T&S inc. (4055)
Summary of Financial Results of FY11/2021

FOR TRANSLATION PURPOSE ONLY

Summary of Financial Results
for the Fiscal Year 2021 (FY11/2021)［ Japan Standards ］(Non-Consolidated)
January 13, 2022
Company name:

T&S inc.

Listing:

Tokyo Stock Exchange

Securities code:

4055

Representative:

President and CEO

URL:

https://www.tecsvc.co.jp/

Contact:

Director, Executive Officer and General Manager of Corporate Division
Hiroshi Kinoshita
Tel: +81-45-263-8286

Yoshihiro Takekawa

Scheduled date of the Ordinary General Meeting of Shareholders

February 25, 2022

Scheduled date of file of Annual Securities Report:

February 28, 2022

Scheduled date of to commence dividend payments:

February 28, 2022

Preparation of supplementary material on financial results:

Yes

Holding of financial results meeting:Yes (For institutional investors and analysts)(Amounts less than one million yen are rounded down)

1.

Financial results of FY11/2021 (December 1, 2020 until November 30, 2021)(1) Operating results(Percentages indicate year-on-year changes)
Net sales
Million Yen％ Million Yen

2,732
2,266

FY11/2021
FY11/2020

Net income
per share
FY11/2021
FY11/2020

Ordinary income

Operating income
20.5
△1.3

412
304

Diluted net income
per share

Net income％

Million Yen％

Million Yen

％

35.6
12.9

419
304

37.7
12.8

294
236

24.7
28.4

Ordinary income tototal assets

Return on equity

Net sales operating
income ratio

Yen

Yen

%

%

%

39.42
35.95

38.02
32.92

21.8
28.3

24.0
26.2

15.1
13.4

(Notes)1. The Company conducted a 2-for-1 stock split on December 1, 2020, and a 1-for-2 stock split on December 1, 2021. Net
income per share and diluted net income per share has been calculated on the assumption that conducted the stock split
at the beginning of the FY11/2020.
2. The company was listed on the Tokyo Stock Exchange Mothers Market on the 7th of August 2020. The average shareprice for the period from the date of an initial public offering to the end of the FY11/2020 is regarded as the average shareprice after the adjustment of diluted net income per share of FY11/2020.
(2) Financial position
Total assets
FY11/2021
FY11/2020(Reference) Shareholders’ equity

Net assets
per share

Equity ratio

Net assets

Million Yen

Million Yen

%

Yen

1,987
1,502

1,495
1,212

75.2%
80.7%

195.87169.06

FY11/2021: 1,495 million yen

FY11/2020: 1,212 million yen(Notes)The Company conducted a 2-for-1 stock split on December 1, 2020, and a 1-for-2 stock split on December 1, 2021. Net assets
per share is calculated on the assumption that the stock split was conducted at the beginning of FY11/2020. Net assets per
share is calculated based on the assumption that the stock split was conducted at the beginning of the fiscal year ended
November 30, 2020.

- 1 -T&S inc. (4055)
Summary of Financial Results of FY11/2021

FOR TRANSLATION PURPOSE ONLY

(3) Cash flow position
Cash flow in
operating activities

Cash flow ininvestment activities

Cash and cash
equivalents at end of
periodCash flow in
financial activities

Million Yen

Million Yen

Million Yen

Million Yen

272
185

△2
△9

△11
517

1,275
1,016

FY11/2021
FY11/2020

Dividends

2.

1Q-endFY11/2020
FY11/2021
FY11/2022(forecasts)

Annual dividends per share
2Q-end3Q-end Year-end

Ratio of
Total amount of Dividend payout dividends
to netdividends (Total)
ratio
assets

Total

Yen

Yen

Yen

Yen

Yen

Million yen

%

%

－
－

0.00
0.00

－
－

13.50
8.00

13.50
8.00

24
30

9.4
10.1

2.8
2.2

－

0.00

－

5.00

5.00

9.6

(Notes)The Company conducted a 2-for-1 stock split on December 1, 2020, and a 1-for-2 stock split on December 1, 2021.
Dividends for the fiscal year ended November 30, 2021 and before are the actual dividends before the stock split.
Performance forecasts for FY11/2022 (December 1, 2021 until November 30, 2022)(Percentages indicate year-on-year changes)
Net income
Net sales
Operating income
Ordinary income
Net income
per share

3.

Full year

Million Yen

3,100％ Million Yen

13.4

550

％ Million Yen

33.2

557

％ Million Yen

32.9

391

％

Yen

32.7

51.82

(Note)The Company conducted a 1-for-2 stock split on December 1, 2021.
Net income per share in the earnings forecast considers the effect of this stock split.
* Notes(1) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
1. Changes in accounting policies due to revisions to accounting standards and other regulations:No
2. Changes in accounting policies due to other reasons (mentioned in 1.):No
3. Changes in accounting estimates:
No
4. Restatement of prior period financial statements:
No(2) Number of issued shares (common shares)
1.

Total number of issued shares at the endof period (including treasury stock)

FY11/2021

7,633,200
Shares

FY11/2020

7,171,200
shares

2. Number of treasury stock at the end of
the period

FY11/2021－
shares

FY11/2020－
shares

3. Average number of shares during
the period

FY11/2021

7,472,220
shares

FY11/2020

6,571,209
shares(Note)The Company conducted a 2-for-1 stock split of common stock on December 1, 2020, and a 2-for-1 stock split of common
stock on December 1, 2021. The number of shares issued and treasury stock at end of year, and the average number of shares
outstanding during the fiscal year have been calculated on the assumption that the stock split was conducted at the beginningof the FY11/2020.
* Summary of financial results is not covered by audit by a certified public accountant or an auditing firm.
* Explanation regarding appropriate use of performance forecasts and other special notes(Notes on descriptions about the future)
Descriptions about the future such as performance forecasts contained in this document are based on information currently available to
the Company and certain presumptions considered as reasonable, and those are not intended to indicate the Company should assure that
it would realize such forecast. Meanwhile, actual performance in the future may differ substantially, influenced by a wide variety of- 2 -T&S inc. (4055)
Summary of Financial Results of FY11/2021

FOR TRANSLATION PURPOSE ONLY

factors. For preconditions for performance forecasts and precaution statements in using such forecasts, please see the appendix, page 3,“1. Qualitative Information regarding the Financial Results: (4) Descriptions regarding prospects such as performance forecasts”.
(How to obtain supplementary references regarding financial results)
Supplementary material on financial results is concurrently disclosed on TDnet.

- 3 -T&S inc. (4055)
Summary of Financial Results of FY11/2021

FOR TRANSLATION PURPOSE ONLY

Table of contents: Appendix
1.

Qualitative Information regarding the Financial Results ……………………………………………………………… 5(1) Descriptions regarding operating results……………………………………………………………………………

5(2) Descriptions regarding financial position …………………………………………………………………………… 5(3) Summary of cash flow for the current fiscal year…………………………………………………………………

6(4) Descriptions regarding prospects such as performance forecasts …………………………………………………… 6

6

2.

Basic policy on the selection of accounting standards …………………………………………………………………

3.

Financial Statements and Principal Notes. ……………………………………………………………………………… 7(1) Balance sheet …………………………………………………………………………………………………………

7(2) Statements of income ………………………………………………………………………………………………… 9(3) Statement of changes in net assets(4) Statements on cash flow…………………………………………………………………………………

10…………………………………………………………………………………………… 12(5) Notes to financial statements………………………………………………………………………………………

13（Notes regarding the assumption for going concern）……………………………………………………………… 13（Equity method profit / loss, etc.)………………………………………………………………………………… 13（Segment information, etc.） ……………………………………………………………………………………… 13（Information per share） …………………………………………………………………………………………… 14（Significant subsequent events） …………………………………………………………………………………… 14- 4 -T&S inc. (4055)
Summary of Financial Results of FY11/2021

FOR TRANSLATION PURPOSE ONLY

1.

Qualitative Information regarding the Financial Results(1) Descriptions regarding operating results
During the fiscal year under review, the Japanese economy continued to face a severe condition due to the nationwide spreadof the new coronavirus infection, which led to the declaration of a state of emergency and the expansion of areas subject topriority measures to prevent the spread of the disease. In addition to the effects of various policies and the improvements ofoverseas economies, there were expectations that socioeconomic activities would normalize as vaccinations began to progressin earnest. However, due to the emergence of new mutant strains, the timing of the convergence of the new coronavirus
infection is unclear and the situation remains uncertain. Under these circumstances, the importance of IT and the trend ofdigitalization of business are expanding in corporate activities, such as telecommuting, use of online meetings, use of cloudservices, and promotion of DX (Digital Transformation). The Company's business is a single segment of system development
and related services but is divided into three categories: solutions, semiconductors, and advanced technology solutions. In theeconomic environment described above, orders increased in all categories, and we increased sales and profits over the previous
fiscal year.
Net sales by category are as follows.
Solution Category
For the current fiscal year, net sales in the Solution category were 2,101,431 thousand yen (up 16.3% year-on-year). Orders
for contract development projects from our major customers continued to be strong. In particular, a large order from asemiconductor manufacturer, one of our major customers, for developing an in-plant system contributed to this growth. In
addition, the effect of the Totsuka Office, which was opened in October 2020, contributed to a significant increase in sales.
Semiconductor Category
Sales in the semiconductor category were 464,229 thousand yen (up 30.5% from the same period of the previous year).
In addition, the number of temporary engineers dispatched to provide maintenance and operation services at semiconductor
plants remained strong, as the number of orders from major customers continued to grow against the backdrop of a strong
semiconductor market, and requests for further increases in the number of workers resulted in sales growth exceeding 30%.
Advanced Technology Solution Category
Net sales in this category were 167,109 thousand yen (up 60.7% year-on-year).Orders for AI-related R&D support
services, support for research papers, and other services continued to grow steadily and orders from new clients. In particular,
the expansion of business with NEC Corporation, which began in the previous fiscal year, and the development of newclients resulted in a significant increase in sales, with the growth rate exceeding 60%.
As a result of the above, net sales for the current fiscal year were 2,732,771 thousand yen (up 20.5% year-on-year).
Operating income was 412,952 thousand yen (up 35.6% YoY), ordinary income was 419,328 thousand yen (up 37.7% YoY),
and net income was 294,567 thousand yen (up 24.7% YoY), as the hiring of engineers progressed as planned and we absorbed
the performance-linked bonuses for employees.
(2) Descriptions regarding financial position(Assets)
Current assets at the end of the current fiscal year totaled 1,869,946 thousand yen, an increase of 462,449 thousand yen
over the end of the previous fiscal year. Mainly due to an increase of 258,439 thousand yen in cash and deposits resulting
from the posting of net income and increases of 103,578 thousand yen in accounts receivable-trade and 77,160 thousand yen
in accounts receivable-other resulting from sales growth. Fixed assets totaled 117,500 thousand yen, an increase of 22,075
thousand yen from the end of the previous fiscal year. An increase in the deferred tax assets was mainly due to allowance forbonuses increase of 25,162 thousand yen.
As a result, total assets amounted to 1,987,447 thousand yen, an increase of 484,524 thousand yen compared to the end of
the previous fiscal year.
(Liabilities)
Current liabilities at the end of the current fiscal year totaled 440,851 thousand yen, an increase of 197,246 thousand yen
compared to the end of the previous fiscal year.
Mainly due to increases of 87,807 thousand yen in income taxes payable, 60,686 thousand yen in provision for bonuses,
and 41,000 thousand yen in accounts payable. Noncurrent liabilities totaled 51,513 thousand yen, an increase of 4,547
thousand yen compared to the end of the previous fiscal year. This was due to an increase of 4,547 thousand yen in reserve
for retirement benefits.
As a result, total liabilities amounted to 492,364 thousand yen, an increase of 201,793 thousand yen compared to the endof the previous fiscal year.
(Net Assets)
Total net assets at the end of the current fiscal year were 1,495,082 thousand yen, an increase of 282,731 thousand yen
compared to the end of the previous fiscal year. This was mainly due to an increase of 270,364 thousand yen in retained- 5 -T&S inc. (4055)
Summary of Financial Results of FY11/2021

FOR TRANSLATION PURPOSE ONLY

earnings resulting from the recorded net income.
(3) Summary of cash flow for the current fiscal year
Cash and cash equivalents (hereinafter referred to as "cash") by 258,439 thousand yen from the previous fiscal year to 1,275,367
thousand yen at the end of the current fiscal year, due to an increase of 419,328 thousand yen in income before income taxes andminority interests, an increase of 60,686 thousand yen in the provision for bonuses, and an increase of 41,000 thousand yen inaccounts payable, partially offset by an increase in notes and accounts receivable-trade and income taxes paid.
The status of each cash flow and its factors in the current fiscal year are as follows.
(Cash flows from operating activities)
Net cash provided by operating activities amounted to 272,498 thousand yen (up 46.7% year-on-year).
This was mainly due to income before income taxes of 419,328 thousand yen, an increase of 60,686 thousand yen in the provision
for bonuses, and an increase of 41,000 thousand yen in notes and accounts payable-trade, despite an increase of 103,578 thousand
yen in notes and accounts receivable-trade, an increase of 82,813 thousand yen in other current assets, and income taxes paid of
57,758 thousand yen.

(Cash flows from investing activities)
Cash used in investing activities amounted to 2,098 thousand yen (down 78.5% year-on-year). This was due to expenditures of
1,062 thousand yen for the acquisition of intangible fixed assets and 1,036 thousand yen for the acquisition of tangible fixed assets.
(Cash flows from financing activities)
Cash used in financing activities was 11,961 thousand yen (compared to 517,749 thousand yen provided in the previous year).
This was due to dividend payments of 24,147 thousand yen, despite proceeds from stock issuance of 12,186 thousand yen.
(4) Descriptions regarding prospects such as performance forecasts
In FY11/2022, we expect stable business expansion in all categories of Solution, Semiconductor, and Advanced Technology
Solution, and we forecast an increase in revenue.
In the Solution category, system development projects from the three major corporate groups (Toshiba Group, Hitachi Group, andKioxia Group), the Company's primary customers, are expected to remain strong. In the Semiconductor category, the supply ofengineering personnel is expected to expand as customers continue to make plans to expand their plants against the backdrop of astrong semiconductor market. In the Advanced Technology Solution category, we expect to see continued expansion in AI-related
business, including work with NEC Corporation on deep learning technology and treatise survey and the start of business with newclients.
In FY11/2022, we forecast net sales of 3,100 million yen (up 13.4% year-on-year), operating income of 550 million yen (up33.2% year-on-year), ordinary income of 557 million yen (up 32.9% year-on-year), and net income of 391 million yen (up 32.7%
year-on-year).
Although the severe situation caused by the pandemic (Covid-19), it is gradually easing. However, the re-emergence of theinfection may lead to restrictions on face-to-face sales activities, delays in the start of projects, and loss of opportunities to acquire
new projects, which may impact the economy and our business performance. We will continue to monitor the situation closely as
we conduct our business. The above forecasts are based on information available as of the date of announcement of this document,
and actual results may differ from the estimates due to various factors in the future.

2.

Basic policy on the selection of Accounting Standards
As the Company does not prepare consolidated financial statements, financial statements are prepared in accordance with Japanese
GAAP, taking into consideration the burden of establishing a system to prepare financial statements in accordance with
International Financial Reporting Standards.

- 6 -T&S inc. (4055)
Summary of Financial Results of FY11/2021

FOR TRANSLATION PURPOSE ONLY

3.

Financial Statements and Principal Notes.
(1) Balance sheet(unit: thousand yen)Previous fiscal year
(November 30, 2020)

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Work in progress
Prepaid expenses
Accounts receivable - other
Other
Allowance for doubtful accounts
Total current assets
Fixed assets
Tangible fixed assets
Buildings
Accumulated depreciation
Buildings (net)
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures (net)Total tangible fixed assets
Intangible fixed assets
SoftwareTotal intangible fixed assets
Investments and other assets
Investment securities
Investments in capital
Deferred tax assets
Guarantee deposits
Total investments and other assets
Total fixed assets
Total assets- 7 -Current fiscal year
(November 30, 2021)

1,016,928
250,442
6,147
12,596
121,206
1,076△900
1,407,497

1,275,367
354,021
24,26419,010198,366315△1,4001,869,946

30,399△10,841
19,558
7,332△ 3,348
3,983
23,54230,399△12,878
17,521
8,368△4,703
3,664
21,186

1,178
1,178

1,692
1,692

400
20
33,89836,38670,704
95,425
1,502,923

400
20
59,06135,14094,621
117,500
1,987,447

T&S inc. (4055)
Summary of Financial Results of FY11/2021

FOR TRANSLATION PURPOSE ONLY

(unit: thousand yen)Previous fiscal year
(November 30, 2020)
Liabilities
Current liabilities
Accounts payable
Accrued payable
Accrued expenses
Accrued income taxes, etc.
Accrued consumption tax, etc.
Deposits received
Accrued bonuses
Other
Total current liabilities
Fixed liabilities
Allowance for retirement benefits
Long-term guarantee deposits received
Total fixed liabilities
Total liabilities
Total net assets
Shareholders' equity
Capital stock
Capital surplus
Capital reserve
Other capital surplus
Total capital surplus
Retained earnings
Legal reserve
Other retained earnings
Retained earnings brought forward
Total retained earnings
Total shareholders' equity
Total net assets
Total liabilities and net assets- 8 -Current fiscal year
(November 30, 2021)

64,473
8,572
56,58142,326
57,5898,237
5,822
243,604

105,474
12,082
63,787130,134
54,6298,177
66,50955
440,851

38,895
8,071
46,966
290,571

43,422
8,071
51,513492,364

334,600

340,783

260,479
25,450285,929

266,662
25,450292,112150

150

591,671591,821
1,212,351
1,212,351
1,502,923

862,036
862,186
1,495,082
1,459,082
1,987,447

T&S inc. (4055)
Summary of Financial Results of FY11/2021

FOR TRANSLATION PURPOSE ONLY

(2) Statements of income(unit: thousand yen)

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Grant income
Subsidy income
Other
Total non-operating income
Non-operating expenses
Stock issuance costs
Other
Total non-operating expenses
Ordinary income
Net income before taxes
Corporate, inhabitant and enterprise taxes
Income taxes-deferred
Total income taxes
Net income

Previous fiscal Year
(From December 1, 2019 toNovember 30, 2020)
2,266,994
1,590,086
676,907372,289
304,618

Current fiscal year
(From December 1, 2020 toNovember 30, 2021)
2,732,771
1,947,231
785,539
372,587
412,952

3,000
24
3,024

1,000
5,550
5
6,555

3,210
0
3,210
304,432
304,432
68,647△473
68,174
236,2571800180419,328
419,328
149,923△25,162
124,760
294,567- 9 -T&S inc. (4055)
Summary of Financial Results of FY11/2021

FOR TRANSLATION PURPOSE ONLY

(3) Statement of changes in net assets
Previous fiscal year (from December 1, 2019 to November 30, 2020)(unit: thousand yen)
Shareholders’ equity
Capital surplus
Capitalstock

Balance at
beginning ofcurrent period
Changes of items
during period

Totalshareholders’equityRetained earnings
Other retained
earnings

Capitalreserve

Other capitalsurplus

Total capitalsurplus

Legal reserve

25,45025,540150

Retainedearnings
brought
forward74,120-Issuance of newshares

260,425

260,425

260,425

520,850Issuance of shareacquisition rights
Exercise of shareacquisition rights

54

54

54

108

260,479

260,479-

260,479

Balance at end ofcurrent period

334,600

260,479

25,450285,929(unit: thousand yen)

Balance at
beginning ofcurrent period

Share acquisitionrightsTotal net assets-

455,133

Changes of items
during period
Issuance of newshares

520,850Issuance of shareacquisition rights

108

108

Exercise of shareacquisition rights△108

236,257

Net income
Total changes of
items during period-

757,217

Balance at end ofcurrent period-

1,212,351- 10 -

355,563455,133

236,257

236,257

236,257-

236,257

236,257

757,217150

591,671591,821

1,212,351

Net income
Total changes of
items during period

355,413

Total retained
earnings

T&S inc. (4055)
Summary of Financial Results of FY11/2021

FOR TRANSLATION PURPOSE ONLY

Current fiscal year (from December 1, 2020 to November 30, 2021)(unit: thousand yen)
Shareholders’ equity
Capital surplus

Other retained
earnings

Capitalstock

Balance at
beginning ofcurrent period
Changes of items
during period
Issuance of newsharesTotalshareholders’equityRetained earnings

Capitalreserve

334,600

260,479

6,183

6,183

Other capitalsurplus

Total capitalsurplus

Legal reserve

25,450285,929150

Retainedearnings
brought
forward591,671

Total retained
earnings

591,8216,183

1,212,351

12,366

Dividend of surplus△24,202△24,202△24,202

Net income

294,567

294,567

294,567

Total changes of
items during period

6,183

6,183

-

6,183

-

270,364

270,364

282,731

Balance at end ofcurrent period

340,783

266,662

25,450292,112150

862,036

862,186

1,495,082(unit: thousand yen)
Total net assets
Balance at
beginning ofcurrent period
Changes of items
during period
Issuance of newshares

1,212,351

12,366

Dividend of surplus△24,202

Net income

294,567

Total changes of
items during period

282,731

Balance at end ofcurrent period

1,495,082- 11 -

T&S inc. (4055)
Summary of Financial Results of FY11/2021

FOR TRANSLATION PURPOSE ONLY

(4) Statements on cash flow
(unit: thousand yen)Previous fiscal year
(From December 1, 2019 toNovember 30, 2020)
Cash flow for operating activities
Net income before 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
Grant income
Subsidy income
Stock issuance expenses
Decrease (△ increase) in notes and accounts receivable-trade
Decrease (△ increase) in inventories
Decrease (△ increase) in other current assets
Increase (△ decrease) in notes and accounts payable-trade
Increase (△ decrease) in accrued expenses
Increase (△ decrease) in other current liabilities
Other
SubtotalInterest and dividends received
Grants received
Subsidies received
Income taxes paid
Cash flow for operating activities
Cash flow for investing activities
Payment for purchase of tangible fixed assets
Payments for purchase of intangible fixed assets
Payments for lease and guarantee deposits
Cash flow for investing activities
Cash flow for financing activities
Proceeds from issuance of stock
Cash dividends paid
Proceeds from issuance of stock acquisition rights
Cash flow for financing activities
Increase (△ decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of year

- 12 -

Current fiscal year
(From December 1, 2020 toNovember 30, 2021)

304,432
3,104
1,052△39,287
3,472
△100
△1
△3,0003,210△14,998
1,698
27,211
2,649
3,410
△8
95
292,9401
3,000△110,186
185,756

419,328
3,939
1,246
60,6864,547
500△5△1,000△5,550180△103,578△18,117△82,81341,0007,206△3,867323,701
5
1,000
5,550
△57,758
272,498△6,243△470△3,040△9,754△1,036△1,062△2,098517,640
108
517,749
693,751
323,177
1,016,928

12,186△24,147△11,961
258,439
1,016,928
1,275,367

T&S inc. (4055)
Summary of Financial Results of FY11/2021

FOR TRANSLATION PURPOSE ONLY

(5) Notes to Financial Statements（Notes regarding the assumption for going concern）
Not applicable.
（Equity method profit / loss, etc.）
Not applicable as the Company does not have any affiliated companies.
（Segment information, etc.）【Segment Information】
As the Company's business is a single segment of system development and related services, this information has been
omitted.
【Relevant Information】
Previous fiscal year (from December 1, 2019 to November 30, 2020)
1. Information on product and service(unit: thousand yen)
Solution
Sales to externalcustomers

1,807,166

Semiconductor
355,858

Advanced
Technology
Solution

Total

103,969

2,266,994

2.

Information by Region(1) Net Sales
This information is omitted because sales to external customers in Japan account for more than 90% of net sales
in the statement of income.
(2) Tangible fixed assets
Information about property, plant and equipment has been omitted because the amount of property, plant andequipment located in Japan exceeds 90% of the amount on the balance sheet.

3.

Information by major customers(unit: thousand yen)Company name

Net Sales

Kioxia co., ltd

328,418(Note) The Company operates in a single segment of system development and related services, the names ofrelated segments are omitted.
Current fiscal year (from December 1, 2020 to November 30, 2021)
1. Information on product and service(unit: thousand yen)
Solution
Sales to externalcustomers
2.

2,101,431

Semiconductor
464,229

Advanced
Technology
Solution
167,109

Total
2,732,771

Information by Region(1) Net Sales
This information is omitted because sales to external customers in Japan account for more than 90% of net sales
in the statement of income.
(2) Tangible fixed assets
Information about property, plant and equipment has been omitted because the amount of property, plant andequipment located in Japan exceeds 90% of the amount on the balance sheet.

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T&S inc. (4055)
Summary of Financial Results of FY11/2021

FOR TRANSLATION PURPOSE ONLY

(3) Information by major customers(unit: thousand yen)Company name

Net Sales

Kioxia co., ltd

496,252(Note) The Company operates in a single segment of system development and related services, the names ofrelated segments are omitted.
【 Information on Impairment Losses on Fixed Assets by Reporting Segment 】
Not applicable.
【 Information on amortization and unamortized balance of goodwill by reportable segment 】
Not applicable.
【 Information on gain on negative goodwill by reportable segment 】
Not applicable.
（Information per share）
Previous fiscal year

Current fiscal year

(December 1, 2019 to November 30, 2020)(December 1, 2020 to November 30, 2021)

Net assets per share

169.06 yen

195.87 yen

Net income per share

35.95 yen

39.42 yen

Diluted net income per share

32.92 yen

38.02 yen

(Note)
1. The Company conducted a 2-for-1 stock split of common stock on December 1, 2020, and a 2-for-1 stock split of common stock
on December 1, 2021. Net assets per share, net income per share, and diluted net income per share are calculated on the assumptionthat the said stock split was conducted at the beginning of the previous fiscal year.
2. Diluted net income per share for the previous fiscal year is calculated based on the average share price during the period from theinitial listing date to the end of the previous fiscal year, as the Company was listed on the Tokyo Stock Exchange Mothers market
on August 7, 2020.
3. The calculation of net income per share and diluted net income per share is as follows.
Previous fiscal year
(December 1, 2019 toCurrent fiscal year
(December 1, 2020 toNovember 30, 2020)

November 30, 2021)

Net income per share
Net income (thousand yen)Amount not attributable to common shareholders (thousand yen)
Net income related to common stock (thousand yen)

236,257

294,567--

236,257

294,567

6,571,209

7,472,220--

Number of shares of common stock increased (shares)

605,115

276,019(of which stock acquisition rights (shares))605,115

276,019--

Average number of shares of common stock during the period (shares)
Net income per share (diluted)
Adjustment of net income (thousand yen)

Diluted net income per share is not shown in the calculation of diluted
net income per share because there is no dilutive effect.

（Significant subsequent events）(Stock split)
Based on a resolution by the Board of Directors on October 25, 2021, the Company conducted a stock split on December 1, 2021.

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T&S inc. (4055)
Summary of Financial Results of FY11/2021

FOR TRANSLATION PURPOSE ONLY

1.

2.

Purpose of the stock split
The purpose of the stock split is to improve the liquidity of the Company's shares and further expand the investor base by lowering
the amount per investment unit of the Company's shares and creating an environment in which investors can invest more efficiently.
Overview of the stock split(1) Method of the split
As of November 30th, 2021, as the reference date, the common stock held by shareholders registered or recorded in the latest
shareholder registry will be split at a ratio of 1:2.
(2) Number of shares to be increased by the split① Total number of shares issued before the stock split② Number of shares to be increased by this stock split③ Number of shares issued after the stock split④ Total number of shares authorized to be issued after thestock split

3,816,600 shares
3,816,600 shares
7,633,200 shares
12,000,000 shares(3) Dates
Public notice date
Record date
Effective dateNovember 15, 2021
November 30, 2021
December 1, 2021

(4) Effect on per share information
The effect on per share information is stated in the relevant sections.
(5) Adjustment of the exercise price of stock acquisition rights
In accordance with this stock split, the exercise price per share for stock acquisition rights exercised on or after December 1, 2021
will be adjusted as follows.
Date of resolution by the
Exercise price before
Adjusted exercise price
Board of Directors
adjustment
First stock acquisition rights
April 16, 2018
41yen
21yen
Second stock acquisition rights
May 17, 2019
88yen
44yen
Third stock acquisition rights
May 17, 2019
88yen
44yen
Fifth stock acquisition rights
April 23, 2020
234yen117yenSixth stock acquisition rights
April 23, 2020
234yen117yen(6) Change in the amount of capital
There will be no increase in the amount of capital upon this stock split.
3.

OthersThe date of effectiveness of this stock split is December 1, 2021. The Dividend record date is November 30, 2021, the Year-end
dividend for the FY11/2021 will be based on the shares before the stock split.
(Acquisition of treasury stock)
At a meeting of the Board of Directors held on December 14, 2021, the Company passed a resolution to acquire treasury stock inaccordance with the provisions of Article 156 of the Companies Act as applied pursuant to Article 165, Paragraph 3 of the sameact, as described below.
1.

Reason for acquisition of treasury stock
The Company intends to repurchase its shares to implement a flexible capital policy that flexibly responds to changes in thebusiness environment and improves shareholder returns and capital efficiency.

2.

Details of matters pertaining to the acquisition(1) Type of shares to be acquired(2) Total number of shares to be repurchased(3) Total amount of shares to be acquired(4) Acquisition period

Common shares
170,000 shares (maximum)(Ratio to the total number of shares issued(Excluding treasury stock): 2.23%)
250 million yen (upper limit)
January 14, 2022 - July 13, 2022

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