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)

Company name:

SAN-AI OIL CO., LTD.

Stock exchange listing:

Tokyo

Stock code:

8097

URL http://www.san-ai-oil.co.jp/

Representative:

Representative Director, President

Yukio Tsukahara

Inquiries:

General Manager, General Accounting

Eiichi Nonaka

Department

Scheduled date of ordinary general meeting of shareholders:

June 29, 2021

Scheduled date to file Securities Report:

June 30, 2021

Scheduled date to commence dividend payments:

June 30, 2021

Preparation of supplementary material on financial results:

No

Holding of financial results meeting:

No

May 13, 2021

TEL 03-6880-3100

(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

473,899

(29.0)

8,592

(21.7)

10,001

(16.2)

7,053

(13.6)

Year ended March 31, 2020

667,929

(8.1)

10,971

0.1

11,940

(0.5)

8,164

12.5

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

101.57

-

7.2

5.5

1.8

Year ended March 31, 2020

117.02

-

8.7

6.0

1.6

(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

187,245

106,468

54.2

1,471.07

As of March 31, 2020

179,224

98,786

52.5

1,349.61

(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

9,014

(4,415)

(5,458)

36,467

Year ended March 31, 2020

(10,858)

(4,303)

(4,062)

37,326

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

-

14.00

-

14.00

28.00

1,953

23.9

2.1

Year ended March 31, 2021

-

14.00

-

14.00

28.00

1,942

27.6

2.0

Year ending March 31, 2022

-

14.00

-

14.00

28.00

25.8

(Forecast)

1

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

470,000

(0.8)

10,000

16.4

10,500

5.0

7,500

6.3

108.72

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:

No

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

71,000,000

shares

As of March 31, 2020

71,000,000

shares

Number of treasury shares at the end of the period

As of March 31, 2021

2,015,903

shares

As of March 31, 2020

1,226,236

shares

Average number of shares during the period

Year ended March 31, 2021

69,448,335

shares

Year ended March 31, 2020

69,774,108

shares

2

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

37,047

36,737

Notes and accounts receivable - trade

34,446

37,116

Securities

500

-

Merchandise and finished goods

4,754

5,709

Work in process

123

69

Raw materials and supplies

90

91

Other

1,388

1,858

Allowance for doubtful accounts

(410)

(441)

Total current assets

77,939

81,141

Non-current assets

Property, plant and equipment

Buildings and structures

66,520

67,885

Accumulated depreciation

(45,184)

(46,678)

Buildings and structures, net

21,335

21,207

Machinery, equipment and vehicles

32,542

33,981

Accumulated depreciation

(25,458)

(26,107)

Machinery, equipment and vehicles, net

7,084

7,873

Land

19,590

19,303

Leased assets

2,833

3,072

Accumulated depreciation

(1,128)

(1,236)

Leased assets, net

1,704

1,836

Construction in progress

1,711

301

Other

3,872

4,189

Accumulated depreciation

(3,000)

(3,171)

Other, net

871

1,017

Total property, plant and equipment

52,297

51,539

Intangible assets

Goodwill

532

1,354

Customer-related assets

-

1,272

Software in progress

-

146

Other

1,167

1,343

Total intangible assets

1,700

4,116

Investments and other assets

Investment securities

18,893

20,104

Long-term loans receivable

18

13

Deferred tax assets

752

797

Retirement benefit asset

1,633

3,593

Guarantee deposits

25,255

25,283

Other

832

754

Allowance for doubtful accounts

(98)

(98)

Total investments and other assets

47,286

50,448

Total non-current assets

101,284

106,103

Total assets

179,224

187,245

3

(Millions of yen)

As of March 31, 2020

As of March 31, 2021

Liabilities

Current liabilities

Notes and accounts payable - trade

39,744

42,706

Short-term borrowings

200

270

Current portion of long-term borrowings

2,601

3,129

Lease obligations

444

480

Income taxes payable

3,115

1,743

Provision for bonuses

1,800

1,707

Provision for bonuses for directors (and other officers)

104

69

Provision for warranties for completed construction

0

0

Provision for loss on construction contracts

5

-

Asset retirement obligations

1

94

Other

11,668

10,851

Total current liabilities

59,688

61,055

Non-current liabilities

Long-term borrowings

7,361

4,764

Lease obligations

1,425

1,523

Deferred tax liabilities

2,788

4,269

Deferred tax liabilities for land revaluation

809

809

Provision for retirement benefits for directors (and other

150

154

officers)

Provision for special repairs

183

170

Retirement benefit liability

233

224

Asset retirement obligations

639

592

Other

7,158

7,213

Total non-current liabilities

20,749

19,722

Total liabilities

80,437

80,777

Net assets

Shareholders' equity

Share capital

10,127

10,127

Capital surplus

4,288

4,286

Retained earnings

79,612

84,698

Treasury shares

(1,386)

(2,287)

Total shareholders' equity

92,641

96,824

Accumulated other comprehensive income

Valuation difference on available-for-sale securities

2,077

4,407

Revaluation reserve for land

(368)

(353)

Remeasurements of defined benefit plans

(183)

602

Total accumulated other comprehensive income

1,525

4,655

Non-controlling interests

4,619

4,987

Total net assets

98,786

106,468

Total liabilities and net assets

179,224

187,245

4

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

Net sales of goods

663,424

469,911

Net sales of completed construction contracts

4,504

3,987

Total net sales

667,929

473,899

Cost of sales

Cost of goods sold

611,654

422,458

Cost of sales of completed construction contracts

4,108

3,607

Total cost of sales

615,762

426,065

Gross profit

52,166

47,833

Selling, general and administrative expenses

41,194

39,241

Operating profit

10,971

8,592

Non-operating income

Interest income

217

199

Dividend income

646

468

Light oil delivery tax grant

145

150

Compensation income

131

138

Subsidy income

-

319

Subsidies for employment adjustment

-

219

Other

308

372

Total non-operating income

1,449

1,868

Non-operating expenses

Interest expenses

344

252

Provision of allowance for doubtful accounts

1

0

Office relocation expenses

48

49

Other

86

158

Total non-operating expenses

481

460

Ordinary profit

11,940

10,001

Extraordinary income

Gain on sale of non-current assets

1,641

38

Gain on sale of investment securities

2

1,547

Total extraordinary income

1,644

1,585

Extraordinary losses

Loss on sale and retirement of non-current assets

401

369

Impairment losses

115

260

Loss on sale of investment securities

0

39

Loss on valuation of investment securities

124

-

Total extraordinary losses

641

669

Profit before income taxes

12,943

10,917

Income taxes - current

4,802

3,473

Income taxes - deferred

(351)

20

Total income taxes

4,450

3,493

Profit

8,492

7,423

Profit attributable to non-controlling interests

327

369

Profit attributable to owners of parent

8,164

7,053

5

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SAN-AI OIL Co. Ltd. published this content on 21 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 May 2021 07:02:01 UTC.