Toda Kogyo : Summary of Consolidated Financial Results for the Year Ended March 31, 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 Year Ended March 31, 2021

(Based on Japanese GAAP)

																				May 13, 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:	General Manager of Finance Department	Motoyasu Ueno	TEL [phone]
Scheduled date of ordinary general meeting of shareholders:	June 25, 2021
Scheduled date to file Securities Report:				June 28, 2021
Scheduled date to commence dividend payments:				-
Preparation of supplementary material on financial results:	Yes
Holding of financial results meeting:							Yes
												(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the year ended March 31, 2021 (from April 1, 2020 to March 31, 2021)
(1) Consolidated operating results													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		%
Year ended March 31, 2021	29,024		(12.4)		11		-		(600)	-	(4,142)		-
Year ended March 31, 2020	33,147		(3.5)		(611)		-		(1,307)	-	(5,285)		-
		Earnings per share		Diluted earnings per	Profit attributable to		Ordinary profit/total	Operating profit/net
					share			owners of				assets				sales
									parent/equity
			Yen				Yen			%					%					%
Year ended March 31, 2021	(718.76)				-			(42.2)				(1.4)					0.0
Year ended March 31, 2020	(917.09)				-			(36.6)				(2.8)					(1.8)
(2) Consolidated financial position
		Total assets				Net assets		Equity ratio	Net assets per share
		Millions of yen		Millions of yen					%						Yen
As of March 31, 2021		41,783						9,375					19.5				1,411.60
As of March 31, 2020		43,870						12,590					26.2				1,997.25
(3) Consolidated cash flows
		Cash flows from		Cash flows from	Cash flows from	Cash and cash equivalents
		operating activities		investing activities	financing activities		at end of period
		Millions of yen		Millions of yen	Millions of yen		Millions of yen
Year ended March 31, 2021				612						(1,219)					1,416						6,492
Year ended March 31, 2020				2,259						(239)					(120)						5,542
2. Cash dividends
						Annual dividends per share					Total cash	Dividend payout		Ratio of dividends
																	to net assets
		1st quarter-end	2nd quarter-end	3rd quarter-end	Fiscal year-end	Total			dividends (Total)	ratio (Consolidated)	(Consolidated)
		Yen			Yen		Yen		Yen	Yen	Millions of yen	%				%
Year ended March 31, 2020	-		0.00		-		0.00	0.00		-		-				-
Year ended March 31, 2021	-		0.00		-		0.00	0.00		-		-				-
Year ending March 31, 2022	-			0.00		-				0.00	0.00				-
(Forecast)

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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

Six months ending

Millions of yen

%

Millions of yen

%

Millions of yen

%

Millions of yen

%

Yen

14,000

4.6

500

-

800

-

500

-

86.75

September 30, 2021

Full year

30,500

5.1

1,400

-

1,800

-

1,200

-

208.20

4. Notes

(1) Changes in significant subsidiaries during the year ended March 31, 2021

No

(changes in specified subsidiaries resulting in the change in scope of consolidation):

(2) 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

(3) Number of issued shares (common shares)

Total number of issued shares at the end of the period (including treasury shares)

As of March 31, 2021

6,099,192 shares

As of March 31, 2020

6,099,192 shares

Number of treasury shares at the end of the period

As of March 31, 2021

335,871 shares

As of March 31, 2020

335,307 shares

Average number of shares during the period

Year ended March 31, 2021

5,763,677 shares

Year ended March 31, 2020

5,763,180 shares

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Consolidated financial statements

Consolidated balance sheets

			(Millions of yen)
		As of March 31, 2020	As of March 31, 2021
Assets
Current assets
Cash and deposits	5,612	6,629
Notes and accounts receivable - trade	8,226	8,180
Merchandise and finished goods	3,775	3,362
Work in process	1,654	1,409
Raw materials and supplies	1,518	2,146
Other	326	1,342
Allowance for doubtful accounts	(6)	(6)
Total current assets	21,107	23,065
Non-current assets
Property, plant and equipment
Buildings and structures, net	3,061	2,340
Machinery, equipment and vehicles, net	2,673	1,294
Land	6,342	6,317
Leased assets, net	21	18
Construction in progress	225	177
Other, net	608	560
Total property, plant and equipment	12,932	10,709
Intangible assets
Goodwill	32	-
Other	217	200
Total intangible assets	250	200
Investments and other assets
Investment securities	3,487	3,526
Investments in capital of subsidiaries and associates	3,492	2,741
Long-term loans receivable	1,715	689
Other	883	853
Allowance for doubtful accounts	-	(3)
Total investments and other assets	9,579	7,807
Total non-current assets	22,762	18,718
Total assets		43,870	41,783

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			(Millions of yen)
		As of March 31, 2020	As of March 31, 2021
Liabilities
Current liabilities
Notes and accounts payable - trade	3,584	3,995
Short-term borrowings	8,280	9,372
Current portion of long-term borrowings	3,544	3,756
Lease obligations	19	14
Income taxes payable	141	165
Provision for bonuses	292	259
Provision for environmental measures	1,095	60
provision for loss on factory closings	-	80
Other	1,338	1,345
Total current liabilities	18,296	19,051
Non-current liabilities
Long-term borrowings	9,678	10,070
Lease obligations	25	24
Retirement benefit liability	2,165	2,080
Deferred tax liabilities	581	878
Other	531	303
Total non-current liabilities	12,982	13,356
Total liabilities	31,279	32,408
Net assets
Shareholders' equity
Share capital	7,477	7,477
Capital surplus	8,886	4,344
Retained earnings	(3,624)	(3,224)
Treasury shares	(1,512)	(1,513)
Total shareholders' equity	11,227	7,083
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	201	779
Foreign currency translation adjustment	142	281
Remeasurements of defined benefit plans	(58)	(9)
Total accumulated other comprehensive income	284	1,052
Share acquisition rights	49	66
Non-controlling interests	1,029	1,173
Total net assets	12,590	9,375
Total liabilities and net assets		43,870	41,783

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Consolidated statements of income and consolidated statements of comprehensive income Consolidated statements of income

			(Millions of yen)
		Fiscal year ended	Fiscal year ended
		March 31, 2020	March 31, 2021
Net sales	33,147	29,024
Cost of sales	28,602	24,246
Gross profit	4,544	4,778
Selling, general and administrative expenses
Freight-out	578	529
Employees' salaries and allowances	1,014	1,018
Provision for bonuses	64	56
Retirement benefit expenses	68	94
Depreciation	147	160
Research and development expenses	1,240	1,274
Other	2,043	1,632
Total selling, general and administrative expenses	5,156	4,766
Operating profit (loss)	(611)	11
Non-operating income
Interest income	46	38
Dividend income	45	52
Rental income	36	41
Foreign exchange gains	-	34
Subsidies for employment adjustment	-	181
Miscellaneous income	91	115
Total non-operating income	218	464
Non-operating expenses
Interest expenses	214	214
Foreign exchange losses	21	-
Share of loss of entities accounted for using equity method	663	831
Miscellaneous losses	15	30
Total non-operating expenses	914	1,076
Ordinary loss	(1,307)	(600)
Extraordinary income
Gain on disposal of non-current assets	96	8
Gain on sale of investment securities	0	1
Compensation income	44	-
Total extraordinary income		141	10

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