Tamron : FY 2021

		FY2021 Consolidated Financial Results
							February 9, 2022
					(Amounts are rounded down to the nearest million yen)
1. Consolidated Results for FY2021 (January 1, 2021 through December 31, 2021)
(1) Consolidated financial results					(% of change from previous year)
	Net sales		Operating income	Ordinary income	Profit attributable to
		owners of parent
	Million yen	%	Million yen	%	Million yen	%	Million yen	%
FY2021	57,539	18.9	7,408	107.2	7,531	100.8	5,173	164.2
FY2020	48,375	(23.6)	3,575	(48.8)	3,750	(49.3)	1,958	(63.3)

(Note) Comprehensive income:	FY2021: 7,810 million yen [351.5%] /	FY2020: 1,729 million yen [(67.0)%]
	Net income per share	Net income per share	Ratio of net income to	Ratio of income	Ratio of operating
	-Basic		-Diluted	shareholders' equity	before taxes to total	income to net sales
						assets
		Yen	Yen		%	%	%
FY2021		248.14	-		10.5	12.0	12.9
FY2020		88.83	-		3.9	5.9	7.4

(Reference) Share of profit of entities accounted for using equity method:	FY2021: -million yen /	FY2020: -million yen
(2) Consolidated financial position
	Total assets	Total net assets		Ratio of net assets	Net assets per share
		Million yen	Million yen		%	Yen
FY2021		67,065	52,536		78.3	2,519.93
FY2020		58,190	45,777		78.7	2,195.71
(Reference) Shareholders' equity:	FY2021: 52,536 million yen / FY2020: 45,777 million yen
(3) Consolidated cash flows
	From operating activities	From investing activities		From financing activities	Cash and cash equivalents
		at end of year
		Million yen	Million yen		%	Yen
FY2021		8,660	(3,780)		(1,250)	25,832
FY2020		7,554	(12,334)		(2,112)	21,417

2. Cash dividends

		Cash dividends per share			Total amount of	Dividends		Ratio of total amount
	End of	End of	End of					of dividends to
				cash dividends	Payout ratio
	1st	2nd	3rd	Year-end	Annual			shareholders' equity
		(annual)	(consolidated)
	quarter	quarter	quarter					(consolidated)
	Yen	Yen	Yen	Yen	Yen		Million Yen	%	%
FY2020	-	25.00	-	25.00	50.00	1,051	56.3	2.3
FY2021	-	25.00	-	57.00	82.00	1,730	33.0	3.5
FY2022	-	25.00	-	57.00	82.00			32.8
(forecast)

3. Forecast of consolidated results for FY2022 (January 1, 2022 through December 31, 2022)

(% of change from FY2021 or 1st Half FY2021)

										Profit attributable		Net income
	Net sales		Operating income		Ordinary income		to owners of
					per share
										parent
	Million yen		%	Million yen		%	Million yen		%	Million yen		%	Yen
FY2022 1st Half	27,600		-	2,900		-	2,900		-	2,030		-	97.37
FY2022	61,000		-	7,600		-	7,600		-	5,210		-	249.90

(Note) Since the Company has applied the "Accounting Standard for Revenue Recognition", etc., from the beginning of the FY2022, the above forecasts are based on the amounts after the application of the said accounting standard, etc., and the rate of changes of net sales are not shown.

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Consolidated financial statements

(1) Consolidated balance sheets

			(Amount: Million yen)
		FY2020	FY2021
		(As of December 31, 2020)	(As of December 31, 2021)
Assets
Current assets
Cash and deposits	21,417	25,797
Notes and accounts receivable - trade	10,318	10,505
Finished goods	5,088	5,610
Work in process	2,234	3,757
Raw materials and supplies	1,280	1,865
Other	1,154	1,094
Allowance for doubtful accounts	(23)	(33)
Total current assets
41,470	48,597
Non-current assets
Property, plant and equipment
Buildings and structures	13,360	13,847
Accumulated depreciation	(8,633)	(9,362)
Buildings and structures, net
4,727	4,484
Machinery, equipment and vehicles
19,244	21,128
Accumulated depreciation	(15,234)	(16,973)
Machinery, equipment and vehicles, net	4,009	4,155
Tools, furniture and fixtures	21,543	22,229
Accumulated depreciation	(19,162)	(20,055)
Tools, furniture and fixtures, net
2,380	2,174
Land
1,153	1,170
Construction in progress	874	737
Total property, plant and equipment
13,145	12,721
Intangible assets
644	494
Investments and other assets
Investment securities	2,442	4,848
Deferred tax assets	312	270
Other	237	159
Allowance for doubtful accounts	(62)	(26)
Total investments and other assets
2,929	5,252
Total non-current assets
16,719	18,467
Total assets		58,190	67,065

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			(Amount: Million yen)
		FY2020	FY2021
		(As of December 31, 2020)	(As of December 31, 2021)
Liabilities
Current liabilities
Accounts payable - trade	2,894	3,439
Short-term borrowings	1,908	1,933
Accrued expenses	2,435	2,812
Income taxes payable	237	1,805
Other	2,721	2,459
Total current liabilities
10,198	12,450
Non-current liabilities
Long-term borrowings	291	94
Deferred tax liabilities	351	540
Provision for share benefits	259	372
Retirement benefit liability	1,078	821
Other	233	249
Total non-current liabilities
2,214	2,078
Total liabilities
12,412	14,528
Net assets
Shareholders' equity
Share capital	6,923	6,923
Capital surplus	7,432	7,537
Retained earnings	38,655	41,055
Treasury shares	(9,334)	(7,718)
Total shareholders' equity
43,675	47,797
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	627	1,124
Foreign currency translation adjustment	1,350	3,342
Remeasurements of defined benefit plans	123	272
Total accumulated other comprehensive income
2,102	4,739
Total net assets	45,777	52,536
Total liabilities and net assets
58,190	67,065

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1. Consolidated statements of income and Consolidated statements of comprehensive income (Consolidated statements of income)

			(Amount: Million yen)
		FY2020	FY2021
		(January 1, 2020 through December 31, 2020)	(January 1, 2021 through December 31, 2021)
Net sales	48,375	57,539
Cost of sales	30,004	34,332
Gross profit
18,370	23,207
Selling, general and administrative expenses
Advertising expenses	466	538
Promotion expenses	398	492
Provision of allowance for doubtful accounts	(5)	8
Salaries and bonuses	3,971	4,277
Retirement benefit expenses	141	121
Share-based remuneration expenses	92	113
Technical research expenses	4,687	5,028
Amortization of goodwill	220	-
Other	4,821	5,217
Total selling, general and administrative expenses
14,794	15,798
Operating profit
3,575	7,408
Non-operating income
Interest income	35	26
Dividend income	48	48
Rental income	14	14
Subsidy income	300	110
Subsidies for employment adjustment	246	-
Other	192	201
Total non-operating income
836	401
Non-operating expenses
Interest expenses	33	18
Foreign exchange losses	365	92
Loss on retirement of non-current assets	230	67
Other	32	100
Total non-operating expenses
662	278
Ordinary profit
3,750	7,531
Extraordinary losses
Impairment loss	19	112
Extra retirement payments	844	-
Total extraordinary losses
864	112
Profit before income taxes
2,885	7,418
Income taxes - current
908	2,196
Income taxes - deferred	18	49
Total income taxes
927	2,245
Profit
1,958	5,173
Profit attributable to owners of parent
1,958	5,173

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(Consolidated statements of comprehensive income)

		(Amount: Million yen)
	FY2020	FY2021
	(January 1, 2020 through December 31, 2020)	(January 1, 2021 through December 31, 2021)
Profit	1,958	5,173
Other comprehensive income
Valuation difference on available-for-sale securities	(292)	496
Deferred gains or losses on hedges	1	-
Foreign currency translation adjustment	(49)	1,991
Remeasurements of defined benefit plans, net of tax	111	149
Total other comprehensive income
(228)	2,637
Comprehensive income	1,729	7,810
Comprehensive income attributable to
Comprehensive income attributable to owners of parent	1,729	7,810

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