TAC : Consolidated Financial Results for the Fiscal Year Ended March 31, 2023 (JGAAP) (summary)

TAC CO.,Ltd Consolidated Financial Results for the FY2022(April 1, 2022 - March 31, 2023)

Summary

Consolidated Financial Results

for the Fiscal Year Ended March 31, 2023

May 15, 2023

Company name: TAC CO., Ltd.

Listing: Tokyo Stock Exchange

Company code number: 4319

URL: https://www.tac-school.co.jp

Representative: Toshio Tada, Representative Director

Contact: Shoji Nonaka, Manager of IR department Tel: [phone]

Scheduled date of ordinary general meeting of shareholders: June 27, 2023

Scheduled date to commence dividend payments: June 28, 2023

Scheduled date to submit the annual securities report: June 28, 2023

Supplemental information for financial statements: Yes

Results briefing session: Yes (for investors and analysts)

(Amounts rounded down to the nearest million yen)

1. Consolidated financial results for the fiscal year ended March 2023 (From April 1, 2022 to March 31, 2023)

(1) Consolidated financial results

(% indicates changes from the previous corresponding period)

	Net sales		Operating profit	Ordinary profit	Profit attributable to
		owners of parent
	Yen in Millions	%	Yen in Millions	%	Yen in Millions	%	Yen in Millions	%
FY2022	19,711	-3.7	319	-22.8	324	-26.7	214	-51.7
(Apr.1,2022-Mar.31,2023)
FY2021	20,471	3.7	413	2.2	442	-31.5	444	9.7
(Apr.1,2021-Mar.31,2022)

(Note) Comprehensive income: FY 2022(2023/3) 215 million yen (-54.2%), FY 2021(2022/3) 470 million yen (9.2%)

	Profit per share	Fully diluted profit	Ratio of return on	Ratio of ordinary	Ratio of operating
	per share	equity	profit to total	profit to net sales
		assets
FY2022	Yen	Yen	%	%	%
11.69	-	3.5	1.5	1.6
(Apr.1,2022-Mar.31,2023)
FY2021	24.05	-	7.4	2.1	2.0
(Apr.1,2021-Mar.31,2022)

(Note) Share of profit of entities accounted for using equity method: FY2022 (2023/3) -1 million yen, FY2021 (2022/3) 3 million yen

(2) Consolidated financial position

	Total assets	Net assets	Equity ratio	Net assets per share
FY2022	Yen in Millions	Yen in Millions	%	Yen
20,795	6,203	29.8	341.58
(As of Mar.31,2023)
FY2021	21,384	6,174	28.8	333.22
(As of Mar.31,2022)
(Note) Equity: FY 2022 (2023/3) 6,194 million yen, FY2021 (2022/3) 6,165 million yen
(3) Consolidated statement of cash flow
	Net cash provided by	Net cash provided by	Net cash provided by	Cash and cash
	(used in)	(used in)	(used in)	equivalents at the end
	operating activities	investing activities	financing activities	of the period
FY2022	Yen in Millions	Yen in Millions	Yen in Millions	Yen in Millions
-28	436	-21	6,103
(Apr.1,2022-Mar.31,2023)
FY2021	484	-414	509	5,716
(Apr.1,2021-Mar.31,2022)

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TAC CO.,Ltd Consolidated Financial Results for the FY2022(April 1, 2022 - March 31, 2023)

2. Dividends

		Annual dividends per share		Total amount		Ratio of
						Payout ratio	dividends to
	1st	2nd	3rd	4th	Total	of dividends	(consolidated)	net assets
	quarter	quarter	quarter	quarter		(annual)		(consolidated)
	Yen	Yen	Yen	Yen	Yen	Yen in Millions	%	%
FY2021	-	3.00	-	3.00	6.00	111	24.9	1.9
(Apr.1,2021-Mar.31,2022)
FY2022	-	3.00	-	3.00	6.00	109	51.3	1.8
(Apr.1,2022-Mar.31,2023)
FY 2023 (Forecast)	-	3.00	-	3.00	6.00		51.8

3. Forecasts of consolidated financial results for the fiscal year ending March 2024 (From April 1, 2023 to March 31, 2024)

(% indicates changes from the previous corresponding period)

	Net sales		Operating profit	Ordinary profit	Profit attributable to	Profit per share
		owners of parent
	Yen in Millions	%	Yen in Millions	%	Yen in Millions	%	Yen in Millions	%	Yen
Half year	10,652	-1.0	951	1.0	926	0.1	602	-2.1	33.20
Full year	19,620	-0.5	380	19.1	330	1.7	210	-2.2	11.58

• Notes
• 1. Significant changes in scope of consolidation (Changes in consolidated subsidiaries): None
  2. Changes in accounting policies, changes in accounting estimates, and restatements
     (2)-1 Changes in accounting policies due to the revision of accounting standards: Yes
     (2)-2 Changes in accounting policies other than (2)-1: None
     (2)-3 Changes in accounting estimates: Yes
     (2)-4 Restatements: None

(3) Number of shares issued (common stocks)
(3)-1	Number of shares issued at the end
	of the fiscal year		FY2022	18,504,000 shares	FY2021	18,504,000 shares
	(including treasury shares)
(3)-2	Number of treasury shares at	the
	end of the fiscal year		FY2022	370,168 shares	FY2021	68 shares
(3)-3	Average number of shares during
	the period		FY2022	18,366,031 shares	FY2021	18,503,932 shares

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TAC CO.,Ltd Consolidated Financial Results for the FY2022(April 1, 2022 - March 31, 2023)

(Reference) Summary of the non-consolidated financial results

1. Non-Consolidated financial results for the fiscal year ended March 2023 (From April 1, 2022 to March 31, 2023)

(1) Non-consolidated financial results

(% indicates changes from the previous corresponding period)

	Net sales		Operating profit		Ordinary profit		Profit
FY2022	Yen in Millions	%	Yen in Millions	%		Yen in Millions	%		Yen in Millions	%
18,972	-3.8	178	-22.4		235	-21.2		168	-51.6
(Apr.1,2022-Mar.31,2023)
FY2021	19,712	3.4	229	2.9		298	-38.3		349	15.8
(Apr.1,2021-Mar.31,2022)
	Profit per share		Fully diluted profit per share
FY2022			Yen				Yen
		9.20				-
(Apr.1,2022-Mar.31,2023)
FY2021			18.87				-
(Apr.1,2021-Mar.31,2022)
(2) Non-consolidated financial position
	Total assets		Net assets			Equity ratio	Net assets per share
FY2022	Yen in Millions		Yen in Millions		%		Yen
19,006	4,640			24.4		255.92
(As of Mar.31,2023)
FY2021	19,641	4,659			23.7		251.83
(As of Mar.31,2022)

(Note) Shareholders' equity: FY 2022 (2023/3) 4,640 million yen, FY 2021 (2022/3) 4,659 million yen

2. Forecasts of non-consolidated financial results for the fiscal year ending March 2024 (From April 1, 2023 to March 31, 2024)

(% indicates changes from the previous corresponding period)

	Net sales		Operating profit	Ordinary profit	Profit		Profit per share
	Yen in Millions	%	Yen in Millions	%	Yen in Millions	%	Yen in Millions	%	Yen
Half year	10,262	-0.4	861	11.6	873	9.1	556	4.3	31.21
Full year	18,840	-0.7	200	12.1	188	-20.1	120	-29.0	6.62

• This "Consolidated Financial Results" are outside the scope of the audit.
• Explanation of proper use of financial forecasts and other special notes:

The above forecasts are based on the information available at this time and on assumptions deemed to be reasonable. Therefore, the actual financial results may differ significantly from the forcasts due to various factors.

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TAC CO.,Ltd Consolidated Financial Results for the FY2022(April 1, 2022 - March 31, 2023)

Consolidated financial statements and notes

(1) Consolidated balance sheet

		(Yen in Thousands)
	FY2021	FY2022
	(As of March 31, 2022)	(As of March 31, 2023)
Assets
Current assets
Cash and deposits	5,716,572	6,103,857
Accounts receivable - trade	3,581,997	3,835,409
Securities	200,000	200,000
Merchandise and Finished goods	444,792	467,535
Work in process	6,869	38,993
Raw materials and supplies	344,872	372,397
Other	1,392,345	588,720
Allowance for doubtful accounts	-8,064	-2,672
Total current assets	11,679,384	11,604,241
Non-current assets
Property, plant and equipment
Buildings and structures, net	1,975,806	1,889,428
Machinery, equipment and vehicles, net	4,131	2,901
Tools, furniture and fixtures, net	368,428	267,486
Land	2,744,159	2,744,159
Leased assets, net	21,411	69,046
Total property, plant and equipment	5,113,937	4,973,022
Intangible assets
Other	202,075	231,137
Total intangible assets	202,075	231,137
Investments and other assets
Investment securities	582,515	579,264
Investments in capital of subsidiaries and associates	6,385	0
Deferred tax assets	372,776	424,711
Long-term time deposits	－	100,000
Guarantee deposits	2,654,130	2,133,262
Insurance funds	633,503	626,382
Other	165,522	148,981
Allowance for doubtful accounts	-25,779	-25,782
Total Investments and other assets	4,389,053	3,986,819
Total non-current assets	9,705,066	9,190,978
Total assets	21,384,451	20,795,219

4

TAC CO.,Ltd Consolidated Financial Results for the FY2022(April 1, 2022 - March 31, 2023)

		(Yen in Thousands)
	FY2021	FY2022
	(As of March 31, 2022)	(As of March 31, 2023)
Liabilities
Current Liabilities
Notes and accounts payable - trade	515,084	495,021
Short-term loans payable	1,300,000	1,400,000
Current portion of long-term loans payable	794,792	828,645
Income taxes payable	256,286	40,962
Provision for loss on abandonment of sales return	302,217	333,995
Provision for bonuses	197,151	202,241
Asset retirement obligations	99,090	67,381
Advances received	5,943,700	5,483,604
Other	2,053,992	1,894,416
Total current liabilities	11,462,315	10,746,269
Non-current liabilities
Long-term loans payable	3,001,071	3,069,926
Long-term accounts payable - directors' retirement benefits	25,077	25,077
Provision for repairs	37,300	37,300
Asset retirement obligations	677,560	658,138
Other	6,453	55,183
Total non-current liabilities	3,747,463	3,845,626
Total liabilities	15,209,779	14,591,895
Net assets
Shareholders' equity
Capital stock	940,200	940,200
Capital surplus	790,547	790,547
Retained earnings	4,411,415	4,515,132
Treasury shares	-25	-75,155
Total shareholders' equity	6,142,138	6,170,725
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	-15,822	-17,487
Foreign currency translation adjustment	39,645	40,918
Total accumulated other comprehensive income	23,823	23,431
Non-controlling interests	8,710	9,167
Total net assets	6,174,672	6,203,324
Total liabilities and net assets	21,384,451	20,795,219

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