FY2025 March The 1Q Summary of Accounting Statements
Japanese Standards] (consolidated)
Listed company name

August 13, 2024

Tamagawa Holdings Co., Ltd.

Tokyo
Code No.
6838
URL
https://www.tmex.co.jp
Representative (Title) President(Name) Toru Masuzawa
Contact person (Title) Director(Name) Keita Masuyama (TEL) 03-6435-6933
Quarterly report to be submitted： August. 14, 2024
Dividends payment to be started： －Preparation of supplementary explanation document for the quarterly accounting statement：No
Explanatory meeting for the quarterly accounting statement：No(amount under. mil yen rounded off))
Exchange

1.Consolidated performance of FY 2025 Mar.: 1Q (from Apr 1, 2024 to June 30, 2024)(1)
Consolidated(cumulative)

management

resultSales amountFY2025 Mar. 1Q
FY2024 Mar. 1Q(Note) Comprehensiveprofit:

mil.yenOperating profit
%

972
58.9
612
33.0
FY2025 Mar. 1Q
Quarterly net profit
per share

FY2025 Mar. 1Q
FY2024 Mar. 1Q（２）Consolidated financial status(% indication: change compared with the same quarter of the previous year)

yen
△3.06
△36.86

mil.yenOrdinary profit
%

△13
－
△211
－
84mil.yen ( －％)Quarterly net profit
per share afterissuable shareadjustmentyen－－Gross asset

Net asset

mil.yenFY2025 Mar. 1Q
9,538
FY2024 Mar.
9,574
(Referenc Own capital:
4,944mil.ye
FY2025 Mar. 1Qe)nmil.yen%Quarterly profit
belonging to theparent company’s
shareholders

△14
－
△204
－
FY2024 Mar. 1Q

mil.yen△19△222△186mil.yen (

%

－
－
－％)

Own capital ratio
mil.yen

％

4,953
4,888
FY2024 Mar.

51.8
51.0
4,879mil.yen２．Status of dividends
Annual dividends
End 1QEnd 2QEnd 3Q

Term end

Total

yen
yen
yen
yen
yen
FY2024 Mar.
0.00
3.00
3.00
－
－
FY2024 Oct.
－
FY2024 Oct. (forecast)－－－－(Note) Correction from the dividend forecast recently Yes
announced:
The current fiscal year will be an irregular seven-month period from April 1, 2024 to October 31, 2024. The dividend
forecast will be announced later.

３．Consolidated performance forecast of FY2024 Oct.（from April 1, 2024 to October 31）
The current fiscal year will be an irregular seven-month period from April 1, 2024 to October 31, 2024. The earnings
forecast will be announced as soon as it is calculated, as data collection and analysis from each business segment iscurrently in progress.

※ Notes（１）Material transfer of subsidiary in the current quarter consolidated cumulative
period:New-(company name)、 Excluded： None(company name)（２）Application of accounting process specific to preparation： Yesof the quarterly consolidated accounting:（３）Change of accounting policy, change of accounting estimate, redisplay of revision：① Change of accounting policy for revision of accounting standard, etc.
②③

Change of the accounting standard except for ①
Change of the accounting estimate

None

：

Yes

：

None

None
Redisplay of revision：(Note)For details, see attached document P9. Quarterly Consolidated Financial Statements and Main Notes(3) Notes to Quarterly Consolidated Financial Statements (Changes in Accounting Policies)”.
④（４）Number of shares issued (ordinary shares)① Number of term-end shares issued FY2025 Mar. 1Q(including own shares)
FY2025 Mar. 1Q② Number of term-end own shares③ Average number of midterm shares FY2025 Mar. 1Q(quarterly accumulation)※※

6,554,900shares

FY2024 Mar. 1Q

6,554,900Shares

61,508Shares FY2024 Mar. 1Q

61,508Shares

6,493,392shares

FY2024 Mar. 1Q

6,030,853shares

Review of the accompanying quarterly consolidated financial statements by a certified ： Nonepublic accountant or auditing firm
Explanation of the appropriate use of earnings forecasts and other special notes

The forward-looking statements, including earnings forecasts, contained in these materials are based on information
currently available to the Company and certain assumptions that the Company considers reasonable. Please refer to“Explanation of Forward-Looking Statements, including Consolidated Earnings Forecasts” on page 4 of the attachedmaterials for assumptions used in forecasting earnings and precautions regarding the use of earnings forecasts.

1. Qualitative information concerning the current quarterly financial statement(1) Explanation on the management result
Forward-looking statements in the text are based on the judgment of the Group (the Company and its consolidated
subsidiaries) as of the end of the first quarter of the current consolidated fiscal year.
During the first quarter in the consolidated cumulative period, the Japanese economy showed a gradual recovery inthe domestic economy after the new coronavirus infection was classified as a Type 5 Specified Infectious Disease, andthe restaurant, leisure, accommodation, and department store industries showed signs of recovery.

Furthermore, from

June onwards, increases in wages and other items promoted consumption behavior, accelerating the normalization of
economic activity. On the other hand, the economic outlook remains uncertain as the yen continues to weaken andprices soar. The economy is gradually recovering as the employment and income environment continues to improve.
However, in addition to the prolonged general price rise, there are geopolitical risks such as Russia's prolonged invasionof Ukraine and the increasingly tense situation in the Middle East, as well as interregional risks such as the stagnationof the Chinese economy and moves toward monetary tightening in Western countries.

There are such regional

disparities in recovery and a sense of uncertainty is observed about the future of the economy.
Under such economic circumstances, for the electronic and communication device business, in addition to sales
expansion business mainly in the 5G related market and civil services/public related market, we have been also
dedicated to new markets and client exploration to acquire orders from new fields.
We have also worked on enhancement of proposal of our self-developed products by continuously promoting “effort
for high added-value products,” “expansion and exploration of business field”and“co-development with the company ofbusiness tie-up.
In the field of mobile communications infrastructure, our Vietnamese subsidiary has been mass-producing
infrastructure sharing equipment since last year.
and JR after this.

We expect to start considering new models for the Tunnel Association

For 6G, we have been commissioned by Waseda University to design and manufacture the RF front-

end parts for 100G and 300GHz wireless systems to be used in industry-academia joint research, and this year will be
the final year.

In addition, we are actively investing in development with an eye to the future, such as participating inresearch and development of flexible waveguide technology for Beyond 5G.
In the government sector, the number of new inquiries is increasing in line with the expansion of the national budget.
In response to this, we will focus on receiving orders for large and continuous projects with an eye toward medium- tolong-term growth.
In the field of public projects, we have high expectations for the demand to update aging radio equipment of major
railway companies. In particular, we are focusing on providing commercial radio systems for trains that utilize the latest
technology to improve safety and operational efficiency, thereby aiming to contribute to improving the safety of railway
operations.

In addition, we have completed the design and development of drone monitoring equipment and will moveto the mass production stage.

We are preparing to establish a supply system to quickly respond to market demand

after this.
Finally, in the FA and measurement field, with the semiconductor industry becoming a national policy in Japan andinvestment in cutting-edge processes expected to continue to expand more and more after this, we are strengthening
our PR activities for semiconductor reliability test equipment, leveraging our strength in high-frequency technology,
which is essential for communications semiconductors.
By steadily implementing strategic activities in each field, we expect to achieve this year's plan smoothly.
In the renewable energy business, we will continue to develop solar power plants and small wind power plants,
increase the number of plants we own, and strive to secure stable profits through electricity sales.

At the same time,in addition to the traditional revenue from sales of electricity and sales of power plants, we are promoting businessdiversification by promoting consulting for power plant development for customers and also construction contracting for
power plant installation, utilizing the know-how we have cultivated in power plant development to date.
In the development of solar power plants and small wind power plants, we are promoting development at low cost by
utilizing the power plant development know-how we have accumulated so far.

For clients who have acquired large-

scale business sites and are planning to build large-scale megawatt-class solar power plants, we have begun to provide

a wide range of practical services, utilizing our abundant know-how, specialized knowledge and experience in theconstruction of solar power generation facilities, such as measures for local residents and compliance with various laws
and regulations.
In addition, for the new development of solar power plants that utilize grid storage facilities, we have begun to build
a new business model that will consistently manage everything from securing the power generation site to sellingelectricity to power companies.

Grid storage facilities are attracting attention as a means of contributing to the stablesupply of renewable energy, the amount of power generated of which varies greatly depending on the weather and timeof day.

We will make maximum use of the various know-how we have accumulated based on our track record indeveloping power plants to promote the sale and management of storage facilities in order to build optimal systems.
Regarding the development of a small hydroelectric power plant project on Flores Island, East Nusa Tenggara
Province, Indonesia, in which we are participating as a joint venture, the construction work is progressing toward
completion by August 2024. We will promptly notify you when this project is completed.
As a result of the above, orders received for the current consolidated fiscal year amounted to 1,844 million yen (up47.2% from the same period last year), and sales amounted to 972 million yen (up 58.9% from the same period lastyear). Regarding profit and loss, operating loss was 13 million yen (operating loss 211 million yen in the same period
last year), ordinary loss 14 million yen (ordinary loss 204 million yen in the same period last year), and net loss of thisperiod attributable to shareholders of the parent company was 19 million yen (net loss of this period attributable toshareholders of the parent company was 222 million yen).
Demand for electronic and communication equipment has been steadily increasing, and is expected to remain strong
also after this.

Our activities of this year include delivering new orders for government agencies on time and without

quality issues, hiring careers who can start work right away, expanding production floor space, increasing production
capacity through capital investment in measuring instruments, and strengthening information security in the company.
We will continue to work to expand our group's profits by proactively expanding our business domain and strengthening
our proposals for in-house developed products, in order to establish a stable business foundation for the electronic andcommunication equipment business as a whole.
Our group is proactively considering development of the general environmental business in addition to the renewableenergy business not only as domestic expansion but also overseas expansion mainly in Southeast Asia, and will actively
conduct investment activities for expansion of the business operation. Our group will further work on CO2 reduction andthe measures for global warming with all the Group employees and will proactively disclose information to thestakeholders surrounding us for ESG management and will take a positive challenge to achieve SDGs goals.
a. Electronic and communication device businessIn the electronic and communication equipment business, orders from business partners took the impact of
longer lead times for parts procurement into consideration, and orders came in at 1,692 million yen (up 72.1%).
Sales exceeded the initial plan of this period, reaching 843 million yen (up 88.7% year on year).

Segment

profit was 64 million yen (segment loss of 112 million yen in the same period last year).
In addition, backlog of orders was 5,110 million yen (up 32.8% year on year), the reason for the increase isthat the delivery time of contracts with customers is getting longer due to the longer delivery time ofsemiconductors and non-ferrous metal materials worldwide.

Similarly, inventory (parts and materials, work inprogress, and finished goods) also increased 12.9% year on year due to the impact of longer delivery time ofcontracts.
b. Renewable energy system sales businessIn the renewable energy business, sales were 129 million yen (down 21.8% year on year), and segment profit
was 11 million yen (up 2.8% year on year), due to income from selling electricity from solar power plants and small
wind power plants owned by the company, as well as management and maintenance of power plants sold andconstruction contracts associated with the construction of power plants.

Explanation of future forecast information such as consolidated performance forecast
This period will be an irregular seven-month period from April 1, 2024 to October 31, 2024. As for the performance
forecast, we are currently in the process of collecting and analyzing data from each business division, and will
announce it as soon as it is calculated.

2.Consolidated financial statements and Notes(1)Consolidated balance sheet(In thousand yen)
FY 2024 (consolidated)(As of March 31,2024)

1Q FY 2025 (consolidated)(As of June 30,2024)

AssetsCurrent Assets
Cash and deposits
Notes and accounts receivable - trade

1,210,571
1,781,193

992,445
1,605,183

Merchandise and finished goods
Goods and products

3,042,172
1,074,378

3,060,349
1,102,366

853,874
22,185859,066
24,575Work in proces
Raw materials and supplies
Advance payments - trade
Other
Allowance for doubtful accounts
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Machinery, equipment and vehicles
Accumulated depreciation
Machinery and equipment, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
LandConstruction in progress
Total property, plant and equipment

166,620

228,409△30,075△30,875

8,120,921

7,841,520

547,300

553,110△423,476△430,300△198,293△203,824△965,700△991,215

818,639

831,365

123,824
394,147
195,853

1,144,095
178,394
298,130
22,435

122,810393,127
189,302

1,187,726
196,510298,130
24,610Intangible assets
Goodwill

5,539

5,470

SoftwareOther

38,399036,2990Total intangible assets

43,93941,770Investments and other assets
Investment securities

272,857

339,669

Long-term loans receivable
Deferred tax assets

50,00017,75150,00017,703

Other

243,939

411,557

Allowance for doubtful accounts

584,548

818,930

1,447,126

1,692,065

Deferred assets
Stock issuance cost

4,999

4,281

opening expenses
Founding expenses

761
266

791
266

Total deferred assets

6,028

5,339

9,574,075

9,538,925

Total non-current assets

Total assets

(In thousand yen)
FY 2024 (consolidated)(As of March 31,2024)

1Q FY 2025 (consolidated)(As of June 30,2024)

Liabilities
Current liabilities
Notes and accounts payable - tradeshort-term borrowing

467,184
440,193397,727
469,362

Short-term loans payable
Current portion of long-term loans payable

283,349
4,899

270,171
6,308

Lease obligations
Accounts payable - other167,970
33,612

304,409
14,195

Income taxes payable
Advances received

21,74317,08037,971
15,340

Provision for bonuses
Provision for product warranties

113,887
58,761

30,51362,568Other

129,260

73,686

Total current liabilities

1,737,944

1,682,256

Non-current liabilities
Long-term loans payable

2,486,586

2,433,283

Lease obligations
Retirement benefit liability

3,949
1,130

9,043
559

Asset retirement obligations
Other284,828
13,171

293,792
13,171

Total non-current liabilities

157,929

153,359

Long-term loans payable

2,947,596

2,903,210

4,685,541

4,585,466

2,700,375
1,827,426

2,700,375
1,807,946

347,267

327,3814,813,675△61,394

4,774,308△48,558
114,512156,140

65,954

170,174

8,905

8,845

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-sale securities

Foreign currency translation adjustment
Accumulated other comprehensive income
Share acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets△61,394

14,033－130

4,888,534

4,953,458

9,574,075

9,538,925

(2) Quarterly consolidated statements of income and Quarterly consolidated statements of comprehensive
income Quarterly
Consolidated statements of income
Consolidates first quarter period(In thousand yen)
FY 2024 (consolidated)(As of March 31,2024)
Net Sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit (loss (△))
Non-operating income
Interest income
Dividend income
Insurance income
Gain on forgiveness of debts
Other
Total non-operating income
Non-operating expenses
Interest expense
Amortization of stock issuance expenses
Loss on investment partnership management
Other
Total non-operating expenses
Ordinary profit (loss (△))
special profit
Gain on sale of fixed assets
Total extraordinary profit
Profit (loss (△)) before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
Profit (loss (△))
Quarterly net income attributable to non-controllinginterests
Profit (loss (△)) attributable to non-controllinginterests

1Q FY 2025 (consolidated)(As of June 30,2024)

612,001
502,326

972,507
667,067

109,675

305,439

321,579

319,104△211,904△13,664

6
162

6
5,250

10,398
10,638

4,271
2,935

21,864

12,482

7,571

11,144

288
6,415

718
660

679

706

658

18

14,955

13,229△204,995△14,412

1,303

965

1,303

965

△206,299△15,377

15,281

4,378△221,580
773△19,755△222,353△19,886

1,135

14,146

4,330
47

130

Quarterly consolidated statements of comprehensive income
Consolidated first quarter period(In thousand yen)
FY 2024 (consolidated)(As of March 31,2024)
Profit (loss (△))
Accumulated other comprehensive income
Valuationdifferenceonavailable-for-salesecurities
Foreign currency translation adjustment
Total other comprehensive income
Comprehensive income（breakdown）
Comprehensive income attributable to owners ofparentQuarterly comprehensive income attributable tonon-controlling interests△221,580
3,532

1Q FY 2025 (consolidated)(As of June 30,2024)△19,755

62,591

31,406

41,62834,938104,220△186,641

84,464773

130△187,415

84,333

(3) Notes for the quarterly consolidated financial statements(Notes for precondition of continuing company): NA
Ⅰ. Current 1Q consolidated cumulative period (from April 1, 2023 to June 30, 2023)
Information concerning the sales amount and the amount of profit or loss per report segment(unit: thousand yen)Amount recordedin quarterly
Adjusted
consolidated
amountprofit and loss
(Note) 1
statement (Note)2

Report segment
Electronic /Renewablecommunicationenergy businessdevice business

Total

Sales amount
Mobile communication
infrastructure
Government office

163,729－

163,729－

163,729

58,178－58,178－58,178Public project

101,035－

101,035－

101,035

FA・Measurement・Other

123,965－

123,965－

123,965

Solar power plant－

47,45747,457－47,457Wind power plant
Revenue from Contracts with
Customers
Other profit－

114,882

114,882－

114,882446,909

162,339609,248－609,248

－

2,753

2,753

－

2,753

Sales amount to external clients

446,909

165,092

612,001－

612,001

Between segments
Internal sales or transfer amount

－

－

－

－

－

446,909

165,092

612,001－

612,001△112,716

10,898△101,817△110,086△211,904

Total
Segment profit(Notes) 1. The adjustment of segment profit or loss (△) of △110,086 thousand yen is the expense of the group management
department of △110,086 thousand yen that is not allocated to business segments.
2. Segment profit or loss (△) is consistent with the operating loss on the quarterly consolidated income statement.
Ⅱ. Current 1Q consolidated cumulative period (from April 1, 2024 to June 30, 2024)
Information concerning the sales amount and the amount of profit or loss per report segment(unit: thousand yen)Amountrecorded in
Adjustedquarterly
amountconsolidated(Note) 1
profit and loss
statement(Note) 2

Report segment
Electronic /Renewablecommunicationenergy businessdevice business

Total

Sales amount
Mobilecommunication
infrastructure
Government office371,660－

371,660－

371,660

181,446－

181,446－

181,446

Public project

83,997－

83,997－

83,997

FA・Measurement・Other

206,300－

206,300－

206,300

Solar power plant－

72,95872,958－72,958Wind power plant
Revenue from Contracts
Customers
Other profit－

53,28753,287－53,287

843,405

126,245969,651－

969,651

－

2,855

2,855

－

2,855

Sales amount to external clients

843,405

129,101

972,507－

972,507

Between segments
Internal sales or transfer amount

－

－

－

－

－

Total

843,405

129,101

972,507－

972,507

Segment profit

64,423

11,19975,623△89,288△13,664

with

(Notes) 1. The adjustment of segment profit or loss (△) of △89,288 thousand yen is the expense of the group management
department that is not allocated to the business segments (△89,288 thousand yen).
2. Segment profit or loss (△) is consistent with the operating loss on the quarterly consolidated income statement.
(Profit recognition related)
Information which dissolves the profit arising from the agreement with the clients is as described in “Note (segment
information, etc.).”