etc.)[Segment information]
I.

For the nine months ended December 31, 2022 (from April 1, 2022 to December 31, 2022)
Information on net sales and profit (loss) by reportable segment(Millions of yen)
Reportable segment

Net sales
Net sales to outside
customers
Inter-segment net
sales or transfers
Total

Amountrecorded in
Quarterly
Adjustment
Consolidated(Note) 1
Statements ofIncome(Note) 2Japan

Asia &
Pacific

Europe,MiddleEast &
AfricaThe
Americas

China &
East Asia

Total

18,070

6,157

3,961

1,834

1,530

31,554–31,554

3,595

145

16

10

22

3,790

(3,790)–21,666

6,302

3,978

1,844

1,553

35,345(3,790)31,554

Segment profit
3,027
1,088
371
68
126
4,681
(4,069)612(Notes) 1. The adjustment for segment profit of negative ¥4,069 million includes elimination of inter-segment transactionsof negative ¥33 million and corporate expenses in the amount of negative ¥4,035 million not previously
allocated to the reportable segments. The relevant corporate expenses are mainly costs relating to theheadquarters divisions which are not attributable to a reportable segment.
2. Segment profit has been adjusted with operating profit in quarterly consolidated statements of income.

II. For the nine months ended December 31, 2023 (from April 1, 2023 to December 31, 2023)
Information on net sales and profit (loss) by reportable segment(Millions of yen)
Reportable segment

Net sales
Net sales to outside
customers
Inter-segment net
sales or transfers
Total

Amountrecorded in
Quarterly
Adjustment
Consolidated(Note) 1
Statements ofIncome(Note) 2Japan

Asia &
Pacific

Europe,MiddleEast &
AfricaThe
Americas

China &
East Asia

Total

19,303

6,838

4,757

1,992

1,498

34,389–34,389

3,512

105

17

15

13

3,663

(3,663)–

22,815

6,943

4,774

2,008

1,511

38,053(3,663)34,389Segment profit
3,909
1,319
672
143
135
6,180
(4,189)1,990(Notes) 1. The adjustment for segment profit of negative ¥4,189 million includes elimination of inter-segment transactionsof negative ¥48 million and corporate expenses in the amount of negative ¥4,141 million not previously
allocated to the reportable segments. The relevant corporate expenses are mainly costs relating to theheadquarters divisions which are not attributable to a reportable segment.
2. Segment profit has been adjusted with operating profit in quarterly consolidated statements of income.

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