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.

January 12, 2024

Non-consolidated Financial Results
for the Fiscal Year Ended November 30, 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 HQ
Telephone:+81-45-263-8286
Scheduled date of annual general meeting of shareholders:February 28, 2024
Scheduled date to commence dividend payments:
February 29, 2024
Scheduled date to file annual securities report:
February 29, 2024
Preparation of supplementary material on financial results:
Yes
Holding of financial results briefing:
Yes (for institutional investor and analysts)(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Non-consolidated financial results for the fiscal year ended November 30, 2023
(from December 1, 2022 to November 30, 2023)(1) Non-consolidated operating results(Percentages indicate year-on-year changes.)

Net sales
Fiscal year ended

Operating profit

Ordinary profit

ProfitMillions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

November 30, 2023

3,442

5.7

643

4.2

648

3.5

473

7.6

November 30, 2022

3,256

19.2

617

49.6

626

49.3

440

49.5

Basic earnings
per share
Fiscal year ended

Diluted earnings
per share

Return on equity

Ratio of ordinary
profit to total assets

Ratio of operating
profit to net sales%%YenYenNovember 30, 2023

62.61

62.18

24.3

26.5

18.7

November 30, 2022

58.14

57.41

27.3

29.3

19.0

Reference:%

Share of profit (loss) of entities accounted for using equity method
For the fiscal year ended November 30, 2023: - million
For the fiscal year ended November 30, 2022: - million(2) Non-consolidated financial position
Total assets
As ofNet assets

Equity-to-asset ratio

Net assets per share

Millions of yen

Millions of yen

November 30, 2023

2,616

2,163

82.7

285.45

November 30, 2022

2,281

1,733

76.0

229.69Reference:EquityAs of November 30, 2023:
As of November 30, 2022:¥2,163 million¥1,733 million%Yen(3) Non-consolidated cash flows
Cash flows fromoperating activities
Fiscal year ended

Cash flows frominvesting activities

Cash and cash
equivalents at end ofperiod

Cash flows fromfinancing activities

Millions of yen

Millions of yen

Millions of yen

Millions of yen

November 30, 2023

373

△13△44

1,721

November 30, 2022

387

△55

△201

1,405

2. Cash dividends
Annual dividends per shareFirstSecondThird
quarter-end quarter-end quarter-end
Fiscal year endedNovember 30, 2022
November 30, 2023

Fiscalyear-end

Total cash
dividends(Total)

Total

YenYenYenYen-

0.00

-6.00

6.00

-

0.00

-

6.55

6.55

-

0.00

-

7.00

7.00

Ratio ofPayout ratio dividends tonet assets

Yen Millions of yen%

%

45

10.3

2.8

49

10.5

2.5

Fiscal year ending

November 30, 2024

11.0(Forecast)3.

Forecast for Fiscal Year Ending November 30, 2024 (December 1, 2023 - November 30, 2024)
Net sales

Full-year

Operating profit

Ordinary profit(Percentages indicate year-on-year changes.)
Basic earnings
Profitper share

Millions ofyen%Millions ofyen%Millions ofyen%Millions ofyen%

Yen

3,770

9.57069.77079.04811.563.43

* Notes(1) 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
(2) Number of issued shares (common shares)(i)

Total number of issued shares at the end of the period (including treasury shares)
As of November 30, 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 November 30, 2023

54,800 shares

As of November 30, 2022

86,000 shares(iii) Average number of shares outstanding during the period
Fiscal year ended November 30, 2023

7,568,485 sharesFiscal year ended November 30, 2022

7,572,328 sharesFinancial statements
Balance sheet(Thousands of yen)

AssetsCurrent assets
Cash and deposits
Accounts receivable - trade
Work in process
Prepaid expenses
Accounts receivable - other
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings
Accumulated depreciation
Buildings, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Total property, plant and equipment
Intangible assets
SoftwareTotal intangible assets
Investments and other assets
Investment securities
Investments in capital
Long-term prepaid expenses
Deferred tax assets
Guarantee deposits
Total investments and other assets
Total non-current assets
Total assets

As of November 30, 2022

As of November 30, 2023

1,405,466
322,204
22,558
12,113349,345779△1,7002,110,767

1,721,266
434,644
12,942
15,720268,606765△1,8002,452,145

30,399△14,914
15,485
11,483△6,365
5,118
20,60330,399△16,819
13,57914,632△8,7305,901
19,481

2,159
2,159

1,609
1,609

50,80020－
63,25633,894
147,970
170,732
2,281,500

60,800－993
49,38932,042
143,225
164,315
2,616,461

(Thousands of yen)

Liabilities
Current liabilities
Accounts payable - trade
Accounts payable - otherAccrued expenses
Income taxes payable
Accrued consumption taxes
Deposits received
Provision for bonuses
Other
Total current liabilities
Non-current liabilities
Provision for retirement benefits
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Legal capital surplus
Total capital surplus
Retained earnings
Legal retained earnings
Other retained earnings
Retained earnings brought forward
Total retained earnings
Treasury shares
Total shareholders' equity
Total net assets
Total liabilities and net assets

As of November 30, 2022

As of November 30, 2023

136,096
10,811
71,936130,388
65,842
8,499
67,8686,788
498,233

170,884
25,517
66,78879,732
41,346
4,325
7,023
201
395,820

49,76349,763547,996

57,392
57,392453,212340,783

340,783

266,662
266,662

266,662
266,662150

150

1,241,624
1,241,774△115,717
1,733,503
1,733,503
2,281,500

1,629,406
1,629,556△73,753
2,163,249
2,163,249
2,616,461

Income statements(Thousands of yen)
Fiscal year ended
November 30, 2022
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Grant income
Subsidy income
Refund of leasehold deposits
Other
Total non-operating income
Non-operating expenses
Interest expenses
Share issuance costs
Commission expenses
Other
Total non-operating expenses
Ordinary profit
Extraordinary losses
Loss on retirement of non-current assets
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitFiscal year ended
November 30, 2023

3,256,855
2,243,118
1,013,736
395,823
617,9133,442,875
2,388,001
1,054,874
411,278643,595

225
7,643
1,286
2
9,157

225
4,969
－
462
5,657

146
90
579
10
826
626,244

－
60
723
12
795
648,457321
321
625,923
189,879△4,194
185,685
440,238－－
648,457
160,761
13,866
174,627
473,829

Statement of Changes in Net Assets
Fiscal year ended November 30, 2022
(Thousands of yen)
Shareholders' equity
Capital surplus

Share capitalBalance at
beginning ofperiod
Changes duringperiod
Dividends ofsurplus340,783

Retained earnings
Other retained
earnings

Legal capitalsurplus

Other capitalsurplus

Total capitalsurplus266,662

25,450292,112

Legal retained Retained
earnings
earnings
brought
forward150

ProfitPurchase oftreasury shares
Disposal oftreasury shares
Total changes
during period
Balance at end ofperiod△30,532△30,532

440,238

440,238－△25,450△25,450△30,117△30,117

59,156－△25,450△25,450－

379,588379,588△115,717

340,783

266,662－

266,662150

1,241,6241,241,774△115,717

Total
shareholders'equityPurchase oftreasury shares
Disposal oftreasury shares
Total changes
during period
Balance at end ofperiod

862,186－(Thousands of yen)

Profit862,036

Treasuryshares△174,873

Shareholders'equityBalance at
beginning ofperiod
Changes during
periodDividends ofsurplus

Total retained
earnings

Total net
assets1,495,082

1,495,082△30,532△30,532

440,238

440,238△174,873△174,873

3,588

3,588

238,420

238,420

1,733,503

1,733,503

Fiscal year ended November 30, 2023
(Thousands of yen)
Shareholders' equity
Capital surplus

Share capital

Balance at
beginning ofperiod
Changes during
periodDividends ofsurplus340,783

Retained earnings
Other retainedearnings

Legal capitalsurplus

Total capitalsurplus266,662

266,662

Legal retained Retained
earnings
earnings
brought
forward150

ProfitDisposal oftreasury shares
Total changes
during period
Balance at end ofperiod

Disposal oftreasury shares
Total changes
during period
Balance at end of
periodTotal
shareholders'equity△115,717

1,733,503

1,241,624

1,241,774△45,283△45,283△45,283473,829

473,829473,829△40,764△40,764

41,964

1,199－－－

387,781

387,781

41,964

429,745

340,783

266,662

266,662150

1,629,406

1,629,556△73,753

2,163,249

Total net assets

ProfitTreasuryshares－(Thousands of yen)

Balance at
beginning ofperiod
Changes during
periodDividends ofsurplus

Total retained
earnings

1,733,503△45,283
473,829
1,199
429,745
2,163,249

Statements of Cash Flows(Thousands of yen)
Fiscal year ended
November 30, 2022
Cash flows from operating activities
Profit before income taxes
Depreciation
Amortization of guarantee deposits
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for retirement
benefits
Increase (decrease) in allowance for doubtful
accounts
Interest and dividend income
Interest expenses
Grant income
Subsidy income
Share issuance costs
Loss on retirement of non-current assets
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Decrease (increase) in other current assets
Increase (decrease) in trade payables
Increase (decrease) in accrued expenses
Increase (decrease) in other current liabilities
Other, net
SubtotalInterest and dividends received
Interest paid
Grants received
Subsidies received
Income taxes paid
Net cash provided by (used in) operating
activities
Cash flows from investing activities
Purchase of property, plant and equipment
Purchase of investment securities
Purchase of intangible assets
Other, net
Net cash provided by (used in) investing
activities
Cash flows from financing activities
Purchase of treasury shares
Dividends paid
Other, net
Net cash provided by (used in) financing
activities
Net increase (decrease) in cash and cashequivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

Fiscal year ended
November 30, 2023

625,923
4,550
1,246
1,359

648,457
4,819
2,247△60,844

6,321

7,629

300

100

△2146
△225
△7,64390
321
31,817
1,705△144,386
30,622
8,148
11,126△1,414570,006
2
△146
225
7,643
△190,488△5－△225△4,96960－△112,440
9,615
76,98734,787△5,148△15,427△7,649577,993
5－
225
4,969
△209,954

387,243

373,239△3,115△50,400△1,640△158△3,148△10,000－△217△55,313△13,366△174,873△30,456
3,498－△45,2131,139△201,830△44,073130,099

315,799

1,275,367
1,405,466

1,405,466
1,721,266