〔Delayed〕The original disclosure in Japanese was released on May 11, 2023 at 15:00 (GMT+9)

May 11, 2023

Tsukada Global Holdings Inc.
Consolidated Earnings Report for the Three Months ended March 31, 2023
(Japanese GAAP)
Stock listing: Tokyo Stock Exchange (Prime Market)
Securities code: 2418
URL: https://www.tsukada-global.holdings/en/
Representative: Masayuki Tsukada, President and CEO
Information contact: Masahiro Yamazaki, Manager, Finance &Tel: +81-3-5464-0081
Accounting Department
Scheduled dates:
Filing of statutory quarterly financial report (shihanki hokokusho):May 12, 2023
Dividend payout:
Supplementary materials to quarterly financial results available: No
Quarterly earnings presentation held: No(Amounts rounded down to the nearest million yen)

1. Consolidated Performance for the Three Months ended March 31, 2023
(January 1, 2023 – March 31, 2023)(1) Consolidated Operating Results(Percentages indicate year-on-year changes)

Net sales
million yen%

Operating income

Ordinary income

million yen

million yen%%

Profit attributable toowners of the parent
million yen%

Three months ended
12,25040.8(13)72
March 31, 2023
Three months ended
8,699
69.3
(1,845)(973)
March 31, 2022
Note: Comprehensive income: Three months ended March 31, 2023: (182) million yen (- %)Three months ended March 31, 2022: (924) million yen (- %)Diluted profit
per shareyen

Profitper shareyen
Three months ended
March 31, 2023
Three months ended
March 31, 2022

0.78

-

(26.91)-(2) Consolidated Financial Position

March 31, 2023

Total assets

Net assets

Equity ratio

million yen

million yen%

85,316

December 31, 2022
87,472
Reference: Total equity: March 31, 2023:
22,445 million yen
December 31, 2022: 22,866 million yen

22,665

26.3

23,086

26.1

37

-

(1,283)-

2. Dividends
End-Q1yen

End-Q2yen

Dividend per share
End-Q3yen

Year ended
0.00
December 31, 2022
Year ending
December 31, 2023
Year ending
December 31, 2023
5.00
(Forecast)
Note: No revision has been made to the latest dividends forecast.

Year-endyen

Annual total
yen

-

5.00

5.00

-

5.00

10.00

3. Earnings Forecast for the Fiscal Year ending December 31, 2023
(January 1, 2023 – December 31, 2023)(Percentages indicate year-on-year changes)
Profit attributable to
Net sales

million yen
Six months ending
June 30, 2023
Year ending
December 31, 2023

Operating income%

million yen%

Ordinary income

owners of themillion yen%

parentmillionyen%

Profitper shareyen

26,490

17.5

786

-

614

(54.1)

293

-

6.14

57,990

12.2

4,508

51.5

4,171

(12.3)

2,927

95.3

61.36

Note: No revision has been made to the latest earnings forecast.

*Notes(1) Changes in significant subsidiaries during the period: None
(Changes in specific subsidiaries accompanying a change in scope of consolidation)
Newly Consolidated: None
Newly Deconsolidated: None
(2) Use of accounting methods specific to the preparation of quarterly consolidated financial statements:
Yes
Note: For details, please refer to “(3) Notes on Quarterly Consolidated Financial Statements(Application of Specific Accounting Methods for the Preparation of Quarterly Consolidated
Financial Statements)” in section “2. Quarterly Consolidated Financial Statements and Main
Notes” on page 4 in the accompanying materials.
(3) Changes in accounting policy, changes in accounting estimates, and retrospective restatement
1) Changes in accordance with amendments to accounting standards, etc.: Yes
2) Changes other than noted in 1) above: None
3) Changes in accounting estimates: None
4) Retrospective restatement: None(4) Shares issued (common stock)1) Number of shares issued at end of period(including treasury stock)2) Number of shares held in treasury at endof period

March 31, 2023

December 31, 2022

48,960,000

48,960,000

1,259,834

1,259,834

Three Months ended Three Months ended
March 31, 2023
March 31, 2022
3) Average number of shares outstanding
during the period

47,700,166

47,700,166* Quarterly earnings reports are exempt from quarterly review conducted by certified public accountants orby audit firms.
*Appropriate Use of Earnings Forecast and Other Important Information(Cautionary Statement with Respect to Forward-Looking Statements)
Any forecasts and forward-looking statements given herein are based on information available as of thisreport’s publication and on certain assumptions that are deemed reasonable. These forecasts are notguarantees of future performance, and actual results may differ from forecasts due to changes in thebusiness environment. For the assumptions underlying the forecasts herein and other notice on the use of
earnings forecasts, please refer to “(3) Earnings Forecast for the Fiscal Year ending December 31, 2023”
in the section “1. Review of Consolidated Financial Results” on page 3 in the accompanying materials.

Accompanying Material – Contents
1. Review of Consolidated Financial Results(1) Operating Results(2) Analysis of Financial Condition(3) Earnings Forecast for the Fiscal Year ending December 31, 2023
2. Quarterly Consolidated Financial Statements and Main Notes(1) Consolidated Balance Sheets(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income
Consolidated Statements of Comprehensive Income(3) Notes on Quarterly Consolidated Financial Statements(Note on the Going-concern Assumption)(Note on Significant Changes in the Amount of Shareholders’ Equity)(Application of Specific Accounting Methods for the Preparation of Quarterly
Consolidated Financial Statements)(Changes in Accounting Policies)(Segment Information)(Revenue Recognition)
3. Supplementary Information(Weddings Held and Orders Received)

1

2
2
3
3
4
4
6
6
7
8
8
8
8
8
9
10
11
11

1. Review of Consolidated Financial Results(1) Operating Results
In the three months ended March 31, 2023, the future outlook of the Japanese economy remained
uncertain due to supply chain disruptions caused by heightened geopolitical risks and to soaring
energy costs and raw material costs. This was despite the fact that economic momentum was revived,
helped by various government policies, as witnessed by rebounding consumer spending and privatesector capital expenditures even amid COVID-19.
Amidst this environment, the Tsukada Global Holdings Group (“the Group”) focused on
creating new value, developing high-quality and attractive outlets, providing high value-added
services in the bridal, hotel, and wellness and relaxation (W&R) markets, and taking all possible
measures to prevent coronavirus infections at all of its facilities.
In the Hotel business, the number of foreign visitors to Japan increased to 1.81 million in March
2023, supported by the gradual lifting of travel restrictions (Japan National Tourism Organization,"Number of Foreign Visitors to Japan (March 2023 estimate)"), a recovery of 65.8% from March
2019, thus causing occupancy rates and unit prices for accommodation to rise with stable conditions
continuing. The number of weddings held in the Wedding and Hotel businesses more or lessreturned to normal as postponements due to COVID-19, a phenomenon which had occurred
frequently until the previous fiscal year, largely disappeared. However, the recovery in spend per
wedding stalled, making it difficult to predict the future outlook.
As a result, in the first three months of fiscal 2023, the Group posted consolidated net sales of¥12,250 million (up 40.8% year on year). The Group recorded an operating loss of ¥13 million(compared with a loss of ¥1,845 million a year earlier), ordinary income of ¥72 million (comparedwith a loss of ¥973 million a year earlier), and net income attributable to owners of the parent of ¥37
million (compared with a loss of ¥1,283 million a year earlier).
The results for each business segment were as follows.
1) Wedding business
During the first three months of fiscal 2023, the number of weddings increased to 2,157 (up22.4% year on year) amid COVID-19, and the segment posted a profit although the recovery
in spend per wedding remained stagnant.
As a result, net sales in the Wedding business totaled ¥7,149 million (up 29.0% year on year)
and segment profit was ¥264 million (compared with a loss of ¥304 million a year earlier).
2) Hotel business
The number of hotel weddings increased to 354 (up 23.8% year on year) in the first three monthsof fiscal 2023. Overnight occupancy rates and average charge per night were also strong as
foreign visitors to Japan grew in number, and inbound tourism-related demand recovered
moderately after a period of sharp decline.
As a result, net sales in the Hotel business totaled ¥4,382 million (up 77.3% year on year)
and segment profit was ¥215 million (compared with a loss of ¥1,077 million a year earlier).
3) W&R businessIn the first three months of fiscal 2023, the number of visitors, net sales, and segment profit2

of the Beauty & Relax SPA-HERBS spa complex all exceeded those of the previous fiscal
year, helped by the fact that it was awarded the number one spot overall in Japan in the Nifty
Annual Spa Ranking program. However, the British-style Queensway reflexology salonsstruggled to increase treatment staff and closures of unprofitable outlets had an impact on
business performance, resulting in a small increase in segment sales, and a loss despite arecovery in profitability.
As a result, net sales in the W&R business totaled ¥718 million (up 4.9% year on year) andthe segment loss was ¥40 million (compared with a loss of ¥107 million a year earlier).
(2) Analysis of Financial Condition
Assets, Liabilities, and Net Assets
Total assets as of March 31, 2023, the end of the first three months of fiscal 2023, amounted to ¥85,316
million, a decrease of ¥2,155 million from the end of the previous fiscal year (December 31, 2022).
This is mainly due to a decrease of ¥2,113 million in cash and deposits due to repayments of interestbearing debt and tax payments.
Total liabilities as of March 31, 2023 came to ¥62,650 million, a decrease of ¥1,735 million from theend of the previous fiscal year (December 31, 2022). This is mainly due to a decrease of ¥974 million
in “Others” under current liabilities due to payments of consumption taxes and to a decrease of ¥671
million in income taxes payable.
Total net assets as of March 31, 2023 amounted to ¥22,665 million, a decrease of ¥420 million
from the end of the previous fiscal year (December 31, 2022). This is mainly due to a decrease of¥201 million in retained earnings as a result of the recording of year-end dividends and a decreaseof ¥238 million in deferred gain on derivatives under hedge accounting owing to revaluation.
(3) Earnings Forecast for the Fiscal Year Ending December 31, 2023
There is no change to the consolidated earnings forecasts for the six months ending June 30, 2023
and the full fiscal year ending December 31, 2023 as announced in the Group’s full-year
Consolidated Earnings Report released on February 14, 2023.
Actual earnings could potentially differ markedly from the forecasts due to various future factors.
The Company will promptly release any revisions to its consolidated earnings forecasts should thisbecome necessary.

32. Quarterly Consolidated Financial Statements and Main Notes(1) Consolidated Balance Sheets(millions of yen)

AssetsCurrent assets
Cash and deposits
Accounts receivable - trade
Merchandise
Raw materials and supplies
Other
Allowance for doubtful receivables
Total current assets
Fixed assets
Tangible assets
Buildings and structures, net
LandConstruction in progress
Other, net
Total tangible assets

December 31, 2022

March 31, 2023

AmountAmount21,238
1,479
166
381
1,360
(37)
24,58819,124
1,476
177
355
1,286
(37)
22,38329,083
9,544
1,007
1,496
41,131

28,628
9,555
1,487
1,521
41,193

1,157
1,020
2,177

1,082
987
2,070

5,599
7,211
6,703
(121)
19,39262,702
181
87,472

5,798
7,081
6,741
(122)
19,49862,762
170
85,316

Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Lease and guarantee deposits
Other
Allowance for doubtful receivables
Total investments and other assets
Total fixed assets
Deferred assets
Total assets

4

(millions of yen)

December 31, 2022
AmountLiabilities
Current liabilities
Accounts payable - trade
Current portion of long-term debt
Current portion of bonds
Income taxes payable
Advances received
Allowance for loss on shop closing
Asset retirement obligations
Other
Total current liabilities
Fixed liabilities
Bonds
Long-term debt
Net defined benefit liability
Provision for directors’ retirement benefits
Asset retirement obligations
Other
Total fixed liabilities
Total liabilities
Net assets
Shareholders’ equity
Capital stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders’ equity
Accumulated other comprehensive income
Deferred gain (loss) on derivatives under hedge
accounting
Foreign currency translation adjustments
Remeasurements of defined benefit plan
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

5

March 31, 2023
Amount

2,101
7,106
964
839
3,107
62
47
4,300
18,530

2,020
5,508
994
168
3,775
7
38
3,325
15,838

5,703
33,722
407
953
4,535
532
45,85564,386

5,423
34,837
416
969
4,572
592
46,81162,650472
634
22,140(892)
22,353472
634
21,939(892)
22,152

171

(66)

347
(5)
513
219
23,08687,472

366
(6)
293
219
22,66585,316

(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income(millions of yen)

Net sales
Cost of sales
Gross profit (loss)
Selling, general and administrative expenses
Operating income (loss)
Non-operating income
Interest income
Gain on investments in silent partnership
Gain on investments in capital
Subsidy income
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Loss on investments in capital
Share of loss of entities accounted for using equity
methodOther
Total non-operating expenses
Ordinary income (loss)
Extraordinary income
Gain on sales of fixed assets
Total extraordinary income
Extraordinary loss
Loss on disposal of fixed assets
Shop closing expenses
Loss on sales of investment securities
Other
Total extraordinary loss
Profit (loss) before income taxes
Income taxes
Profit (loss)
Profit (loss) attributable to non-controlling interests
Profit (loss) attributable to owners of the parent

6

Three months
ended March 31,
2022
Amount
8,699
7,148
1,551
3,397
(1,845)Three months
ended March 31,
2023
Amount12,250
8,360
3,890
3,903
(13)

16
71
755
455
21
1,319

11
70
61
17
68
22
251

111
138

122
-

21

12

176
447
(973)

30
165
72

0
0

0
0

0
32
3
36
(1,009)272(1,282)
1(1,283)

51
16
68
4
(32)
36
(0)
37

Consolidated Statements of Comprehensive Income(millions of yen)

Profit (loss)
Other comprehensive income
Net unrealized gain (loss) on available-for-salesecurities
Deferred gain (loss) on derivatives under hedge
accounting
Foreign currency translation adjustments
Remeasurements of defined benefit plan
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income(Breakdown)Comprehensive income attributable to owners of theparentComprehensive income attributable to noncontrolling interests

7

Three months
ended March 31,
2022
Amount(1,282)Three months
ended March 31,
2023
Amount
36

(23)

-

201

(238)

83
(0)

10
(0)

96

9

357
(924)

(218)
(182)

(938)

(182)

13

0

(3) Notes on Quarterly Consolidated Financial Statements(Note on the Going-concern Assumption)
Not applicable(Note on Significant Changes in the Amount of Shareholders’ Equity)
Not applicable(Application of Specific Accounting Methods for the Preparation of Quarterly
Consolidated Financial Statements)(Simplified accounting methods)
1) Calculation method for depreciation of fixed assets
Depreciation expenses for assets to which the declining-balance method is applied are
calculated by allocating a quarterly proportion of the amount for the full fiscal year.
2) Calculation method for deferred tax assets and deferred tax liabilities
Regarding judgments on the amount of recoverable deferred tax assets, the Company has
determined that there have been no significant changes in the economic environment or
emergence of temporary differences since the end of the previous fiscal year, and therefore
the calculations are based on future earnings forecasts from the previous fiscal year and tax
planning methods.
(Special accounting treatments)
Calculation of taxes
The Company calculates tax liabilities by producing a reasonable estimate of the effective tax
rate after applying tax-effect accounting to profit (loss) before income taxes for the fiscal year,
which encompasses the first quarter ended March 31, 2023 and then multiplying profit (loss)
before income taxes by this estimated effective tax rate. In cases where this estimatedeffective tax rate cannot be used, the statutory effective tax rate is used.
(Changes in Accounting Policies)(Application of Guidance on Accounting Standard for Measurement of Fair Value)
The “Implementation Guidance on Accounting Standard for Fair Value Measurement” (ASBJ
Guidance No. 31, June 17, 2021, hereinafter the “Fair Value Measurement Guidance”) has been
applied from the beginning of the first quarter of the fiscal year ending December 31, 2023. In
accordance with the transitional treatment set forth in Paragraph 27-2 of the Fair Value
Measurement Guidance, the new accounting policy prescribed by the Fair Value Measurement
Guidance has been applied prospectively. This application has no impact on the quarterly
consolidated financial statements.

8

(Segment Information)
I. Three months ended March 31, 2022 (January 1 to March 31, 2022)
1. Net sales and income/loss by reportable segment and information on disaggregation of revenue(millions of yen)

Reportable segment

Amountrecorded on

Weddingbusiness
Net sales
Revenue from contracts
with customers
Other revenue

Hotelbusiness

W&R
business

Total

consolidated
Adjustments

statements of(note 1)income (note 2)

5,519

2,472

685

8,676

-

8,676

22

-

-

22

-

22

5,542

2,472

685

8,699

-

8,699

354

169

6

531

(531)

-

Total

5,897

2,641

691

9,230

(531)

8,699

Segment loss

(304)

(1,077)(107)(1,489)(356)(1,845)

Sales to outside
customers
Inter-segment sales andtransfers

Notes: 1. The minus 356 million yen adjustment for the segment loss includes a 19 million yen elimination ofinter-segment sales, and minus 375 million yen in corporate expenses that are not allocated to eachreportable segment. The main component of these unallocated corporate expenses is general andadministrative expenses that are not attributable to reportable segments.
2. Segment loss is adjusted to correspond with operating loss reported on the quarterly consolidated
statements of income.

2. Impairment loss on fixed assets or goodwill by reportable segment
Not applicable9II. Three months ended March 31, 2023 (January 1 to March 31, 2023)
1. Net sales and income/loss by reportable segment and information on disaggregation of revenue(millions of yen)

Reportable segment

Amountrecorded on

Weddingbusiness
Net sales
Revenue from contracts
with customers
Other revenue
Sales to outside
customers
Inter-segment sales andtransfers
Total
Segment income (loss)Hotelbusiness

W&R
business

consolidated

Total

Adjustments

statements of(note 1)income (note 2)

7,145

4,382

718

12,246-

12,246

4

-

-

4

-

4

7,149

4,382

718

12,250-12,250

426

244

8

678

(678)

-

7,575

4,627

726

12,929(678)

12,250

264

215

(40)

439

(452)

(13)

Notes: 1. The minus 452 million yen adjustment for the segment income (loss) includes a 5 million yen
elimination of inter-segment sales and minus 458 million yen in corporate expenses that are notallocated to each reportable segment. The main component of these unallocated corporate
expenses is general and administrative expenses that are not attributable to reportable segments.
2. Segment income (loss) is adjusted to correspond with operating loss reported on the quarterly
consolidated statements of income.

2. Impairment loss on fixed assets or goodwill by reportable segment
Not applicable(Revenue Recognition)
Information on the disaggregation of revenue from contracts with customers is as stated in“Notes on Quarterly Consolidated Financial Statements (Segment Information)”.

10

3. Supplementary Information(Weddings Held and Orders Received)1) Number of weddings held

Segment

Three months ended
March 31, 2022

Three months ended
March 31, 2023

Year ended
December 31, 2022

Number of weddings

Number of weddings

Number of weddings

held (cases)

held (cases)

held (cases)

1,762

2,157

10,837

Hotel business

286

354

1,660

Total

2,048

2,511

12,497

Wedding business2) Wedding orders received

Segment

Three months ended
March 31, 2022

Three months ended
March 31, 2023

Year ended
December 31, 2022

Orders

Order

Orders

Order

OrdersOrder

receivedbacklog

receivedbacklog

receivedbacklog(cases)(cases)(cases)(cases)(cases)(cases)

2,751

7,996

3,082

6,905

9,810

5,980

Hotel business

446

1,381

538

1,304

1,559

1,120

Total

3,197

9,377

3,620

8,209

11,369

7,100

Wedding business11