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.

Summary of Results for the Third Quarter of the Fiscal Year Ending March 2023
(Japanese Standards) (Consolidated Basis)
February 9, 2023
Name of listed company Takuma Co., Ltd.

Listed stock exchange

Listing code 6013
Representative

URL https://www.takuma.co.jp/english/
Hiroaki Nanjo

Contact for inquiries

President and Representative Director
Manager, Corporate Communications &Investor Relations Department
Corporate Planning & Administration
Division

Tokyo Stock Exchange

Hiroyuki Kobayashi

Planned quarterly report submission dateFebruary 9, 2023

Planned dividend payment start date

None

Availability of supplementary quarterly results materials:

Yes

Quarterly results briefing:None(E-mail)koho-ir@takuma.co.jp(All amounts rounded down to the nearest million yen)

1.

Consolidated results for Q3 FY2022 (April 1, 2022, to December 31, 2022)(Percentages indicate percent of change from thecorresponding quarter of the previous year.)(1) Consolidated results (cumulative)
Net sales

Operating profit

Millions of yen% Millions of yen

Quarterly profit
attributable to ownersof parent

Ordinary profit% Millions of yen%

Millions of yen%

Q3 FY2022

100,668

7.5

9,212

73.6

9,986

69.0

7,019

72.0

Q3 FY2021

93,679(11.3)

5,306(36.5)

5,907 (34.0)

4,080(38.5)(Note) Comprehensive income:

Q3 FY2022
Q3 FY2021

7,524 million yen (up 78.1%)
4,225 million yen (down 41.1 %)Basic earnings per share

Diluted earnings per share

YenYenQ3 FY2022

87.67―Q3 FY2021

50.22―(2) Consolidated financial position
Total assets
Q3 FY2022

Equity Q3 FY2022
FY2021

Capital adequacy ratio

Millions of yen
171,931

Millions of yen
97,613%
56.5

174,535

94,35453.8

FY2021(Reference)

Net assets

97,137 million yen
93,908 million yen

2.

Dividend status
Annual dividend
Q1

Q2

Q3

Q4

TotalYen

Yen

Yen

Yen

Yen

FY2021

―

18.00

―

18.00

36.00

FY2022

―

19.00

―
24.00

43.00

FY2022 (forecast)(Note) Revisions of the most recently announced dividend forecast: Yes

3.

Consolidated earnings forecast for FY2022 (April 1, 2022, to March 31, 2023)(Percentages indicate percent of change from the previous year.)Net sales
FY2022

Operating profit

Millions of yen%

Millions of yen

143,000

6.6

13,500(Note) Revisions of the most recently announced earnings forecast: Yes

Profit attributable toowners of parent

Ordinary profit% Millions of yen

36.0

14,500% Millions of yen

36.2

9,700

Basic earnings
per share%

Yen

30.5

121.20○ Attachments
1.
(1)
(2)
2.
(1)
(2)

Qualitative information related to the quarterly results under review ......................................................... 2Explanation of business results .................................................................................................................... 2Explanation concerning forward-looking statements such as consolidated earnings forecasts ................... 6
Quarterly Consolidated Financial Statements .............................................................................................. 7
Quarterly Consolidated Balance Sheet ........................................................................................................ 7
Quarterly Consolidated Statement of Income and Quarterly Consolidated Statement ofComprehensive Income ............................................................................................................................... 93. Supplementary forecast materials ................................................................................................................ 11(1) Consolidated earnings forecast by segment ................................................................................................. 11(2) Consolidated capital investment, depreciation, and research and development expenses forecast ............. 114. Supplementary Materials ............................................................................................................................. 12
Domestic Environment and Energy Business Breakdown......................................................................... 12―1―1. Qualitative information related to the quarterly results under review
Forward-looking statements in the text reflect the judgment of management as of the last day of the quarterly
consolidated accounting period under review.

(1) Explanation of business results(Unit: Millions of yen)

Q3 consolidated cumulative period of FY2022Segment

OrdersreceivedNet sales

OperatingprofitBacklog

Change from the corresponding periodof FY2021
Ordersreceived

Net sales

OperatingprofitDomestic Environment and Energy
Business

65,11782,023

9,986

416,445(21,678)

6,142

4,010

Overseas Environment and Energy
Business

1,151

862

(124)

1,747

(359)

171

17

Package Boiler Business

14,21312,088

539

6,978

803

211

97

Equipment and Systems Business

11,419

5,961

599

11,133

4,473

255

33

Total

91,902

100,935

10,999436,304(16,759)

6,781

4,159

(271)

(267)

(1,786)

(37)

(64)

207

(252)

91,631

100,668

9,212

436,267(16,824)

6,989

3,906

Adjustments
Total

During the Q3 consolidated cumulative period of FY2022, orders received totaled 91,631 million yen, down 16,824
million yen from the corresponding quarter of FY2021, due primarily to a contraction in the Domestic Environment
and Energy Business, while net sales rose 6,989 million yen to 100,668 million yen, due primarily to an increase in
the Domestic Environment and Energy Business.
Operating profit rose 3,906 million yen compared to the corresponding period of FY2021 to 9,212 million yen, while
ordinary profit rose 4,079 million yen to 9,986 million yen. Profit attributable to owners of parent rose 2,938 million
yen to 7,019 million yen. These results were due primarily to an increase in profits in the Domestic Environment andEnergy Business.
Reflecting a trend towards recovery from the contraction in demand caused in some segments by the COVID-19
pandemic, no serious effects materialized in the Company's business performance during the Q3 consolidated
cumulative period of FY2022.
A description of each segment’s results follows.

―2―

Domestic Environment and Energy Business
During the Q3 consolidated cumulative period of FY2022, continued efforts to take advantage of robust demandyielded orders that included one primary equipment improvement project, one long-term O&M project, both for
waste treatment plants, five new biomass power plant construction projects, including fuel transition work, and one
new industrial waste treatment plant construction project. However, orders received fell 21,678 million yen to 65,117
million yen compared to the corresponding period of FY2021*. Net sales rose 6,142 million yen to 82,023 million
yen due primarily to changes in the project mix in the EPC business, while operating profit rose 4,010 million yen to9,986 million yen.
*Principal orders during the corresponding period of FY2021 included one DBO project (encompassing constructionand operation) and one long-term O&M project, both for waste treatment plants, two new biomass power plant
construction projects, and one new industrial waste treatment plant construction project.
＜Orders received and net sales (cumulative quarterly total)＞＜Orders received and net sales (by quarter)＞―3―Overseas Environment and Energy Business
During the Q3 consolidated cumulative period of FY2022, maintenance service offered by our overseas subsidiaries
accounted for a substantial share of both orders and sales as orders received totaled 1,151 million yen, down 359
million yen from the corresponding period of FY2021, when we received an order for an equipment replacement
project at an Energy from Waste plant. However, the segment recorded net sales of 862 million yen and an operating
loss of 124 million yen, both slight improvements over the previous fiscal year.
＜Orders received and net sales (cumulative quarterly total)＞

Package Boiler Business
Thanks to a recovery trend in equipment utilization and new-equipment demand, both of which had fallen due to thepandemic, orders received during the Q3 consolidated cumulative period of FY2022 rose 803 million yen to 14,213
million yen, while net sales rose 211 million yen to 12,088 million yen. Operating profit rose 97 million yen to 539
million yen.
＜Orders received and net sales (cumulative quarterly total)＞―4―Equipment and Systems Business
Orders received the Q3 consolidated cumulative period of FY2022 rose 4,473 million yen from the previous fiscal
year to 11,419 million yen amid a robust market for semiconductor industry equipment and orders received for large
projects in the building equipment business. In addition, net sales rose 255 million yen from FY2021 to 5,961 million
yen, while operating profit rose 33 million yen to 599 million yen.
＜Orders received and net sales (cumulative quarterly total)＞

The Group has revised its financial results forecasts for FY2022, based on the progress on the construction ofpreviously ordered plants in the Domestic Environment and Energy Business. For details, please see "(3) Explanation
concerning forward-looking statements such as consolidated earnings forecasts."―5―(2) Explanation concerning forward-looking statements such as consolidated earnings forecasts【FY2022 Forecast】
Segment(Unit: Millions of yen)

FY2022 Q2revised forecast(November 10, 2022) (①)
Orders
Net sales
received

FY2022 Q3
revised forecast(February 9, 2023) (②)
Orders
Net sales
received

Change（②－①）
Ordersreceived

Net sales

Domestic Environment and Energy
Business

129,500

117,500

125,000

117,500(4,500)―

Overseas Environment and Energy
Business

3,000

1,000

5,000

1,000

2,000―

Package Boiler Business

17,00017,00017,50017,000500―

Equipment and Systems Business

11,0008,000

13,000

8,000

2,000

―

Total

160,500

143,500

160,500

143,500――(500)(500)(500)

(500)

―

―

160,000

143,000

160,000

143,000――

Adjustments
Total

The Group expects to see continued demand for its principal products, including replacement and service life
extensions for aging waste treatment plants, and construction of biomass power plants against a backdrop of favorable
energy policies. However, uncertainty about the future continues, including due to confusion from the situation in
Russia-Ukraine, rising prices for steel and other materials and equipment, and growing lead times.
With regard to the Group's FY2022 performance under these conditions, we expect to book orders in our Domestic
Environment and Energy business during the fourth quarter for waste treatment plant construction and operation
projects as well as biomass power plants and other facilities, and we expect to earn a steady stream of orders in othersegments as the economy continues to recover from effects of the COVID-19 pandemic. As a result, the previous
full-year order volume forecast of 160,000 million yen (announced on November 10, 2022) remains unchanged.
Turning to profitability, we expect performance to exceed previous forecasts with operating profit of 13,500 million
yen, ordinary profit of 14,500 million yen, and profit attributable to owners of parent of 9,700 million yen. This isdue to smooth progress on the construction of previously ordered plants and robust expansion in recurring revenue
model businesses such as the maintenance service and power retail businesses.
In addition, we have increased our forecast for the year-end dividend for FY2022, by 5 yen per share from the previous
forecast of 19 yen per share (announced on November 10, 2022) to 24 yen per share. As a result, the Group expects
to pay an annual dividend of 43 yen per share (including an interim dividend of 19 yen).
More information about these revisions can be found in "Notice of Revision to Financial Results Forecasts andRevision to (Increase in) the Dividend Forecast for FY2022."(published February 9, 2023).
The Group manages its results exclusively on an annual basis because our results tend to fluctuate seasonally, forexample Q4 net sales significantly exceed those of other quarters. The reason is that many projects are delivered justbefore the end of the consolidated fiscal year, so progress and transfers of facilities to customers tend to increase as
Q4 progresses.
Additionally, should the effects of the COVID-19 pandemic broaden or last longer than anticipated, our performance
could be affected, for example in the form of a decline in new orders due to contracting demand or delayed orders ora slowdown in net sales as a result of delays in deliveries of previously ordered projects. These earnings forecasts do
not take such potential impacts into account. In the event it becomes necessary to revise the earnings forecast due toan expansion in the effects of the pandemic, we will make that information available in a timely and appropriatemanner.
・ Earnings forecasts and other forward-looking statements in this document are based on information currently
available to the Company and on certain assumptions that are deemed to be reasonable. They do not constitute acommitment on the part of the Company to achieve any particular level of performance. Actual performance may
diverge significantly for a variety of reasons.

―6―2. Quarterly Consolidated Financial Statements(1) Quarterly Consolidated Balance Sheet(Unit: Millions of yen)
Q4 FY2021(March 31, 2022)

Q3 FY2022(December 31, 2022)

AssetsCurrent assets
Cash and deposits

42,97954,859Notes and accounts receivable - trade, and contract assets
Inventories

82,101
4,604

59,503
8,765

OtherAllowance for doubtful accounts

4,646(16)3,125(15)134,315

126,238

Property, plant and equipment
Intangible assets

12,346298

18,018490

Investments and other assets
Investment securities

17,012

17,185

Other
Allowance for doubtful accounts

10,697(134)

10,133(135)

Total investments and other assets

27,574

27,183

Total current assets
Non-current assets

Total non-current assets
Total assets―7―40,22045,693

174,535

171,931(Unit: Millions of yen)
Q4 FY2021(March 31, 2022)

Q3 FY2022(December 31, 2022)

Liabilities
Current liabilities
Notes and accounts payable - trade

33,07022,718

Electronically recorded obligations - operating
Short-term borrowings

16,493300

20,029240

Income taxes payable
Contract liabilities

500
8,669

1,750
9,001

Provision for bonuses
Provision for product warranties

3,375
52

2,114
209

Provision for loss on construction contracts
Other

1,516
4,724

771
5,527

Total current liabilities

68,70462,363

246
10,791

267
11,253

439

433

Non-current liabilities
Provision for retirement benefits for directors (and other officers)
Retirement benefit liability
Other
Total non-current liabilities

11,477

11,95480,181

74,318

Share capital
Capital surplus

13,367
3,872

13,367
3,873

Retained earnings
Treasury shares

75,507(2,765)79,442(3,916)

Total shareholders’ equity

89,981

92,767

Total liabilities
Net assets
Shareholders' equity

Accumulated other comprehensive income
Valuation difference on available-for-sale securities

3,956

4,354

Deferred gains or losses on hedges
Foreign currency translation adjustment

110
79

93
85

Remeasurements of defined benefit plans

(220)

(163)

Total accumulated other comprehensive income

3,926

4,370

445475

Non-controlling interests
Total net assets

94,354

97,613Liabilities and net assets

174,535

171,931―8―(2) Quarterly Consolidated Statement of Income and Quarterly Consolidated Statement ofComprehensive Income
Quarterly Consolidated Statement of Income
Third quarterly consolidated cumulative accounting period (Q3)
(Unit: Millions of yen)
Q3 FY2021(April 1, 2021,to December 31, 2021)

Q3 FY2022(April 1, 2022,to December 31, 2022)

Net sales

93,679100,668

Cost of sales

76,54578,823Gross profit

17,133

21,844

Selling, general and administrative expenses

11,827

12,631

Operating profit

5,306

9,212

Interest income
Dividend income

13424

14534

Share of profit of entities accounted for using equity method
Other

119
156

104
181

Total non-operating income

714

834

4

12155

21
17

Other

31

20

Total non-operating expenses

112

60

5,907

9,986

80

153

Non-operating income

Non-operating expenses
Interest expenses
Commitment fees
Loss on disposal of non-current assets

Ordinary profit
Extraordinary income
Gain on sale of investment securities
Insurance claim income

300-Total extraordinary income

380

153255185Extraordinary losses
New factory construction expenses
Total extraordinary losses

255

185

Quarterly profit before income taxes

6,032

9,955

Income taxes

1,920

2,875

Quarterly profit

4,112

7,079

Quarterly profit attributable to non-controlling interests
Quarterly profit attributable to owners of parent―9―

3160

4,080

7,019

Quarterly Consolidated Statement of Comprehensive Income
Third quarterly consolidated cumulative accounting period (Q3)
(Unit: Millions of yen)
Q3 FY2021(April 1, 2021,to December 31, 2021)

Q3 FY2022(April 1, 2022,to December 31, 2022)

Quarterly profit

4,112

Other comprehensive income
Valuation difference on available-for-sale securities

(21)

398

2445(17)
6

Deferred gains or losses on hedges
Foreign currency translation adjustment

7,079

Remeasurements of defined benefit plans, net of tax

64

56

Total other comprehensive income

113

444

Quarterly comprehensive income

4,225

7,524

Comprehensive income attributable to
Quarterly comprehensive income attributable to owners ofparent
Quarterly comprehensive income attributable to noncontrolling interests

4,182

7,462

4361

―10―3. Supplementary forecast materials(1) Consolidated earnings forecast by segment(Unit: Millions of yen)
FY2022 (forecast)
Segment
Orders received

Net sales

Backlog

Domestic Environment and Energy Business

125,000

117,500

440,851

Overseas Environment and Energy Business

5,000

1,000

5,457

Package Boiler Business

17,50017,0005,352

Equipment and Systems Business

13,0008,000

10,676

160,500

143,500

462,337

(500)

(500)

(33)

160,000

143,000

462,304

Total
Adjustments
Total(2) Consolidated capital investment, depreciation, and research and development expenses forecast(Unit: Millions of yen)
FY2021(actual)
Capital investment
Depreciation
Research and development expenses―11―FY2022(forecast)

Change

3,844

9,000

5,155961

1,300

338

1,006

1,600593

4. Supplementary Materials

Domestic Environment and Energy Business Breakdown(Unit: Billions of yen)
Q3 FY2022 (actual)

Orders received
Municipal Solid Waste Plants (EPC)

Net sales

Backlog

2.5

19.6

104.4

29.3

26.6

224.4

Energy Plants

24.4

26.7

74.8

Water Treatment Plants, other

8.5

8.6

12.7

Adjustments

0.2

0.2

065.1

82.0

416.4

Municipal Solid Waste Plants (after sales servicebusiness)

Total―12―