[Delayed] Summary of Consolidated Financial Results for the Six Months Ended September 30, 2021(Based on Japanese GAAP)

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 Six Months Ended September 30, 2021 (Based on Japanese GAAP)

				November 10, 2021
Company name:	TODA KOGYO CORP.
Stock exchange listing:	Tokyo
Stock code:	4100	URL https://www.todakogyo.co.jp
Representative:	President and Representative Director	Shigeru Takaragi
Inquiries:	Department Manager of Corporate Planning	Atsushi Tomokawa	TEL [phone]
Department
Scheduled date to file Quarterly Securities Report:	November 12, 2021
Scheduled date to commence dividend payments:	-
Preparation of supplementary material on quarterly financial results:	Yes
Holding of quarterly financial results meeting:	Yes

((Amounts less than one million yen are rounded down))

1. Consolidated financial results for the six months ended September 30, 2021 (from April 1, 2021 to September 30, 2021)

(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		%
Six months ended September 30, 2021	15,986		-		1,259	-		1,865		-			1,550		-
Six months ended September 30, 2020	13,381	(14.5)		(473)	-		(568)		-			(725)		-
	Earnings per share	Diluted earnings per share
			Yen				Yen
Six months ended September 30, 2021			269.04				267.52
Six months ended September 30, 2020			(125.87)				-
(2) Consolidated financial position
	Total assets			Net assets	Equity ratio
	Millions of yen		Millions of yen				%
As of September 30, 2021		47,840				11,374				20.8
As of March 31, 2021		41,783				9,375				19.5
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, 2021		-			0.00			-				0.00			0.00
Year ending March 31, 2022		-			0.00
Year ending March 31, 2022 (Forecast)								-				0.00			0.00

3. Forecast of consolidated financial results for the year ending March 31, 2022 (from April 1, 2021 to March 31, 2022)

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	31,000	-	1,700		-	2,400		-	1,800		-	312.32

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4. Notes

1. Changes in significant subsidiaries during the six months ended September 30, 2021 (changes in specified subsidiaries resulting in the change in scope of consolidation):
2. Application of special accounting methods for preparing quarterly consolidated financial statements:

No

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:	Yes
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 September 30, 2021	6,099,192	shares	As of March 31, 2021	6,099,192	shares
Number of treasury shares at the end of the period
	As of September 30, 2021	334,318	shares	As of March 31, 2021	335,871	shares
Average number of shares during the period (cumulative from the beginning of the fiscal year)
	Six months ended September 30, 2021	5,764,014	shares	Six months ended September 30, 2020	5,763,779	shares

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Quarterly consolidated financial statements

Consolidated balance sheets

			(Millions of yen)
		As of March 31, 2021	As of September 30, 2021
Assets
Current assets
Cash and deposits	6,629	7,517
Notes and accounts receivable - trade	8,180	9,258
Merchandise and finished goods	3,362	3,926
Work in process	1,409	1,690
Raw materials and supplies	2,146	2,574
Other	1,342	1,781
Allowance for doubtful accounts	(6)	(6)
Total current assets	23,065	26,741
Non-current assets
Property, plant and equipment
Buildings and structures, net	2,340	2,328
Machinery, equipment and vehicles, net	1,294	1,828
Land	6,317	6,312
Construction in progress	177	149
Other, net	578	774
Total property, plant and equipment	10,709	11,393
Intangible assets
Goodwill	-	1,984
Other	200	157
Total intangible assets	200	2,142
Investments and other assets
Investment securities	3,526	2,493
Other	4,284	5,073
Allowance for doubtful accounts	(3)	(3)
Total investments and other assets	7,807	7,563
Total non-current assets	18,718	21,099
Total assets		41,783	47,840

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			(Millions of yen)
		As of March 31, 2021	As of September 30, 2021
Liabilities
Current liabilities
Notes and accounts payable - trade	3,995	4,937
Short-term borrowings	9,372	8,276
Current portion of long-term borrowings	3,756	3,631
Income taxes payable	165	248
Provision for bonuses	259	180
Provision for environmental measures	60	61
Provision for loss on factory closing	80	49
Other	1,359	1,338
Total current liabilities	19,051	18,723
Non-current liabilities
Long-term borrowings	10,070	13,368
Long-term accounts payable - other	-	1,060
Retirement benefit liability	2,080	2,039
Other	1,206	1,275
Total non-current liabilities	13,356	17,742
Total liabilities	32,408	36,465
Net assets
Shareholders' equity
Share capital	7,477	7,477
Capital surplus	4,344	4,340
Retained earnings	(3,224)	(1,678)
Treasury shares	(1,513)	(1,506)
Total shareholders' equity	7,083	8,633
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	779	565
Foreign currency translation adjustment	281	764
Remeasurements of defined benefit plans	(9)	(3)
Total accumulated other comprehensive income	1,052	1,326
Share acquisition rights	66	74
Non-controlling interests	1,173	1,341
Total net assets	9,375	11,374
Total liabilities and net assets		41,783	47,840

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

Consolidated statements of income (cumulative)

			(Millions of yen)
		Six months ended	Six months ended
		September 30, 2020	September 30, 2021
Net sales	13,381	15,986
Cost of sales	11,525	12,236
Gross profit	1,856	3,749
Selling, general and administrative expenses
Employees' salaries	515	566
Research and development expenses	605	536
Other	1,209	1,387
Total selling, general and administrative expenses	2,329	2,490
Operating profit (loss)	(473)	1,259
Non-operating income
Interest income	17	20
Dividend income	34	21
Outsourcing service income	6	7
Share of profit of entities accounted for using equity method	-	639
Subsidies for employment adjustment	63	19
Foreign exchange gains	0	-
Other	43	101
Total non-operating income	165	811
Non-operating expenses
Interest expenses	108	96
Share of loss of entities accounted for using equity method	145	-
Foreign exchange losses	-	25
Other	6	83
Total non-operating expenses	260	204
Ordinary profit (loss)	(568)	1,865
Extraordinary income
Gain on disposal of non-current assets	7	3
Gain on sale of investment securities	-	39
National subsidies	-	20
Total extraordinary income	7	63
Extraordinary losses
Loss on disposal of non-current assets	15	14
Loss on tax purpose reduction entry of non-current assets	-	16
Total extraordinary losses	15	31
Profit (loss) before income taxes	(576)	1,898
Income taxes - current	81	166
Income taxes - deferred	8	81
Total income taxes	90	247
Profit (loss)	(666)	1,650
Profit attributable to non-controlling interests	59	99
Profit (loss) attributable to owners of parent		(725)	1,550

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