TBK : Summary of Consolidated Financial Results for the Three Months Ended June 30, 2022

Translation

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.

Summary of Consolidated Financial Results for the Three Months Ended June 30, 2022 (Based on Japanese GAAP)

			August 10, 2022
Company name:	TBK Co., Ltd.
Stock exchange listing:	Tokyo
Stock code:	7277	URL	https://www.tbk-jp.com/
Representative:	CEO		Kaoru Ogata

Executive Officer and General Manager of
Inquiries:			Masahiko Kuramura	TEL [phone]
Business Planning Division
Scheduled date to file Quarterly Securities Report:			August 12, 2022
Scheduled date to commence dividend payments:			-
Preparation of supplementary material on quarterly financial results:	No
Holding of quarterly financial results meeting:			No
						(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the three months ended June 30, 2022 (from April 1, 2022 to June 30, 2022)
(1) Consolidated operating results (cumulative)						Percentages indicate year-on-year changes
		Net sales		Operating profit	Ordinary profit	Profit attributable to
			owners of parent
	Millions of yen	%	Millions of yen	%	Millions of yen		%	Millions of yen	%
Three months ended June 30, 2022		12,324	(7.2)	(335)	-	(17)		-	(70)	-
Three months ended June 30, 2021		13,282	52.2	595	-	869		-	657	-
		Earnings per share		Diluted earnings per share
			Yen			Yen
Three months ended June 30, 2022			(2.49)			-
Three months ended June 30, 2021			23.19			-
(2) Consolidated financial position
		Total assets		Net assets	Equity ratio		Net assets per share
		Millions of yen		Millions of yen				%		Yen
As of June 30, 2022			53,007			28,973				53.7	1,002.40
As of March 31, 2022			50,476			28,479				55.4		986.50

2. Cash dividends

		Annual dividends per share
	1st quarter-end	2nd quarter-end	3rd quarter-end	Fiscal year-end	Total
	Yen	Yen	Yen	Yen	Yen
Year ended March 31, 2022	-	5.00	-	7.00	12.00
Year ending March 31, 2023	-
Year ending March 31, 2023 (Forecast)		4.00	-	4.00	8.00

3. Forecast of consolidated financial results for the year ending March 31, 2023 (from April 1, 2022 to March 31, 2023)

Percentages indicate year-on-year changes

	Net sales		Operating profit	Ordinary profit	Profit attributable to	Earnings per share
		owners of parent
	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%	Yen
Full year	52,000	1.6	900	50.3	700	(43.2)	500	(36.2)	17.62

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4. Notes

(1) Changes in significant subsidiaries during the three months ended June 30, 2022

	(changes in specified subsidiaries resulting in the change in scope of consolidation):	No
(2)	Application of special accounting methods for preparing quarterly consolidated financial statements:	No
(3)	Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
	Changes in accounting policies due to revisions to accounting standards and other regulations:	No
	Changes in accounting policies due to other reasons:	No
	Changes in accounting estimates:	No
	Restatement of prior period financial statements:	No
(4)	Number of issued shares (common shares)
	Total number of issued shares at the end of the period (including treasury shares)

	As of June 30, 2022	29,424,635	shares	As of March 31, 2022	29,424,635	shares
Number of treasury shares at the end of the period
	As of June 30, 2022	1,052,351	shares	As of March 31, 2022	1,052,351	shares
Average number of shares during the period (cumulative from the beginning of the fiscal year)
	Three months ended June 30, 2022	28,372,284	shares	Three months ended June 30, 2021	28,369,242	shares

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Quarterly consolidated financial statements

Consolidated balance sheets

			(Millions of yen)
		As of March 31, 2022	As of June 30, 2022
Assets
Current assets
Cash and deposits	4,229	4,435
Notes and accounts receivable - trade	12,169	12,520
Electronically recorded monetary claims - operating	614	602
Inventories	6,837	7,738
Income taxes refund receivable	104	187
Other	943	1,082
Allowance for doubtful accounts	(10)	(10)
Total current assets	24,888	26,554
Non-current assets
Property, plant and equipment
Buildings and structures, net	4,596	4,656
Machinery, equipment and vehicles, net	8,202	8,514
Land	3,426	3,545
Construction in progress	1,660	1,997
Other, net	1,148	1,151
Total property, plant and equipment	19,035	19,865
Intangible assets
Software	154	145
Goodwill	121	99
Other	70	73
Total intangible assets	345	318
Investments and other assets
Investment securities	2,975	2,858
Investments in capital of subsidiaries and associates	1,813	1,863
Long-term loans receivable from subsidiaries and	73	77
associates
Deferred tax assets	1,198	1,326
Other	162	159
Allowance for doubtful accounts	(15)	(15)
Total investments and other assets	6,207	6,268
Total non-current assets	25,588	26,453
Total assets	50,476	53,007

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			(Millions of yen)
		As of March 31, 2022	As of June 30, 2022
Liabilities
Current liabilities
Notes and accounts payable - trade	4,964	5,436
Electronically recorded obligations - operating	2,463	2,604
Short-term borrowings	5,504	6,346
Lease liabilities	124	102
Income taxes payable	201	212
Provision for bonuses	753	359
Provision for product warranties	36	34
Provision for share awards for directors (and other	64	72
officers)
Notes payable - facilities	178	202
Other	1,667	2,601
Total current liabilities	15,960	17,971
Non-current liabilities
Long-term borrowings	1,642	1,581
Lease liabilities	98	90
Deferred tax liabilities	1,082	1,125
Retirement benefit liability	3,088	3,140
Other	124	124
Total non-current liabilities	6,036	6,062
Total liabilities	21,996	24,033
Net assets
Shareholders' equity
Share capital	4,617	4,617
Capital surplus	264	264
Retained earnings	20,800	20,531
Treasury shares	(463)	(463)
Total shareholders' equity	25,219	24,950
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	948	866
Revaluation reserve for land	20	20
Foreign currency translation adjustment	1,963	2,753
Remeasurements of defined benefit plans	(162)	(149)
Total accumulated other comprehensive income	2,769	3,490
Non-controlling interests	490	533
Total net assets	28,479	28,973
Total liabilities and net assets	50,476	53,007

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Consolidated statements of income (cumulative) and consolidated statements of comprehensive income (cumulative)

Consolidated statements of income (cumulative)

			(Millions of yen)
		Three months ended	Three months ended
		June 30, 2021	June 30, 2022
Net sales	13,282	12,324
Cost of sales	11,455	11,392
Gross profit	1,826	931
Selling, general and administrative expenses	1,231	1,267
Operating profit (loss)	595	(335)
Non-operating income
Interest income	2	2
Dividend income	38	66
Foreign exchange gains	45	276
Share of profit of entities accounted for using equity method	188	-
Subsidy income	18	48
Other	31	21
Total non-operating income	324	414
Non-operating expenses
Interest expenses	42	27
Share of loss of entities accounted for using equity method	-	62
Other	7	6
Total non-operating expenses	50	96
Ordinary profit (loss)	869	(17)
Extraordinary income
Gain on sale of non-current assets	1	0
Total extraordinary income	1	0
Extraordinary losses
Loss on sale of non-current assets	0	0
Loss on abandonment of non-current assets	0	0
Total extraordinary losses	0	0
Profit (loss) before income taxes	871	(16)
Income taxes - current	152	92
Income taxes for prior periods	(8)	-
Income taxes - deferred	53	(46)
Total income taxes	196	46
Profit (loss)	674	(63)
Profit attributable to non-controlling interests	16	7
Profit (loss) attributable to owners of parent	657	(70)

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