Summary of Consolidated Financial Results for the 2nd Quarter of the Fiscal Year Ending March 31, 2022

FOR TRANSLATION PURPOSE ONLY

Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any discrepancy between this translated document and the original Japanese document, the latter shall prevail.

November 8, 2021

Summary of Consolidated Financial Results

for the Second Quarter of the Fiscal Year Ending March 31, 2022

(Based on Japanese GAAP)

Company name:	TAKAMIYA CO., LTD.
Stock exchange listing:	Tokyo (1st section)
Stock code:	2445	URL: https://www.takamiya.co/
Representative:	Representative Director, President and Chairman KAZUMASA TAKAMIYA

Scheduled quarterly report submission date:	November 9, 2021
Preparation of supplementary material on financial results:	Yes

Holding of financial results meeting: Yes (from the viewpoint of preventing wider spread of the new coronavirus infections, this

meeting will be held by means of video streaming.)

(Amounts less than one million yen are rounded down)

1. Consolidated Financial Results for the Second Quarter of the Fiscal Year Ending March 31, 2022 (April 1, 2021 to September 30,2021)

(1) Consolidated operating results															Percentages indicate year-on-year changes
			Net sales					Operating income			Ordinary income			Profit attributable to
												owners of parent
			Million yen				%			Million yen	%			Million yen	%			Million yen		%
Second quarter of the fiscal year		20,023				2.5		759		(30.8)			896	(9.9)			270		(54.4)
ending March 31, 2022
Second quarter of the fiscal year		19,539		(11.6.)		1,097		(42.7)			994	(43.9)			593		(51.2)
ended March 31, 2021
(Note) Comprehensive income	Second Quarter of Fiscal Year Ending March 31, 2022: 440 million yen ((31.6)%
			Second Quarter of Fiscal Year Ending March 31, 2021: 643 million yen ((45.0)%)
			Quarterly Earnings		Diluted earnings
			per share							per share
					Yen					Yen
Second quarter of the fiscal year				5.81				5.64
ending March 31, 2022
Second quarter of the fiscal year		12.75				12.40
ended March 31, 2021
(2) Consolidated financial position
			Total assets					Net assets		Capital adequacy ratio		Net assets per share
					Million yen					Million yen				%						Yen
Second quarter of the fiscal year				56,468					18,867					32.4					393.27
ending March 31, 2022
Fiscal year ended March 31,				56,454					18,768					32.3					391.96
2021
(Reference) Shareholders' equity			Second Quarter of Fiscal Year Ending March 31, 2022: 18,317 million yen
					Fiscal year ended March 31, 2021: 18,253 million yen
2. Cash dividends
											Annual dividends per share
		End of the first			End of the second		End of the third		End of term			Total
			quarter						quarter			quarter
			Yen						Yen					Yen			Yen				Yen
Fiscal year ended March 31,				-					6.00						-		8.00			14.00
2021
Fiscal year ending March 31,				-					6.00
2022
Fiscal year ending March 31,
2022																	-		8.00			14.00
(Forecast)

3. Consolidated Financial Forecast for the Fiscal Year Ending March 31, 2022 (April 1, 2021 to March 31, 2022)

Percentages indicate year-on-year changes

	Net sales		Operating income	Ordinary income	Profit attributable to	Earnings
		owners of parent	per share
	Million yen	%	Million yen	%	Million yen	%	Million yen	%	Yen
Full year	42,300	9.0	2,150	35.5	2,170	38.3	1,140	32.9	24.28

(Note) Revisions to the most recently announced earnings forecast: None

For the consolidated earnings forecast, please refer to the " Notice of Revision of Earnings Forecasts" announced on October 29, 2021

FOR TRANSLATION PURPOSE ONLY

Notes

1. Changes in significant subsidiaries during the current quarter consolidated cumulative period (changes in specified subsidiaries resulting in changes in the scope of consolidation): None
2. Application of special accounting methods for the preparation of quarterly consolidated financial statements: None
3. Changes in accounting policies, changes in accounting estimates, and restatements
4. • Changes in accounting policies due to revision of accounting standards, etc.: Yes

1. • Changes in accounting policies other than ① above: None
     ③ Changes in accounting estimates: None
     ④ Restatement: None
     (Note) For details, please refer to "2. Quarterly Consolidated Financial Statements and Main Notes (4) Notes to Quarterly Consolidated Financial Statements (Changes in Accounting Policies)" on page 10 of the attached materials.
2. Number of shares issued (common stock)

• Total number of issued shares at the end of the period (including treasury shares)

As of September 30, 2021

46,585,600 shares As of March 31, 2021

46,577,000 shares

• Number of treasury shares at the end of the period

As of September 30, 2021

7,020 shares As of March 31, 2021

7,020 shares

• Average number of shares during the period

As of September 30, 2021

46,574,585 shares

As of March 31, 2021

46,569,980 shares

* The quarterly financial statements are not subject to audit by certified public accountants or auditing firms.

*Explanation of the appropriate use of financial forecasts and other special notes (Cautionary Note Regarding Forward-Looking Statements, etc.)

The forward-looking statements, including business forecasts, contained in this document are based on information currently available to the Company and on certain assumptions deemed reasonable, and are not intended as a promise by the Company that they will be achieved. Actual results may differ materially due to a variety of factors. Please refer to "1. Qualitative Information on Consolidated Financial Results for the First Quarter of the Fiscal Year Ending March 31, 2022, (3) Explanation of Consolidated Financial Forecast and Other Forward-Looking Statements" on page 3 of the attached materials for the conditions that form the assumptions for the forecast of financial results and cautions concerning the use of the forecast of financial results.

(How to obtain supplementary explanatory materials for financial results)

Supplementary materials for financial results are scheduled to be posted on the Company's website.

(How to obtain information on financial results)

We are planning to distribute a video presentation of our financial results on our website.

(Change in the unit of presentation of amounts)

The amounts of items and other matters presented in the Company's quarterly consolidated financial statements used to be stated in thousand yen, but from the first quarter of the current fiscal year and the first quarter of the current fiscal year, they are stated in million yen.

For ease of comparison, the figures for the previous consolidated fiscal year and the Second quarter of the previous consolidated fiscal year have also been reclassified into million yen.

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FOR TRANSLATION PURPOSE ONLY
Table of contents of attached documents
1. Qualitative information on quarterly results .....................................................................................................................................	2
(1)	Explanation of business results .............................................................................................................................................	2
(2)	Explanation of financial position …………………………………………………………………………………...………………….	2
(3)	Explanation of consolidated financial forecasts and other forward-looking statements ………………………………………..	3
2. Quarterly consolidated financial statements and major notes ........................................................................................................	4
(1)	Quarterly consolidated balance sheets .................................................................................................................................	4
(2)	Quarterly consolidated statements of income and consolidated statements of comprehensive income …………………….	6
	Quarterly consolidated statements of income ….
	For the second quarter consolidated cumulative period........................... .............................. .................................	6
	Quarterly consolidated Statements of comprehensive income
	For the second quarter consolidated cumulative period........................... .............................. ................................	7
(3)	Consolidated Statements of Cash Flows ........................ .............................. ........................... ................................	8
(4)	Notes to quarterly consolidated financial statements ........................ .............................. .............................. ........	10
	(Notes on going concern assumption) ........................ .............................. .............................. ............................	10
	(Note in the event of a significant change in the amount of shareholders' equity) .............................. .................	10
	(Changes in accounting policies) ........................... .............................. .............................. ................................	10
	(Segment information) …………….......................... .............................. .............................. ................................	11

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1. Qualitative information on quarterly results

(1) Explanation of business results for the current fiscal year

During the second quarter of the current fiscal year, the global economy showed signs of recovery mainly in Europe and the U.S., where vaccinations against the new coronavirus are ahead of schedule. However, the degree of improvement in each country depended on the spread of vaccinations, and the outlook remains uncertain as the infection has re-emerged in some countries and regions.

The domestic construction industry, in which our group is involved, started the year under difficult conditions, with suspensions and delays in construction and postponement of construction starts at some private-sector construction sites. However, recently, a recovery trend was seen mainly in the renovation work in the Tokyo metropolitan area. Overseas, business activities in the Philippines, where our sales subsidiary is located, have been restricted due to the government's measures to restrict people from leaving the country and moving around.

In this environment, the Group has set up a management vision of " Create new value through transformation and aim for sustainable growth by becoming a partner to our customers." in the mid-term management plan announced on May 31, 2021. and we will work on the following four measures: Develop services that blend hardware and software, with a focus on the Iq System, Strengthen products for maintenance/repairs and infrastructure redevelopment, Nurture businesses beyond the temporary equipment sector, and Redevelop overseas business bases.

As a result, for the second quarter of the current fiscal year, the Company posted net sales of 20,023 million yen (up 2.5% year- on-year), operating income of 759 million yen (down 30.8% year-on-year), ordinary income of 896 million yen (down 9.9% year-on- year), and net income attributable to owners of the parent of 22 million yen (down 90.4% year-on-year). Net income attributable to shareholders of the parent company amounted to 270 million yen (down 54.4% year on year).

Operating results by segment are as follows. (Sales business)

In the temporary construction segment, interest in next-generation scaffolding remains high, and inquiries for both new and ongoing projects have been strong. In addition, in light of the recent rise in steel prices, there was also last-minute demand before the price revision. In areas other than the temporary equipment division, sales related to agriculture increased due to the construction of high-performance glass houses for agriculture.

As a result, net sales were 7,134 million yen (up 29.0% year-on-year) and operating income was 871 million yen (up 50.8% year- on-year).

(Rental Business)

In the private sector, severe conditions such as interruptions and delays in construction work and postponement of construction work continued, but recently, the utilization rate of temporary equipment has been increasing, mainly in maintenance and repair work in the Tokyo metropolitan area. On the other hand, in the civil engineering field, large-scale sites were completed in the previous consolidated fiscal year, and the utilization rate of rental assets decreased. In terms of profitability, the segment profit margin declined due to an increase in the fixed cost ratio such as depreciation due to the decline in the utilization rate of rental assets.

As a result, net sales were 11,303 million yen (down 9.5% year on year), and operating income was 440 million yen (down 66.3% year on year).

(Overseas Business)

DIMENTION-ALL Inc. (Philippines), a sales subsidiary, continued to face a harsh condition due to the continued restriction of business activities caused by the measures to restrict people from going out and moving around in Metro Manila. On the other hand, Hory Korea (South Korea) and Hory Vietnam (Vietnam), our manufacturing subsidiaries, were not significantly affected by the procurement of raw materials and parts, and the manufacturing and sales of temporary equipment for Japan remained steady.

As a result, net sales were 3,130 million yen (up 18.1% year on year), and operating income was 181 million yen (Operating loss of 44 million yen in the same quarter of the previous year).

(2) Explanation of financial position for the current fiscal year

Total assets at the end of the second quarter of the current fiscal year were 56,468 million yen, an increase of 13 million yen compared to the end of the previous fiscal year. This was mainly due to an increase in cash and deposit of 816 million yen, a decrease of 795 million yen in rental assets (net).

Total liabilities amounted to 37,600 million yen, a decrease of 85 million yen from the end of the previous consolidated fiscal year. This was mainly due to an increase of 561 million yen in short-term loans payable, a decrease in bonds payable (including corporate bonds scheduled to be redeemed within one year) of 685 million yen.

Total net assets amounted to 18,867 million yen, a decrease of 98 million yen from the end of the previous fiscal year. This was mainly due to a decrease of 102 million yen in retained earnings resulting from 270 million yen in net income attributable to owners of the parent and 372 million yen in dividends from surplus, and an increase of 149 million yen in foreign currency translation adjustments.

Each cash flow status and factors thereof in the current second quarter consolidated fiscal period consolidated fiscal year are as follows.

(Cash flows from operating activities)

Cash flows from operating activities resulted in revenue of 2,573 million yen (for comparison, it was 2,242 million yen in the same period of the previous year). This is mainly due to purchase of assets for rent of 394 million yen, increase in inventories of 709 million yen, profit before income taxes of 638 million yen, depreciation of 2,374 million yen and decrease in notes and accounts receivable - trade and finished goods by 520 million yen.

(Cash flows from investing activities)

Cash flows from investing activities resulted in expenditure of 1,048 yen (for comparison, it was 861 yen in the same period of

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the previous year). This is mainly due to purchase of property, plant and equipment of 598,849,000 yen, and purchase of intangible assets of 971 million yen.

(Cash flows from financing activities)

Cash flows from financing activities resulted in expenditure of 726 million yen (for comparison, it was 649 million yen in the same period of the previous year). This is mainly due to proceeds from long-term loans payable of 3,000 million yen, repayments of long- term loans payable of 3,009 million yen, redemption of bonds of 685 million yen.

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

As a result of reviewing the consolidated earnings forecast in consideration of the progress of the earnings during the first half of the current consolidated cumulative period, the forecast is higher than the initial forecast. Therefore, we have revised the full-year earnings forecast announced on May 12, 2021. For the details, please refer to "Notice of Revision of Earnings Forecasts", announced on October 29, 2021.

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