Note:This document is a translation of a part of the original Japanese version and provided for reference purposes only. In the event of any discrepancy between the Japanese original and this English translation, the Japanese original shall prevail.

Consolidated Financial Results

for the Six Months Ended September 30, 2022

[Japanese GAAP]

Company name: TOENEC CORPORATION

October 28, 2022

Stock exchange listing: Tokyo,Nagoya

Code number: 1946

URL: https://www.toenec.co.jp/

Representative: Yuzo Fujita

President And Director Chief Executive Officer

Contact: Akihito Hirano

Executive Officer General Manager Finance & Accounting Division

Phone: 052-219-1916

Scheduled date of filing quarterly securities report: November 09, 2022

Scheduled date of commencing dividend payments: November 30, 2022

Availability of supplementary briefing material on quarterly financial results: No

Schedule of quarterly financial results briefing session: No

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

1. Consolidated Financial Results for the Six Months Ended September 30, 2022 (April 01, 2022 to September 30, 2022)

(1) Consolidated Operating Results

(% indicates changes from the previous corresponding period.)

Net sales

Operating profit

Ordinary profit

Profit attributable to

owners of parent

Six months ended

Million yen

%

Million yen

%

Million yen

%

Million yen

%

September 30, 2022

107,608

7.0

4,768

(6.3)

4,120

(10.2)

(7,133)

-

September 30, 2021

100,526

(2.0)

5,087

(22.8)

4,589

(26.2)

3,026

(26.5)

(Note) Comprehensive income:

Six months ended September 30, 2022:

Six months ended September 30, 2021:

¥

(6,691) million

[

-

%]

¥

4,234 million

[

(13.3) %]

Basic earnings

Diluted earnings per

per share

share

Six months ended

Yen

Yen

September 30, 2022

(381.66)

-

September 30, 2021

161.91

-

(2) Consolidated Financial Position

Total assets

Net assets

Capital adequacy ratio

Net assets per share

As of

Million yen

Million yen

%

Yen

September 30, 2022

289,595

118,243

40.8

6,323.30

March 31, 2022

301,599

126,596

42.0

6,772.38

(Reference) Equity: As of

September 30, 2022:

¥

118,211 million

As of

March 31, 2022:

¥

126,570 million

2. Dividends

Annual dividends

1st

2nd

3rd

Year-end

Total

quarter-end

quarter-end

quarter-end

Yen

Yen

Yen

Yen

Yen

Fiscal year ended March 31, 2022

-

45.00

-

90.00

135.00

Fiscal year ending March 31, 2023

-

45.00

Fiscal year ending March 31, 2023

-

95.00

140.00

(Forecast)

(Note) Revision to the forecast for dividends

announced most

recently:

No

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2023(April 01, 2022 to March 31, 2023)

(% indicates changes from the previous corresponding period.)

Net sales

Operating profit

Ordinary profit

Profit attributable to

Basic earnings

owners of parent

per share

Million yen

%

Million yen

%

Million yen

%

Million yen

%

Yen

Full year

247,000

12.5

14,100

0.2

13,000

(2.9)

(1,000)

-

(53.50)

(Note) Revision to the financial results forecast announced most recently:

Yes

* Notes:

(1) Changes in significant subsidiaries during the six months ended September 30, 2022

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

No

(2) Accounting policies adopted specially for the preparation of quarterly consolidated financial statements:

Yes

  1. Changes in accounting policies, changes in accounting estimates and retrospective restatement
    1. Changes in accounting policies due to the revision of accounting standards: No
    2. Changes in accounting policies other than 1) above: No
    3. Changes in accounting estimates: No
    4. Retrospective restatement: No
  3. Total number of issued shares (common shares)
    1. Total number of issued shares at the end of the period (including treasury shares):

September 30, 2022:

19,329,990

shares

March 31, 2022:

19,329,990

shares

2) Total number of treasury shares at the end of the period:

September 30, 2022:

635,334

shares

March 31, 2022:

640,758

shares

3) Average number of shares during the period:

Six months ended September 30, 2022:

18,691,035

shares

Six months ended September 30, 2021:

18,689,749

shares

  • Quarterly financial results reports are exempt from quarterly review conducted by certified public accountants or an audit corporation.
  • Proper use of earnings forecasts, and other special matters

The forward-looking statements, including earnings forecasts, contained in these materials are based on information currently available

to the Company and on certain assumptions deemed to be reasonable. Consequently, any statements herein do not constitute

assurances regarding actual results by the Company. Actual business and other results may differ substantially due to various factors.

Quarterly Consolidated Financial Statements

Quarterly Consolidated Balance Sheets

(Million yen)

As of March 31,2022

As of September 30,2022

Assets

Current assets

Cash and deposits

29,015

34,391

Deposits paid

1,500

1,500

Notes receivable, accounts receivable from

69,521

62,628

completed construction contracts and other

Costs on construction contracts in progress

6,577

7,400

Raw materials and supplies

3,177

3,314

Merchandise

111

94

Other

3,458

6,687

Allowance for doubtful accounts

(90)

(1,652)

Total current assets

113,270

114,365

Non-current assets

Property, plant and equipment

Buildings and structures

58,341

58,179

Machinery, vehicles, tools, furniture and

113,655

114,585

fixtures

Land

31,633

31,807

Construction in progress

9,634

334

Accumulated depreciation

(67,373)

(70,889)

Total property, plant and equipment

145,891

134,017

Intangible assets

Goodwill

1,253

1,096

Other

2,793

3,078

Total intangible assets

4,047

4,175

Investments and other assets

Investment securities

28,877

28,371

Deferred tax assets

4,868

5,613

Other

6,511

3,346

Allowance for doubtful accounts

(1,869)

(293)

Total investments and other assets

38,389

37,037

Total non-current assets

188,328

175,229

Total assets

301,599

289,595

(Million yen)

As of March 31,2022

As of September 30,2022

Liabilities

Current liabilities

Notes payable, accounts payable for construction

39,531

32,195

contracts and other

Short-term borrowings

4,182

9,082

Accrued expenses

7,351

7,345

Income taxes payable

1,852

650

Advances received on construction contracts in

2,533

3,525

progress

Provision for loss on construction contracts

247

508

Provision for loss on cancellation of leases

-

1,485

Other

9,006

9,954

Total current liabilities

64,704

64,747

Non-current liabilities

Bonds payable

8,400

8,400

Long-term borrowings

23,463

22,922

Lease liabilities

55,463

52,174

Retirement benefit liability

18,662

17,917

Asset retirement obligations

3,801

4,679

Other

506

512

Total non-current liabilities

110,298

106,605

Total liabilities

175,002

171,352

Net assets

Shareholders' equity

Share capital

7,680

7,680

Capital surplus

6,840

6,848

Retained earnings

105,381

96,566

Treasury shares

(1,548)

(1,535)

Total shareholders' equity

118,354

109,559

Accumulated other comprehensive income

Valuation difference on available-for-sale

7,689

7,423

securities

Foreign currency translation adjustment

206

770

Remeasurements of defined benefit plans

320

458

Total accumulated other comprehensive income

8,216

8,652

Non-controlling interests

26

31

Total net assets

126,596

118,243

Total liabilities and net assets

301,599

289,595

Quarterly Consolidated Statements of Income and Comprehensive Income

Quarterly Consolidated Statements of Income (For the six months)

(Million yen)

For the six months

For the six months

ended September 30,2021

ended September 30,2022

Net sales

100,526

107,608

Cost of sales

85,073

91,860

Gross profit

15,453

15,748

Selling, general and administrative expenses

10,365

10,979

Operating profit

5,087

4,768

Non-operating income

Interest income

72

9

Dividend income

191

258

Rental income from land and buildings

86

96

Share of profit of entities accounted for using equity

200

-

method

Other

57

123

Total non-operating income

608

488

Non-operating expenses

Interest expenses

1,059

1,085

Commission for syndicated loans

20

-

Share of loss of entities accounted for using equity

-

40

method

Other

26

10

Total non-operating expenses

1,106

1,136

Ordinary profit

4,589

4,120

Extraordinary income

Gain on sale of non-current assets

9

12

Reversal of allowance for doubtful accounts

1

0

Gain on sale of investment securities

-

11

Total extraordinary income

10

23

Extraordinary losses

Loss on sale and retirement of non-current assets

32

119

Impairment losses

-

10,004

Loss on valuation of investment securities

5

0

Provision for loss on cancellation of leases

-

1,485

Total extraordinary losses

37

11,609

Profit (loss) before income taxes

4,562

(7,465)

Income taxes

1,532

(334)

Profit (loss)

3,030

(7,131)

Profit attributable to non-controlling interests

4

2

Profit (loss) attributable to owners of parent

3,026

(7,133)

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Toenec Corporation published this content on 28 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 October 2022 06:52:04 UTC.