FOR TRANSLATION PURPOSE ONLY
Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event ofany discrepancy between this translated document and the original Japanese document, the latter shall prevail.
December 14, 2023

Summary of Consolidated Financial Results
for the Second Quarter of the Fiscal Year Ending March 31, 2024
(Based on Japanese GAAP)
Company name:
Stock exchange listing:Stock code:
Representative:

TAKAMIYA CO., LTD.
Tokyo (Prime Market)
2445
URL:
https://corp.takamiya.co/
Representative Director, President and Chairman KAZUMASA TAKAMIYA

Scheduled quarterly report submission date:Preparation of supplementary material on financial results:
Holding of financial results meeting:Yes (Scheduled Video stream)

December 14, 2023
Yes

(Amounts less than one million yen are rounded down)
1. Consolidated Financial Results for the Second Quarter of the Fiscal Year Ending March 31, 2024 (April 1, 2023 to September 30,2023)(1) Consolidated operating results
Percentages indicate year-on-year changes
Net sales
Second quarter of the fiscal year
ending March 31, 2024
Second quarter of the fiscal year
ended March 31, 2023

(Note) Comprehensive income

Operating income

Profit attributable toowners of parent

Ordinary income

Million yen%

Million yen%

Million yen%

Million yen%

20,792

5.0

1,205

57.9

1.485

30.6

1,006

34.7

19,799

(1.1)

763

0.5

1,137

26.9

746

176.0

Second Quarter of Fiscal Year Ending March 31, 2024 : 1,257 million yen
31.3%
Second Quarter of Fiscal Year Ended March 31, 2023 : 957 million yen
117.5%

Quarterly
Earnings per
share
Second quarter of the fiscal year
ending March 31, 2024
Second quarter of the fiscal year
ended March 31, 2023

Diluted earnings
per share

Yen

Yen

21.60

20.81

16.03

15.51

(2) Consolidated financial condition
Total assets
Second quarter of the fiscal year
ending March 31, 2024
Fiscal year ended
March 31, 2023

(Reference) Shareholders' equity

Net assets

Capital adequacy ratio

Net assets per share

Million yen

Million yen%

Yen

66,34721,45431.3

445.9262,74920,52231.7

427.08

Second Quarter of Fiscal Year Ending March 31, 2024 : 20,770 million yen

Fiscal year ended March 31, 2023 : 19,892 million yen
2. Cash dividends
Annual dividends per share
End of the 1Q
Fiscal year ended
March 31, 2023
Fiscal year ending
March 31, 2024

End of the 2Q

End of the 3Q

End of term

Total

Yen

Yen

Yen

Yen

Yen

-

6.00

-

8.00

14.00

-

6.00
-

8.00

14.00

Fiscal year ending
March 31, 2024 (Forecast)(Note) Revisions from the most recently announced dividend forecast: None
3. Consolidated Financial Forecast for the Fiscal Year Ending March 31, 2024 (April 1, 2023 to March 31, 2024)
Percentages indicate year-on-year changes
Earnings
Profit attributable to
Net sales
Operating income
Ordinary income
per shareowners of parent
Million yen%

Million yen%

Million yen%

Yen

48,000
14.6
3,800
68.7
(Note) Revisions from the most recently announced earnings forecast: None

3,580

49.1

2,420

65.7

51.95

Full year%

Million yen

FOR TRANSLATION PURPOSE ONLY
Notes
(1) Changes in significant subsidiaries during the current quarter consolidated cumulative period (changes in specified subsidiaries resulting inchanges in the scope of consolidation) : None
(2) Application of special accounting methods for the preparation of quarterly consolidated financial statements: None
(3) Changes in accounting policies, changes in accounting estimates, and restatements① Changes in accounting policies due to revision of accounting standards, etc.: None
② Changes in accounting policies other than (1) above : None
③ Changes in accounting estimates : None
④ Restatement : None
(4) Number of shares issued (common stock)① Total number of issued shares at the end of the period (including treasury shares)
As of September 30, 2023
46,585,600 shares As of March 31, 2023
② Number of treasury shares at the end of the period
As of September 30, 2023
7,020 shares As of March 31, 2023
③ Average number of shares during the period (cumulative quarterly)
As of September 30, 2023
46,578,580 shares As of September 30, 2022

46,585,600 shares
7,020 shares
46,578,580 shares* The quarterly financial statements are not subject to audit by certified public accountants or auditing firms.
*Explanation of the appropriate use of financial forecasts and other special notes(Cautionary Note Regarding Forward-Looking Statements, etc.)
The forward-looking statements, including business forecasts, contained in this document are based on information currently available to theCompany and on certain assumptions deemed reasonable, and are not intended as a promise by the Company that they will be achieved. Actual
results may differ materially due to a variety of factors. Please refer to "1. Qualitative information on quarterly financial results (3) Explanation of
consolidated financial forecasts and other forward-looking statements" on page 3 of the attached materials for the conditions that form theassumptions for the forecast of financial results and cautions concerning the use of the forecast of financial results.
(How to obtain quarterly financial results supplementary materials)
Supplementary materials for the quarterly financial results will be posted on the Company's website.

(How to obtain quarterly financial results explanation)
Explanation for the quarterly financial results will be posted on the Company's website.

FOR TRANSLATION PURPOSE ONLY
Table of contents of attached documents
1. Qualitative information on quarterly financial results .......................................................................................................................

2(1) Explanation of business results ..............................................................................................................................................

2(2) Explanation of financial condition ………………………………………………………………………………...…………………...

3(3) Explanation of consolidated financial forecasts and other forward-looking statements ………………………………………...

3(4) Others ………………………………………...………………………………………...………………………………………...…......

3

2. Quarterly consolidated financial statements and major notes

4(1) Quarterly consolidated balance sheets ..................................................................................................................................

4(2) Quarterly consolidated statements of income and consolidated statements of comprehensive income ……………………...

6

Quarterly consolidated statements of income
For the Second quarter consolidated cumulative period...............................................................................................

6

Quarterly consolidated Statements of comprehensive income
For the Second quarter consolidated cumulative period...............................................................................................

7(3) Consolidated Statements of Cash Flows................................................................................................................................

8(4) Notes to quarterly consolidated financial statements .............................................................................................................

10(Notes on going concern assumption) .................................................................................................................................

10(Note in the event of a significant change in the amount of shareholders' equity) ..............................................................

10(Segment information) .........................................................................................................................................................

10

1

FOR TRANSLATION PURPOSE ONLY
1. Qualitative information on quarterly financial results(1) Explanation of business results
During the second quarter of the consolidated cumulative period under review, the global economy was on a recovery track as
restrictions on economic activity due to the impact of the novel coronavirus infection were lifted. However, the outlook remained
uncertain due to soaring energy prices and raw material prices, concerns about prolonged monetary tightening mainly in Europe andthe United States, and exchange rate fluctuations.
In this environment, the Group has set a management vision of " Create new value through transformation and aim for sustainablegrowth by becoming a partner to our customers " in the medium-term management plan announced on May 31, 2021, and isproceeding with the transition to a new business model. We announced the “Takamiya Platform,” which provides high value-added
services to customers who purchase the Iq system. We have expanded functions such as the interface "OPERA" that allows you to
use all services provided by the platform on the web, and the digital market "Iq - Bid" that allows you to freely purchase and sell
temporary construction equipment.
As a result, for the Second quarter of the current fiscal year, the Company posted net sales of 20,792 million yen (up 5.0% year-onyear), operating income of 1,205 million yen (up 57.9% year-on-year), ordinary income of 1,485 million yen (up 30.6% year-on-year),and net income attributable to owners of the parent of 1,006 million yen (up 34.7% year-on-year).
Operating results by segment are as follows.
(Sales business)
In the Temporary Construction Division, interest in the "Takamiya Platform" was high, and inquiries for new procurement,
replacement, and additional purchase projects remained strong. However, due to concerns about construction delays due to soaring
material prices and labor shortages, as well as an uncertain future, there continued to be a trend toward postponing purchase dates
and renting. On the other hand, there were significant transactions in the used sales, including 'Iq-Bid,' contributing to an improvementin profit margins.
Outside the temporary construction sector, sales of solar-related materials remained at a level similar to the same period last year,
as the large-scale projects in mega solar, which had been ongoing since the previous period, completed their cycle.
As a result, sales were 5,739 million yen (down 5.0% year-on-year) and operating income was 522 million yen (up 5.2% year-onyear).
(Rental Business)
In the construction field, rental demand remains high, mainly for maintenance and repair work in the Tokyo metropolitan area, andin the civil engineering field, the number of construction sites is currently increasing, and the rental volume of temporary construction
equipment remained at a high level compared to the previous year. We have also expanded our equipment lineup and worked toestablish a stable supply system for Takamiya Platform users.
As a result, sales were 13,242 million yen (up 13.9% year-on-year) and operating income was 1,594 million yen (up 54.7% yearon-year).
(Overseas Business)
In the manufacturing field, the procurement of raw materials and parts has not been significantly affected, and both HORY VIETNAM(Vietnam) and Hory Korea (South Korea) are steadily shipping temporary construction materials to Japan.
Hory Korea, which has an overseas sales division, saw construction demand in South Korea, but due to concerns over the tighteningof global financial conditions, there was a trend toward rental use as in Japan. Outside the temporary construction sector, sales
decreased in the previous fiscal year due to a decline in sales of solar-related materials.
At DIMENSION-ALL INC. (Philippines), although economic activity is on a recovery trend, construction delays and postponementsof construction starts have had an impact, and sales remained at the same level as the same period of the previous year.
As a result, sales were 4,130 million yen (down 7.4% year-on-year) and operating income was 211 million yen (down 2.9% yearon-year).

FOR TRANSLATION PURPOSE ONLY
(2) Explanation of financial condition
Total assets at the end of the current Second quarter consolidated accounting period were 66,347 million yen, an increase of 3,598
million yen from the end of the previous consolidated fiscal year. This was mainly due to an increase of 454 million yen in Cash anddeposits, a decrease of 633 million yen in Notes and accounts receivable trade and contract assets, and an increase of 634 million
yen in Merchandise and finished goods, and an increase of 2,393 million yen in Assets for rent, net.
Total liabilities amounted to 44,893 million yen, an increase of 2,666 million yen from the end of the previous consolidated fiscal
year. This was mainly due to a decrease of 333 million yen in Bonds payable (including Current portion of bonds), an increase of
2,633 million yen in Long-term debt (including Current portion of long-term loans payable).
Total net assets amounted to 21,454 million yen, an increase of 931 million yen from the end of the previous fiscal year. This was
mainly due to an increase of 633 million yen in retained earnings due to Profit attributable to owners of parent of 1,006 million yen anddividends of surplus of 372 million yen, and an increase of 199 million yen in Foreign currency translation adjustments.
The status of each cash flow and their factors in the current second quarter consolidated cumulative period are as follows.
(Cash flows from operating activities)
Cash flows from operating activities resulted in an outflow of 83 million yen (outflow of 1,519 million yen in the same quarter of theprevious fiscal year). This is mainly due to Income before income taxes and minority interests of 1,494 million yen, Depreciation
expenses of 2,644 million yen, Increase in inventories of 3,559 million yen.
(Cash flows from investing activities)
Cash flow from investing activities resulted in an outflow of 1,101 million yen (outflow of 560 million yen in the same quarter of theprevious fiscal year). This is mainly due to Purchase of property, plant and equipment of 1,170 million yen.
(Cash flows from financing activities)
Cash flow from financing activities resulted in an income of 1,602 million yen (income of 565 million yen in the same quarter of theprevious fiscal year). This is mainly due to Income from long-term loans payable of 5,500 million yen, and an expenditure of 2,868
million yen for repayment of long-term loans payable,(3) Explanation of consolidated financial forecasts and other forward-looking statements
Regarding the performance for the cumulative period of the second quarter of the current fiscal year, the Profit attributable to ownersof parent exceeded the initial plan. Therefore, we have revised the consolidated performance forecast for the cumulative second
quarter of the fiscal year ending March 2024. Additionally, considering uncertainties such as exchange rate fluctuations for the
consolidated performance forecast for the fiscal year ending March 2024, we will maintain the performance forecast figures announced
on May 11, 2023. For more details, please refer to the 'Notice Regarding the Difference between the Forecast and Actual Results
for the Second Quarter of the Fiscal Year Ending March 31, 2024' announced on December 14, 2023.
(4) Others(The results of the internal investigation committee and its impact)
In the accounting procedures for the second quarter of the fiscal year ending March 2024, it was discovered that questionable revenue
recognition had been carried out by one of our employees (hereinafter referred to as "the employee"). On November 2, 2023, weestablished an internal investigation committee composed solely of audit committee members, including an external director withqualifications as a lawyer and certified public accountant. The committee has been conducting investigations into the facts surrounding
this case, as well as the existence of other fraudulent activities at the relevant location (hereinafter referred to as "the location"), similar
incidents throughout the company and its affiliated companies, and the impact on financial statements.
On December 14, 2023, we received the investigation report from the internal investigation committee. The report revealed that incertain sales transactions at the location, there were inappropriate accounting practices, including 1) recording sales on the core systemthat differed from the actual shipment contents to present better financial results for the office's closing, and 2) manipulating sales throughthe registration of quantities and prices different from the actual situation to facilitate one's own sales activities (hereinafter referred to as"the fraudulent activities"). Additionally, it was reported that, in the location, there were no other fraudulent activities apart from thefraudulent activities by the employee and other staff. Moreover, outside the location, the occurrence of incidents similar to the fraudulent
activities was judged to be significantly small.
As the impact of these fraudulent activities on our past financial statements is limited, we do not plan to make corrections to previous
financial statements and will address the matter in the financial statements for the second quarter of the fiscal year ending March 2024.
We deeply apologize for any concern and inconvenience caused to our shareholders, investors, and all stakeholders.

3FOR TRANSLATION PURPOSE ONLY
2. Quarterly consolidated financial statements and major notes(1) Quarterly Consolidated Balance Sheet
Million yen
Fiscal year ended March 31, 2023

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable tradeand contract assets
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Assets for rent
Accumulated depreciation - Assets for rent

Second quarter of the fiscal year
ending March 31, 2024

8,296

8,750

11,452

10,819

5,423
1,308
1,452
819
(323)

6,058
1,342
1,439
889
(353)

28,43028,94642,59246,011(28,243)(29,268)

Assets for rent, net

14,34916,743

Buildings and structures

10,084(4,359)10,266(4,620)

Buildings and structures, net

5,725

5,646

Machinery, equipment and vehicles
Accumulated depreciation

3,683(2,171)

3,893(2,417)

1,512

1,475

7,766
1,224
(922)

7,775
1,376
(1,017)

301

359

145
1,858
(1,365)680
2,050(1,488)

Accumulated depreciation and impairment loss

Machinery, equipment and vehicles, net
Land
Leased assets
Accumulated depreciation
Leased assets, net
Construction in progress
Other
Accumulated depreciation

492

561

Total tangible assets

Other, net

30,292

33,242Intangible assets
Leasehold right
Other

327

327

418

390

746

718

379

440

760
80
745
1,382
(68)

761
81
704
1,564
(112)

Total intangible fixed assets
Investments and other assets
Investment securities
Guarantee deposits
Net defined benefit asset
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

3,280

3,441

34,31837,40162,74966,347

FOR TRANSLATION PURPOSE ONLY

Million yen
Fiscal year ended March 31, 2023

Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term loans payable
Current portion of bonds
Current portion of long-term loans payable
Lease obligations
Income taxes payable
Contract liability
Provision for bonuses
Notes payable - facilities
Other

Second quarter of the fiscal year
ending March 31, 2024

7,010
3,909
1,167
5,749
311
392
110
466
306
2,454

7,074
3,860
1,102
5,741
320
482
382
392
2,713

Total current liabilities

21,87822,071

Non-current liabilities
Bonds payable
Long-term loans payable
Lease obligations
Net defined benefit liability
Asset retirement obligations
Other

4,263
12,253
690
1,021
34
2,085

3,995
14,894
654
1,050
34
2,193

Total non-current liabilities

20,34922,82242,22744,893

1,052
1,910
16,514
(3)

1,052
1,910
17,147(3)

Total liabilities
Net assets
Shareholders' equity
Capital stock
Capital surplus
Retained earnings
Treasury shares

19,473

20,107

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax

Total shareholders' equity

62
(1)
368
(9)

102
(1)

Total accumulated other comprehensive income

419

663

434
194

485
198

20,522

21,45462,74966,347

Subscription rights to shares
Non-controlling interest
Total net assets
Total liabilities and net assets

5

567
(5)

FOR TRANSLATION PURPOSE ONLY
(2) Quarterly consolidated statements of income and consolidated statements of comprehensive income(Quarterly consolidated statements of income)Second quarter consolidated cumulative period
Second quarter of the fiscal year
ended March 31, 2023

Million yen
Second quarter of the fiscal year
ending March 31, 2024

Net sales

19,79920,792

Cost of sales

13,90814,172Gross profit

5,891

6,620

Selling, general and administrative expenses

5,128

5,414

763

1,205

Interest income
Dividend income

2
5

8
6

Rent income

52

48

Gain on sales of scrap

97

76

Foreign exchange gains

331

312

Operating income
Non-operating income

Other

34

42

Total non-operating income

523

495

Interest expenses
Commission fee

101
28

124
25

Provision of allowance for doubtful accounts

－

43

Other

19

22

Total non-operating expenses

149

215

1,137

1,485

Gain on sales of non-current assets

09Total extraordinary income

09Loss on retirement of non-current assets

7-

Total extraordinary loss

7-

Profit before income taxes

1,130

1,494

Income taxes - deferred

323
61

433
47

Total income taxes

384

480

Profit1,014

Profit attributable to non-controlling interests

745
(1)

Profit attributable to owners of parent

746

1,006

Non-operating expenses

Ordinary income
Extraordinary income

Extraordinary losses

Income taxes - current

7

FOR TRANSLATION PURPOSE ONLY
(Quarterly consolidated Statements of comprehensive income)（Second quarter consolidated cumulative period）
Second quarter of the fiscal year
ended March 31, 2023

Million yen
Second quarter of the fiscal year
ending March 31, 2024

745

1,014

(17)
3
225
1

40
0
199
3

Income before minority interests
Other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax

212

243

Comprehensive income

Total other comprehensive income (loss)

957

1,257

(Breakdown)Comprehensive income attributable to owners of parent
Comprehensive income attributable to minority interests

958
(1)

1,250
7

7

FOR TRANSLATION PURPOSE ONLY
(3) Consolidated Statements of Cash Flows

Cash flows from operating activities
Income before income taxes and minority interests
Depreciation
Loss on retirement of assets for rent
Loss on sales of assets for rent
Purchase of assets for rent
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses
Increase (decrease) in net defined benefit liability
Share-based compensation expenses
Interest and dividend income
Interest expenses
Foreign exchange losses (gains)
Loss (gain) on sales of property, plant and equipment
Loss on retirement of property, plant and equipment
Decrease (increase) in notes and accounts receivable trade
Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable trade
Other
SubtotalInterest and dividend income received
Interest expenses paid
Income taxes paid
Net cash provided by (used in) operating activities

Second quarter of the fiscal year
ended March 31, 2023

(Unit: Million yen)
Second quarter of the fiscal year
ending March 31, 2024

1,130
2,517
19
27
(334)
(8)
(20)
9
50
(8)
101
(354)
(0)
7

1,494
2,644
9
20
(497)
45
(84)
17
50
(15)
124
(348)
(9)
－

(756)

812

(3,447)(3,559)

74

(118)

(32)

(202)

(1,025)

384

8
(101)
(400)

15
(124)
(358)

(1,519)(83)

FOR TRANSLATION PURPOSE ONLY
Second quarter of the fiscal year
ended March 31, 2023

(Unit: Million yen)
Second quarter of the fiscal year
ending March 31, 2024

Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment
Proceeds from sales of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Payments of loans receivableCollection of loans receivable

(170)
170
(419)
0
(94)
(44)
(3)
0

(210)
301
(1,170)
11
(32)
(2)
1

Net cash provided by (used in) investing activities(560)(1,101)

962
(195)

(134)
(183)

3,430
(2,985)
(273)
(372)
-

5,500
(2,868)
(333)
(372)
(4)

565

1,602

84

115

Cash flows from financing activities
Net increase (decrease) in short-term loans payable
Repayments of lease obligations
Proceeds from long-term loans payable
Repayments of long-term loans payable
Redemption of bonds
Cash dividends paid
Dividends paid to non-controlling interests
Net cash provided by (used in) financing activities
Effect of exchange rate change
on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents(1,429)534

Cash and cash equivalents at beginning of period

8,516

7,768

Cash and cash equivalents at end of period

7,087

8,302

9

FOR TRANSLATION PURPOSE ONLY
(3) Notes to quarterly consolidated financial statements(Notes on going concern assumption)
Not applicable.
(Note in the event of a significant change in the amount of shareholders' equity)
Not applicable.
(Segment information)
I. Consolidated cumulative period for the Second quarter of the previous fiscal year (from April 1, 2022 to September 30, 2022)
1. 1. Information on sales and profit or loss amounts by reporting segment and revenue decomposition information(Million yen)
Adjustment(Note 1)

Sales Business

Rental Business

Overseas Business

6,018

6,273

1,706

13,999-13,999

-

5,354

446

5,800

-

5,800

6,018

11,6282,153

19,799-19,799

21

1

2,309

2,331

(2,331)

-

Total

6,040

11,6294,462

22,131(2,331)

19,799Segment income

496

1,030

218

1,745

(981)

763

Net sales
Income from contracts withcustomers
Other income
Net sales to externalcustomers
Intersegment sales andtransfers Net sales ortransfer amount

Total

Amount allocatedon consolidated
statements ofincome(Note 2)

Notes 1. The segment profit adjustment amount of (981) million yen includes the elimination of inter-segment transactions of 155
million yen and company-wide expenses of (1,137) million yen that are not allocated to each reporting segment. Companywide expenses are mainly general and administrative expenses that do not belong to the reporting segment.
2. Segment income is adjusted with operating income on the quarterly consolidated income statement.
3. Other income includes lease income based on ASBJ Statement No. 13, "Accounting Standard for Lease Transactions."
2. Information on impairment loss or goodwill of fixed assets by reporting segment
Not applicable.

FOR TRANSLATION PURPOSE ONLYⅡ Consolidated cumulative period for the Second quarter of the current fiscal year (from April 1, 2023 to September 30, 2023)
1. Information on sales and profit or loss amounts by reporting segment and revenue decomposition information(Million yen)
Adjustment(Note 1)

Sales Business

Rental Business

Overseas Business

5,674

6,826

1,456

13,957-

13,957

-

6,383

451

6,835

-

6,835
20,792

Net sales
Income from contracts withcustomers
Other income
Net sales to externalcustomers
Intersegment sales andtransfers
Net sales or transfer amount

Total

Amount allocatedon consolidated
statements ofincome(Note 2)

5,674

13,2101,907

20,792

-

64

32

2,222

2,319

(2,319)

-

Total

5,739

13,242

4,130

23,112(2,319)20,792

Segment income

522

1,594

211

2,328

(1,123)

1,205

Notes 1. The segment profit adjustment amount of (1,123) million yen includes inter-segment transaction elimination of 83 million
yen and company-wide expenses of (1,206) million yen not allocated to each reporting segment. Company-wide
expenses are mainly general and administrative expenses that do not belong to the reporting segment.
2. Segment income is adjusted with operating income on the quarterly consolidated income statement.
3. Other income includes leasing income, etc. based on Corporate Accounting Standard No. 13 “Accounting Standard forLease Transactions”.
2. Information on impairment loss or goodwill of fixed assets by reporting segment
Not applicable.

11