Note: This document has been translated from a part of 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 13, 2023

Non-consolidated Financial Results
for the Fiscal Year Ended November 30, 2022
(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 DivisionTelephone:+81-45-263-8286
Scheduled date of annual general meeting of shareholders:February 24, 2023
Scheduled date to commence dividend payments:
February 27, 2023
Scheduled date to file securities report:
February 27, 2023
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, 2022 (from December 1,
2021 to November 30, 2022)(1) Non-consolidated operating results
Net sales
Fiscal year ended(Percentages indicate year-on-year changes.)
Operating profit

Ordinary profit

ProfitMillions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

November 30, 2022

3,256

19.2

617

49.6

626

49.3

440

49.5

November 30, 2021

2,732

20.5

412

35.6

419

37.7

294

24.7

Basic earnings
per share

Diluted earnings
per share

Return on equity

Ratio of ordinary
profit to total assets

Ratio of operating
profit to net sales

YenYen%%%November 30, 2022

58.1457.41

27.3

29.3

19.0

November 30, 2021

39.42

38.02

21.8

24.0

15.1

Fiscal year ended

Reference:

Share of profit (loss) of entities accounted for using equity method
For the fiscal year ended November 30, 2022:- million
For the fiscal year ended November 30, 2021:- million(2) Non-consolidated financial position
Total assets
As ofNet assets

Millions of yen

Equity-to-asset ratio

Millions of yen

Net assets per share%

Yen

November 30, 2022

2,281

1,733

76.0

229.69November 30, 2021

1,987

1,495

75.2

195.87

Reference:

EquityAs of November 30, 2022:
As of November 30, 2021:¥1,733 million¥1,495 million

(3) Non-consolidated cash flows
Cash flow fromoperating activities
Fiscal year ended

Cash flow frominvesting activities

Cash flow fromfinancing activities

Cash and cash equivalents
at end of period

Millions of yen

Millions of yen

Millions of yen

Millions of yen

387

△55

△201

1,405

272

△2

△111,275

November 30,2022
November 30,2021

2. Cash dividends
Annual dividends per share

Ratio ofdividends tonet assets

Millions of yen%%

8.0030

10.1

2.2

6.00

6.00

45

10.3

2.8

6.55

6.55

Secondquarter-end

Thirdquarter-end

Yen

Yen

Yen

Yen

Yen-

0.00

-

8.00

-

0.00

--

0.00

-

Fiscal year ended
November 30,
2021
November 30,
2022
Fiscal year ending
November 30,
2023 (forecast)3.

Payout ratio

Fiscalyear-end

Total cash
dividends(Total)First
quarter-end

Total

10.0

Forecast for Fiscal Year Ending November 30, 2023 (December 1, 2022 - November 30, 2023)
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

3,700

13.6

700

13.3703

12.3

495

12.5

65.46

* 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, 2022

7,633,200 shares

As of November 30, 2021

7,633,200 shares(ii) Number of treasury shares at the end of the period
As of November 30, 2022
As of November 30, 2021

86,000 shares-shares(iii) Average number of shares outstanding during the period
Fiscal year ended November 30, 2022

7,572,328 sharesFiscal year ended November 30, 2021

7,472,220 sharesFinancial statements
Balance sheet

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
Deferred tax assets
Guarantee deposits
Total investments and other assets
Total non-current assets
Total assets(Thousands of yen)
As of November 30, 2021

As of November 30, 2022

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

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

30,399△12,878
17,521
8,368△4,703
3,664
21,18630,399△14,914
15,485
11,483△6,365
5,118
20,603

1,692
1,692

2,159
2,159

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

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

(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
Long-term guarantee deposits
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Legal capital surplus
Other 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, 2021

As of November 30, 2022

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

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

43,442
8,071
51,513492,364

49,763－49,763547,996

340,783

340,783

266,662
25,450292,112266,662－
266,662150

150

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

1,241,624
1,241,774△115,717
1,733,503
1,733,5032,281,500

Income statements(Thousands of yen)
Fiscal year ended
November 30, 2021

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating incomeGrant 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, 2022

2,732,771
1,947,231
785,539
372,587
412,952

3,256,855
2,243,118
1,013,736
395,823
617,9131,000
5,550－
5
6,555

225
7,643
1,286
2
9,157

－
180－
0
180
419,328

146
90
579
10826
626,244－－419,328
149,923△25,162
124,760
294,567321
321
625,923
189,879△4,194
185,685
440,238

Statement of Changes in Net Assets
Fiscal year ended November 30, 2021

(Thousands of yen)
Shareholders' equity
Capital surplus

Share capitalBalance at
beginning ofperiod
Changes during
periodIssuance of newshares
Dividends ofsurplusRetained earnings
Other retained
earnings

Legal capital Other capital Total capital Legal retained
Retained
surplussurplussurplusearnings
earnings
brought
forward334,600

260,479

6,183

6,183

25,450285,929

150

Total changes
during period
Balance at end of
period1,212,351

12,366△24,202△24,202△24,202294,567

294,567

294,567

6,183

－

6,183

－

270,364

270,364

282,731

340,783

266,662

25,450292,112150

862,036

862,186

1,495,082

Total net assets

ProfitTotal
shareholders'equity6,183(Thousands of yen)
Balance at
beginning ofperiod
Changes during
periodIssuance of newshares
Dividends ofsurplus

591,821

6,183

ProfitTotal changes
during period
Balance at end ofperiod

591,671

Total retained
earnings

1,212,351

12,366△24,202294,567
282,731
1,495,082

Fiscal year ended November 30, 2022

(Thousands of yen)
Shareholders' equity
Capital surplus

Share capital

Balance at
beginning ofperiod
Changes during
periodDividends ofsurplus

340,783

Retained earnings

Legal capitalsurplus

Other capitalsurplus

Total capitalsurplus

Legal retained
earnings

266,662

25,450292,112

150

ProfitPurchase oftreasury shares
Disposal oftreasury shares
Total changes
during period
Balance at end ofperiod

Purchase oftreasury shares
Disposal oftreasury shares
Total changes
during period
Balance at end ofperiod

Total retained
earnings

862,036

862,186△30,532△30,532

440,238

440,238

Treasuryshares－△25,450△25,450△30,117△30,117

59,156－－△25,450△25,450－

379,588379,588△115,717

340,783

266,662－

266,662

1501,241,624

1,241,774△115,717(Thousands of yen)

ProfitRetainedearnings
brought
forward△174,873

Shareholders'equityBalance at
beginning ofperiod
Changes duringperiod
Dividends ofsurplus

Other retained
earnings

Total
shareholders'equityTotal net assets

1,495,082

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

Statements of Cash Flows(Thousands of yen)
Fiscal year ended
November 30, 2021

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
Proceeds from issuance of shares
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, 2022

419,328
3,939
1,246
60,686625,923
4,550
1,246
1,359

4,547

6,321

500

300

△5－
△1,000△5,550180－△103,578△18,117△82,81341,0007,206△3,867－323,701
5－
1,000
5,550
△57,758△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

272,498

387,243△1,036－△1,062－△3,115△50,400△1,640△158△2,098△55,313

12,186－△24,147－－△174,873△30,456
3,498△11,961△201,830

258,439130,099

1,016,928
1,275,367

1,275,367
1,405,466