〔Delayed〕The original disclosure in Japanese was released on May 10, 2024 at 15:00 (GMT+9)

May 10, 2024

Tsukada Global Holdings Inc.
Consolidated Earnings Report for the Three Months ended March 31, 2024
(Japanese GAAP)

Stock listing: Tokyo Stock Exchange
Securities code: 2418
URL: https://www.tsukada-global.holdings/en/
Representative: Masayuki Tsukada, President and CEO
Information contact: Masahiro Yamasaki, Manager, Finance &Tel: +81-3-5464-0081
Accounting Department
Scheduled dates:
Filing of statutory quarterly financial report (shihanki hokokusho):May 13, 2024
Dividend payout:
Supplementary materials to quarterly financial results available: No
Quarterly earnings presentation held: No(Amounts rounded down to the nearest million yen)

1. Consolidated Performance for the Three Months ended March 31, 2024
(January 1, 2024 – March 31, 2024)(1) Consolidated Operating Results(Percentages indicate year-on-year changes)

Net sales
million yen%

Operating income

Ordinary income

million yen

million yen%

Three months ended
13,428
9.6
747
March 31, 2024
Three months ended
12,25040.8(13)March 31, 2023
Note: Comprehensive income: Three months ended March 31, 2024:
Three months ended March 31, 2023:

Profit attributable toowners of the parent%

million yen

1,342

-

1,000

-

72

-

37

-

1,183 million yen(182) million yen

(- %)
(- %)

Diluted profit
per share

Profitper share
Three months ended
March 31, 2024
Three months ended
March 31, 2023

yen

yen

20.98

-

0.78

-

(2) Consolidated Financial Position
Total assets
March 31, 2024

Net assets

Equity ratio

million yen

million yen%

92,802

28,37330.3

27,42829.2

December 31, 2023
93,154
Reference: Total equity: March 31, 2024:
28,124 million yen
December 31, 2023: 27,196 million yen%

2. Dividends
End-Q1Dividend per share
End-Q3End-Q2yen

yenYear ended
5.00
December 31, 2023
Year ending
December 31, 2024
Year ending
December 31, 2024
5.00
(Forecast)
Note: No revision has been made to the latest dividends forecast.

Year-end

Annual total

yen

yen

yen

-

5.00

10.00

-

5.00

10.00

3. Earnings Forecast for the Fiscal Year ending December 31, 2024
(January 1, 2024 – December 31, 2024)(Percentages indicate year-on-year changes)
Profit attributable to
Net sales

Operating income

Ordinary income

owners of theper share

parentSix months ending
June 30, 2024
Year ending
December 31, 2024

Profitmillion yen%

million yen%

million yen%

million yen%

yen

28,287

5.4

1,810

27.6

2,283

5.4

1,461

(28.3)

30.64

63,217

10.0

6,421

20.2

6,202

8.0

4,327

(8.5)

90.72

Note: No revision has been made to the latest earnings forecast.

*Notes(1) Changes in significant subsidiaries during the period: None
(Changes in specific subsidiaries accompanying a change in scope of consolidation)
Newly Consolidated: None
Newly Deconsolidated: None
(2) Use of accounting methods specific to the preparation of quarterly consolidated financial statements:
Yes
Note: For details, please refer to “(3) Notes on Quarterly Consolidated Financial Statements(Application of Specific Accounting Methods for the Preparation of Quarterly Consolidated
Financial Statements)” in section “2. Quarterly Consolidated Financial Statements and Main
Notes” on page 4 in the accompanying materials.
(3) Changes in accounting policy, changes in accounting estimates, and retrospective restatement
1) Changes in accordance with amendments to accounting standards, etc.: None
2) Changes other than noted in 1) above: None
3) Changes in accounting estimates: None
4) Retrospective restatement: None(4) Shares issued (common stock)1) Number of shares issued at end of period(including treasury stock)2) Number of shares held in treasury at endof period

March 31, 2024

December 31, 2023

48,960,000

48,960,000

1,259,834

1,259,834

Three Months ended Three Months ended
March 31, 2024
March 31, 2023
3) Average number of shares outstanding
during the period

47,700,166

47,700,166* Quarterly earnings reports are exempt from quarterly review conducted by certified public accountants orby audit firms.
* Appropriate Use of Earnings Forecast and Other Important Information(Cautionary Statement with Respect to Forward-Looking Statements)
Any forecasts and forward-looking statements given herein are based on information available as of thisreport’s publication and on certain assumptions that are deemed reasonable. These forecasts are notguarantees of future performance, and actual results may differ from forecasts due to changes in thebusiness environment. For the assumptions underlying the forecasts herein and other notice on the use of
earnings forecasts, please refer to “(3) Earnings Forecast for the Fiscal Year ending December 31, 2024”
in the section “1. Review of Consolidated Financial Results” on page 3 in the accompanying materials.

Accompanying Material – Contents
1. Review of Consolidated Financial Results(1) Operating Results(2) Analysis of Financial Condition(3) Earnings Forecast for the Fiscal Year ending December 31, 2023
2. Quarterly Consolidated Financial Statements and Main Notes(1) Consolidated Balance Sheets(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income
Consolidated Statements of Comprehensive Income(3) Notes on Quarterly Consolidated Financial Statements(Note on the Going-concern Assumption)(Note on Significant Changes in the Amount of Shareholders’ Equity)(Application of Specific Accounting Methods for the Preparation of Quarterly
Consolidated Financial Statements)(Segment Information)(Revenue Recognition)
3. Supplementary Information(Weddings Held and Orders Received)

1

2
2
3
3
4
4
6
6
7
8
8
8
8
9
10
11
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1. Review of Consolidated Financial Results(1) Operating Results
In the three months ended March 31, 2024, the Japanese economy as a whole was on a moderate
recovery path helped by the effects of various government policies, including improvements in corporate
earnings, employment, and income, as well as the transformation from a cost-cutting economy to a
growth-oriented one. However, the outlook remains uncertain with sharp fluctuations in foreign exchange
rates resulting from global monetary tightening and rising consumer prices, including energy costs andraw material prices.
Amidst this environment, the Tsukada Global Holdings Group (“the Group”) focused on creating newvalue, developing high-quality and attractive outlets, providing high value-added services in the bridal,
hotel, and wellness and relaxation (W&R) markets, and on accurately responding to diversifying
customer needs, and thereby strived to expand net sales and to improve profitability.
In the Hotel business, the number of domestic travelers increased and the number of foreign visitors
to Japan exceeded three million for the first time in a single month in March 2024 (Japan National
Tourism Organization, "Number of Foreign Visitors to Japan (March 2024 estimate)"), increasing 11.6%
compared to March 2019, thus causing occupancy rates and unit prices for accommodation to rise withstable conditions continuing as a whole. In addition, the spend per wedding in the Wedding and Hotelbusinesses is also recovering moderately, following a stall. In the W&R business, we have worked tostrengthen our future profit base by closing unprofitable outlets which are slow to recover from the
COVID-19 pandemic and improving business efficiency.
As a result, in the first three months of fiscal 2024, the Group posted consolidated net sales of ¥13,428
million (up 9.6% year on year), marking the 12th consecutive quarterly increase. The Group recorded
an operating income of ¥747 million (compared with a loss of ¥13 million a year earlier) and ordinary
income of ¥1,342 million (compared with ¥72 million a year earlier) due to foreign exchange gains of 612
million recorded in non-operating income. Net income attributable to owners of the parent was ¥1,000
million (compared with ¥37 million a year earlier), with a significant increase seen in both sales andincome.
The results for each business segment were as follows.
1) Wedding businessIn the first three months of fiscal 2024, the number of weddings held fell to 1,918 (down 11.1% year
on year) due to the closure of some outlets, but spend per wedding gradually recovered and thus net
sales in the Wedding business also increased modestly year on year. In terms of profitability, theincrease in spend per wedding absorbed the rise in energy costs and raw material prices, resulting ina significant year on year increase.
As a result, net sales in the Wedding business totaled ¥7,442 million (up 4.1% year on year) andsegment profit was ¥534 million (up 102.2% year on year).
2) Hotel business
The number of hotel weddings increased to 395 (up 11.6% year on year) in the first three months offiscal 2024. Overnight occupancy rates and average charge per night were also strong as foreign
visitors to Japan grew in number.
As a result, net sales in the Hotel business totaled ¥5,251 million (up 19.8% year on year) andsegment profit was ¥676 million (up 214.1% year on year).

23) W&R businessIn the first three months of fiscal 2024, the closure of unprofitable outlets of the British-style
Queensway reflexology salons was promoted to strengthen our future profit base and streamline thebusiness. Both net sales and segment profit of the Beauty & Relax SPA-HERBS spa complex werehigher than the previous fiscal year as the number of visitors as well as food and beverage sales
reached record highs.
As a result, net sales in the W&R business totaled ¥735 million (up 2.3% year on year) and thesegment loss was ¥16 million (compared with a loss of ¥40 million a year earlier).
(2) Analysis of Financial Condition
Assets, Liabilities, and Net Assets
Total assets as of March 31, 2024, the end of the first three months of fiscal 2024, amounted to¥92,802 million, a decrease of ¥352 million from the end of the previous fiscal year (December 31,2023). This was mainly due to an increase of ¥401 million in tangible assets and \367 million in
investment securities by a ¥1,071 million decrease in cash and deposits due to repayment ofinterest-bearing debt and payment of income taxes and consumption taxes.
Total liabilities as of March 31, 2024 came to ¥64,429 million, a decrease of ¥1,297 million fromthe end of the previous fiscal year (December 31, 2023). This was mainly due to a decrease of¥1,056 million in long-term debt (including the current portion) due to repayment and a decrease of¥280 million in bonds payable (including current portion) due to redemption.
Total net assets as of March 31, 2023 amounted to ¥28,373 million, an increase of ¥344 million
from the end of the previous fiscal year (December 31, 2022). This was mainly due to an increaseof ¥762 million in retained earnings due to the recording of profit attributable to owners of the parent.
As a result, the equity ratio was 30.3%, an improvement of 1.1 percentage points from the end of
the previous fiscal year (December 31, 2023).
(3) Earnings Forecast for the Fiscal Year Ending December 31, 2024
The consolidated results forecast for the first six months and full fiscal year ending December 31, 2024
was revised, taking into account the Company’s performance and its progress during the first threemonths of fiscal 2024. Details were announced on May 8, 2024.
For details about the forecast revision, please refer to “Notice Regarding Revisions to Consolidated
Earnings Forecasts for the Six Months Ending June 30, 2024 and the Fiscal Year Ending December 31,
2024.”

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2. Quarterly Consolidated Financial Statements and Main Notes(1) Consolidated Balance Sheets(millions of yen)

December 31, 2023

March 31, 2024

AmountAmountAssetsCurrent assets
Cash and deposits
Accounts receivable - trade
Merchandise
Raw materials and supplies
Other
Allowance for doubtful receivables
Total current assets

19,005
1,705
161
390
4,029
(40)
25,24917,933
1,874
169
354
3,879
(39)
24,172

Fixed assets
Tangible assets
Buildings and structures, net
LandConstruction in progress
Other, net
Total tangible assets

27,795
16,774743
1,168
46,481

27,613
16,867971
1,430
46,883

745
877
1,622

690
886
1,576

6,029
7,051
6,691
(128)
19,64467,747
157
93,154

6,397
7,039
6,720
(136)
20,02068,480149
92,802Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Lease and guarantee deposits
Other
Allowance for doubtful receivables
Total investments and other assets
Total fixed assets
Deferred assets
Total assets

4

(millions of yen)

December 31, 2023
AmountLiabilities
Current liabilities
Accounts payable - trade
Current portion of long-term debt
Current portion of bonds
Income taxes payable
Advances received
Allowance for loss on shop closing
Other
Total current liabilities
Fixed liabilities
Bonds
Long-term debt
Net defined benefit liability
Provision for directors’ retirement benefits
Asset retirement obligations
Other
Total fixed liabilities
Total liabilities
Net assets
Shareholders’ equity
Capital stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders’ equity
Accumulated other comprehensive income
Deferred gain (loss) on derivatives under hedge
accounting
Foreign currency translation adjustments
Remeasurements of defined benefit plan
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

5

March 31, 2024
Amount

1,947
7,118
994
615
3,080
260
4,296
18,312

1,935
7,034
844
357
3,504
264
4,189
18,1294,703
36,391
409
1,005
4,549
348
47,41365,726

4,579
35,419
423
1,016
4,556
304
46,29964,429472
634
26,393(892)
26,606472
634
27,155(892)
27,369

99

118

488
2
589
231
27,42893,154

634
2
755
248
28,37392,802

(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income(millions of yen)

Net sales
Cost of sales
Gross profit (loss)
Selling, general and administrative expenses
Operating income (loss)
Non-operating income
Interest income
Gain on investments in silent partnership
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Share of loss of entities accounted for using equity
methodOther
Total non-operating expenses
Ordinary income (loss)
Extraordinary income
Gain on sales of fixed assets
Total extraordinary income
Extraordinary loss
Loss on disposal of fixed assets
Shop closing expenses
Other
Total extraordinary loss
Profit (loss) before income taxes
Income taxes
Profit (loss)
Profit (loss) attributable to non-controlling interests
Profit (loss) attributable to owners of the parent

6

Three months
ended March 31,
2023
Amount12,250
8,360
3,890
3,903
(13)

Three months
ended March 31,
2024
Amount13,428
8,448
4,980
4,232
747

11
70
68
101
251

61
74
612
41
790

122

138

12

33

30
165
72

23
195
1,342

0
0

0
0

51
16
68
4
(32)
36
(0)
37

0
6
25
33
1,308
306
1,001
1
1,000

Consolidated Statements of Comprehensive Income(millions of yen)

Profit (loss)
Other comprehensive income
Deferred gain (loss) on derivatives under hedge
accounting
Foreign currency translation adjustments
Remeasurements of defined benefit plan
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income(Breakdown)Comprehensive income attributable to owners of theparentComprehensive income attributable to noncontrolling interests

7

Three months
ended March 31,
2023
Amount36

Three months
ended March 31,
2024
Amount
1,001

(238)

19

10
(0)

50
0

9

111

(218)
(182)

181
1,183

(182)

1,166

0

16

(3) Notes on Quarterly Consolidated Financial Statements(Note on the Going-concern Assumption)
Not applicable(Note on Significant Changes in the Amount of Shareholders’ Equity)
Not applicable(Application of Specific Accounting Methods for the Preparation of Quarterly
Consolidated Financial Statements)(Simplified accounting methods)
1) Calculation method for depreciation of fixed assets
Depreciation expenses for assets to which the declining-balance method is applied are
calculated by allocating a quarterly proportion of the amount for the full fiscal year.
2) Calculation method for deferred tax assets and deferred tax liabilities
Regarding judgments on the amount of recoverable deferred tax assets, the Company has
determined that there have been no significant changes in the economic environment or
emergence of temporary differences since the end of the previous fiscal year, and therefore
the calculations are based on future earnings forecasts from the previous fiscal year and tax
planning methods.
(Special accounting treatments)
Calculation of taxes
The Company calculates tax liabilities by producing a reasonable estimate of the effective tax
rate after applying tax-effect accounting to profit (loss) before income taxes for the fiscal year,
which encompasses the first quarter ended March 31, 2023 and then multiplying profit (loss)
before income taxes by this estimated effective tax rate. In cases where this estimatedeffective tax rate cannot be used, the statutory effective tax rate is used.

8

(Segment Information)
I. Three months ended March 31, 2023 (January 1 to March 31, 2024)
1. Net sales and income/loss by reportable segment and information on disaggregation of revenue(millions of yen)

Reportable segment

Net sales
Revenue from contracts
with customers
Other revenue
Sales to outside
customers
Inter-segment sales andtransfers
Total

Adjustments(note 1)

Amountrecorded on
consolidated
statements ofincome (note 2)

12,246－

12,246

-

4

-

4

4,382

718

12,250-12,250

426

244

8

678

(678)

-

7,575

4,627

726

215

(40)

12,929(678)

12,250

WeddingbusinessHotelbusiness

W&R
business

7,145

4,382

718

4

-

7,149

Total

Segment loss
264
439
(452)
(13)
Notes: 1. The minus 452 million yen adjustment for the segment income (loss) includes a 5 million yen
elimination of inter-segment sales and minus 458 million yen in corporate expenses that are notallocated to each reportable segment. The main component of these unallocated corporate
expenses is general and administrative expenses that are not attributable to reportable segments.
2. Segment income (loss) is adjusted to correspond with operating loss reported on the quarterly
consolidated statements of income.

2. Impairment loss on fixed assets or goodwill by reportable segment
Not applicable9II. Three months ended March 31, 2024 (January 1 to March 31, 2024)
1. Net sales and income/loss by reportable segment and information on disaggregation of revenue(millions of yen)

Reportable segment

Net sales
Revenue from contracts
with customers
Other revenue
Sales to outside
customers
Inter-segment sales andtransfers
Total

Adjustments(note 1)

Amountrecorded on
consolidated
statements ofincome (note 2)

13,413－

13,413

-

14

-

14

5,251

735

13,428－13,428

487

229

2

719

(719)

-

7,929

5,480

737

14,147(719)

13,428

WeddingbusinessHotelbusiness

W&R
business

7,427

5,251

735

14

-

7,442

Total

676
16
1,227
747
Segment income
534
(480)
Notes: 1. The minus 480 million yen adjustment for the segment income includes a 5 million yen elimination ofinter-segment sales and minus 485 million yen in corporate expenses that are not allocated to eachreportable segment. The main component of these unallocated corporate expenses is general andadministrative expenses that are not attributable to reportable segments.
2. Segment income (loss) is adjusted to correspond with operating loss reported on the quarterly
consolidated statements of income.

2. Impairment loss on fixed assets or goodwill by reportable segment
Not applicable(Revenue Recognition)
Information on the disaggregation of revenue from contracts with customers is as stated in“Notes on Quarterly Consolidated Financial Statements (Segment Information)”.

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3. Supplementary Information(Weddings Held and Orders Received)1) Number of weddings heldThree months ended
March 31, 2023
Number of weddings
held (cases)
2,157

Three months ended
March 31, 2024
Number of weddings
held (cases)
1,918Year ended
December 31, 2023
Number of weddings
held (cases)
10,462

Hotel business

354

395

1,708

Total

2,511

2,313

12,170Three months ended
March 31, 2023
OrdersOrder
receivedbacklog(cases)(cases)
2,966
6,789

Three months ended
March 31, 2024
OrdersOrder
receivedbacklog(cases)(cases)
3,104
6,717

Segment
Wedding business2) Wedding orders received

Segment
Wedding businessYear ended
December 31, 2023
OrdersOrder
receivedbacklog(cases)(cases)10,013
5,531

Hotel business

486

1,252

528

1,244

1,699

1,111

Total

3,452

8,041

3,632

7,961

11,7126,642

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