Trust : Summary of Consolidated Financial Results for the Year Ended March 31, 2023(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, 2023
		(Based on Japanese GAAP)
				May 12, 2023
Company name:	TRUST CO.,LTD.
Stock exchange listing:	Tokyo
Stock code:	3347	URL https://www.trust-ltd.co.jp
Representative:	CEO		Kenji Kawamura
Inquiries:	Administration manager	Naoki Nogimori	TEL [phone]
Scheduled date of ordinary general meeting of shareholders:	June 22, 2023
Scheduled date to file Securities Report:	June 23, 2023
Scheduled date to commence dividend payments:	June 7, 2023
Preparation of supplementary material on financial results:	No
Holding of financial results meeting:	No

(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the year ended March 31, 2023 (from April 1, 2022 to March 31, 2023)

(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, 2023	34,284		24.1	2,377		28.0		2,467	28.9	1,246		50.7
Year ended March 31, 2022	27,617		37.5	1,856		251.9		1,914	253.7			827		-
	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, 2023		48.16			-			15.4					6.8				6.9
Year ended March 31, 2022		31.96			-			11.4					6.1				6.7
(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, 2023		39,480					13,338					21.8					332.30
As of March 31, 2022		33,612					11,629					22.7					294.96
(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, 2023				7,262					(4,732)					(2,979)					975
Year ended March 31, 2022				4,783					(2,442)					(1,673)					1,418
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, 2022	-			2.00	-		4.00	6.00		155	18.8			2.1
Year ended March 31, 2023	-			4.00	-		2.00	6.00		155	12.5			1.9
Year ending March 31, 2024	-			3.00	-				3.00	6.00			17.8
(Forecast)

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3. Forecast of consolidated financial results for the year ending March 31, 2024 (from April 1, 2023 to March 31, 2024)

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
19,106	6.4	1,088	(27.8)	1,013	(44.0)		418	(59.5)	16.15
September 30, 2023
Full year	39,012	13.8	2,442	2.7	2,282	(7.5)		873	(29.9)	33.73
4. Notes
(1) Changes in significant subsidiaries during the year ended March 31, 2023			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, 2023	28,150,000	shares	As of March 31, 2022	28,150,000	shares
Number of treasury shares at the end of the period
	As of March 31, 2023	2,273,100	shares	As of March 31, 2022	2,273,100	shares
Average number of shares during the period
	Year ended March 31, 2023	25,876,900	shares	Year ended March 31, 2022	25,876,900	shares

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Consolidated financial statements

Consolidated balance sheets

		(Thousands of yen)
	As of March 31, 2022	As of March 31, 2023
Assets
Current assets
Cash and deposits	1,418,511	975,211
Notes receivable - trade	41,815	36,199
Accounts receivable - trade	3,779,104	3,553,484
Lease receivables and investments in leases	7,415,826	9,384,446
Merchandise and finished goods	3,217,384	3,994,223
Work in process	954	427
Raw materials and supplies	32,213	44,679
Other	859,372	1,211,562
Allowance for doubtful accounts	(195,739)	(190,530)
Total current assets	16,569,445	19,009,705
Non-current assets
Property, plant and equipment
Buildings and structures	2,808,139	3,125,170
Accumulated depreciation	(969,585)	(1,095,491)
Buildings and structures, net	1,838,553	2,029,678
Machinery, equipment and vehicles	6,425,470	9,219,027
Accumulated depreciation	(2,864,331)	(3,570,063)
Machinery, equipment and vehicles, net	3,561,138	5,648,964
Land	3,500,983	3,970,116
Leased assets	10,956,544	11,734,883
Accumulated depreciation	(3,974,912)	(4,482,335)
Leased assets, net	6,981,632	7,252,548
Other	227,541	287,491
Accumulated depreciation	(154,485)	(162,989)
Other, net	73,055	124,502
Construction in progress	8,317	315,810
Total property, plant and equipment	15,963,682	19,341,620
Intangible assets
Goodwill	52,630	45,183
Other	72,881	103,762
Total intangible assets	125,512	148,945
Investments and other assets
Investment securities	291,602	242,939
Long-term loans receivable	139,845	131,690
Deferred tax assets	184,575	207,894
Other	420,675	473,875
Allowance for doubtful accounts	(83,002)	(76,269)
Total investments and other assets	953,696	980,129
Total non-current assets	17,042,890	20,470,696
Total assets	33,612,335	39,480,401

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		(Thousands of yen)
	As of March 31, 2022	As of March 31, 2023
Liabilities
Current liabilities
Notes and accounts payable - trade	573,409	682,271
Short-term borrowings	4,750,000	6,600,000
Current portion of long-term borrowings	2,519	-
Lease liabilities	9,677,557	11,620,065
Income taxes payable	588,314	299,882
Contract liabilities	487,708	455,688
Provision for bonuses	139,341	156,517
Other	1,179,288	1,594,968
Total current liabilities	17,398,139	21,409,394
Non-current liabilities
Lease liabilities	4,408,633	4,538,269
Provision for retirement benefits for directors (and other	11,685	15,062
officers)
Asset retirement obligations	75,922	80,224
Other	88,111	99,194
Total non-current liabilities	4,584,352	4,732,750
Total liabilities	21,982,492	26,142,145
Net assets
Shareholders' equity
Share capital	1,349,000	1,349,000
Capital surplus	1,174,800	1,174,800
Retained earnings	5,709,255	6,748,352
Treasury shares	(618,209)	(618,209)
Total shareholders' equity	7,614,846	8,653,943
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	15,500	3,901
Foreign currency translation adjustment	2,421	(58,892)
Total accumulated other comprehensive income	17,922	(54,991)
Non-controlling interests	3,997,074	4,739,304
Total net assets	11,629,843	13,338,256
Total liabilities and net assets	33,612,335	39,480,401

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

		(Thousands of yen)
	Fiscal year ended	Fiscal year ended
	March 31, 2022	March 31, 2023
Net sales	27,617,161	34,284,045
Cost of sales	20,870,394	26,363,952
Gross profit	6,746,766	7,920,092
Selling, general and administrative expenses	4,889,770	5,542,229
Operating profit	1,856,995	2,377,863
Non-operating income
Interest income	10,626	17,320
Dividend income	6,927	6,871
Foreign exchange gains	155,587	187,236
Insurance claim income	1,051	1,485
Compensation income	20	-
Subsidy income	2,387	10,250
Other	10,503	12,146
Total non-operating income	187,104	235,311
Non-operating expenses
Interest expenses	124,081	142,384
Guarantee commission	2,877	1,125
Other	2,170	2,149
Total non-operating expenses	129,129	145,659
Ordinary profit	1,914,970	2,467,515
Extraordinary income
Gain on sale of investment securities	-	299,119
Surrender value of insurance policies	-	17,867
Total extraordinary income	-	316,986
Extraordinary losses
Loss on retirement of non-current assets	2,042	4,028
Loss on disposal of non-current assets	-	700
Total extraordinary losses	2,042	4,728
Profit before income taxes	1,912,928	2,779,773
Income taxes - current	703,225	719,918
Income taxes - deferred	(98,134)	(25,129)
Total income taxes	605,090	694,789
Profit	1,307,837	2,084,983
Profit attributable to non-controlling interests	480,795	838,872
Profit attributable to owners of parent	827,041	1,246,111

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