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.

July14, 2023

Non-consolidated Financial Results
for the Six Months Ended May 31, 2023
(Under Japanese GAAP)
Company name: T&S inc.
Listing:
Tokyo Stock Exchange
Securities code:
4055
URL:
https://www.tecsvc.co.jp
Representative:
Yoshihiro Takekawa, President and CEO
Inquiries:
Hiroshi Kinoshita, Director, Executive Officer and General Manager of Corporate Division
Telephone:+81-45-263-8286
Scheduled date to file quarterly securities report:
July 14, 2023
Scheduled date to commence dividend payments:
Preparation of supplementary material on quarterly financial results: Yes
Holding of quarterly financial results briefing:
Yes (For Institutional Investors and Analysts)(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Non-consolidated financial results for the six months ended May 31, 2023
(from December 1, 2022 to May 31, 2023)(1) Non-consolidated operating results (cumulative)
Net sales
Six months ended(Percentages indicate year-on-year changes.)

Operating profit

Ordinary profit

ProfitMillions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

May 31, 2023

1,708

8.9

316

10.5

321

9.3

225

9.5

May 31, 2022

1,567

21.8

286

66.5

294

65.3

205

64.7

Basic earnings
per share
Six months ended

Diluted earnings
per share
Yen

Yen

May 31, 2023

29.78

29.55

May 31, 2022

27.08

26.68

(2) Non-consolidated financial position
Total assets
As ofNet assets

Equity-to-asset ratio

Millions of yen

Millions of yen

May 31, 2023

2,363

1,914

81.0November 30, 2022

2,281

1,733

76.0

Reference:

EquityAs of May 31, 2023:
As of November 30, 2022:¥1,914 million¥1,733 million%

2. Cash dividends
Annual dividends per shareFirst quarter-end

Second quarter-end

Third quarter-end

Yen

Yen

Yen

Fiscal year ended
November 30, 2022
Fiscal year ending
November 30, 2023

-

0.00

-

0.00

Fiscal year ending
November 30, 2023
(Forecast)Fiscal year-end

Total

Yen

Yen-

6.00

6.00

-

6.55

6.55

Note: Revisions to the forecast of cash dividends most recently announced: None

3.

Earnings Forecast of Fiscal year ending on November 30, 2023
(from December 1, 2022 to November 30, 2023)(Percentages indicate year-on-year changes)
Net sales

Full-year

Millions ofyen%

3,700

13.6

OperatingprofitMillionsof yen700%

Ordinary
profitMillionsof yen13.3

Note: Revisions to the earnings forecast most recently announced: None703

Basic earnings
per share

Profit%Millionsof yen%

Yen

12.3

495

12.5

65.46

* Notes(1) Adoption of accounting treatment specific to the preparation of quarterly non-consolidated financialstatements: None
(2) Changes in accounting policies, changes in accounting estimates, and restatement(i) Changes in accounting policies due to revisions to accounting standards and other regulations: Yes(ii) Changes in accounting policies due to other reasons: None(iii) Changes in accounting estimates: None(iv) Restatement: None
(3) Number of issued shares (common shares)(i)

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

7,633,200 shares

As of November 30, 2022

7,633,200 shares(ii) Number of treasury shares at the end of the period
As of May 31, 2023

59,600 shares

As of November 30, 2022

86,000 shares(iii) Average number of shares outstanding during the period (cumulative from the beginning of the fiscalyear)
Six months ended May 31, 2023

7,560,836 shares

Six months ended May 31, 2022

7,597,205 shares

Quarterly financial statements
Quarterly balance sheet(Thousands of yen)
As of November 30, 2022
AssetsCurrent assets
Cash and deposits
Accounts receivable - trade and contract assets
Work in process
Accounts receivable - otherOtherAllowance for doubtful accounts
Total current assets

As of May 31, 2023

1,405,466
322,204
22,558349,345
12,892△1,7001,566,530
361,630
22,554
241,055
13,974△1,5002,110,767

2,204,244

Non-current assets
Property, plant and equipment
Intangible assets
Investments and other assets

20,603
2,159
147,970

21,357
1,879
135,743

Total non-current assets

170,732

158,980

2,281,500

2,363,224

136,096130,388
67,868
163,879

143,733
97,62967,65385,333

Total assets
Liabilities
Current liabilities
Accounts payable - trade
Income taxes payable
Provision for bonuses
Other498,233

394,350

Non-current liabilities
Provision for retirement benefits

Total current liabilities

49,76354,412

Total non-current liabilities

49,76354,412

Total liabilities

547,996448,762

Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares

340,783
266,662
1,241,774△115,717

340,783
266,662
1,387,224△80,209

1,733,503

1,914,461

1,733,503

1,914,461

2,281,500

2,363,224

Total shareholders' equity
Total net assets
Total liabilities and net assets

Quarterly income statements
Cumulative of six months ended(Thousands of yen)Six months ended
May 31, 2022

Six months ended
May 31, 2023

Net sales
Cost of sales

1,567,800
1,080,574

1,708,065
1,182,041

Gross profit

487,226

526,023

Selling, general and administrative expenses

200,544

209,348

Operating profit

286,681316,674

1－
7,643
02
225
4,969
0

7,644

5,196

－
170030
347
0170

377

294,155

321,494321－

Non-operating income
Interest income
Grant income
Subsidy income
OtherTotal non-operating income
Non-operating expenses
Share issuance costs
Commission expenses
Other
Total non-operating expenses
Ordinary profit
Extraordinary losses
Loss on retirement of non-current assets

321－

Profit before income taxes

293,834

321,494

Income taxes - current
Income taxes - deferred

83,272
4,844

83,336
12,976

Total extraordinary losses

Total income taxes

88,11696,313

Profit205,717

225,181