The 62nd Business Year Business
Performance Data Analysis
Fiscal Year Ending December 2024 First Quarter

Published by:(Securities code: 9830)

Business Administration Headquarters, Corporate Planning Division, Public Relations & IR Section
Trusco Fiorito Bldg. 10th floor, 4-28-1, Shinbashi, Minato-ku, Tokyo 105-0004, Japan
TEL：03-3433-9840 FAX：03-3433-9881
E-mail: info@Trusco.co.jp

1
Copyright 2024 TRUSCO NAKAYAMA Corporation. All rights reserved.

Table of Contents
01. Company Profile

04. Financial and Other Performances……………………… P.3

Company overview
Business flow

02. Company-wide Business
Performance…………… P.6

Accounting highlights[Consolidated] Business performance[Consolidated] Monthly sales[Consolidated] Monthly sales by sales route…… P. 20

[Consolidated] Selling, general and administrative expenses (SGA)[Consolidated] Details of selling, general and administrative expenses (SGA)[Consolidated] Financial statements and financial indicators[Consolidated] Capital expenditures[Consolidated] Quarterly business performance and budget (quarterly)(cumulative)…………………… P. 27

05. Management Plan

[Consolidated] Full-year Management plan for the 62nd business year
[Consolidated] 62nd Business Year Management plan by sales route
Vision - Medium-term management ability targets -………………………… P. 32
06. Various key indicators
Merchandise / Logistics / Sales / Digital / Human Resources

03. Sales Performance………………… P. 11[Consolidated] Business performance by sales route[Non-consolidated] Sales by category of goods[Non-consolidated] Changes in sales by category of goods (small category)[Non-consolidated] Sales of private brand (PB) goods

07. ESG Information………………………… P. 39

TRUSCO's "Gentleness for the Future" Project
Sustainability indicators
Relationship with society & corporate governance

08. Reference Information
This document contains statements regarding future forecasts of business performance and business plans.
Such statements are not guarantees of future performance and involve risks and uncertainties.
Please note that future performance may differ from the planned figures due to changes in the management
environment and other factors. This document is for informational purposes only and the Company is under noobligation to update it with the latest information available at this time.

…………………… P. 44

Stock information
Index comparison in the industry
The Company's sales index and industrial production index
2
Copyright 2024 TRUSCO NAKAYAMA Corporation. All rights reserved.

01

Company overview
Business flow

Company Profile

3
Copyright 2024 TRUSCO NAKAYAMA Corporation. All rights reserved.

Company overview
Company name

TRUSCO Nakayama Corporation

Founding

May 15, 1959

Corporate message“GAMBARE!!
JAPANESE MONODZUKURI”.

Tetsuya Nakayama, President
Representative

Chairman, Nakayama Visually Impaired Welfare Foundation
Vice president, Japan Federation of Machine Tool Distributors Associations
President, Osaka Machine Appliance Wholesaler Cooperative

Head offices

Tokyo Head Office (Minato-ku, Tokyo, registered as official headquarters)
Osaka Head Office (Nishi-ku, Osaka City)

Number of offices

94 in total:
89 domestic bases: (2 head offices, 59 domestic sales branches, 28 domestic distribution centers)
5 overseas bases: (Local subsidiaries: TRUSCO NAKAYAMA CORPORATION (THAILAND)
LIMITED, TRUSCO NAKAYAMA CORPORATION (INDONESIA) LIMITED,
Supplier development office: Germany, Taiwan, Thailand)

Capital stock

5,022,370,000 yen

Listed stock exchange

Prime Market of the Tokyo Stock Exchange (Code number: 9830)

Number of employees

3,061 (consolidated)

Credit rating

Single A (Rating and Investment Information, Inc.)

Line of business

Wholesale of all kinds of factory auxiliary materials (pro-tools), including working tools,
measuring tools, and cutting tools needed in production. The company's mission is to improvethe convenience of materials procurement at manufacturing sites through the general catalog"Trusco Orange Book" and the search site "Trusco Orange Book.Com."Tokyo Head Office: Trusco Fiorito Bldg.
(Minato-ku, Tokyo)

As of the end of March 2024
Copyright 2024 TRUSCO NAKAYAMA Corporation. All rights reserved.

4

Business flow
Manufacturers
Wholesale

3,550 companies

Connecting an outlet toDomestic suppliers

Trusco is an easy way toApprox. 3,210
companies
3,046

take advantage of ourresources.

Merchandise

Retail 5,646 companies∞ (infinite)

Factory route
We deliver our products to factories,
construction sites, and othermanufacturing sites through machine tool
dealers, etc.

e-business route

Home center route
We deliver our products to consumers
through home centers and pro-tool shops.

Sales

Manufacturers,
construction
companies, etc.

Manufacturers,
general consumers,
etc.

Logistics

340 companies
Ireland, United States, United
Kingdom, Italy, Israel, India, Estonia,
Austria, Netherlands, Canada,
Greece, Singapore, Switzerland,
Sweden, Spain, Sri Lanka, Slovakia,
Thailand, Czech Republic, Denmark,Germany, New Zealand, France,
Vietnam, Belgium, Poland, Portugal,
Malaysia, Norway, South Korea,
Taiwan, China

Users

The products are delivered to factories
and consumers through Internet ordercompanies.

Overseas330
32 32 countries,

Distributors

DigitalOverseas route
We deliver our products to manufacturing
sites around the world.

Businesses
conducting outdoor
work, general
consumers, etc.

Overseas
manufacturers, etc.

As of the end of March 2024
Copyright 2024 TRUSCO NAKAYAMA Corporation. All rights reserved.

5

02

Company-wide
Business
Performance

Accounting highlights[Consolidated] Business performance[Consolidated] Monthly sales[Consolidated] Monthly sales by sales route

6
Copyright 2024 TRUSCO NAKAYAMA Corporation. All rights reserved.

Accounting highlights▮ Actual results for FYE December 31, 2024 (62nd business year) First Quarter• Strengthening of measures that contribute to improved customer convenience and reduced environmental
impact, including “Niawase + Yuchoku” (assortment & direct delivery to users), which holds an abundantinventory of approximately 600,000 items and utilizes state-of-the-art distribution equipment• Effect of capturing demand at the end of the fiscal year

Net sales

71,921 million yen(YoY change +9.0%)

Gross profit

14,811 million yen(YoY change +11.9%)

Selling, general andadministrative
expenses (SGA)

9,814 million yen(YoY change +5.3%)• Salaries and bonuses (+243 million yen): Impact of achievement incentive payments and increased part-time
employee labor costs• Freight and packing expenses (+201 million yen): Impact of increased shipping volume• Depreciation (-103 million yen)

Quarterly profit
attributable toowners of parent

3,512 million yen(YoY change +31.3%)• +31.3% year-on-year, as selling, general and administrative expenses were kept down relative to the increasein sales, while sales increased and purchase prices were passed through to selling prices.

• Impact of increased net sales• The impact from progress in increased purchase price pass-through to selling prices▮ Full-year Outlook for the 62nd business year
Plan

Year-on-yearchangeYoY Change

Net sales

284,710 million yen+6.2%+16,555 million yen

Gross profit

59,760 million yen+3.9%+2,237 million yen

Selling, general and administrative
expenses (SGA)

41,150 million yen+5.5%+2,146 million yen

Ordinary income

18,850 million yen+1.0%+180 million yen

Profit attributable to owners of parent

14,740 million yen+20.1%+2,471 million yen

Gross profit takes into account approximately
500 million yen in inventory valuation gains due
to merchandise price increases.
Regarding selling, general and administrative
expenses, we expect an increase in salaries andbonuses due to achievement incentives, etc., andan increase in freight and packaging expenses
due to an increase in direct shipments to users.
7
Copyright 2024 TRUSCO NAKAYAMA Corporation. All rights reserved.

[Consolidated] Business performanceFYE December 2024
(62nd Business Year) First Quarter
Actual results

Actual results for FYE December 31, 2023
(61st business year)

Actual results

Year-on-yearchangeShare

Actual results

Share

Plan for FYE December 31, 2024
(62nd business year) Budget

YoY change

Changefrombudget(%)

Year-on-yearchangeBudgetNet sales

268,154 million yen-+8.8% 71,921 million yen

-

+9.0%

+4.2%

284,710 million yen+6.2%

Gross profit

57,522 million yen

21.5%+10.3% 14,811 million yen

20.6%+11.9%+3.8%

59,760 million yen+3.9%

Selling, general andadministrative
expenses (SGA)

39,003 million yen

14.5%

+4.0%

9,814 million yen

13.6%

+5.3%

-1.9%

41,150 million yen+5.5%(depreciation includedin SGA)

6,206 million yen

2.3%

-6.9%

1,441 million yen

2.0%

-6.7%

-3.5%

6,375 million yen+2.7%

Operating income

18,519 million yen

6.9%+26.3%

4,997 million yen

6.9%+27.6%+17.0%

18,610 million yen+0.5%

Ordinary income

18,669 million yen

7.0%+23.9%

5,065 million yen

7.0%+27.5%+17.6%

18,850 million yen+1.0%

Profit attributable toowners of parent

12,268 million yen

4.6%+15.4%

3,512 million yen

4.9%+31.3%+19.3%

14,740 million yen+20.1%

Current (quarterly) net
income per share

186.05 yen-+24.9 yen

53.26 yen-

+12.68 yen-

223.53 yen+37.48 yen

Dividend per share

46.50 yen-

+6.50 yen

-

-

-

-

49 yen+2.5 yen

Private brand sales

48,313 million yen

18.0%+5.3% 12,617 million yen

17.5%

+4.1%

+2.9%

51,700 million yen+7.0%

Capital expenditures

13,469 million yen

-

-

-

-

22,750 million yen--

5,148 million yen

Points• Net sales
YoY change +9.0% Change
from budget +4.2%
Increase in sales due toinventory, logistics, digitalstructure and various efforts• Gross profit
YoY change +11.9% Change
from budget +3.8%
The impact of increased net
sales and progress inpurchase price pass-throughto selling prices• Selling, general andadministrative expenses(SGA)
YoY change +5.3% Change
from budget -1.9%(increase) Labor cost, freightand packing expenses, etc.
(Decrease) Depreciation, etc.
• Profit attributable to ownersof parent Net income
YoY change +31.3% Change
from budget +19.3%
Impact of being able tocontrol the increase in selling,
general and administrative
expenses relative to theincrease in sales.

Copyright 2024 TRUSCO NAKAYAMA Corporation. All rights reserved.

8

[Consolidated] Monthly sales
Actual results for FYE December 31, 2024 (62nd business year)▮ (January-March)▮ Budget (April-December)
30,00027,18528,00026,00023,89924,00023,45025,527

24,912

23,68620,000

+10.2

+10.7

+6.7

18,000+8.7

24,91523,424

22,59722,00920,83522,00025,155

+12.4

+8.9

+5.6

+5.6

+7.7

+5.3
+3.9

16,000+2.5

14,00012,00010,0008,000
6,000

Net sales (million yen)
Year-on-year change (%)

4,000
2,000
0

January

February

March
March

April
April

May

May

June

June

July

July

AugustSeptember

October

AugustSeptember

OctoberJanuary

February

Sales per day(million yen)

November December

1,096

1,257

1,359

-

Year-on-yearchange (%)-

November December

Total+ 10.2

+10.7

+17.3

Number ofbusiness days
(days)

19

19

20

21

21

20

22

21

19

22

20

21

245

Year-on-yearchange (days)

±0

±0

-2

+1

+1

-2

+2

-1

-1

+1

±0

±0

-1

• Orders are constantly placed for
consumables used in factories. As such, weplace focus on the sales per day.
Our sales increase during the peak periodsof March when many companies close theiraccounts.

9
Copyright 2024 TRUSCO NAKAYAMA Corporation. All rights reserved.

[Consolidated] Monthly sales by sales routee-business route
January

Number ofbusiness days

19

YoY change±0

February

March

19

April

20

May

21

June

21

July

20

22

AugustSeptember

21

19

OctoberNovember December

22

20

21

Total

5,997

245

5,201

-2

+1

+1

-2

+2

-1

-1

+1

±0

±0

5,005

-1
+13.3

+15.2

Actual results for FYE December 31, 2024 (62nd business year)▮ (January-March)▮ Budget (April-December)

5,754

5,636

5,287

5,256

5,134

4,885

±0

5,800

5,576

5,454

+14.4

+12.8
+8.6

+8.9

+10.7

+9.8

+8.3

+8.0
+6.7

+4.1

Factory route

Net sales (million yen)
Year-on-year change (%)

18,81816,247

15,640

16,23017,10016,834

17,031January

March

April

May

June

14,727

13,880AugustSeptember

October

+ 8.9

+ 8.1

2,127

2,008

+ 5.7

+ 4.2

+ 6.4

December+ 19.0+ 17.5+ 11.2

2,204

2,203

1,945

1,842

+ 7.3

2,249

2,172

1,964

+ 9.9

November

2,352

2,388
2,114

+ 8.5

July

Home center route

15,661

15,057

February

16,784

+ 7.4

+ 4.4

+ 8.2

+ 8.3

+ 1.9

+ 3.3

+ 2.4
Net sales (million yen)

+ 2.8

+ 1.2

+ 0.1

+ 0.6

+ 1.8

△ 2.2

Year-on-year change (%)

Net sales (million yen)
Year-on-year change (%)

January

February

March

April

May

June

July

AugustSeptember

OctoberNovember December

January

February

March

April

May

June

July

AugustSeptember

OctoberNovember December

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10

03
Sales
Performance[Consolidated] Business performance by sales route・ Factory route・ e-business route・ Home center route・ Business performance of subsidiaries[Non-consolidated] Sales by category of goods[Non-consolidated] Changes in sales by category of goods(small category)[Non-consolidated] Sales of private brand (PB) goods

11
Copyright 2024 TRUSCO NAKAYAMA Corporation. All rights reserved.

[Consolidated] Business performance by sales route
Factory route: Share 68.1% (YoY change +8.1%) e-business route: Share 22.7% (YoY change +12.5%)
Home center route: Share 8.2% (YoY change +4.9%) Overseas route: Share 1.0% (YoY change +29.6%)

Actual results for FYE December 31, 2023 (61st business year)

Actual results for FYE December 31, 2024 (62nd business year) First Quarter

Sales
Gross profit
marginNet sales

Actualresults

Actual results

Share

YoY
changeChangefrombudget (%)

Actualresults

Change fromthe end of
previous fiscal
year

Sales route

Actual results

Factory route

182,188 million yen

67.9%

+6.8%

21.5%

48,945 million yen

68.1%

+8.1%

+3.6%

20.2%

-1.3pte-business
route

59,121 million yen

22.1%+14.6%

22.3%

16,338 million yen

22.7%+12.5%

+6.3%

22.5%

+0.2ptHome center
route

24,260 million yen

9.0%

+9.5%

17.4%

5,921 million yen

8.2%

+4.9%

+2.9%

17.3%

-0.1 pt

Overseas route2,583 million yen

1.0%+22.5%

34.4%

716 million yen

1.0%+29.6%

+4.8%

33.6%

-0.8%

268,154 million yen

100.0%

+8.8%

21.5%

71,921 million yen

100.0%

+9.0%

+4.2%

20.6%

-0.9pt

Total

Share

Year-onyearchangeSales
Gross profit margin

Net sales

12
Copyright 2024 TRUSCO NAKAYAMA Corporation. All rights reserved.

[Consolidated] Business performance by sales route: (Factory route)
This route delivers our products to factories, construction sites, and other manufacturing sites through machine tool dealers, etc. Whilebusiness conditions in the manufacturing sector are returning to their pre-pandemic levels, the holding of abundant inventories and theimplementation of various initiatives resulted in a YoY change in net sales of +8.1%.
Actual results for FYE December 31, 2023
(61st business year)

Actual results for FYE December 31, 2024
(62nd business year) First Quarter

Gross profit
marginNet sales

Actualresults

Actual results

Gross profit margin

Share

YoY change

Actualresults

Change fromthe end of
previous
fiscal year

Sales route

Actual results

Machine tool dealers

90,502 million yen

49.7%

22.2%

23,763 million yen

48.6%

+4.9%

20.7%

-1.5ptDealers in welding materials

26,180 million yen

14.4%

20.8%

6,746 million yen

13.8%

+5.6%

19.9%

-0.9ptOther manufacturing related(Physical chemical, conductor,
packaging material dealers, etc.)

30,598 million yen

16.8%

20.1%

8,383 million yen

17.1%+10.7%

19.0%-1.1ptConstruction related

34,906 million yen

19.1%

21.6%

10,051 million yen

20.5%+16.0%

20.2%-1.4ptFactory route total

182,188 million yen

100.0%

21.5%

48,945 million yen

100.0%

+8.1%

20.2%

-1.3ptQ1 of FY 2023
F route net sales (million yen)
Q1 of FY 2024
F route net sales (million yen)Share

Net sales

Points11,443( ) YoY change

4,790

Q1 2023

Q1 2024

YoY change

Machine tool dealers

20.8%

20.7%

-0.1 pt

Dealers in welding
materials

19.8%

19.9%

+0.1ptOther manufacturing
related

19.3%

19.0%

-0.3ptConstruction related

20.4%

20.2%

-0.2pt8,719(+6.2%)

6,688(+7.9%)

5,159

Reference) Gross profit margin YoY change(+7.8%)

10,614
8,213

4,619

(+7.7%)(+9.2%)

5,330

5,072

(+9.3%)(+9.8%)

6,200
1,912

4,230

4,877

4,618

(+11.0%)1,723
Hokkaido and Tohoku Kita-Kanto and Shinshu• We have also enhanced inventory andlogistics at 28 logistics centers and 29
inventory storage branches across thecountry, thereby improving conveniencefor clients and consolidating commercial
distribution channels .
• The gross profit was -1.3 pt lower than at
the end of the previous year because of
the profit-boosting effect of the pricerevisions in the previous year.
• Although the gross profit margincompared to the previous year has been
recovering, the acquisition of high value
orders due to increased demand at theend of the financial year has led to a
decline in the Private brand sales
composition ratio and a decrease in the
gross profit margin. (*)

Tokyo Metropolitan

Hokuriku

Tokai

Kinki

Chugoku and Shikoku

KyushuTotal

Copyright 2024 TRUSCO NAKAYAMA Corporation. All rights reserved.

20.4%

20.2%

(*) -0.2pt

13

[Consolidated] Business performance by sales route: (e-business route)
This route delivers our products to manufacturing sites, such as factories and construction sites, and consumers through Internet order companies.
Product data and system linkage, as well as logistics processing tailored to customer needs, have improved convenience, resulting in a YoYchange in net sales of +12.5%.
Actual results for FYE December 31, 2023
(61st business year)
Gross profit
marginNet sales
Sales route
Actual results

Actual results for FYE December 31, 2024
(62nd business year) First Quarter

Share

Actualresults

Net sales

Actual results

PointsGross profit margin

Share

YoY
changeChange fromthe end of
previous
fiscal year

Actualresults

Mail order companies

45,054 million yen

76.2%

21.1%

12,379 million yen

75.8%+12.8%

21.2%+0.1ptCompanies participating in
Orange Commerce (Trusco’s
electronic central purchasingsystem), MRO Stocker

14,066 million yen

23.8%

26.1%

3,958 million yen

24.2%+11.6%

26.3%+0.2pte-business route total

59,121 million yen

100.0%

22.3%

16,338 million yen

Sales to mail order companies: Sales ratio by industry

100.0%+12.5%

Other mail order companies7.4%

22.5%+0.2ptWelding
materials
Tubing dealers dealer
0.7%
0.9%

• We strengthened unique logistics services suchas logistics processing and "assortment + direct
delivery to users" tailored to customer needs• The development of a product database withapproximately 4.37 million items and thestrengthening of system linkages have led to anincrease in sales, including shorter delivery times
and an increase in the number of stock linkage
locations.
• By offering logistics services that fulfill thedemands of internet order companies andcompanies participating in Orange Commerce, wehave improved convenience and significantly
increased the number of orders made to ourcompany.
Data usage

MROmail ordercompanies
39.5%
MonotaRO, Misumi, etc.

Comprehensive mailorder companies
21.9%
Amazon Japan, etc.

Stationery
mail ordercompanies
11.4%

Askul
OtsukaCorporation
etc.

Product adoption andperformance information

Mail ordercompanies
of homeelectricalappliances
9.5%

Yodobashi
CameraBic Camera,
etc.

Other
1.8%

Machine tool
dealers4.3%

Hardwareretailers
2.6%

Data
Data expansion

Data linking

e-commerce

Data linkage with
suppliers and customers

Copyright 2024 TRUSCO NAKAYAMA Corporation. All rights reserved.

14

[Consolidated] Business performance by sales route: (Home center route)
This route delivers our products to consumers through home centers and pro-tool shops. As companies are strengthening their e-commercebusinesses, we aggressively proposed services utilizing our inventory of approximately 600,000 items and logistics capabilities, resulting in a
YoY change in net sales of +4.9%.
Actual results for FYE December 31, 2023
(61st business year)
Net sales

Gross profit
marginActual results

Actual results

24,260 million yen

Home Center Route

Actual results for FYE December 31, 2024 (62nd business year) First Quarter
Net sales

17.4%

Actual results

5,921 million yen

Change in sales earned via home center route (Unit: million yen)

24,26025,00020,000YoY change

Actual results

+4.9%

17.3%

Change from theend of previous
fiscal year

-0.1 pt

PointsBudget25,40022,162

16,992Gross profit margin

18,366• We consolidated commercial distribution channels andacquired a new right to supply products throughcollaborative efforts between our stores and EC site. In
addition, we also saw an increase in sales at pro-tool
shops, which are dealers that target professional
craftspeople and factory workers who have a highaffinity with our company.

15,00010,000

5,921
5,000

• Utilizing the approximately 4.37 million items we havefor sale and approximately 600,000 items we have instock for instant delivery, we worked on measures tocontinue expanding sales by enhancing the productlineup in our stores and EC site.

15
0
2020
(2020)

2021(2021)

2022(2022)

2023(2023)

2024
1st Quarter

Copyright 2024 TRUSCO NAKAYAMA Corporation. All rights reserved.

[Consolidated] Business performance by sales route:(Business performance of subsidiaries)
We strengthened our sales activities by reviewing inventory items and developing local customers and suppliers.
Trusco NAKAYAMA CORPORATION (non-consolidated)
Actual results for FYE December 31, 2024
(62nd business year) First Quarter
AmountShare

YoY change

Full year
budgetYear-onyearchangeTrusco NAKAYAMA CORPORATION (THAILAND) LIMITED
Actual results for FYE December 31, 2024
(62nd business year) First Quarter
AmountShare

YoY change

Full year
budgetYear-onyearchangeTrusco NAKAYAMA CORPORATION (INDONESIA) LIMITED
Actual results for FYE December 31, 2024
(62nd business year) First Quarter
AmountShare

Full year
budgetYoY change

Year-on-yearchangeNet sales

71,720 million yen

-

+8.9%

+6.1%

270 million yen-+18.5%+15.7%

170 million yen-+40.7%+18.1%

Gross profit

14,685 million yen

20.5%+11.8%+3.9%

72 million yen

27.0%+20.2%+12.0%

54 million yen

32.1%+35.8%+11.6%

Selling, generaland administrative
expenses (SGA)

9,729 million yen

13.6%

+5.3%

+5.5%

41 million yen

15.5%

+5.0%

+2.7%

44 million yen

25.9%+16.1%+9.7%

Depreciation
included in SGA

1,422 million yen

2.0%

-6.8%

+2.7%

5 million yen

2.0%

-5.8%

+16.8%

13 million yen

7.9%

+3.8%

+2.3%

Operating income

4,955 million yen

6.9%+27.3%+0.4%

31 million yen

11.5%+49.2%+32.7%

10 million yen

6.2%+375.2%+23.3%

Ordinary income

5,018 million yen

7.0%+27.1%+0.8%

32 million yen

12.0%+48.5%+23.6%

12 million yen

7.5%+774.3%-0.4%

Current(quarterly) net
income3,472 million yen

4.8%+30.8%+20.0%

32 million yen

12.0%+48.5%+23.6%

12 million yen

7.5%+774.3%-0.4%

Actual results for FYE December 31, 2024
(62nd business year) First Quarter
Net sales

Actual results

Business performance in otheroverseas regions (Philippines,
China, South Korea, etc.)

Rate

YoY change

PointsGross profit

275 million yen

67 million yen

-

24.5%

+38.6%+39.9%• By enhancing the development of personal suppliers for local top brands inThailand, and by reviewing inventory items in Indonesia, we have shortened
the delivery lead time and expanded the sales area through transactions withnew customers of local companies.
• With regards to sales to other overseas regions, we worked to expand
transactions by opening new accounts with EC companies mainly in the AsiaPacific region.
Copyright 2024 TRUSCO NAKAYAMA Corporation. All rights reserved.

16

[Non-consolidated] Sales by category of goods
Actual results for FYE December 31, 2024 (62nd business year) First Quarter
Category of goods(large category)
1. Cutting tools

Medium category

Trusco's sales

Share

YoY change

Gross profit
marginCategory of goods(large category)

+5.2

15.9

6. Environmental
safety equipment

11.7
20.6

㉖ Safety goods

15.8

㉗

2,193

3.1

① Cutting tools
Drilling and thread cutting②
tools
Production processing goods
total③ Measurement equipment

1,167

1.6

-

1,025

1.4

-

5,349

7.5

2,984

4.2

-

14.7

④ Mechatronics

1,049

1.5

-

15.5

⑤ Tools for machine tools

610

0.9

-

26.6

⑥ Electronic machinery

704

1.0

-

11.2

3. Construction goods Construction goods total

8,421

11.7

⑦ Hydraulic tools

590

0.8

⑧ Pumps980⑨ Welding equipment⑩ Painting and interior goods
Civil engineering and building⑪
goods⑫ Ladders and stepladders
Piping and materials of⑬
electronic equipment
Component, hardware, and⑭building materials
Work supply total

4. Work supply⑮ Cutting goods

Environment improvement
goods㉘ Air conditioning goods
Disaster and crime prevention
㉙
goods

+12.9

21.9

12,616

17.6

6,611

9.2

-

23.1

2,974

4.1

-

24.7

529

0.7

-

18.9

1,019

1.4

-

13.1

902

1.3

-

19.7

578

0.8

-

15.6

7,634

10.6

2,169

3.0

-

16.7

252

0.4

-

15.9

-

11.2

㉜ Conveyors

1.4

-

16.2

㉝ Transportation goods

2,867

4.0

-

22.1

760

1.1

-

16.2

㉞ Containers and vessels

1,162

1.6

-

27.3

725

1.0

-

25.9

1,183

1.6

-

731

1.0

-

14.7

2,935

4.1

1,043

1.5

-

8. Research
management
equipment
21.8

265

0.4

-

25.1

1,310

1.8

-

22.0

㉟ Steel shelves
Research management equipment
total㊱ Tool wagons
Storage and management
㊲
goods

368

0.5

-

28.3

2,278

3.2

-

26.2

㊳ Work benches

459

0.6

-

30.3

12,866

17.9

21.4

397

0.6

㊴ Stainless goods
Research and development㊵
related goods
Office and housing facility
equipment total㊶ Cleaning utensils

+5.6
-

21.8

1,968

2.7

-

⑰ Chemical products

6,779

9.5

-

⑱ Factory miscellaneous goods

1,173

1.6

-

16.0

㊷ Stationery⑲ Packing and binding goods

1,686

2.4

-

30.2

㊸ Office miscellaneous goods

861

1.2

-

17.0

㊹ Electric appliances

12,44817.4

18.4㊺ OA business machinery

3,865

5.5

-

13.7

㊻ Office furniture

1,849

2.6

-

16.8

6,109

8.5

-

20.9 10. Others

624

0.9

-

28.1

㉔ Tool boxes

Gross profit
margin

Share

20.8

+6.8

7. Distribution andstorage equipment⑯ Grinding and polishing goods

Hand Tools total
Electric power tools and㉑
accessories
Pneumatic tools and㉒
accessories㉓ Tools for manual work

YoY change

Trusco's sales㉚ Closets and exterior goods
Distribution and storage equipment
total㉛ Loading goods

9. Office and housing
22.7
facility equipment
20.4⑳ Casters
5. Hand tool

+7.8

Medium category
Environmental safety equipment
total㉕ Protective equipment

Cutting tools total

2. Production
processing goods(units: million yen, %)

+10.9

+4.6

21.8

26.1
+3.9

21.7

585

0.8

-

17.0

1,257

1.8

-

18.2

6,966

9.7

1,916

2.7

-

20.1

889

1.2

-

19.2

+17.8

22.1

894

1.2

-

26.3

1,136

1.6

-

22.3

744

1.0

-

25.7

1,299

1.8

-

21.9

㊼ Interior goods

84

0.1

-

㊽ Entire company

288

0.4

+4.6

28.6

71,720

100.0

+8.9

20.5

Total

PointsSales increased in productgroups related to capital
investment and factory
operations• Office and housing facility
equipment:
YoY change +17.8%
Sales of office furniture andelectrical appliances increased• Environmental safety
equipment:
YoY change +12.9%
Sales of disaster preparedness
supplies and other items increased• Hand tools
YoY change +10.9%
Sales of power tools in particularincreased

19.3

Copyright 2024 TRUSCO NAKAYAMA Corporation. All rights reserved.

17

[Non-consolidated] Changes in sales by category of goods (small category)
Actual results for FYE December 31, 2024 (62nd business year) First Quarter(Unit: million yen, %)Points△22.1％△42.8％△48△45+45.0％△44.5％△36+115.1%

+77

+71

+71

+37.7%+47.6%+21.2%△25.3％△22.0%△29△22△18.7％

△15

△9.1％

△14

Plastictransport cart

△18.4％+13.9％

Disposable gloves+84.2%+79

Label supplies+24.7%+79

Floodlights

Safety shoes

Disasterprevention goods+61.3％

Helmet with brim

Sealing goods

+95

+199

Impact wrenches

Spot airconditioners

+99

+228

Sales of disaster prevention
goods and safety shoes as well
as spot air conditioners due todemand at the end of the fiscal
year are also increasing.

+63+20.6%

△6.7％

△9.8％

△13

△13

△75

On the other hand, sales of fallarrest systems due to changes

Mesh palettes

Basket cart

Light-medium
duty shelves

Station typesoldering irons

Heat Processing
MachineConnection terminals

Hand sanitizers

Harness-type
personal fallarrest systems

Waist belt-type
personal fallarrest systems

Kerosine stove

to the law and kerosene stovesdecreased due to the warm
winter.

18
Copyright 2024 TRUSCO NAKAYAMA Corporation. All rights reserved.

▮ Private brand product share in net sales[Non-consolidated] Sales of private brand (PB) goods

as of the end of March 31, 2024
Production
processing goods
3.5%
Construction goods
9.3%

Cutting tools 1.5%
Officeand housing
facility
Research equipment
management 10.1%
equipment
7.8%

Although the sales composition of private brand Trusco products andnational brand products is on a downward trend due to the difference inthe speed of handling expansion, we are brushing up our efforts to
expand private brand product sales.
▮ Sales by sales route and category of goods
Entire company
Sales route
Category of goods

Factorye-business

Hand tool
10.2%

Home center

Environmental
safety equipment
14.5%

Share

17.6%

Share

17.9%

Share

21.3%

Share

4.3%

Gross profit
margin35.7%

Gross profit
margin36.1%

Gross profit
margin35.6%

Gross profit
margin28.6%

Net sales

YoY change

Net sales

YoY change

Net sales

YoY change

Net sales

YoY change

12,617

+4.1%

8,780

+2.9%

3,484

+6.8%

253

-0.6%

Cutting tools

194

+2.3%

139

+2.4%

33

+6.2%

16

-11.1%

Production processing
goods

439

+1.7%

305

-0.6%

121

+8.0%

4

+3.1%

1,176

+5.0%

790

+2.2%

358

+10.4%

17

+9.8%

Total

Work supply
17.9%

Distribution andstorage equipment
25.2%▮Trend in sales of private brand products(unit: million yen) ( ) YoY change

Construction goods

Budget
51,700 (+7.0%)
41,302Work supply

2,263

+6.0%

1,716

+4.9%

505

+9.9%

22

+4.7%

Hand tool

1,284

+6.7%

885

+5.1%

350

+11.6%

29

-0.5%

1,834

+8.5%

1,320

+8.5%

477

+11.0%

30-21.0%

3,170

+2.1%

2,141

+0.7%

891

+4.5%

120

+1.7%

984

-2.2%

656

-2.9%

310

-3.3%

4

+201.9%Environmental safety
equipment
Distribution andstorage equipment
Research management
equipment
Office and housing
facility equipment

1,268

+2.6%

825

+1.4%

434

+5.0%

6

+15.7%

43,44545,876(+5.2%)

48,313(+5.6%)(+0.7%)(-5.9%)

2020(2020)

2021(2021)

2022(2022)

2023(2023)

Share

19.4%

19.0%

18.7%

18.1%

17.6%

Gross profit
margin

36.4%

36.2%

35.8%

36.8%

35.7%

12,6172024
1st Quarter

Copyright 2024 TRUSCO NAKAYAMA Corporation. All rights reserved.

19

[Consolidated] Selling, general and administrative
expenses (SGA)

04

Financial and
Other
Performances[Consolidated] Details of selling, general andadministrative expenses (SGA)[Consolidated] Financial statements and financial
indicators[Consolidated] Capital expenditures[Consolidated] Quarterly business performance andbudget (quarterly)[Consolidated] Quarterly business performance andbudget (cumulative)
20
Copyright 2024 TRUSCO NAKAYAMA Corporation. All rights reserved.

[Consolidated] Selling, general and administrative expenses (SGA)
Freight and packing expenses increased due to an increase in shipment volume, and salaries and bonuses increased due to payment ofachievement incentives, while selling, general and administrative expenses increased by 5.3% year on year due to decreases in depreciation, etc.
(Unit: million yen) ( ) YoY change

Freight andpacking expenses

Salary andbonus
FYE December 2023
(61st Business Year)First Quarter

～
9,319

Provision forbonuses

Depreciation

+105

-103

+201

Other

FYE December 2024
(62nd Business Year)First Quarter+49(+5.3%)

9,814

+243
Selling, general and administrative expenses 9,814 million yen+495 million yen• Salaries and bonuses +243 million yen: Impact of achievement incentive payments, increasedlabor costs for part-time workers due to increased sales・ Freight and packing expenses +201 million yen impact of increased shipping volumes* Freight expenses associated with the User Direct Shipment Service are paid by customers.

・ Provision for bonuses: +105 million yen: Performance bonus provision recorded
・ Depreciation: -103 million yen, due to expiration of amortization period of software
・ Other +49 million yen: Increase in commission fees due to system operation, etc.

～21

Copyright 2024 TRUSCO NAKAYAMA Corporation. All rights reserved.

[Consolidated] Details of selling, general and administrative expenses (SGA)(Unit: million yen)FYE December 31, 2023
(61st business year)
No.

Actual results

FYE December 2024 (62nd Business Year) First Quarter

Share in net sales

Actual results

Share in net sales

Change fromprevious period2024(62nd business year)
Full-year Budget

YoY change

Full year budget
and YoY change
in performance

13,451

5.0%

2,725

3.8%

+243

+9.8%

14,189+5.5%

2 Freight and packing expenses

8,261

3.1%

2,154

3.0%

+201

+10.3%

8,836

+7.0%

3 Depreciation

6,206

2.3%

1,441

2.0%

-103

-6.7%

6,296

+1.5%

683

0.3%

812

1.1%

+105

+15.0%

499-27.0%

5 Commission fee

2,504

0.9%

659

0.9%

+6

+0.9%

2,992

+19.5%

6 Welfare expense

2,553

1.0%

622

0.9%

+25

+4.2%

2,627

+2.9%

7 Taxes and dues

1,372

0.5%

350

0.5%

+26

+8.2%

1,391

+1.4%

8 Advertising expenses

587

0.2%

163

0.2%

-12

-7.3%

594

+1.1%

9 Promotion expenses

252

0.1%

155

0.2%

+12

+8.9%

256

+1.2%

10 Traveling expenses and transportation expenses

564

0.2%

139

0.2%

+12

+9.9%

589

+4.4%

11 Utilities expenses

473

0.2%

121

0.2%

-43

-26.3%

565+19.3%

12 Supplies expenses

532

0.2%

107

0.1%

-16

-13.4%

628+18.0%

13 Communication expenses

424

0.2%

104

0.1%

+2

+2.3%

427

+0.7%

14 Remuneration paid to directors

442

0.2%

77

0.1%

+3

+4.6%

429

-3.1%

15 Leasehold and office rents

347

0.1%

71

0.1%

-17

-19.6%

304-12.5%

16 Vehicle expenses

284

0.1%

68

0.1%

-0

-1.1%

283

-0.4%

17 Entertainment expenses

139

0.1%

14

0.0%

+5

+68.3%

69-50.5%

18 Other

-77

-0.0%

23

0.0%

+43

−

174

−

39,003

14.5%

9,814

13.6%

+495

+5.3%

41,150+5.5% 22

1 Salary and bonus

4 Provision for bonuses

Total

Copyright 2024 TRUSCO NAKAYAMA Corporation. All rights reserved.

[Consolidated] Financial statements and financial indicators
Balance SheetFYE December 31, 2024 (62nd business year) First Quarter
Item
AssetsCurrent assets
Cash and deposits
Accounts receivable
Electronically recorded monetary claims operating
Merchandise
Other
Allowance for doubtful accounts

Amount39,921
37,3252,375
52,193747-1132,562

Total current assets
Non-current assets
Property, plant and equipment
Buildings (net amount)
Machinery and equipment (net amount)

45,4296,262

Tools, furniture and fixtures (net amount)

1,233

Land
Construction in progress
Other (net amount)
Total tangible non-current assets
Intangible assets
Software
Other
Total intangible non-current assets
Investments and other assets
Investment securities
Deferred tax assets
Deferred tax assets for land revaluation

38,952
14,5891,836
108,304
3,627
998
4,625
2,822
311
155
538

Other
Allowance for doubtful accounts
Total investments and other assets

-135
3,692

Total non-current assets

116,623

Total assets

249,185(unit: million yen)

Item
Liabilities
Current liabilities
Accounts payable - trade
Short-term borrowings
Long-term borrowings scheduled to be repaid
within one year
Accounts payable - other
Income taxes payable
Provision for bonuses
Provision for bonuses for directors (and otherofficers)
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Provision for retirement benefits for directors(and other officers)
Long-term guarantee deposits
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Capital stock
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Revaluation reserve for land
Foreign currency translation adjustment
Accumulated other comprehensive income
total
Total net assets
Liabilities / Total net assets

Statement of cash flows(Unit: million yen)FYE December 2023 FYE December 2024
(61st Business Year) (62nd Business Year)First Quarter
First Quarter

Amount24,136
10,000Cash flows from operating activities

4,390

1,483

-2,907

Cash flows from investing activities-3,870-3,116754

Cash flows from financing activities-1,546-1,545

1

27

13

-14

-998

-3,164-2,165

Cash and cash equivalents at beginning of period

39,40043,085

3,684

Cash and cash equivalents at end of period

38,40239,921

1,519

8,500
4,632
1,423
818
33
2,203
51,74631,500151
2,758
234,411
86,1585,022
4,711
152,263-82
161,914
836
-353
629
1,112
163,027
249,185

We promote "Ownership Management," believing that owning our own
distribution centers, branch office buildings, data centers, and vehicles,
which are the main arteries of corporate management, will bring thegreatest benefits.

ChangeEffect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents

Equity ratio
FYE December 31, 2023
(61st business year)

FYE December 2024
(62nd Business Year) First Quarter

65.6%

Equity ratio

Change (pt)

65.4%

-0.2

Other financial indicatorsFYE December 31, 2022
(60th business year)

FYE December 31, 2023
(61st business year)

Change (pt)

ROA (Return on Assets)

6.7%

7.9%

+1.2ptROE (Return on Equity)

7.2%

7.9%

+0.7pt<Our Approach to ROE>
We believe it is important to expand profits and ensure long-term, stable increase by making continuous
investments to enhance corporate value. We believe that ROE should increase as a result of our business where
we place importance on improving the convenience of our customers.

23
Copyright 2024 TRUSCO NAKAYAMA Corporation. All rights reserved.

[Consolidated] Capital expenditures
Actual and major capital expenditures(Unit: million yen)

Details of major capital expenditures in 2024

Main capital
investments in thefirst quarter

Facilities

Planet Saitama “Skypod” introduced (total investment amount: approx. 1,000 million yen)

DigitalEnhancement of product database “Sterra” (Planned total investment amount: approx. 1,300 million yen)

360
118
3,872
145
128

Planet Aichi new construction project (Planned total investment amount: approx. 18,100 million yen)Land
Buildings

Kita-Nagoya City employee dormitory site
Planet Saitama tent warehouse construction (total planned investment: approx. 500 million yen)

Capital expenditures

Change in capital expenditures

Actual investment
in FY 2024 firstquarter total

2024 Investment
plan

441
477

1,709
3,596

4,230

17,445

5,148

22,75022.7 billion yen(planned)
17

13,400
million yen
Facilities

8,000
million yen

Digital

8,700
million yen
7
7

4,700
million yen

令和３年（2021）

21

7
11
28

73
5
15
令和２年
（2020）<Capital expenditures>• The investment amount may fluctuate as the planned amount of capital expenditures includes
expenses for projects at the planning stage.
• The figures for the 62nd business year (2024) represent values on a cash-out basis.

174<Regarding depreciation expenses>• Depreciation after the operation of Planet Aichi (total investment of 30,000 million yen) and Planet
Niigata (total investment of 18,000 million yen) in the 64th business year (2026) is expected to beapproximately JPY 10,000 million yen in the 65th business year (2027).

38

59

Land
Buildings

35

令和４年（2022）

75

令和５年（2023）

令和６年（2024）

24
Copyright 2024 TRUSCO NAKAYAMA Corporation. All rights reserved.

[Consolidated] Quarterly business performance and budget (quarterly)

FYE December 31, 2024 (62nd business year) First Quarter [Quarterly]First quarter (-2 days)
Budget andactual results
Net sales

Gross profit

Selling, general andadministrative expenses(SGA)

Operating income

Ordinary income

Quarterly profit attributableto owners of parent(Unit: million yen)

Second quarter (± 0 days)

Share

YoY change

BudgetThird quarter (± 0 days)

Share

YoY change

BudgetShare

Fourth quarter (+ 1 day)YoY change

BudgetShare

YoY change

Budget69,035

100.0

+4.6

69,733

100.0

+6.6

70,345

100.0

+7.9

75,597

100.0

+5.6

Actualresults

71,921

100.0

+9.0

-

-

-

-

-

-

-

-

-

Budget14,27320.7+7.8

15,08621.6+0.9

14,55820.7+8.5

15,84321.0-0.5

Actualresults

14,811

20.6

+11.9

-

-

-

-

-

-

-

-

-

Budget10,003

14.5+7.3

10,33914.8+6.5

10,16414.4+8.0

10,64414.1+0.8

Actualresults

9,814

13.6

+5.3

-

-

-

-

-

-

-

-

-

Budget

4,270

6.2

+9.0

4,747

6.8

-9.4

4,394

6.2

+9.7

5,199

6.9

-2.9

Actualresults

4,997

6.9

+27.6

-

-

-

-

-

-

-

-

-

Budget

4,306

6.2

+8.4

4,800

6.9

-9.4

4,443

6.3

+12.6

5,301

7.0

-2.8

Actualresults

5,065

7.0

+27.5

-

-

-

-

-

-

-

-

-

Budget

2,945

4.3

+10.1

3,282

4.7

-3.2

3,043

4.3

+12.6

5,470

7.2

+56.3

Actualresults

3,512

4.9

+31.3

-

-

-

-

-

-

-

-

-

25
Copyright 2024 TRUSCO NAKAYAMA Corporation. All rights reserved.

[Consolidated] Quarterly business performance and budget (cumulative)FYE December 31, 2024 (62nd business year) First Quarter [Cumulative]
First quarter (-2 days)
Budget andactual results
Net sales

Gross profit

Selling, general andadministrative expenses(SGA)

Operating income

Ordinary income

Quarterly profit attributableto owners of parent(Unit: million yen)

Second quarter (-2 days)

Share

YoY change

BudgetThird quarter (-2 days)

Share

YoY change

BudgetShare

Full year (-1 day)YoY change

BudgetShare

Year-on-yearchangeBudget69,035

100.0

+4.6

138,768

100.0

+5.6

209,113

100.0

+6.4

284,710

100.0

+6.2

Actualresults

71,921

100.0

+9.0

-

-

-

-

-

-

-

-

-

Budget14,27320.7+7.8

29,35921.2+4.2

43,91721.0+5.6

59,760

21.0+3.9

Actualresults

14,811

20.6

+11.9

-

-

-

-

-

-

-

-

-

Budget10,003

14.5+7.3

20,34214.7+6.9

30,50614.6+7.2

41,15014.5+5.5

Actualresults

9,814

13.6

+5.3

-

-

-

-

-

-

-

-

-

Budget

4,270

6.2

+9.0

9,017

6.5

-1.5

13,4116.4+1.9

18,6106.5+0.5

Actualresults

4,997

6.9

+27.6

-

-

-

-

-

-

-

-

-

Budget

4,306

6.2

+8.4

9,106

6.6

-1.8

13,5496.5+2.5

18,8506.6+1.0

Actualresults

5,065

7.0

+27.5

-

-

-

-

-

-

-

-

-

Budget

2,945

4.3

+10.1

6,227

4.5

+2.7

9,270

4.4

+5.7

14,740

5.2+20.1

Actualresults

3,512

4.9

+31.3

-

-

-

-

-

-

-

-

-

26
Copyright 2024 TRUSCO NAKAYAMA Corporation. All rights reserved.

05[Consolidated] Full-year Management plan forthe 62nd business year

Management
Plan

Vision- Medium-term management ability targets -[Consolidated] 62nd Business Year
Management plan by sales route

27
Copyright 2024 TRUSCO NAKAYAMA Corporation. All rights reserved.

[Consolidated] Full-year Management plan for the 62nd business year
Regarding gross profit, we expect approximately 500 million yen as inventory valuation gains due to product price increases. (Forreference, inventory valuation gains in the previous fiscal year were approximately 2,300 million yen.)
Regarding selling, general and administrative expenses, we expect an increase in the number of employees and in salaries andbonuses due to achievement incentives, etc., and an increase in net sales and in freight and packaging expenses due to an increase indirect shipments to users.
▮ Plan for FYE December 31, 2024 (62nd business year)
FYE December 31, 2023
(61st business year)

FYE December 31, 2024
(62nd business year) plan

Share

Year-on-yearchangeShare

Net sales

268,154 million yen−

284,710 million yen

−

+6.2%

Gross profit

57,522 million yen

21.5%

59,760 million yen

21.0%

+3.9%

Selling, general andadministrative expenses (SGA)

39,003 million yen

14.5%

41,150 million yen

14.5%

+5.5%

(Depreciation included in SGA)

6,206 million yen

2.3%

6,375 million yen

2.2%

+2.7%

Operating income

18,519 million yen

6.9%

18,610 million yen

6.5%

+0.5%

Ordinary income

18,669 million yen

7.0%

18,850 million yen

6.6%

+1.0%

Profit attributable to owners ofparent12,268 million yen

4.6%

14,740 million yen

5.2%+20.1%

46.50 yen−

49 yen−+2.5 yen

Dividend per share

28
Copyright 2024 TRUSCO NAKAYAMA Corporation. All rights reserved.

[Consolidated] 62nd Business Year Management plan by sales route▮ FYE December 31, 2024 (62nd business year) plan by sales routeFYE December 31, 2023
(61st business year)

Share

Year-onyearchangePlan for FYE
December 31, 2024
(62nd business year)

Share

Year-onyearchangeFactory route

182,188 million yen

67.9%

+6.8%

192,288 million yen

67.5%

+5.5%

e-business route59,121 million yen

22.1%+14.6%

64,025 million yen

22.5%

+8.3%

Home center route24,260 million yen

9.0%

+9.5%

25,400 million yen

8.9%

+4.7%

Overseas route2,583 million yen

1.0%+22.5%

2,997 million yen

1.1%+16.0%

268,154 million yen

100.0%+8.8%

284,710 million yen

100.0%

+6.2%

Total

◆ Regarding budget formulation, the net sales budget is used as the entire company’s budget, which is the total of the "annual budget ofeach branch prepared by the branch manager throughout Japan."
The branch managers, who are familiar with their market, formulate their respective branch's budget as they are in charge of developing
their branch strategy including staffing and are ultimately accountable for their branch.
Copyright 2024 TRUSCO NAKAYAMA Corporation. All rights reserved.

29

Vision - Medium-term management ability targets 1. We want to be a company that can hold 1 million items ininventory by 2030.

• The number of items in stock at end of 2023 was 590,000 items, and Planet Aichi
will be operational in July 2026 with the capacity to hold 1 million items.

4. We want to be a company without inventory work.

• At locations where free-location is introduced (9 locations
including Planet Saitama and Planet Osaka), a system has been
introduced whereby inventories are taken at the same time asreceiving and shipping operations, thereby simplifying the closingof inventories.

5. We want to be a company that can ship directly tousers without stress, even if we are a wholesaler.

2. We want to be a company that can take orders 24 hours a day
and ship 365 days a year.
・From 2019, we will start accepting orders 24 hours a day at Trusco Orange
Book.Com.
Available for shipping other than on Sundays

3. We want to be a company without product shortages, incorrect
orders, or incorrect shipments.

• At the same time as expanding the number of items in stock, we implemented
inventory management using the "ZAICON3" inventory management system,
which predicts and calculates the required number of products in stock based onsales results.
Inventory shipping rate is 92.1% (+0.4pt compared to previous year)• Reduced incorrect orders due to improved system order rate of 87.1% (+1.9pt
compared to previous year)• Introduced material handling equipment such as GAS (gate type sorting system),and the misplacement rate was 0.022% (1 in 5,000 lines)• I-Pack [high-speed automated packing and shippingline] introduced at Planet Saitama, Planet Osaka, Planet
Tokai and Planet Tohoku, with an annual turnover of
29,700 million yen and 4.86 million units shipped
directly to users.
Environmental conservation through user direct shipment
service by wholesalers• 2024 direct shipments to users
Net sales target: 35,600 million yen
Target number of shipments: 6.2 million
Users

Customers

With direct
shipments to users

Cut delivery times
by half
Cut packaging materials
by half
Delivery freight
expenses halved
Cut environmental
impact by halfAwarded in FY2022
Business systems and services

6. We want to be a company that can respond toquotations instantly.

• The overwhelming speed of the automatic response speed of the
AI-based estimation system "Swift Estimator" has been wellreceived and its use has increased, with 2.4 million estimates(27.6% of all estimates) being automatically generated in 2023.
All figures are FY 2023 actual results
Copyright 2024 TRUSCO NAKAYAMA Corporation. All rights reserved.

30

Vision - Medium-term management ability targets 7. We want to be a company that can achieve the"fastest," "shortest," and "best" deliveries in theindustry.
• Introduced 1,203 MRO stockers (+428 compared to the previousyear) to achieve the ultimate immediate delivery with a delivery
time of 0 days.
• Achieve the best and most diverse delivery formats, such as user
direct shipment services and customer product pick-up services.

9. We want to be a company that is active in recycling, reuse, andreturnables.
• Since 1998, we have been operating the repair workshop "Naojiro", with sales of
2,200 million yen in 2023 (+21.2% compared to the previous year)• Developed private brand products with low environmental impact, such as reusable
packaging materials and return cushions.

10. We want to be a platform operator that supports Japanesemanufacturing.
• In 2024, the “Sterra” product database will be renewed to hold product data for morethan 10 million items.
• We are building an EC site where users can easily find and purchase the products
they need

11. We want to be a company that can rewrite the conventional
thought, customs, set theories, and playbook of the industry.
8. We want to be a company with the smallest possible
environmental impact.

• Planning inventory expansion strategies, strengthening “Niawase + Yuchoku”(assortment & direct delivery to users), ownership management, abolishing bills,
rival partnership strategies, etc.

• Half the environmental impact with “Niawase + Yuchoku”(assortment & direct delivery to users)
Cut environmental impact by half
Other benefits include cutting delivery times, packaging materials,
delivery fees and workload by half
All figures are FY 2023 actual results
Copyright 2024 TRUSCO NAKAYAMA Corporation. All rights reserved.

31

06
Various key
indicators

Merchandise

Logistics
Sales

DigitalHuman resources

32
Copyright 2024 TRUSCO NAKAYAMA Corporation. All rights reserved.

Key indicators (goods)
Key indicators
Number of items in inventory
Total inventory (10,000)[Non-consolidated]FYE December 31, 2023
(61st business year)

FYE December 2024
(62nd Business Year)First Quarter

Plan forFYE December 31, 2024
(62nd business year)

593,554599,237

625,000

5,693

5,694

5,900

[Non-consolidated] Change in sales of
newly listed goods on Trusco Orange
Book.Com in company-wide sales

3,500

Inventories (100 million yen)

508

507

3,509

546

3,272
3,300

3,000

Total number of suppliers

3,509

3,550

3,709

Merchandise

337

340

357
2,000

New inventory sales (million yen)

12,161

833

2,966

2,681
2,500

Of these, number of overseas
suppliers (companies)

3,800

2,537
2,206
84
2,122

13,513

2,652

2,134
83
2,050

2,268
88
2,179

2,464
78
2,386

90
2,591

2,800

2,300

1,800
1,500

New merchandise sales
composition ratio (last 3 years) (%)

13.2

-

1,300

13.7
1,000

Private brand net sales(million yen)

48,313

12,61751,700

Sales of previously listed goods(100 million yen)

500

Number of items listed in Trusco
Orange Book* (items)
No. of items featured on Trusco
Orange Book.Com (Free site)(Items)369,000

ｰ

800

Sales of newly listed goods (100million yen)

300

Number of suppliers

388,000
0

-200
2019
(2019)

4,108,818

4,372,318

2020(2020)

2021(2021)

2022(2022)

2023(2023)

5,400,000* Includes the number of QR code scans to visit Trusco Orange Book.Com

33
Copyright 2024 TRUSCO NAKAYAMA Corporation. All rights reserved.

Key indicators (logistics)
Changes in the number of direct
delivery to users and sales
FYE December 31, 2023
(61st business year)

Key indicators

Net sales (100 million yen)
No. of shipments (10,000s)

Logistics

92.4

92.5

No. of direct shipments to users(10,000s)

486

136

620

233

No. of direct shipments to users(10,000s)

598

166

760

147

91.0

91.3

486

Plan

92.1

00

355

356
297

283
238
180

86

91.7

92.1

92.4

562,026

593,554599,237

Share by Delivery Category (by number of shipments)

442,4362020(2020)

User visits0.3%
Distributor visits 0.7%2023
(2023)
1st
Quarter

499,96400

620

Plan forFYE December 31, 2024
(62nd business year)

Inventory shipment rate (%)

Changes in number of inventory items andinventory shipment rate (instant delivery rate)

00

FYE December 2024
(62nd Business Year)First Quarter

Delivery to
distributors
66.6%

Route shipments to
To users
distributors
Route shipments
18.2%
14.2%

00

2021
(2021)

2022(2022)

2023(2023)

2024-Advantages of YuchokuCut delivery times by half, cut shipping
load by half
Cut workload by half, cut packing
materials by half
Cut environmental impact by half

I-Pack®
[High-speed automated packaging andshipping line]

00

Shipping capacity:

00

2024

Number of items in inventory
Inventory shipment rate (%)

00

1stQuarter

Delivery to
distributors
64.2%

Route shipments todistributors
17.5%

To users
Route shipments
17.4%

0
2020
(2020）

2021(2021）

2022(2022)

2023(2023)

2024
1st Quarter

Distributor visits 0.6%
User visits 0.3%

720 cs/h per line, approx.
24 workers
I-Pack introduced to: Tohoku,
Saitama (3 lines),
Tokai,
Osaka 6 lines in total* One line is scheduled to be introduced toPlanet Higashi Kanto in 2024.

34

Copyright 2024 TRUSCO NAKAYAMA Corporation. All rights reserved.

Key indicators (logistics)FYE December 31, 2023
(61st business year)

Key indicatorsFYE December 2024
(62nd Business Year) First Quarter

Plan for FYE December 31, 2024
(62nd business year)

Logistics

Number of chartered vehicledeliveries

153

153

137

Number of own company
deliveries

123

123

140

Rate of own company
deliveries (%)

44.6

44.6

50.5

19 hours 13 minutes
43 seconds

19 hours 51 minutes
59 seconds

−

117

120

115

Delivery lead time*
Labor cost perincoming/outgoing shipment* Companywide, including primary +secondary provision and beyond,average of morning and afternoon
deliveries

Delivery service and internal transportation service: Number of units:First quarter of December 2024 (62nd business year)
Change from theend of previous
fiscal year

No. ofunits
Total number of deliveries

276

±0

Chartered vehicle delivery service(contracted delivery service)

153

±0

Own company delivery service

123

±0

Internal transportation
service

31±0Chartered vehicle delivery service(contracted delivery service)26±0

Own company delivery service

5±0

Delivery service and internaldelivery service Total

307

±0

[Non-consolidated] Changes in inventory disposal and inventories
DeliveryWe are reviewing delivery and internaltransportation services to optimize thenumber of units by streamlining delivery
routes and internal movement of inventory.
We are also increasing the number of own
company delivery services (delivery by theCompany's employees) to improve customer
service. The current own company delivery
rate is 44.6%. We plan to increase this to50.5% in 2024.

2019

2020

2021

2022

2023

(57th
business
year)

(58th
business
year)

(59th
business
year)

(60th
business
year)

(61st
business
year)

Inventory disposal(million yen)

42

50

55

65

67

Inventories(100 million yen)

427

406

416

441

494

Disposal rate (%)

0.10

0.12

0.13

0.15

0.14

35
Copyright 2024 TRUSCO NAKAYAMA Corporation. All rights reserved.

Key indicators (sales)
Trends in the number of MRO stockers
installed and sales

FYE December 31, 2024
(61st business year)

Key indicatorsFYE December 2024
(62nd Business Year)First Quarter

5,632

Number of corporate clients

1,200

Plan forFYE December 31, 2024
1,000
(62nd business year)

5,646

2000

Net sales (million yen)
No. of companies installing MRO Stocker

1600

800
5,680

1203

1400

1254

775

33,225

Number of client accounts

Sales

34,005600
34,700

1,254

400
1,430

2,447

2,506

200
2,670

228

57

2400

1200

1000

800

No. of companies adopting MRO
Stocker

1,203

No. of companies connected toOrange Commerce
Number of sales (millions)

Number of accounts

35,00033,22527,14026,16826,881

27,55025,000

5,415

5,348

5,333

5,323

66

200

0

2021
(2021）

2022(2022)

2023(2023)

5,515

5,527

5,575

5,632

8,000

Management
cost

0 yen

Delivery0 min.

Waste

0 pcs

5,646
6,000

15,0005,000

10,0004,000
2015(2015)

2016(2016)

2017(2017)

2018(2018)

2019(2019)
Consolidated

2024-Merits-

7,000
5,592

400

109

9,000

29,561
26,327

194

34,005

Number of companies

25,466600

329

10,00031,61430,000348

1st Quarter

40,000 [Consolidated] Change in number of sales accounts and companies

20,0001800

2020(2020)
Consolidated

2021(2021)
Consolidated

2022(2022)
Consolidated

2023(2023)
Consolidated

Q1 of 2024
Consolidated

36
Copyright 2024 TRUSCO NAKAYAMA Corporation. All rights reserved.

Key indicators (digital)FYE December 31, 2024
(62nd business year)
First quarter

FYE December 31, 2023
(61st business year)

Key indicatorsFYE December 31, 2024
(62nd business year) plan

DigitalSystem order rate (%) *1

87.1

87.6

88.0

Rate of automatedquotations (%) *2

27.6

30.3

31.0

Rate of online quotation
requests (%)

47.3

Since launching our Internet ordering system"Web Trusco" in 2002, we have been
automating ordering. Additionally, startingwith the launch of our core system "Paradise3" in 2020, we are striving to improve
convenience with the aim of automating all

50.5

49.0

tasks that can be automated in the supply
chain.

*1 Total number of orders (January-March 2024): 10.47 million*2 Total number of quotations (January-March 2024): 2.21 million

System order rate

(as of the end of March 2024)▮ AI-based estimation system "Swift Estimator"

Order type

Number oforders(thousand lines)

Line share

Change inshare from theprevious fiscal
year (pt)

Order value(million yen)Price share

YoY change inprice share(pt)

Trusco Orange Book.Com
Internet ordering (for distributors and users)

4,030

38.5%

-0.4

30,992

43.2%

+0.6

Trusco EDI
Data linkage with distributor ordering system

2,532

24.2%

+2.0

10,490

14.6%

+1.1

303

2.9%

+0.2

2,427

3.4%

+0.4

Orange Commerce
Linkage with users' purchasing system
EOS
Home center electronic ordering system

2,309

22.0%

+0.1

5,356

7.5%

+0.3

Total

9,175

87.6%

+1.9

49,268

68.7%

+1.9

Automated quotations with AI
One of our challenges is how to respond quickly to theaverage of 30,000 quotation requests we receive from ourclients each day. In response, the company introduced "Swift
Estimator," an AI-based automatic quotation response
system, to promote the automation of quotations throughspecial price optimization that automatically calculates
appropriate prices for products on a regular basis based on
actual orders and quotations. This has led to an improvementin the speed of response to customers (minimum 5 seconds).

AI-based comment analysis
Data analysis of actual
resultCustomer requests a quote

Data analysis

Quotation response

Receive a quotation
response in seconds.

37
Copyright 2024 TRUSCO NAKAYAMA Corporation. All rights reserved.

Key indicators (human resources)
Number of Employees [Consolidated]

Average age and annual income

As of end of March 31, 2024 (Unit: persons)Female

Male

Total

Executives

1

11

12

±0

Executive officers

0

5

5

+5

Career (overseas anddomestic)

144

387

531

-14

Digital career

0

0

0

±0

Logistics career

0

1

1

+1

Carrier (regional)

23

20

43

+29

Specialist

10

13

23

-4

Area

288

285

573

-28

Expert

2

0

2

+2

Logistics area

2

28

30

+3

Logistics

95

260

355

+30

Contract employees

1

48

49

+11

Overseas subsidiaries

19

25

44

±0

2

0

2

±0

0

1

1

±0

586

1,073

1,659

+35

Seconded to health insurance
association
Seconded to Nakayama
Visually Impaired Welfare
Foundation
Employee total

Average age (years)

YoY change

Part-time employees

1,015

375

1,390

+63

Total

1,602

1,459

3,061

+98

Share of female employees: 35.3%, Number of female sales staff members: 44, Female
employees in career-track positions: 29.0%* The number of part-time employees represents the actual number of such workers under
employment.

Average annual income (10,000 yen)FemaleMale

Entirecompany

Career

Area

Logistics

All sales
routes2023(2023)

33.2

43.4

39.9

775

627

526

662

2022
(2022)

33.0

43.4

39.8

771

633

494

661

2021
(2021)

32.8

43.2

39.6

724

596

456

615

2020
(2020)

32.1

41.9

38.4

721

601

461

619

2019
(2019)

31.3

42.0

38.2

758

642

492

655

* Average annual income includes executive
officers and retirement benefits.
Amount excluding "Financial Bonds."*The payment of performance-based bonuses
commenced in FY2014. In 2019, they werediscontinued, and bonuses decreased.
* Consolidated accounting has been applied to thefiscal year ended Dec. 2019 and later fiscal
years. From the fiscal year ended Dec. 2019
onwards, the average age figure is on aconsolidated basis, whereas all the averageannual income figures are on a nonconsolidated
basis.
*The average annual income for 2022 includes the
temporary bonus paid to support living expenses
due to the soaring costs of goods.
*The average annual income for 2023 does notinclude the temporary bonus. The averageannual salary including temporary bonuses is
7.07 million yen.

Numbers of incoming and outgoing employees [Consolidated]
2020(2020)
FemaleNo. ofemployees

No. of incoming
employees
No. of outgoing
employees
Turnover ratio
(%)

589

Male

1,085
1,674
41
46
87
37
33
70
5.9
3.0
4.0

2021
(2021)
Female
571

Male

1,061
1,632
26
25
51
45
45
90
7.3
4.1
5.2

2022
(2022)
Female
577

Male

1,062
1,639
47
51
98
39
44
83
6.3
4.0
4.8

2023
End ofDecember 2023

End of March 2024

FemaleMale

Female

Male

589

1,072

586

1,073

64

59

1,661
59

1,659

123
49

49

10

98

7.7

20
30

4.4
5.6

53
112

1.7

1.8
1.8

Copyright 2024 TRUSCO NAKAYAMA Corporation. All rights reserved.

38

07
ESG Information

TRUSCO's "Gentleness for the Future" Project
Sustainability indicators
Relationship with society & corporate
governance39
Copyright 2024 TRUSCO NAKAYAMA Corporation. All rights reserved.

Trusco's "Gentleness for the Future" Project

Trusco's "Gentleness for the Future" Project
We have been making various environmental efforts under our environmental philosophy "Gentleness for the Future"since 1998, based on our desire "to be a global environment-friendly company so that our small efforts will lead togreat compassion for the future."
The idea of connecting the global community to the future has been ingrained in the company for more than 25 years
before the term "sustainability" became popular.
Until now, "Gentleness for the Future" has only referred to the environment. From now on, as part of Trusco's"Gentleness for the Future" Project, we will work toward the future of people and society, including the global
environment.

"Gentleness for the Future" Basic Policy - TSV
Under the motto, "Business must serve people and society," the Company will create both social value andcorporate value (TSV*) through its businesses to help resolve social issues and build sustainable local communities.
* The term TSV was created by combining Trusco and Creating Shared Value (CSV).

Based on this basic policy, we will continue our efforts toward the future of people and society.
40
Copyright 2024 TRUSCO NAKAYAMA Corporation. All rights reserved.

Sustainability indicators
CO₂ emissions (as of the end of 2023)
CO₂ emissions from fuel use (Scope 1) 2,284t-co₂ / CO₂ emissions from electricity use (Scope 2) 6,900t-co₂
CO₂ emissions in the supply chain (Scope 3* ) 1,791,867t-CO₂ * Only Scope 3 results are for 2022.

▮ CO₂ emission reduction through various services:

Annual CO₂ emission reduction

15,829t-CO₂
Reduction(t-co₂)

Assortment and direct
delivery to users

2,549

MRO Stocker

4,816

Reduction calculation formula

Packaging material
usage halved

Packaging material
waste halved

Delivery frequency
reducedDelivery frequency
halvedNo purchasing

Workshop

NaojiroRepair workshop"Naojiro"

2,469

Fixed cost logistics(fixed route deliveries)

4,461

Wide range of
inventory

1,534

Emissions from newpurchases

No packaging
materials used

Emissions when repaired with “Naojiro”

No packaging
material waste

Delivery distance
reduced41
Emissions when each shipment ismade from a supplier to a distributor

Emissions when shipped in bulk as
Trusco inventory

Copyright 2024 TRUSCO NAKAYAMA Corporation. All rights reserved.

Sustainability indicators
Workshop

Trusco power generation installations: at 19 locations
Annual solar power generation in 2023

2,687,468kWh* Equivalent to the annual electricity consumption of about 600 households(From the Ministry of the Environment's website Survey on the Actual Conditionsof Carbon Dioxide Emissions from Residential Sector")

Renewable energy power self-sufficiency

16.7%

Environmental measures for Trusco’s products
In product planning and development for our own brand "Trusco," we have establishedenvironmental standards such as "resource saving," "reducing waste," and "long-lastinguse," and are promoting environmentally friendly product development from all aspects,
from product design to product use and disposal.

NaojiroRole of repair workshop "Naojiro"

It is a service that maintains the safety and precision essential for pro
tools, and aims to reduce the environmental impact and contribute tocost reduction by allowing familiar tools and equipment to be used for along time. In January 2022, the Company will relaunch its Naojiro section
to popularize and enhance this service.
8 services of repair workshop "Naojiro"
RepairRegrinding

Calibration

Reuse

Processing

Maintenance

Assembly

Construction
and installation

Sales of repair workshop "Naojiro"(unit: million yen)

Budget 2,400

3,00 02,50 02,204

Trusco double roll tape
Product number: GNT5050E etc.

1,817
1,549

2,00 01,596
1,50 01,00 050M duct tape with a small core. It can be used
twice as much, but the storage space is halved. It
is a tape that can be used twice as long, reduces
replacement by half, reduces waste by half, andcontributes to protecting the environment.

552
50 0

0

2020
(2020)

2021(2021)

2022(2022)

2023(2023)

2024
1st Quarter

Copyright 2024 TRUSCO NAKAYAMA Corporation. All rights reserved.

42

Relationship with society & corporate governance“Trusco Unknown Gulliver”, TV program provided
by a single company

Open judge system (OJS = 360 degree evaluation)

This is a program provided by a single company that conveys our company's
desire to "give pride and vitality to Japan by presenting world-class Japanesecompanies.” In each episode, the ways and ideas of a Japanese company arepresented.

This is our company's unique evaluation system, in which employees areevaluated not only by their superiors, but also by colleagues andsubordinates. The purpose is to give feedback in evaluation commentsthat will lead to behavioral changes in each employee.

Started in 2017

Type

Frequency

Operation details

Employeeevaluation
OJS

Twice
a yearAn OJS evaluation will be conducted on an employee among
other employees who work in the same workplace (superiors,colleagues, subordinates), then the results will be reflected inthat employee’s evaluation

Started in 2003

Promotion
OJS

Once
a yearAll employees who know that employee will evaluate him/her,then the results will be reflected in how he/she is handledgoing forward (receiving a promotion, etc.)

Started in 2001

* All full-time and part-time employees, excluding executives, are subject to evaluation.

Board of directors meeting (management meeting)Decisions are made at the board of directors meeting, which is generally
held once a month. In order to ensure a broader perspective andtransparency, we seek the opinions of a wide range of participants, including
executive officers and general managers.

Donations to the NGO Peshawar-kai
Started in 2020
In Afghanistan, where there is an ongoing drought,
we are donating to support the Peshawar-kai,
which engages in comprehensive ruralreconstruction projects with the idea that “oneirrigation canal will do more good than 100
doctors”.
The late Dr. Tetsu Nakamura
with Afghan workers

Board of directors meeting(management meeting)
43
Copyright 2024 TRUSCO NAKAYAMA Corporation. All rights reserved.

08
Reference
Information

Stock information
Index comparison in the industry
The Company's sales index and industrial
production index

44
Copyright 2024 TRUSCO NAKAYAMA Corporation. All rights reserved.

Stock information
Shareholder Information (Unit: persons)2021(2021)End of June

2021
(2021)End of December

2022(2022)End of June

2022
(2022)End of December

2023(2023)End of June

2023
(2023)End of December

Shareholders total

14,903

14,406

16,212

15,46615,111

14,798Holder of share

14,03013,527

15,19014,436

13,79813,534

Holder of shares less than one unit

872

878

1,021

1,029

1,312

1,263

Treasury shares

1

1

1

1

1

1

Financial institutions and securities
companies

69

61

59

55

53

54

Domestic corporations

544

533

546

540

542

535

Overseas corporations, etc.

203

203

212

222

217

213

Individuals and others

14,086

13,60815,394

14,64814,29813,995

Treasury shares

1

1

1

1

1

1
TruscoNakayama(2,585 yen)
409.0
Nikkei Stock Average(40,369.44 yen)
395.9

Change in stock price index

TOPIX(2,768.62pt)
307.2

January 2010

Movements of each indicator are quantified with the figures in January 2010 set as 100.

Friday, April 19, 2024
The Company's Stock
Closing price
2,374 yen
Nikkei Stock Average
Closing Price
37,068.35 yen
TOPIX2,626.32pt

45

March 2024
Copyright 2024 TRUSCO NAKAYAMA Corporation. All rights reserved.

Index comparison in the industry
Performance of trading companies and direct sales companies (listed companies) in the same industry[Wholesale]
Closing monthYear-on-yearchangeNet sales (million yen)

YAMAZEN CORPORATION

2023

March

YUASA TRADING CO.,LTD.

2023

March

Trusco Nakayama Corporation

2023

December

NICHIDEN Corporation

2023

March

MARUKA FURUSATOCORPORATION

2023

DecemberNaito & Co., Ltd.

2024

February

SUGIMOTO & CO., LTD.

2023

March

Actualresults
Actualresults
Actualresults
Actualresults
Actualresults
Actualresults
Actualresults-

Total of 7 companies

Marketcapitalization(100 million yen)

527,263

+5.1

1,248

504,806

+9.1

1,171

268,154

+8.8

1,567

131,609+6.2

745

172,980+6.5

522

44,064-0.9

79

45,558+5.7

243

1,694,434--

Trading companies in the machine tools industry include
the companies shown on the left, but they operate
differently in the wholesale and retail sectors, and eachhandles different core products.
The Company does not handle large machinery such asmachine tools, and mainly handles consumables.

[Retail]
Closing month
Net sales (million yen)

Marketcapitalization
Year-on-year(100 million yen)changeMISUMI Group Inc.

2023

March

Actualresults

373,151

+1.9

6,202

MonotaRO Co.,Ltd.

2023

December

Actualresults

254,286

+12.5

9,402

627,437--

Total of 2 companies

ｰ* For companies that announce consolidated accounting, figures forconsolidated accounting are shown.
* All figures represent actual results and forecasts announced as ofApril 19, 2024.
* Market capitalization is based on the closing price on April 19, 2024.
46
Copyright 2024 TRUSCO NAKAYAMA Corporation. All rights reserved.

The Company's sales index and industrial production index
Changes in the Company's sales index and industrial production index

140.0

Trusco Nakayama
Sales Index
125.7

120.0

115.5
107.5
100.0

100.0

105.4

105.3

104.1

Industrial
production index
80.0
2020
(2020)

2021(2021)

2022(2022)

2023(2023)

47* Index standard: Year 2020 set as 100.
* The industrial production index is created based on the figures published by the Ministry of Economy, Trade and Industry as of February 2, 2024.
Copyright 2024 TRUSCO NAKAYAMA Corporation. All rights reserved.