Takuma Co., Ltd.

Copyright 2023 TAKUMA Co.,Ltd. All Rights Reserved.

February 9, 2023

Reference Material | Business Segment
The main business is the Domestic Environment and Energy Business. The primary revenue is from design and construction (EPC) of
waste treatment facilities, biomass power plants, etc. and after-sales service.
Domestic
Environment andEnergy81%
Equipment and Systems
6%
Package Boiler
12%
Overseas Environment
and Energy
1%
Water
Treatment
Plants, other6%

Municipal Solid Waste
Treatments
(EPC)
23%

Domestic
Environment andEnergyFY2021

Municipal Solid Waste
Treatments(After-sales service)30%*EPC: Engineering, Procurement, and Construction
Copyright 2023 TAKUMA Co.,Ltd. All Rights Reserved.

Energy Plant Business
Large boiler, biomass power plant, and industrial
waste treatment plant EPC and after-sale service
for private enterprises

Water Treatment Plant Business
Sewage treatment facility EPC and after-saleservice for municipalities
Power Retail BusinessSupply of electric power procured from delivered
power plants and other facilities to public facilities
and private companies

Net sales

134.0 billion yen

Energy Plants
22%

Municipal Solid Waste Treatment Plant
Business
Municipal solid waste treatment plant EPC andafter-sale service for municipalities

Overseas
Environment andEnergyPackage Boiler
Equipment andSystems

Energy from Waste plant and Energy plant EPC
and after-sale service
Manufacture and sale of and after-sale service
related to heat source equipment such as
general-purpose boilers and vacuum-type water
heaters
Sale of and after-sales service related to building
equipment (air conditioning, water supply anddrainage work, etc.) and products for thesemiconductor manufacturing industry

1

Table of Contents▶

1

Overview of Q3 FY2022(Ended 3/2023) Financial Results▶

2

Overview of Financial Results by Business Segment▶

3

Financial Forecast for FY2022(Ended 3/2023) and
Shareholder Return

Copyright 2023 TAKUMA Co.,Ltd. All Rights Reserved.

2

Table of Contents▶

1

Overview of Q3 FY2022(Ended 3/2023) Financial Results▶

2

Overview of Financial Results by Business Segment▶

3

Financial Forecast for FY2022(Ended 3/2023) and
Shareholder Return

Copyright 2023 TAKUMA Co.,Ltd. All Rights Reserved.

3

Financial Highlights for Q3 FY2022(Ended 3/2023)
Orders received were down, but both sales and profit were up owing to change in EPC project mix. Financial forecast was revised

based on solid growth of recurring revenue model businesses on top of steady progress on EPC projects. In addition, the year-end

dividend will be increased by ¥5, bringing the annual dividend up from ¥38 to ¥43.
Net sales: Both sales and profit were up owing to a change in the EPC project mix in the Domestic Environment and Energy Business.



Orders received: Down from the same period of the previous year due to the absence of large-scale orders received despite orders received for primaryequipment improvement work and biomass power plants in the Domestic Environment and Energy Business.



Order backlog: Increased owing to steady orders received.
(Millions of yen)Q3
FYE 3/2021

Q3
FYE 3/2022

Q3
FYE 3/2023

YoYchangeOrders received

156,818

108,455

91,631

Order backlog

396,549

401,929436,267

8.5%

Net sales

105,584

93,679100,668

7.5%

Operating profit

8,359

5,306

9,212

73.6%

Operating margin

7.9%

5.7%

9.2%

3.5pt

Ordinary profit

8,954

5,907

9,986

69.0%

Quarterly profit attributable to owners of parent

6,635

4,080

7,019

72.0%

Basic earnings per share (yen)

81.73

50.22

87.67

74.6%

(15.5%)*Primary equipment improvement work: Large-scale improvement work for the effective utilization of existing municipal solid waste treatment plants through maintenance and improvement of functions andextension of useful life
Copyright 2023 TAKUMA Co.,Ltd. All Rights Reserved.

4

Q3 FY2022(Ended 3/2023) | Breakdown by Segment(Millions of yen)Orders received

Q3
FYE 3/2021

Q3
FYE 3/2022

Q3
FYE 3/2023

YoYchangeTotal

156,818

108,455

91,631(15.5%)

Domestic Environment and Energy

135,869

86,795

65,117(25.0%)

Overseas Environment and Energy

390

1,510

1,151

(23.8%)

Package Boiler

13,786

13,40914,2136.0%

Equipment and Systems

7,300

6,945

11,419

64.4%

Total

105,584

93,679100,668

7.5%

Domestic Environment and Energy

87,13375,88082,023

8.1%

Overseas Environment and Energy

984

690

862

24.8%

Package Boiler

11,766

11,876

12,0881.8%

Equipment and Systems

6,052

5,706

5,961

4.5%

Total

8,359

5,306

9,212

73.6%

Domestic Environment and Energy

8,947

5,975

9,986

67.1%

Overseas Environment and Energy

(73)

(141)

(124)

-

Package Boiler

309

441

539

22.2%

Equipment and Systems

771

565

599

5.9%

Net sales

Operating profit* Adjustments are omitted.
Copyright 2023 TAKUMA Co.,Ltd. All Rights Reserved.

5

Table of Contents▶

1

Overview of Q3 FY2022(Ended 3/2023) Financial Results▶

2

Overview of Financial Results by Business Segment▶

3

Financial Forecast for FY2022(Ended 3/2023) and
Shareholder Return

Copyright 2023 TAKUMA Co.,Ltd. All Rights Reserved.

6

Domestic Environment and Energy Business

Orders Received / Order Backlog

Orders received were down ¥21.6 billion to ¥65.1 billion. The forecast for orders received has been revised downward from ¥129.5

billion to ¥125 billion (down ¥4.5 billion).


Orders received were down YoY due to the absence of the DBO from the previous year despite orders received for one primary equipment improvement/long-term O&M
project and six energy plant projects .

The order backlog is on the rise owing to steady orders for EPC projects and long-term O&M (such as DBO projects). Around 50% of the backlog is long-term O&M.

Orders Received
Q3
160,591

180,000

135,000

90,000123,154

Q4

Q3

Q4

164,865

135,869

125,000
86,79575,430Order Backlog(Millions of yen)

386,058
325,547
337,322

388,058
433,351

416,445

440,851

377,143

65,11745,0000

FYE 3/2020

FYE 3/2021

FYE 3/2022

FYE 3/2023(Forecast)

FYE 3/2020

FYE 3/2021

FYE 3/2022*DBO: Stands for Design, Build, Operate. A method of contracting private companies for the design, construction, and operation of facilities, paid for by public funds ）*O&M: A comprehensive contract for Operation & Maintenance of facilities
Copyright 2023 TAKUMA Co.,Ltd. All Rights Reserved.

FYE 3/2023(Forecast)7

Domestic Environment and Energy Business
Main Orders Received during FY2022(Ended 3/2023)

In Q3, orders were received for long-term O&M at a waste incineration plant and for one industrial waste treatment plant.
Segment
Municipal solid waste
treatment plant

Energy plant･Biomass power plant･Industrial waste
treatment plant

Delivered to:

Location

Capacity

Scheduled Completion

notes

Q1

Senboku Environmental
Improvement Facilities
Association

Osaka

300 t/day

3/2024

Primary equipment
improvement work

Q3

Okinoshima-cho

Shimane25t/day3/2038 (15years)

Long-term O&M

Q1

Sanyo-Onoda Green Energy
Co.

Yamaguchi

1,990kW

6/2024

Biomass power plant, FIT

Q2Company A

1,990kW

Biomass and others power
plant, Power generation andheat utilization

Company B

7,100kW

Biomass power plant, FIT

Soga Biomass Power
Generation Co.

Aomori

1,990kW

11/2024

Biomass and others power
plant, Power generation andheat utilization*Fuel conversion

Company C

Q3

Katsuta Co., Ltd.

Biomass power plant, FIT

Ibaraki

150t/day

2/2026

Industrial waste treatment
plant*FIT: Power generation business utilizing Feed-in Tariff system for renewable energy*Fuel conversion: Modification and renewal (rebuilding) work to switch to non-fossil fuels such as biomass fuels at existing energy plants (running primarily on fossil fuels such as coal and heavy oil)
Copyright 2023 TAKUMA Co.,Ltd. All Rights Reserved.

8

Domestic Environment and Energy Business

Main Orders Received during FY2021(Ended 3/2022) (Reference Material)

Segment
Municipal solid waste
treatment plant

Energy plant･Biomass power plant･Industrial waste
treatment plant

Delivered to:

Location

Capacity

Scheduled Completion

notes

Q1

Uwajima Public Association

Ehime

120 t/day

3/2031 (10 years)

Long-term O&M

Q2

Hakodate City

Hokkaido

300 t/day

3/2029(22 years of operations starting 4/2022)

DBO

Q4

Okayama City

Okayama

200 t/day

3/2027(20 years of operations starting 4/2027)

DBO

Shida Public Association

Shizuoka

223 t/day

12/2026(20 years of operations starting 1/2027)

DBO

Q1

Company A

1,990 kW

Biomass power plant, FIT

Q2

Kumamoto Clean Energy Co.

Kumamoto

1,990 kW

Autumn 2023

Biomass power plant, FIT

Q3

Sanko Inc.

Tottori

93.6 t/day

07/2024

Industrial waste treatment plant

Q4

Aizu Komorebi Power Plant

Fukushima

7,100 kW

11/2024

Biomass power plant, FIT

Chugoku Mokuzai Co., Ltd. Noshiro Plant

Akita

2,090 kW

03/2024

Biomass power plant, Heat utilization

Chugoku Mokuzai Co., Ltd. Nagaragawa

Gihu

9,990 kW

03/2025

Biomass power plant, FIT

Chugoku Mokuzai Co., Ltd. Kashima Plant

Ibaraki

9,990 kW

03/2025

Biomass power plant, FIT

Company B
Water treatment plant

Q3

Ochiai Water Reclamation Center

Copyright 2023 TAKUMA Co.,Ltd. All Rights Reserved.

Biomass power plant, O&M

Tokyo

130,000m3/day

01/2025

Sand filtration

9

Domestic Environment and Energy Business

Net Sales / Operating Profit

Net sales were up ¥6.1 billion to ¥82.0 billion, and operating profit was up ¥4.0 billion to ¥9.9 billion owing to changes in the EPC
project mix. The operating margin also improved substantially.

Operating Profit

Net sales
Q3

Q3

Q4

Q4

Q3 Operating Margin12.2%

30,000140,000

120,000

108,123

87,133100,000

80,000120,770

72,175

108,657

75,880117,500

14.0%

12.0%

25,0009.7%

82,023(Millions of yen)

10.3%
10.0%

7.9%

20,0008.0%

15,00010,61960,00010,00040,000

7,010

8,947

11,475

10,906

9,986

5,975

6.0%

4.0%

5,000

2.0%
20,0000.0%

00

FYE 3/2020

FYE 3/2021

Copyright 2023 TAKUMA Co.,Ltd. All Rights Reserved.

FYE 3/2022

FYE 3/2023(Forecast)

FYE 3/2020

FYE 3/2021

FYE 3/2022

FYE 3/2023

10

Domestic Environment and Energy Business
Breakdown by Product/Service

The number of orders received for municipal solid waste treatment plants decreased significantly due to a decrease in orders received
for DBO projects. Net sales were up owing to a change in the EPC project mix (increase in energy plants, water treatment plants, etc.).

Net Sales

Orders Received

Order Backlog

Water Treatment Plants, other

Water Treatment Plants, other

Water Treatment Plants, other

Energy Plants

Energy Plants

Energy Plants

Municipal Solid Waste Treatments (After-sales service)

Municipal Solid Waste Treatments (After-sales service)

Municipal Solid Waste Treatments (After-sales service)

Municipal Solid Waste Treatments (EPC)

Municipal Solid Waste Treatments (EPC)

Municipal Solid Waste Treatments (EPC)

1,000

1,600
1,358

867

5,000

871
758

800

1,200

600

800

651
85
244

400

25
FYE 3/2021

FYE 3/2022

FYE 3/2023

Q3

Q3

Q3

820
86
267

400

266

200

4,000

3,860

3,880

127

748

3,000
2,244

2,000

1,044

196
0

4,164

1,000

293
0

（100M yen）

FYE 3/2021

FYE 3/2022

FYE 3/2023

Q3

Q3

Q3

0

FYE 3/2021

FYE 3/2022

FYE 3/2023

Q3

Q3

Q3

* Adjustments are omitted.
Copyright 2023 TAKUMA Co.,Ltd. All Rights Reserved.

11

Domestic Environment and Energy Business

Quarterly Trend in Orders Received / Net Sales (Reference Material)
Orders received vary significantly depending on the timing that projects are recorded. Net sales tend to increase going into thefourth quarter.

Orders received (quarterly)

Net sales (quarterly)

The amount of each EPC project is large, so orders received tend

Although net sales vary depending on progress on construction of EPC

to vary significantly depending on the timing of the contract.

projects for the period, after-sales service for municipal solid waste
treatment plants increases going into the fourth quarter, so overall net
sales also tend to increase going into the fourth quarter.
（100M yen）

Municipal Solid Waste Treatments (EPC)

Municipal Solid Waste Treatments (After-sales service)

Municipal Solid Waste Treatments (EPC)

Municipal Solid Waste Treatments (After-sales service)

Energy Plants

Water Treatment Plants, other

Energy Plants

Water Treatment Plants, other

1,000

400

800

300

600
200
400
100

200
0
▲ 200

1Q

2Q

3Q

FYE 3/2021

4Q

1Q

2Q

3Q

FYE 3/2022

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4Q

1Q

2Q

3Q

FYE 3/2023

4Q

0

1Q

2Q

3Q

FYE 3/2021

4Q

1Q

2Q

3Q

FYE 3/2022

4Q

1Q

2Q

3Q

4Q

FYE 3/2023

12

Overseas Environment and Energy

Orders Received / Order Backlog

Orders received came to ¥1.1 billion, down ¥300 million YoY due to the absence of the equipment replacement project at the waste
power generation plant from the previous year. At the same time, an order for a new plant is expected in Q4, so the forecast fororders received has been revised upward from ¥3.0 billion to ¥5.0 billion.

(Millions of yen)Orders Received
Q3

Order Backlog

Q4

Q3

6,000

Q4

6,000

5,457

5,000
5,000

5,000

4,000

4,000

3,000

3,000

2,035
1,510

2,000

1,064

1,351
883

1,000

2,000

1,151

1,247
1,000

390

641

733
138

0

1,457

1,747

427

0

FYE 3/2020

FYE 3/2021

Copyright 2023 TAKUMA Co.,Ltd. All Rights Reserved.

FYE 3/2022

FYE 3/2023(Forecast)

FYE 3/2020

FYE 3/2021

FYE 3/2022

FYE 3/2023(Forecast)13

Overseas Environment and Energy

Net Sales / Operating Profit

Net sales came to ¥860 million, an increase of ¥170 million YoY, and operating profit came to -¥120 million, an increase of ¥10 million
YoY, mainly as a result of an increase in maintenance orders. We will build a structure for taking continuous orders for new
construction and replacement projects while continuing to take orders for maintenance services.

Net Sales
Q3(Millions of yen)

Operating Profit

Q4

Q3

Q4

1,400

1,000

1,188

1,143

1,200

948

1,005

984

1,000

862

0

-50

690

800

-73
-100

600

-140
400

200

-200

-124

-141

-150

-178

-202

-218

0

FYE 3/2020

FYE 3/2021

Copyright 2023 TAKUMA Co.,Ltd. All Rights Reserved.

FYE 3/2022

FYE 3/2023(Forecast)-250

FYE 3/2020

FYE 3/2021

FYE 3/2022

FYE 3/2023

14

Package Boiler

Orders Received / Order Backlog

Demand, which had fallen due to the pandemic, is on the rise. Orders received were up ¥800 million to ¥14.2 billion. The forecast fororders received has been revised upward from ¥17.0 billion to ¥17.5 billion. The order backlog increased owing primarily to an increasein orders and an increase in projects with longer delivery periods.

(Millions of yen)Orders Received
Q3

Order Backlog

Q4

Q3

20,0008,000

17,925

17,52418,00016,000Q4

14,342

14,00013,786

13,4096,97817,50016,8307,000

14,213

5,257

5,000

12,0004,000

10,000

6,054

5,948
6,000

3,928

4,521

4,852

5,352

8,000

3,000

6,000

2,000

4,000

1,000

2,000

0

0

FYE 3/2020

FYE 3/2021

Copyright 2023 TAKUMA Co.,Ltd. All Rights Reserved.

FYE 3/2022

FYE 3/2023(Forecast)

FYE 3/2020

FYE 3/2021

FYE 3/2022

FYE 3/2023(Forecast)

15

Package Boiler

Net Sales / Operating Profit

Despite such factors as an increase in projects with longer delivery periods, net sales were up ¥200 million to ¥12.0 billion, andoperating profit was up ¥90 million to ¥530 million owing to an increase in orders received.

(Millions of yen)

Operating Profit

Net Sales
Q3

Q3

Q4

Q4

Q3 Operating Margin

20,00017,86816,931

18,00017,00016,4986.0%

1200

16,00014,00012,956

12,00011,766

11,876

12,088

4.5%

966

1000

4.0%
800

10,000

8,000

600

521

640
2.6%

6,000

441

4.0%

539

309

400

4,000

2,000

3.7%
672

5.0%

3.0%

2.0%

200

1.0%

0

0.0%

0

FYE 3/2020

FYE 3/2021

Copyright 2023 TAKUMA Co.,Ltd. All Rights Reserved.

FYE 3/2022

FYE 3/2023(Forecast)

FYE 3/2020

FYE 3/2021

FYE 3/2022

FYE 3/2023

16

Equipment and Systems

Orders Received / Order Backlog

Orders received for semiconductor industrial equipment were steady, and demand for building equipment is recovering after having
fallen due to COVID-19. Orders received were up a substantial ¥4.4 billion to ¥11.4 billion owing in part to large-scale projects in Q2.
The forecast for orders received has been revised upward from ¥11.0 billion to ¥13.0 billion.

(Millions of yen)Orders Received
Q3

Order Backlog

Q4

Q3
13,00014,00011,41912,000Q4

11,133

12,00010,676

10,00010,166
8,917

10,000

6,790

8,000

6,000

7,300

8,000

6,588

6,945
6,000

4,401

5,108
4,000

4,701

5,348

5,676

3,453

4,000

2,000

2,000

0

0

FYE 3/2020

FYE 3/2021

Copyright 2023 TAKUMA Co.,Ltd. All Rights Reserved.

FYE 3/2022

FYE 3/2023(Forecast)

FYE 3/2020

FYE 3/2021

FYE 3/2022

FYE 3/2023(Forecast)17

Equipment and Systems

Net Sales / Operating Profit

Net sales were up ¥200 million to ¥5.9 billion, while operating profit was up ¥30 million to ¥590 million. Results were on par with thesame period of the previous year, due in part to orders for large-scale projects with longer delivery periods and longer lead times.

(Millions of yen)

Net Sales
Q3

Operating Profit

Q4

Q3

Q4

Q3 Operating Margin

10,000

12.8%

2000

7,840

8,000

8,590

8,271

9,000

8,000

1800

12.0%

9.9%

1600

7,000

6,052
6,000

5,209

5,706

5,961

14.0%

10.0%
10.0%

1400

1200

8.0%

5,000

1000

4,000

800

5.0%

771

876
6.0%

565

3,000

600

656

599
4.0%

2,000

400

1,000

260

384
2.0%

200

0

FYE 3/2020

FYE 3/2021

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FYE 3/2022

FYE 3/2023(Forecast)

0.0%

0

FYE 3/2020

FYE 3/2021

FYE 3/2022

FYE 3/2023

18

Table of Contents▶

1

Overview of Q3 FY2022(Ended 3/2023) Financial Results▶

2

Overview of Financial Results by Business Segment▶

3

Financial Forecast for FY2022(Ended 3/2023) and
Shareholder Return

Copyright 2023 TAKUMA Co.,Ltd. All Rights Reserved.

19

Financial Forecast for FY2022(Ended 3/2023)
The forecast for operating profit was revised upward to ¥13.5 billion (up ¥1.2 billion), and the forecast for ordinary profit was revised

upward to ¥14.5 billion (up ¥1.5 billion).


In addition to steady progress on construction work at plants for which orders have been received, we expect to see an improvement in profit margins for the full year
owing to solid growth in recurring revenue model businesses, such as maintenance service and power retail businesses.

In response to the risk of increases in the prices of machinery and materials and longer delivery periods, we will continue to take measures such as placing orders early andproposing inflation adjustments.

(Millions of yen)

FYE 3/2021

FYE 3/2022

FYE 3/2023
Q2 revised
forecasts

FYE 3/2023
Q3 revised
forecasts

Orders received

188,563

192,244

160,000

160,000

0

Order backlog

387,152

445,304

462,304

462,304

0

Net sales

146,726

134,092

143,000

143,000

0

Operating profit

10,473

9,928

12,30013,5001,200

Operating margin

7.1%

7.4%

8.6%

9.4%

0.8pt

Ordinary profit

11,028

10,647

13,00014,5001,500

Profit attributable to owners of parent

7,529

7,434

9,100

9,700

600

Profit per share (yen)

92.73

91.53

113.70121.20

7.50

Copyright 2023 TAKUMA Co.,Ltd. All Rights Reserved.

Change fromprevious
forecast

20

FY2022(Ended 3/2023) | Results Forecasts by Segment(Millions of yen)Orders received

FYE 3/2021

FYE 3/2022

Total

188,563

192,244

Domestic Environment and Energy

160,591

164,865

Overseas Environment and Energy

883

Package Boiler
Equipment and Systems

FYE 3/2023
Q2 revised
forecasts

160,000

FYE 3/2023
Q3 revised
forecasts

Change fromprevious forecast

160,000

0

129,500

125,000(4,500)

2,035

3,000

5,000

2,000

17,524

16,83017,00017,500500

10,166

8,917

11,00013,000

2,000

Total

146,726

134,092

143,000

143,000

0

Domestic Environment and Energy

120,770

108,657

117,500

117,500

0

Overseas Environment and Energy

1,188

1,005

1,000

1,000

0

Package Boiler

16,931

16,49817,00017,0000Equipment and Systems

8,271

8,590

8,000

8,000

0

Total

387,152

445,304

462,304

462,304

0

Domestic Environment and Energy

377,143433,351445,351

440,851(4,500)Overseas Environment and Energy

427

1,457

3,457

5,457

2,000

Package Boiler

4,521

4,852

4,852

5,352

500

Equipment and Systems

5,348

5,676

8,676

10,6762,000

Net sales

Backlog* Adjustments are omitted.
Copyright 2023 TAKUMA Co.,Ltd. All Rights Reserved.

21

Shareholder Return
The year-end dividend will be increased by ¥5 based on a comprehensive consideration of factors such as the forecast for recordhigh profit attributable to owners of parent and the latest financial position. The annual dividend will be increased from ¥38 pershare to ¥43.
Dividend: Determined based on a comprehensive consideration that includes financial results in keeping with the policy of maintaining stable dividends.



Purchase of treasury stock: An option to be conducted flexibly based on the stock price and other factors.

Dividend per share and payout ratio
Q2

Q4

Payout ratio

Purchase of treasury stock and total return（yen）

Purchase of treasury stock

43.00(Millions of yen)

Total return ratio

100.0%

2,500

40.00

31.00

35.00

34.3%

30.00

15.00

10.00

36.00

38.8%

39.3%

22.00

25.00

20.00

36.00

16.00

16.9%
9.00

20.5%
12.00

90.0%

80.0%

2,000

35.4%

40.0%

60.9%

70.0%

1,500

18.00

18.00

24.00

49.3%

30.0%

38.8%

(Forecast)

1,000

18.00

48.3%

60.0%

50.0%

40.0%

20.0%

500

16.9%

20.5%

30.0%

20.0%

10.0%

5.00

7.00

50.0%

10.00

13.00

18.00

18.00

19.00

0.00

1,999
0.0%

FYE 3/2018 FYE 3/2019 FYE 3/2020 FYE 3/2021 FYE 3/2022 FYE 3/2023(Forecast)
Copyright 2023 TAKUMA Co.,Ltd. All Rights Reserved.

747

1,252

10.0%

0.0%

0

FYE 3/2018 FYE 3/2019 FYE 3/2020 FYE 3/2021 FYE 3/2022 FYE 3/2023(3Q actual)22

Handling of this document

Information related to performance forecasts, business plans, and related topics included inthis document or otherwise provided during financial briefings is based on data currently
available to the Company and on certain assumptions that are deemed to be reasonable.
This information includes elements of risk and uncertainty.
Please note that actual performance may diverge significantly from these forecasts for avariety of reasons.
Takuma is under no obligation to update, revise, or announce changes to forward-looking
statements in this document following its publication, except as required by applicable laws
and regulations.
Takuma holds the copyright to this document and prohibits its duplication or reuse for any
purpose without its prior consent.

Copyright 2023 TAKUMA Co.,Ltd. All Rights Reserved.

23