Challege for the Future—
Change toBusiness Development Shosha Group

Annual Report
April 1, 2023

March 31, 2024

TOKYO BOEKI GROUPTo Our Shareholders

What we aspire to be under the Seventh Mid-term Business Management Plan (FY2024-2027)

Top Message
In the fiscal year ending March 31, 2024, Tokyo Boeki Group was able
to achieve increases in both sales and profits. This achievement is theresult of the dedicated efforts of each and every employee of theGroup and the unrelenting support of a wide range of stakeholders.
Our success would not have been possible without your support, andwe sincerely appreciate it.
Today, the global economy is facing unprecedented challenges.
The conflict between Russia and Ukraine, instability in the Middle East,and rising global prices in the aftermath of the pandemic have had amajor impact on monetary policy in many countries. In the U.S., thedevelopment of AI technology has revitalized the semiconductor
market, supporting the overall economy, and their stock prices are on
an upward trend. On the other hand, a cooling real estate market,
excessive production capacity and demand decline in China havemade it impossible to wipe out anxiety toward the future.
Meanwhile, in Japan, corporate performance is improving as prices
are being passed on to end-users against a backdrop of sharply rising
raw material costs. In addition, the rise in consumer prices affected
the labor market, resulting in the increase in wages. In response tothese economic conditions, the Bank of Japan made a historic policy
shift, raising interest rates for the first time in 17 years.
In this rapidly changing economic environment, Tokyo Boeki Group
continues to provide consistent professionalism and high quality
services from marketing, business planning, development, manufacturing,sales, to after-sales service. As part of this effort, we welcomed
Japan Advanced Roll Co., Ltd. into our groupin September, 2023.
We have formulated our Seventh Mid-term
Business Management Plan, covering theperiod from FY2024 to FY2027, to evolve intoa “Business Development Shosha Group”
and aim for sustainable growth and contribution
to society. We look forward to your continued
support and cooperation.

Hideshige Tsubouchi

Proactively explored and won various business opportunities with abusiness development mindset
and built strong relationships with
top companies.

What we aspire to be (FY 2024 ~)Strength

Built a highly profitable businessmodel that penetrates the customer’sbusiness base, provided integrated
services, and offered values that is
unique to our Group.

We will become a “Business Development Shosha Group” that solves social and customer
issues by combining the “business development mindset” and “business profit model thatprovides functions to support customers’ business infrastructure,”which are the strengths
that Tokyo Boeki Group has cultivated. And we will provide values through the Group’s
unique and differentiated approach to infrastructure, manufacturing, and safety and security,
which are indispensable to society.
“Business Development Shosha” is a company that proactively identifies social and customer issues, develops
unique products and solutions that solve those issues with creativity, and contributes to the maintenance anddevelopment of customers’ business foundations and infrastructure.

Four business segments to focus
Energy Infrastructure

Image Solution

Material Supply

Smart Manufacturing

What to be aspired

What we aspire to be

What we aspire to be

What we aspire to be

We will support the supply chain of
LNG, transition energy and ammonia, hydrogen, and CCUS, which
are the next generation energies forthe realization of a carbon neutral
society and provide equipment andsystem solutions for safe and stable energy supply.

By focusing on the development andimprovement of image recognition andAI solution technologies, differentiating
and leveraging them to create new values, and improving safety, efficiency,
and convenience, we will help society’s
various needs and contribute to development by expanding into various fields.

Expanding our differentiated products
and services that support manufacturing,
we will supply a wide range of products
and services in the supply chain of target
markets, with a view to expanding ourbusiness on the global stage and contribute to the resolution of issues and development of the manufacturing industry.

We will provide solutions to enhance
manufacturing and operations in theengineering and supply chains of
manufacturing, and contribute tosolving social issues such as population decline and carbon neutrality
through technology.

President and Representative Director
With the start of the 7th Mid-Term Business Management Plan, segment information will be reported by the above categories from FY2024.

1

TOKYO BOEKI GROUPTOKYO BOEKI GROUP

2

Segment Information (Percentage represents ratio of sales)
Business Description

30.9%

Energy Machinery Industry Group

15,204 million yen (+10.1% YOY)
Operating income
2,554 million yen (+19.0% YOY)

Net sales

The group develops, manufactures, and sells loading arms, which are vital to loading/unloading of fluids and gases, and related equipment, various gas-related machinery,
power generation-related equipment & devices, and environment-related equipment
for energy-related industries such as electric power, gas, petroleum, and petrochemicals. The group’s main product, loading arm has earned a solid reputation by providing users around the world with superior products based on an integrated production
and sales system.

Business Conditions

30.4%

Medical, Life and Science
Industry Group

14,973 million yen (+4.3% YOY)
Operating income
2,193 million yen (+14.6% YOY)

Net sales

In the energy industry, consumption of liquefied natural gas, which emits relatively
less carbon dioxide than oil and coal, is increasing in line with the global trend toward
decarbonization.
In the group’s mainstay LNG loading arm business, sales increased due to thedelivery of large projects in Japan and overseas, following this trend, as well as a highlevel of the number of regular maintenance projects.
Although SG&A expenses, such as personnel and overseas business trip expenses, increased due to the strengthening of overseas sales, especially in the Middle
East, the group ultimately achieved an increase in both sales and profit.

29.1%

Technology, Automobiles andInformation Industry Group

14,309 million yen (+111.6% YOY)
Operating income
926 million yen (+47.5% YOY)

Net sales

3TOKYO BOEKI GROUP

Business Conditions
For the group’s mainstay measurement business, the group have strengthened its
system for solution proposals. Although the business performance was affected bysoaring raw material prices due to the tight supply and demand for semiconductors
and cost increases due to the accelerated depreciation of the yen, sales for “IoT DX
Solutions,” “Manufacturing Industry Solutions,” and “Styling Solutions” remained
strong.
From the third quarter, TB Banshu Electric Equipment Co., Ltd. and PT. BANSHUELECTRIC INDONESIA (manufacturing and sales of wire harnesses mainly for construction machinery and motorcycles), which became new group companies, havebeen consolidated.
As a result of the above, the group achieved an increase in both sales and profit.

Business Conditions
For the mainstay security-related business, sales remained steady due to an upward trend in
the number of cameras installed per order and the acquisition of high-value-added IP camera projects. Although expenses increased due to higher domestic procurement costs, higher import procurement costs resulting from the weaker yen, and investments in humanresources, they were offset by lower development costs for a large AI solution software.
In the end, the group achieved an increase in both sales and profit.

Business Description
The group proposes and provides solutions to improve productivity by integrating datacollected from coordinate measuring machines and knowledge and know-how accumulated at manufacturing sites and related software and IoT products. We are agroup of engineering experts who contribute to the construction of smart manufacturing for our customers.

Business Description
The group develops, manufactures, and sells a wide variety of products, including security,
medical, and science equipment. In particular, in the security business, we provide the domestic market with security equipment, mainly surveillance cameras made overseas, with an
integrated service of strict quality control, on-site surveys, system design, proposals andestimates, installation, repair, and maintenance. In the medical equipment field, we also
boast an excellent track record, with compact automatic clinical analyzers sold in approximately 80 countries and regions around the world.

9.6%

Materials, Resource andMetal Industry Group

4,707 million yen (+348.5% YOY)
Operating income 1,029 million yen (+127.0% YOY)

Net sales

Business Description
In the materials-related business, the group provides a stable supply of refractories developed and manufactured by our joint venture company in China to the steel industry and offer
total services, including after-sales service. In the steel-related business, we supply various
products, including high-grade steel, mainly to the Southeast Asian market based on customer needs, while promoting to build our business. We are also developing a digital solution
business for the steel industry to solve issues such as decarbonization, energy saving, anddigitalization. And in the area of resources, we procure and supply mainly steel raw materials
and equipment from overseas.

Business Conditions
In the mainstay materials business, transaction volume declined due to the termination ofsome processes by a major customer, but the expansion of the range of products handled in
the refractory business, price increases in unit sales prices due to higher raw material prices,and growth in the digital-related business contributed to the solid performance. In the steelbusiness, export to India and Vietnam increased. In addition, from the third quarter, Japan
Advanced Roll Co., Ltd. (manufacturing and sales of forged rolls mainly for steel manufacturers), a new group company, has been consolidated. As a result of the above, the group
achieved an increase in both sales and profit.

TOKYO BOEKI GROUP

4

CLOSE-UP

Tokyo Boeki Group Sustainability — Toward the New Future —For Tokyo Boeki Group, sustainability means, “contribute to the development of a sustainable society (SDGs)” and“pursue the happiness, both materially and spiritually, of Tokyo Boeki Group employees” based on “Purpose”, whichconstitutes the “the Group Management Axis of Tokyo Boeki Group”, aiming for sustainable growth of society andTokyo Boeki Group.
The 7th Mid-Term Business Management Plan clearly states the promotion of Diversity & Inclusion (D&I) and recognizes D&I as not merely a corporate ethical obligation, but as an important element that promotes innovation andgrowth. Furthermore, by focusing on providing manpower-saving technologies and solutions for a safe and securesociety, we are contributing to the realization of a sustainable society by improving the quality of people’s lives.
The Tokyo Boeki Group will continue to work with stakeholders to achieve sustainability for the new future.

Human Capital Management

Tokyo Boeki Group

D&I Promotion Support Team started in full swing
The Tokyo Boeki Group D&I Promotion Support Team wasestablished with the Human Resources Department of Tokyo
Boeki Holdings Corporation as its secretariat. The main
objective of the team is to create an environment in which each
employee can reach his or her full potential. In this way, we aim
to incorporate diverse values and perspectives, promotecreativity and innovation, and enhance competitiveness. In thefirst year, particular emphasis is being placed on promoting theadvancement of women, reviewing education, work styles, andcareers. We will continue to strengthen our efforts to promote
D&I and build an environment where employees can play anactive role over the long term.

5TOKYO BOEKI GROUP

Man-power Saving Technology TOKYO BOEKI TECHNO-SYSTEM LTD.

Development of “3D-MeasureVerse,”a virtual verification solution
by fusing measurement data and metaverse
TOKYO BOEKI TECHNO-SYSTEM LTD. has developed a virtual
verification solution “3D-MeasureVerse”. Conventionally, people
used to visit automobile manufacturing plants to visually checkfor flaws in the car body, but with 3D-MeasureVerse, it ispossible to check them in a virtual space.
When users put on the goggles and enter the virtual space,
they will see a zebra pattern.
The projected body of the vehicle is displayed, allowing the users to see the same conditions as if they werechecking for scratcheson the body of the vehicle on site, right in front of
their eyes. Confirmation
work in a remote virtualenvironment contributes
not only to the reduction
in manufacturing costs,
but also to the clean site,
safety, and man-powersavings.

Realization of Safe and Secure Society

TB-eye Ltd.

Started selling the business
DX robots, “ugo series”

Signed a distributorship agreement for
the recognition platform, “FreeiD”

TB-eye Ltd. has formed a business alliancewith ugo, Inc. and has begun handling thebusiness DX robot “ugo” as a security device.
With a view to linking ugo, which employs ahybrid control system of remote control and
AI auto-mode, and TAS (TB-eye AI Solution),
an image analysis system that utilizes AI, we
will challenge the new area of security andcollection of marketing information by a business DX robot.

TB-eye Ltd. (TBE) and DXYZ Co., Ltd. (DXYZ) have entered into a distributorship agreement to sell the face recognition platform “FreeiD” and havestarted a business alliance. FreeiD, developed by DXYZ, is a face recognition platform that connects various activities in daily life (entry/exit, identification, payment, etc.) with face recognition by registering users’ faces once
via a smartphone application, and realizing the concept of “Connecting theworld only with your face”, without carrying keys or wallet. FreeiD is compatible with various face recognition AI and can be used with approximately
one million* security cameras already installed in Japan by linking it with the
TAS CUBE, the TBE’s compact AI analysis PC, the latest product in the“TAS” series. In addition to accelerating the introduction of TAS CUBE andFreeiD in apartments, we will jointly promote the provision of added value in
new areas such as offices and factories.
* The number of TBE security cameras installed
Face registration by
FreeiD application• Free installation from apps store• Registration of face and basic user
information

Sending face information to
TAS CUBE

Face recognition• Sending information registered in
FreeiD to TAS CUBE*• TAS CUBE checks images on security
camera and recognizes faces in real time

*Available only when users agree (opt-in style)• The recognition results are synchronizedwith FreeiD.

TOKYO BOEKI GROUP

6

GROUP TOPICS
Domestic GroupTB Global Technologies Ltd.

Toward a Commercial Demonstration of a Liquefied Hydrogen Supply Chain

Domestic GroupAwarded SER Certification Excellent by Caterpillar Inc.
TB Banshu Electric Equipment Co., Ltd. (BEE), received an Excellent certification, the highest level of SER (Supplier
Excellence Recognition) certification in Fiscal 2023 from Caterpillar Inc. of the United States, the world’s largest construction equipment manufacturer.
Caterpillar awards SER certification to suppliers that maintain systems and processes and meet or exceed worldclass standards. BEE is pleased to have been recognized for its strict quality control, productivity and on-time delivery
throughout its supply chain. Caterpillar’s Excellent certification is a recognition of BEE’s mission to “grow and collaborate
with all Group employees to deliver safe, high-quality, and innovative products and services to customers.”
BEE is further pleased to receive this award in consecutive years, as it won
the same certification in 2022.

TB Global Technologies Ltd.

Announced new brand “TB-NIIGATA”
TB Global Technologies Ltd. (TBG) has decided to unify its loading arm product brand names, which were previously“CHIKSAN,” “WECO,” and “NIIGATA,” into “TB-NIIGATA” as part of its brand strategy. TBG has been developing, manufacturing, selling, and providing maintenance services for loading arms and other energy-related machinery for morethan half a century. TBG will strive to become a more trusted partner by unifying and solidifying its brand name andimage and to improve services to customers.

Domestic GroupTOKYO BOEKI MECHANICS LTD.

Progress in “business quality improvement activities” to increase productivity
At the Yokohama Plant of TOKYO BOEKI MECHANICS LTD. (TMX), there has been a lot of work that is often done by individuals relying on rules of thumb and intuition, and in addition, there has been a lot of unnecessary and wasteful workin a wide range of operations such as material procurement, manufacturing, inspection, and document preparation.
In order to resolve this issue and improve operational efficiency, TMX implemented operational quality improvement
activities in FY2023. Specific initiatives included standardization of operations, use of cloud services, and changes to thefactory layout. As a result, TMX was able to significantly reduce man-hours and improve work efficiency in each task.
TMX will continue business quality improvement activities through various measures such as digital transformation (DX)to improve operational efficiency, reduce the burden on the field, and make better service.

7

TB Banshu Electric Equipment Co., Ltd.

Technology, Automobiles and Information Industry Group

Energy Machinery Industry GroupTB Global Technologies Ltd. (TBG) has agreed to collaborate with Kawasaki Heavy Industries, Ltd. (KHI) from August2023 to design a large loading arm (LA) for liquefied hydrogen to be implemented in the “Liquefied Hydrogen Supply
Chain Commercialization Demonstration”.
In the marine transportation of liquefied hydrogen, a liquefied hydrogen LA is necessary for loading liquefied hydrogen from the land side to the ship side and unloading the transported liquefied hydrogen from the ship to the land, andis an indispensable facility in the liquefied hydrogen supply chain.
TBG has collaborated with KHI on the several projects such as the development of a steel pipe LA for liquefied hydrogen with a diameter of 6B under the Strategic Innovation Promotion Program (SIP) of the Cabinet Office, which began
in 2014, and the development of elemental technologies for a large LA for liquefied hydrogen under the NEDO Project“Development of Technology for Establishing a Hydrogen Society / Development of Large-scale Hydrogen Energy Utilization Technology”.
In order to contribute to the establishment of an international liquefied hydrogen supply chain on a commercial scale
toward the realization of carbon neutrality, TBG will work with KHI to commercialize a large LA for liquefied hydrogen.

Domestic GroupTOKYO BOEKI GROUP

Domestic GroupTOKYO BOEKI TECHNO-SYSTEM LTD.

Launched REGALIS Fusion, a measurement DX solution
TOKYO BOEKI TECHNO-SYSTEM LTD. (TTS), has launched REGALIS Fusion, a solution for measurement, data utilization,
quality visualization, and virtual verification (simulation).
Although simulation is conducted at each stage of vehicle development, the gap between the design values and theactual product prevents the accuracy from being improved, and the trial-and-error process repeated with the actual prototype takes man-hours and a lot of money. In addition, each process has
different tools and know-how, making it impossible to utilize data from other processes. Therefore,
the simulation model created by REGALIS Fusion from the design values is reflected in the actual
measurement data to improve the prediction accuracy, thereby significantly reducing man-hours
and costs. In addition, by matching simulation models with measurement data in the upstream
process of manufacturing, shape errors in the previous process can be filled in semi-automatically, leading to a reduction in lead time. Furthermore, by replacing the inspection jig with a virtual
one, the delivery time, cost, and storage space for the actual product can be greatly reduced.
REGALIS Fusion supports digital twinning for each process that takes into account shapechanges caused by physical phenomena and the digital threads that connect them, thereby improving productivity.

TOKYO BOEKI GROUP

8

TOKYO BOEKI MATERIALS LTD.

Started selling forged rolls
Materials, Resource and Metal Industry GroupTOKYO BOEKI MEDISYS INC. (TMS), exhibited at “JACLaS EXPO 2023” held at Pacifico Yokohama from October 6 to 8,
2023. This exhibition is one of the largest on clinical testings in Japan, held by Japanese Association of ClinicalLaboratory Systems(JACLaS). The association was established in October 2012 to provide medical institutions andhealthcare professionals with comprehensive information on clinical testing devices, reagents, and systems, and tocontribute to the development of the clinical testing field and the healthcare and welfare.
In addition to “BIOLIS 30i,” an automatic biochemical analyzer, and “Medisys Link,” a clinical testing system, TMS
exhibited “RiOs-DI Clinical” (Merck product) and “RO-T15” (Organo product). They are pure water production systems
and accessories for BIOLIS 30i. The actual machines were exhibited to help customers visualize the actual operation in
their laboratories, and the space-saving Biolis 30i was especially well received.

Japan Advanced Roll Co., Ltd.

Awarded the Best Engineer Prize at the Research Presentation Meeting of Steel Castings and Forgings Association of Japan
Japan Advanced Roll Co., Ltd. (JAR), received the “Best Engineer Award” at the “Technical Lecture and ResearchPresentation Meeting on Steel Forging Manufacturing” hosted by Steel Castings and Forging Association of Japan on on
March 8, 2024.
The association has been held since 1982 with the aim of contributing to the improvement of the technology in theindustry based on the results of various surveys and studies related to the manufacture of forged steel products.
This year’s contestants were selected among the excellent presentations made at Forged Steel and Steelmaking
Subcommittee, Forged Steel Subcommittee and Machining Subcommittee and nominated by the chairperson of theForged Steel and Steelmaking Subcommittee among the many case studies presented this yeah. This is a very prestigious award.
Encouraged by this award, JAR will continue to make every effort to improve its steelmaking technologies that
support the foundation of manufacturing.

TB-eye Ltd.

Medical, Life and Science Industry Group

Domestic GroupTOKYO BOEKI MEDISYS INC.

Exhibited at JACLaS EXPO 2023

TOKYO BOEKI MATERIALS LTD. (TML), welcomed Japan Advance Roll Co., Ltd. (JAR), in September, 2023. JAR is a
specialized manufacturer engaged in the design, development, manufacture, sales, and maintenance of various typesof forged rolls for rolling. TML has also started the business of selling forged rolls for rolling manufactured by JAR.
In recent years, demand for high-tensile steel sheets has been increasing due to the growing need for lighter car
bodies to reduce CO2 emissions by improving fuel efficiency of automobiles. Increased sales of EVs have also pushed
up the demand for high-performance electromagnetic steel sheets for use in drive motors, and the need for cold-forgedrolls with higher wear-resistance and high-temperature strength is growing. In addition to domestic sales to major steel
manufacturers and others, TML will strengthen its marketing efforts, including the selection of local sales partners andthe establishment of local contact points, with a particular eye on overseas target markets in Southeast Asia and India,
where the use of high-tensile steel for automobiles and EVs is expected to increase.

Domestic Group

Domestic Group

Medical, Life and Science Industry Group

Domestic GroupTB-eye Ltd. (TBE), launched the “TB-eye Cloud Service” in April 2023. Recorded images previously stored on servers
can now be stored in the cloud. By eliminating the need for servers, not only are installation costs significantly reduced,
but space can be saved and there is no risk of server theft. The service also comes with other functions as shown in the
figure, and has been well received as a service suitable for centralized management of multiple locations, such as retailstores, restaurants, construction sites, and offices.

9TOKYO BOEKI GROUP

Launched TB-eye Cloud Service

Features of TB-eye cloud service

Domestic Grouptb innovations LTD.

Invested in Mazrica Inc. and Nealle Inc.
Based on its investment policies of “innovative elements, advanced and applied technologies,” “creation of new
businesses and creation of new industries,” and “solving issues in the international community,” this fiscal year
tb innovations LTD. (TIT), invested in Nealle Inc., which operates “Park Direct,” the industry’s No. 1 mobility SaaS that
promotes DX in the parking lot market, and Mazrica Inc., which operates “Senses,” a cloud-based sales support tool thathelps eliminate personalization of works.
Domestic GroupTokyo Boeki Holdings Corporation

Held the first TOMAX AWARDS!
Tokyo Boeki Holdings Corporation (TBH) held the “TOMAX AWARDS” as an opportunity to acquire knowledge and know-how
in business reform (company-wide operational reform) and to implement them in business operations. The purpose of theaward was to “support the sustainable growth of Tokyo Boeki Group by providing a place to share know-how based on
actual results, making continuous improvement the norm, and starting a co-growth engine for both businesses and individuals.” Fifteen applications that passed the document screening went on to the final examination, of which four won awards.
The grand prize was awarded to “The Development of Procurement Visualization System and Parts Management
Improvement” presented by the joint procurement and production management team of TB Banshu Electric Equipment
Co., Ltd. (BEE) . The team restructured the operations of Material Department of Indonesia factory and those of BEE
counterparts (Procurement Group and Production Management Group) to seamlessly connect their works, and simultaneously re-established internal system to link information at each process of the material procurement and export. This
is to aim to realize a quicker response and production efficiency.
Through this activity, TBH will continue to foster a culture in which each and every employee takes the initiative in
improvement activities and the entire organization continuously refines its operations. In this way, TBH will achieve cogrowth in management, business, and human resources to support the sustainable growth of the entire group.
TOKYO BOEKI GROUP

10

Introduction of Group Companies

CONSOLIDATED COMPANIESAs of June 25th 2024

TOKYO BOEKI MATERIALS LTD.
Completed acquisition of shares of Japan Advanced Roll Co., Ltd.
TOKYO BOEKI MATERIALS LTD. completed the acquisition of all outstanding shares of Japan Advanced
Roll Co., Ltd. and welcomed it to the Tokyo Boeki Group!

Domestic Group Companies
TB-eye Ltd.

TOKYO BOEKI MECHANICS LTD.

President: Shokichi Ishimura
Business Description: Import, development, manufacturing, sales, design,
installation, and after-sales service of security equipment
Development and sales of various solutions utilizing AI andimage analysis technologies
Development, manufacturing, and sales of various
communication devices including intercoms

President: Takeyoshi Misu
Business Description: Design, development, manufacturing, sales and after-service(maintenance) of gas related equipment

TB Global Technologies Ltd.

Japan Advanced Roll Co., Ltd. is a specialized manufacturer that designs, develops, manufactures, sells, andmaintains various types of forged rolls for rolling for steel
manufacturers. As a top player of forged roll manufacturers with strength in high quality and technology, it has abroad business base with customers not only in Japan but
also overseas, mainly in Asia and Oceania regions. Global
demand for steel products is expected to continue to increase, and demand for the company’s high-value-added
forged rolls is also expected to grow further.
This decision is positioned as part of the Tokyo Boeki
Group’s efforts to strengthen its business portfolio in the
Materials, Resources, and Steel segment*, and the twocompanies will mutually utilize their sales channels andtechnologies for further development.

President: Laurent Poidevin
Business Description: Development, design, manufacturing, sales, and after-sales
service of energy-related equipment and machinery, including
loading arm.
Development of new robotics and energy-related businesses
Export and import of scientific and industrial equipment, etc.

TOKYO BOEKI TECHNO-SYSTEM LTD.

Hall–Héroult-style electric furnace

President: Hirohito Mizuhara
Business Description: Design, development, manufacturing, sales, import/export,
and services of coordinate measuring equipment (including
CNC automatic measuring machines, non-contact measuringmachines, measuring robots, etc.),specialized machines formodel processing, and related software (design, inspection,
analysis, data processing), etc.

TOKYO BOEKI MATERIALS LTD.

11

TOKYO BOEKI GROUP

President: Shigeru Moriyama
Business Description: Development, manufacturing and sales of automatedbiochemical analyzers
Development and sales of clinical testing systems

TB Banshu Electric Equipment Co., Ltd.
President: Akihiko Yoneda
Business Description: Manufacturing and sales of wire harnesses of various types

Japan Advanced Roll Co., Ltd.
President: Hideki Nagano
Business Description: Design, development, manufacture, sales and maintenance ofwork rolls for cold and hot rolling, intermediate rolls, backup
rolls, rolls for cluster type & Sendzimir mills and other forgedrolls.

Overseas Group Companies

The company originated from Hitachi, Ltd. andbegan manufacturing and selling forged rolls in 1953.

: Design, development, manufacture,sales and maintenance of work rolls for coldand hot rolling, intermediate rolls,
backup rolls, rolls for cluster type & Sendzimir
mills and other forged rolls.

TOKYO BOEKI MEDISYS INC.

6,000ton press: Japan Advanced Roll Co., Ltd.
Name
President : Hideki Nagano: 832-2 Horiguchi, Hitachinaka-shi, Ibaraki
Address
Established : December 2017
(began operation in March 2018)
Business

President: Hyunmin Go
Business Description: Strategic investment (corporate venture capital), consulting
and new business development

President: Hiroshi Shigezumi
Business Description: Materials business (development, procurement, sales andafter-sales service of refractory materials)
Steel business (procurement and sales of thin&thick steel
sheets, stainless steel, wire rods, etc.)
Resources & raw materials business (procurement and salesof steel raw materials, equipment and materials)
Digital solution business (problem solving mainly for steel
manufacturers)*The segment name is changed into Material Supply Segment in the 7th Mid-Term Business Management Plan.

Company overview

tb innovations LTD.

Roll grinding machineUSA

THAILANDTOKYO BOEKI NORTH AMERICA, INC. (Kentucky)

TBTS (THAILAND) CO.,LTD. (Bangkok)

President: Yasunori Inoyama
Business Description: Sales and service of coordinate measuring machine andrelated software

President: Taro Nakazato
Business Description: Sales and service of coordinate measuring machine andrelated software

CHINA

CIS

TOKYO BOEKI (CHINA) LTD. (Shanghai)TOKYO BOEKI EURASIA LLC (Moscow)

President: Tomoharu Yamada
Business Description: Materials, resources, steel business and new businessdevelopment in China

President: Keiji Takigawa
Business Description: Sales of industrial and scientific equipment to CIS nations

TTS (GUANGZHOU) CO., LTD. (Guangzhou)

PT. BANSHU ELECTRIC INDONESIA (Jakarta)

President: Yukimasa Kuramochi
Business Description: Sales and service of coordinate measuring machine andrelated software

INDONESIA
President: Akihiko Yoneda
Business Description: Manufacturing and sales of wire harnesses of various types

TOKYO BOEKI GROUP

12

FINANCIAL REVIEW
Financial Highlights

Consolidated Financial Statements

Net Sales
47,091(Million yen)

49,07442,29932,586

2019

2020

2021

Operating Income

4,622
3,797

2023

2019

2020

3,136

2021

3,581

2022

2023

Note: Effective from FY2021, the Company has adopted the Accounting Standard for Revenue Recognition,etc. The transaction volume according to the previous accounting standard is 45,317 million yen in
FY2021, 46,095 million yen in FY2022 and 60,745 million yen in FY2023.

Ordinary Income(Million yen)

5,338
4,181

3,527

Net Income Attributable to Owners of Parent
3,756

5,234

Consolidated Balance Sheets
Account Item

5,178

35,8832022(Million yen)

3,395

3,706
1,946

(Million yen)

3,579

2,197

(Million yen)

2023

2022

As of March 31, 2024

As of March 31, 2023

Assets

2020

2021

2022

2023

Earnings Per Share

2019
(Yen)

2020

2021

2022

2023

Total Assets / Net Assets
Total Assets(Million yen)

59,318
832

795
408

2019

13

TOKYO BOEKI GROUP

2020

838

509

2021

2022

2023

47,12442,057 44,644
34,563 35,770
30,542 32,139

42,972

2019

2020

2021

2022

39,946

2023

2023

2022

April 1, 2023 –March 31, 2024

April 1, 2022 –March 31, 2023

Net sales

49,07435,88343,49337,393

Cost of sales

30,07019,987

Non-current assets

15,825

9,730

Gross profit

19,003

15,895

Property, plant and equipment

5,355

3,101

Selling, general & administrative expenses

14,381

12,314

Intangible assets

2,119

457

Operating income

4,622

3,581

Investments and other assets

8,350

6,171

Non-operating income

835

364

59,31847,124Non-operating expenses

222

239

17,595

10,542

5,234

3,706

Current liabilities
Non-current liabilities

1,777

811

Extraordinary income

138

1,571

Total liabilities

19,372

11,354Extraordinary loss

251

286

Income before income taxes

5,121

4,990

37,50734,301

Income taxes

1,632

1,593

5,000

5,000

Net income

3,489

3,396

55

—

Net income attributable to non-controlling interests
Net loss attributable to non-controlling interests (△)

△ 89

1

Retained earnings

33,01629,865

Net income attributable to owners of parent

3,579

3,395

Treasury stock

△ 564

△ 564

Accumulated other comprehensive income

1,946

1,259

Non-controlling interests

492

209

Total net assets

39,94635,770Total liabilities and net assets

59,31847,124

Total assets
Liabilities

Shareholders’ equity
Capital stock
Capital surplus

Net Assets

Account Item

(Million yen)

Current assets

Ordinary income

Net assets

2019

Consolidated Statements of Income(Note) Amounts have been rounded down to the nearest whole unit.

TOKYO BOEKI GROUP

14

COMPANY OUTLINE / STOCK INFORMATION
Company Outline (As of March 31, 2024)

Stock Information (As of March 31, 2024)

Tokyo Boeki GroupTokyo Boeki Holdings Corporationand 16 group companies
17 companies in total

Established

October 30, 1947

Capital Stock

5.0 billion yen(Shareholders’ equity: 37.5 billion yen)

Tokyo Boeki Employee Share Holding Commission

753,000 shares

17.59%

Employees

1,388Tokyo Marine & Nichido Fire Insurance Co., Ltd.

423,000 shares

9.88%

Tokyo Boeki Holdings Corporation
KYOBASHI EDOGRAND
2-2-1 Kyobashi, Chuo-Ku, Tokyo
104-0031 JapanThe Toa Reinsurance Company, Limited

408,000 shares

9.53%

MUFG Bank, Ltd.

211,000 shares

4.93%

Nippon Life Insurance Company

120,000 shares

2.80%

Resona Bank, Limited

102,000 shares

2.38%

Head Office(Pure holding company)

Total Number of Authorized Shares
36,819,920 shares
Total Number of Stocks Issued
Common Stock 4,281,140 shares(excluding 1,938,780 shares of treasury stock)
Number of Shareholders
122
Name of Shareholder

Executives of Tokyo Boeki Holdings Corporation (As of June 25, 2024)
Board of Directors
President and Representative Director

Hideshige Tsubouchi

Executive Vice President and Director

Hiroshi Shigezumi

Director

Shingo Nakagawa

Outside Director

Seiji Sato

Numbers ofRatio of
Stocks Held Shareholding

Our Group Website
A variety of contents are available on the website, including thelatest news of the Group and an introduction to our business.

https://www.tokyo-boeki.co.jp/

Auditors
Full-time Corporate Auditor

Noriaki Shibata

Full-time Corporate Auditor

Tsunetoshi Sakai

Outside Corporate Auditor

Miho Numata

Outside Corporate Auditor

Kenji Sakurai

TOKYO BOEKI GROUPKYOBASHI EDOGRAND, 2-2-1 Kyobashi, Chuo-ku, Tokyo 104-0031 Japan
TEL: +81-3-6633-5263 FAX: +81-3-6841-8388

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