Translation
Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In theevent of any discrepancy between this translated document and the original Japanese document, the latter shall prevail.
August 8, 2023

Consolidated Financial Results
for the Three Months Ended June 30, 2023
[Japanese GAAP]
Company name:
LAC Co., Ltd.
Securities code:
3857
Representative:
Itsuro Nishimoto, President and Representative Director
Contact:
Takayuki Morozumi, Executive Officer
Scheduled date of filing of Quarterly Report:
Scheduled date of payment of dividend:
Preparation of supplementary materials for financial results:
Holding of quarterly financial results meeting:Stock exchange listings: TSE
URL: https://www.lac.co.jp/english/

August 10, 2023
Yes
None

(All amounts are rounded down to the nearest millions of yen)

1. Consolidated Financial Results for the Three Months Ended June 30, 2023
(from April 1, 2023 to June 30, 2023)(1) Consolidated Operating Results(% of change from previous year)

Net sales

June 30, 2023
June 30, 2022

Operating income

Millions of yen%

Millions of yen

11,619
10,16814.32.6(1)
(123)

%

Net income pershare
June 30, 2023
June 30, 2022

Millions of yen%

Millions of yen%

(46)
(132)
139 millions of yen (-%)
(143) millions of yen -%)

-(56)
(149)

--

Note: Comprehensive income: 1st Quarter of FY2023 (As of June 30, 2023)
1st Quarter of FY2022 (As of June 30, 2022)

Net income attributableto owners of the parent

Ordinary income

Diluted net
income per share

YenYen(1.88)(4.96)-

Note: The Company has introduced a stock benefit trust and an employee stock ownership plan. The Company’s shares remaining in these trusts arerecorded as treasury shares under shareholders’ equity and, when calculating earnings per share, these shares are deducted from the average numberof shares outstanding during the period.

(2) Consolidated Financial Position
Total assets

June 30, 2023
March 31, 2022

Shareholders’equity ratio

Net assets

Net assets
per share

Millions of yen

Millions of yen%

Yen

21,527
22,572

14,531
14,82067.5
65.7

481.60491.17

Reference: Shareholders’ equity: As of June 30, 2023
As of March 31, 2023

14,531 millions of yen
14,820 millions of yen

Note: The Company’s shares remaining in the stock benefit trust and employee stock ownership plan, which are recorded as treasury shares undershareholders’ equity, are, when calculating earnings per share, deducted from the number of shares outstanding at the end of the period.

2. Dividends
Dividend per share
1st Quarter-End 2nd Quarter-End 3rd Quarter-End Fiscal Year-End
March 31,2023
March 31,2024

Total

Yen

Yen

Yen

Yen

Yen-

12.00

-

14.00

26.00

12.00

-

14.00

26.00

March 31,2024 (Forecast)
Note: Revisions to the most recently announced forecast: None- more --2-

3. Forecast for the Fiscal Year Ending March 31, 2024 (from April 1, 2023 to March 31, 2024)(Percentages represent year-on-year changes)

Net sales

Operating income

Net income
per share

Net Income attributableto owners of the parent

Ordinary income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Yen

46,500

5.6

1,900

7.0

1,900

4.8

1,250－41.43

Full year

Note: Revisions to the most recently announced forecast: Noe* Notes(1) Changes of important subsidiaries during the period(Changes of specific subsidiaries in accordance with changes in the scope of consolidation):(2) Adoption of specific accounting treatments to the preparation of consolidated quarterly
financial statements:

None

None

(3) Changes in accounting policies and accounting estimates, and restatements
1) Changes in accounting policies due to revisions in accounting standards:

None2) Changes in accounting policies other than 1) above:None3) Changes in accounting estimates:

None4) Restatements:

None(4) Number of shares issued (common shares)
1) Number of shares issued (including treasury stock):
As of June 30, 2023

31,293,120 shares

As of March 31, 2023

31,293,120 shares

2) Number of treasury stocks:
As of June 30, 2023

1,118,699 shares

As of March 31, 2023

1,119,399 shares

3) Number of average shares during the period:
Three months ended June 30, 2023

30,174,006 shares

Three months ended June 30, 2022

30,172,327 shares

Note: The number of treasury shares at the end of the period includes the 470,900 shares held by Custody Bank of Japan, Ltd. (Trust Account E) asassets in trust of the stock benefit trust and employee stock ownership plan.

* This financial report is outside the scope of the audit by certified public accountants or auditing firms.
* Explanation of the proper use of forecast and other notes
The forward-looking statements such as result forecasts included in this document are based on the information available
to the Company at the time of the announcement and on certain assumptions considered reasonable, and the Company makes
no representations as to their achievability. Accordingly, the Company cannot make promises to achieve such forecasts. Actual
business and other results may differ substantially due to various factors.

- more --3-4. Consolidated Financial Statements(1) Consolidated Balance Sheets(Thousands of yen)
As of March 31, 2023

As of June 30, 2023

Cash and deposits

6,144,725

6,443,928

Notes and accounts receivable - trade, and contract asset

6,723,341

4,829,727

Merchandise

1,247,095

1,747,114

AssetsCurrent assets

Work in process

194,679

537,193

Other

1,621,653

1,270,137

Total current assets

15,931,494

14,828,101

1,700,264

1,623,934

Goodwill

361,284

343,220

Software1,022,962

936,263

Non-current assets
Property, plant and equipment
Intangible assets

Software in progress
Other
Total intangible assets

9,011

131,628

66,41862,765

1,459,678

1,473,878

Investments and other assets
Deferred tax assets

445,370

359,763

Other

3,035,548

3,242,158

Total investments and other assets

3,480,918

3,601,922

6,640,861

6,699,735

22,572,356

21,527,836

Accounts payable - trade

3,303,118

3,435,167

Current portion of long-term borrowings

Total non-current assets
Total assets
Liabilities
Current liabilities

1,336,000

670,000Income taxes payable

190,628

42,091

Provision for bonuses

164,877

13,076

Provision for loss on order received

87,69081,971Other

2,327,818

2,388,870

Total current liabilities

7,410,134

6,631,177

Net defined benefit liabilities

7,267

16,930

Provision for directors’ share-based remuneration

31,616

31,616

Provision for employees’ share-based remuneration

219,055

240,904

Other

83,99775,339Total non-current liabilities

341,936

364,791

7,752,070

6,995,968

Non-current liabilities

Total liabilities- more --4-(Thousands of yen)
As of March 31, 2023

As of June 30, 2023

Share capital

2,648,075

2,648,075

Capital surplus

5,659,036

5,659,036

Retained earnings

7,106,213

6,620,436

Net assets
Shareholders' equity

Treasury shares(612,633)(611,975)

14,800,691

14,315,571

Valuation difference on available-for-sale securities

2,188

183,724

Foreign currency translation adjustment

17,40632,572

Total accumulated other comprehensive income

19,594

216,296

14,820,286

14,531,867

22,572,356

21,527,836

Total shareholders' equity
Accumulated other comprehensive income

Total net assets
Total liabilities and net assets- more --5-(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income
Consolidated Statements of Income(Thousands of yen)Three months ended
June 30, 2022
10,168,168

Three months ended
June 30, 2023
11,619,001

Cost of sales

8,292,953

9,670,202

Gross profit

1,875,215

1,948,798

Selling, general and administrative expenses

1,999,103

1,950,282

Operating income (loss)(123,888)(1,483)

269

607

722

Net sales

Non-operating income
Interest incomeCommission income
Equity in earnings of affiliates

8,416

741
－

Subsidy income

1,728

1,285

Other

1,478

1,564

Total non-operating income

12,614

4,198

Non-operating expenses
Interest expenses

1,680

597

Foreign exchange losses

14,807

10,570Commission fees

4,558
－

4,391
31,240645

2,300

Share of loss of entities accounted for using equity method
Other
Total non-operating expenses

21,69149,099(132,965)(46,385)

Loss on disposal of noncurrent assets

66,97538

Total extraordinary losses

66,97538

Income (loss) before income taxes

Ordinary income (loss)
Extraordinary losses(199,941)(46,423)

Income taxes - current

5,126

4,701

Income taxes - deferred(55,511)

5,619

Total income taxes(50,385)

10,320Net income (loss)(149,555)(56,743)

Net income (loss) attributable to owners of the parent(149,555)(56,743)- more --6-(3) Consolidated Statements of Comprehensive Income(Thousands of yen)Three months ended
June 30, 2022
(149,555)

Three months ended
June 30, 2023
(56,743)

Valuation difference on available-for-sale securities(2,058)

181,536

Foreign currency translation adjustment

8,415

15,166

Total other comprehensive income

6,357

196,702(143,198)

139,958(143,198)

139,958

Net income (loss)
Other comprehensive income

Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent###