TBK : Summary of Consolidated Financial Results for the Nine Months Ended December 31, 2021

February 9, 2022

Company name:

TBK Co., Ltd

Stock exchange listing:

Tokyo

Stock code:

7277

URL

https://www.tbk-jp.com/

Representative:

President

Takaaki Kishi

Executive Officer and General Manager of

Inquiries:

Masahiko Kuramura

TEL 042-739-1473

Business Planning Division

Scheduled date to file Quarterly Securities Report:

February 10, 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 nine months ended December 31, 2021 (from April 1, 2021 to December 31, 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

%

Nine months ended December 31, 2021

38,633

24.6

673

304.7

1,109

92.7

745

118.0

Nine months ended December 31, 2020

31,011

(19.6)

166

(75.8)

575

32.0

342

32.2

Earnings per share

Diluted earnings per share

Yen

Yen

Nine months ended December 31, 2021

26.29

-

Nine months ended December 31, 2020

12.06

-

(2) Consolidated financial position

Total assets

Net assets

Equity ratio

Net assets per share

Millions of yen

Millions of yen

%

Yen

As of December 31, 2021

49,961

27,331

53.8

948.09

As of March 31, 2021

49,201

26,341

52.7

913.82

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

-

3.00

3.00

Year ending March 31, 2022

-

5.00

-

Year ending March 31, 2022 (Forecast)

5.00

10.00

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

51,000

16.0

500

(22.4)

900

(31.1)

600

-

21.15

(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:

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 December 31, 2021

29,424,635

shares

As of March 31, 2021

29,424,635

shares

Number of treasury shares at the end of the period

As of December 31, 2021

1,052,211

shares

As of March 31, 2021

1,060,211

shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)

Nine months ended December 31, 2021

28,371,314

shares

Nine months ended December 31, 2020

28,363,711

shares

(Millions of yen)

As of March 31, 2021

As of December 31, 2021

Assets

Current assets

Cash and deposits

4,168

4,703

Notes and accounts receivable - trade

13,041

-

Notes and accounts receivable - trade, and contract assets

-

12,485

Electronically recorded monetary claims - operating

530

806

Inventories

5,271

6,455

Income taxes receivable

86

104

Other

1,160

632

Allowance for doubtful accounts

(9)

(10)

Total current assets

24,249

25,177

Non-current assets

Property, plant and equipment

Buildings and structures, net

4,815

4,533

Machinery, equipment and vehicles, net

8,499

8,136

Land

3,426

3,297

Construction in progress

1,038

1,135

Other, net

1,058

1,128

Total property, plant and equipment

18,837

18,231

Intangible assets

Software

151

133

Goodwill

210

143

Other

64

70

Total intangible assets

426

347

Investments and other assets

Investment securities

2,476

2,829

Investments in capital of subsidiaries and associates

1,565

1,938

Long-term loans receivable from subsidiaries and

70

68

associates

Deferred tax assets

1,393

1,217

Other

197

166

Allowance for doubtful accounts

(15)

(15)

Total investments and other assets

5,687

6,205

Total non-current assets

24,951

24,783

Total assets

49,201

49,961

(Millions of yen)

As of March 31, 2021

As of December 31, 2021

Liabilities

Current liabilities

Notes and accounts payable - trade

5,022

4,986

Electronically recorded obligations - operating

2,498

2,735

Short-term borrowings

5,621

5,271

Lease obligations

221

150

Income taxes payable

108

95

Provision for bonuses

657

420

Provision for bonuses for directors (and other officers)

-

17

Provision for product warranties

38

137

Provision for share awards for directors (and other

42

67

officers)

Notes payable - facilities

119

285

Other

1,435

1,581

Total current liabilities

15,766

15,749

Non-current liabilities

Long-term borrowings

2,579

2,406

Lease obligations

164

105

Deferred tax liabilities

911

1,003

Retirement benefit liability

3,221

3,242

Other

216

121

Total non-current liabilities

7,093

6,880

Total liabilities

22,859

22,629

Net assets

Shareholders' equity

Share capital

4,617

4,617

Capital surplus

264

264

Retained earnings

20,244

20,763

Treasury shares

(466)

(462)

Total shareholders' equity

24,659

25,181

Accumulated other comprehensive income

Valuation difference on available-for-sale securities

603

849

Revaluation reserve for land

20

20

Foreign currency translation adjustment

1,001

1,171

Remeasurements of defined benefit plans

(365)

(323)

Total accumulated other comprehensive income

1,260

1,717

Non-controlling interests

421

431

Total net assets

26,341

27,331

Total liabilities and net assets

49,201

49,961

(Millions of yen)

Nine months ended

Nine months ended

December 31, 2020

December 31, 2021

Net sales

31,011

38,633

Cost of sales

27,623

34,210

Gross profit

3,387

4,422

Selling, general and administrative expenses

3,221

3,748

Operating profit

166

673

Non-operating income

Interest income

3

4

Dividend income

53

90

Foreign exchange gains

9

118

Share of profit of entities accounted for using equity method

192

242

Subsidy income

297

34

Other

55

53

Total non-operating income

613

544

Non-operating expenses

Interest expenses

124

92

Commission expenses

60

8

Other

18

7

Total non-operating expenses

203

108

Ordinary profit

575

1,109

Extraordinary income

Gain on sale of non-current assets

2

22

Gain on reversal of tax purpose reduction entry of non-current

-

0

assets

Total extraordinary income

2

22

Extraordinary losses

Loss on sale of non-current assets

0

0

Loss on abandonment of non-current assets

1

1

Provision of allowance for doubtful accounts

6

-

Loss on valuation of investment securities

10

-

Loss on valuation of shares of subsidiaries and associates

9

-

Loss of Subsidy refund

-

0

Total extraordinary losses

28

1

Profit before income taxes

550

1,130

Income taxes - current

130

222

Income taxes for prior periods

11

(8)

Income taxes - deferred

72

142

Total income taxes

213

357

Profit

336

773

Profit (loss) attributable to non-controlling interests

(5)

27

Profit attributable to owners of parent

342

745