TAC : Consolidated Financial Results for the Three Months Ended June 30, 2022

TAC CO.,LTD Consolidated Financial Results for the Three Months Ended June 30, 2022

Summary

Consolidated Financial Results

for the Three Months Ended June 30, 2022

Company name: TAC CO., LTD.								August	5, 2022
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 to commence dividend payments: -
Scheduled date to submit the annual securities report of the 1st quarter: August 12, 2022
Supplemental information for financial statements: Yes
Results briefing session: No			(Amounts rounded down to the nearest million yen)
1. Consolidated 1st quarter results for the fiscal year ending March 2023
							(From April 1, 2022 to June 30, 2022)
(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	5,575		-2.8	549	-11.7		534	-15.0	351	-18.8
(Apr.1,2022-Jun.30,2022)
FY2021	5,736		12.4	622	21.4		628	22.5	432	23.6
(Apr.1,2021-Jun.30,2021)
(Notes)Comprehensive income：FY 2022 (2022/6) 352 million yen (-22.5%)	FY 2021 (2021/6) 454 million yen (25.0%)
	Profit per share	Fully diluted profit
	per share
			(Yen)		(Yen)
FY2022	18.98	－
(Apr.1,2022-Jun.30,2022)
FY2021	23.38	－
(Apr.1,2021-Jun.30,2021)

1. Consolidated financial position

		Total assets		Net assets	Equity Ratio
		(Yen in millions)		(Yen in millions)	％
FY2022		20,110		6,470	32.1
(As of Jun. 30, 2022)
FY2021		21,384		6,174	28.8
(As of Mar. 31,	2022)
（Notes）Equity	FY2022 (2022/6) 6,462 million yen	FY2021 (2022/3) 6,165 million yen

2．Dividends

		Annual dividends Per Share
	1stquarter	2ndquarter	3rdquarter	4thquarter	Total
FY2021	(Yen)	(Yen)	(Yen)	(Yen)	(Yen)
(Apr.1,2021-Mar.31,2022)	－	3.00	－	3.00	6.00
FY2022	－
(Apr.1,2022-Mar.31,2023)
FY2022 (Forecast)		3.00	－	3.00	6.00

(Note) Revision of dividend forecasts in the current quarter: None

3．Consolidated forecasts for March 2023 term (From April 1, 2022 to March 31, 2023)

(% 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	10,840	-2.8	1,035	-6.9	1,014	-12.2	696	-10.3	37.61
Full year	20,450	-0.1	650	57.3	608	37.4	400	-10.1	21.62

(Note) Revision of consolidated financial results forecasts: None

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TAC CO.,LTD Consolidated Financial Results for the Three Months Ended June 30, 2022

• Notes
• 1. Significant changes in scope of consolidation (Changes in consolidated subsidiaries): None
  2. Application of the simplified accounting method and/or the special accounting method for quarterly consolidated financial statements: None
  3. Changes in accounting policies, changes in accounting estimates, and restatements

(3)-1 Changes in accounting policies due to the revision of accounting standards: Yes

(3)-2 Changes in accounting policies other than (3)-1: None

(3)-3 Changes in accounting estimates: None

(3)-4 Restatements: None

1. Number of shares issued (common stocks)
   (4)-1 Number of shares issued at the end of the period (including treasury shares)
   (4)-2 Number of treasury shares at the end of the period
   (4)-3 Average number of shares during the period

FY2022	18,504,000	shares	FY2021	18,504,000	shares
1stquarter
FY2022	68	shares	FY2021	68	shares
1stquarter
FY2022	18,503,932	shares	FY2021	18,503,932	shares
1stquarter	1stquarter

• 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 Three Months Ended June 30, 2022

Quarterly Consolidated Financial Statements and notes

(1) Quarterly consolidated balance sheet

		(Yen in thousands)
	FY2021	FY2022
	(as of March 31, 2022)	(as of June 30, 2022)
Assets
Current assets
Cash and deposits	5,716,572	5,270,935
Notes and accounts receivable - trade	3,581,997	3,609,443
Securities	200,000	200,000
Merchandise and finished goods	444,792	416,858
Work in process	6,869	4,985
Raw materials and supplies	344,872	376,139
Accounts receivable - other	781,212	370,522
Prepaid expenses	354,030	282,853
Other	257,101	230,943
Allowance for doubtful accounts	-8,064	-6,851
Total current assets	11,679,384	10,755,830
Non-current assets
Property, plant and equipment
Land	2,744,159	2,744,159
Other, net	2,369,778	2,381,173
Total property, plant and equipment	5,113,937	5,125,332
Intangible assets	202,075	202,347
Investments and other assets
Investment securities	582,515	563,544
Investments in capital of subsidiaries and associates	6,385	6,385
Deferred tax assets	372,776	285,212
Long-term time deposits	－	100,000
Guarantee deposits	2,654,130	2,294,932
Insurance funds	633,503	637,613
Other	165,522	165,347
Allowance for doubtful accounts	-25,779	-25,779
Total Investments and other assets	4,389,053	4,027,256
Total non-current assets	9,705,066	9,354,936
Total assets	21,384,451	20,110,767

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TAC CO.,LTD Consolidated Financial Results for the Three Months Ended June 30, 2022

		(Yen in thousands)
	FY2021	FY2022
	(as of March 31, 2022)	(as of June 30, 2022)
Liabilities
Current Liabilities
Notes and accounts payable - trade	515,084	477,164
Short-term loans payable	1,300,000	1,300,000
Current portion of long-term loans payable	794,792	753,954
Accounts payable - other	734,545	503,725
Accrued expenses	479,790	500,500
Income taxes payable	256,286	110,999
Provision for loss on abandonment of sales return	302,217	275,833
Provision for bonuses	197,151	70,155
Advances received	5,943,700	5,162,138
Asset retirement obligations	99,090	61,023
Other	839,657	838,497
Total current liabilities	11,462,315	10,053,992
Non-current liabilities
Long-term loans payable	3,001,071	2,815,965
Long-term accounts payable - directors' retirement	25,077	25,077
benefits
Asset retirement obligations	677,560	700,614
Provision for repairs	37,300	37,300
Other	6,453	7,432
Total non-current liabilities	3,747,463	3,586,389
Total liabilities	15,209,779	13,640,381
Net assets
Shareholders' equity
Capital stock	940,200	940,200
Capital surplus	790,547	790,547
Retained earnings	4,411,415	4,707,162
Treasury shares	-25	-25
Total shareholders' equity	6,142,138	6,437,885
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	-15,822	-24,974
Foreign currency translation adjustment	39,645	49,352
Total accumulated other comprehensive income	23,823	24,377
Non-controlling interests	8,710	8,122
Total net assets	6,174,672	6,470,385
Total liabilities and net assets	21,384,451	20,110,767

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TAC CO.,LTD Consolidated Financial Results for the Three Months Ended June 30, 2022

1. Quartely consolidated statement of income and quartely consolidated statement of comprehensive income
   Quarterly consolidated statement of income

			(Yen in thousands)
		FY2021	FY2022
		(Apr. 1, 2021-Jun. 30, 2021)	(Apr. 1, 2022-Jun. 30, 2022)
Net sales	5,736,298	5,575,768
Cost of sales	3,261,009	3,144,710
Gross profit	2,475,288	2,431,058
Selling, general and administrative expenses	1,852,615	1,881,214
Operating profit	622,673	549,843
Non-operating income
Interest income	4,061	2,186
Gain on investments in investment securities	11,733	－
Other	3,335	2,949
Total non-operating income	19,130	5,136
Non-operating expenses
Interest expenses	8,869	8,608
Commission expenses	2,051	2,301
Share of loss of entities accounted for using equity	1,454	5,342
method
Foreign exchange losses	501	3,895
Other	3	1
Total non-operating expenses	12,879	20,149
Ordinary profit	628,924	534,830
Extraordinary losses
Loss on sales and retirement of non-current assets	－	2,299
Total extraordinary losses	－	2,299
Profit before income taxes	628,924	532,530
Income taxes - current	147,534	89,367
Income taxes - deferred	48,420	91,602
Total income taxes	195,955	180,969
Profit	432,969	351,560
Profit attributable to non-controlling interests	385	301
Profit attributable to owners of parent		432,584	351,258

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