Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.

October 28, 2022

Consolidated Financial Results

for the Six Months Ended September 30, 2022

(Under Japanese GAAP)

Company name:

TSUBAKIMOTO KOGYO CO., LTD.

Listing:

Tokyo Stock Exchange

Securities code:

8052

URL:

https://www.tsubaki.co.jp

Representative:

Masashi Koda, President & COO

Inquiries:

Junshi Koketsu, Managing Officer

Telephone:

+81-6-4795-8832

Scheduled date to file quarterly securities report:

November 10, 2022

Scheduled date to commence dividend payments:

December 2, 2022

Preparation of supplementary material on quarterly financial results: Yes

Holding of quarterly financial results briefing:

None

(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the six months ended September 30, 2022 (from April 1, 2022 to September 30, 2022)

(1) Consolidated operating results (cumulative)

(Percentages indicate year-on-year changes.)

Net sales

Operating profit

Ordinary profit

Profit attributable to

owners of parent

Six months ended

Millions of yen

%

Millions of yen

%

Millions of yen

%

Millions of yen

%

September 30, 2022

51,737

16.7

2,267

22.9

2,452

19.9

1,649

21.6

September 30, 2021

44,337

1.4

1,844

17.7

2,045

10.2

1,355

8.0

Note: Comprehensive income

For the six months ended September 30, 2022:

¥1,486 million

[(15.8)%]

For the six months ended September 30, 2021:

¥1,766 million

[12.9%]

Basic earnings

Diluted earnings

per share

per share

Six months ended

Yen

Yen

September 30, 2022

263.39

―

September 30, 2021

216.59

―

(2) Consolidated financial position

Total assets

Net assets

Equity-to-asset ratio

As of

Millions of yen

Millions of yen

%

September 30, 2022

73,920

31,501

42.3

March 31, 2022

76,773

30,762

39.8

Reference: Equity

As of September 30, 2022:

¥31,295 million

As of March 31, 2022:

¥30,577 million

2. Cash dividends

Annual dividends per share

First quarter-end

Second quarter-end

Third quarter-end

Fiscal year-end

Total

Yen

Yen

Yen

Yen

Yen

Fiscal year ended

―

30.00

―

120.00

150.00

March 31, 2022

Fiscal year ending

―

30.00

March 31, 2023

Fiscal year ending

100.00

130.00

March 31, 2023

―

(Forecast)

Note: Revisions to the forecast of cash dividends most recently announced: None

Note: The year-end dividend for the fiscal year ended March 31, 2022 includes a commemorative dividend of 20 yen.

3. Forecast of Consolidated Financial Results for the Year Ending March 31, 2023 (from April 1, 2022 to March 31, 2023)

(Percentages indicate changes from the previous corresponding period.)

Net sales

Operating profit

Ordinary profit

Profit attributable

Basic earnings

to owners of parent

per share

Millions of yen

%

Millions of yen

%

Millions of yen

%

Millions of yen

%

Yen

Full year

100,000

3.2

4,500

2.4

4,900

2.9

3,260

2.6

520.72

Note: Revisions to the most recently announced forecasts of consolidated financial results: None

* Notes

  1. Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change in scope of consolidation): None
    Newly included: None
    Excluded: None
  2. Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements: None
  3. Changes in accounting policies, changes in accounting estimates, and restatement
    1. Changes in accounting policies due to revisions of accounting standards and other regulations: None
    2. Changes in accounting policies other than those in (i) above: None
    3. Changes in accounting estimates: None
    4. Restatements: None
  5. Number of issued shares (common shares)
    1. Total number of issued shares at the end of the period (including treasury shares)

As of September 30, 2022

6,497,969 shares

As of March 31, 2022

6,497,969 shares

(ii) Number of treasury shares at the end of the period

As of September 30, 2022

233,733 shares

As of March 31, 2022

237,387 shares

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

Six months ended September 30, 2022

6,261,972 shares

Six months ended September 30, 2021

6,260,334 shares

Note: The Company has introduced the Board Benefit Trust for executive officers, and the Company's shares held by the said trust are included in the treasury shares to be deducted in calculating the number of treasury shares at the end of the period and the average number of shares outstanding during the period.

  • 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
    Forecasts stated herein are based on the currently available information and the Company's assumptions that were judged to be valid as of the announcement date hereof, and are not intended to be a promise by the Company to achieve these forecasts. Therefore, actual results may differ for various factors.

Quarterly Consolidated Financial Statements

(1) Quarterly Consolidated Balance Sheet

(Millions of Yen)

As of March 31, 2021

As of September 30, 2022

Assets

Current assets

Cash and deposits

17,604

17,239

Notes and accounts receivable - trade, and contract assets

28,608

26,743

Electronically recorded monetary claims - operating

12,736

11,632

Merchandise and finished goods

2,667

2,536

Work in process

608

617

Other

2,281

2,943

Allowance for doubtful accounts

(189)

(165)

Total current assets

64,317

61,547

Non-current assets

Property, plant and equipment

1,913

1,975

Intangible assets

106

223

Investments and other assets

Investment securities

9,269

8,975

Deferred tax assets

49

51

Other

1,322

1,350

Allowance for doubtful accounts

(204)

(204)

Total investments and other assets

10,436

10,173

Total non-current assets

12,456

12,372

Total assets

76,773

73,920

Liabilities

Current liabilities

Notes and accounts payable - trade

20,813

20,889

Electronically recorded obligations - operating

15,935

13,130

Income taxes payable

1,114

679

Advances received

4,897

4,338

Provision for bonuses for directors (and other officers)

9

70

Provision for loss on construction contracts

－

45

Other

664

807

Total current liabilities

43,435

39,960

Non-current liabilities

Provision for share awards for directors (and other officers)

86

101

Retirement benefit liability

1,836

1,853

Long-term accounts payable - other

211

211

Deferred tax liabilities

191

50

Other

248

241

Total non-current liabilities

2,575

2,458

Total liabilities

46,010

42,419

Net assets

Shareholders' equity

Share capital

2,945

2,945

Capital surplus

1,867

1,867

Retained earnings

23,465

24,356

Treasury shares

(553)

(542)

Total shareholders' equity

27,726

28,627

Accumulated other comprehensive income

Valuation difference on available-for-sale securities

2,872

2,637

Deferred gains or losses on hedges

(25)

(91)

Foreign currency translation adjustment

74

182

Remeasurements of defined benefit plans

(69)

(60)

Total accumulated other comprehensive income

2,851

2,667

Non-controlling interests

185

205

Total net assets

30,762

31,501

Total liabilities and net assets

76,773

73,920

(2) Quarterly Consolidated Statement of Income and Quarterly Consolidated Statement of Comprehensive Income

Quarterly Consolidated Statement of Income

(Millions of Yen)

Six months ended

Six months ended

September 30, 2021

September 30, 2022

Net sales

44,337

51,737

Cost of sales

37,355

44,015

Gross profit

6,981

7,721

Selling, general and administrative expenses

5,137

5,454

Operating profit

1,844

2,267

Non-operating income

Interest income

0

2

Dividend income

129

176

Share of profit of entities accounted for using equity method

－

2

Subsidy income

62

－

Other

27

24

Total non-operating income

220

206

Non-operating expenses

Interest expenses

3

3

Share of loss of entities accounted for using equity method

6

－

Commission expenses

4

4

Other

5

12

Total non-operating expenses

19

21

Ordinary profit

2,045

2,452

Extraordinary losses

Loss on compensations

13

－

Total extraordinary losses

13

－

Profit before income taxes

2,031

2,452

Income taxes - current

726

814

Income taxes - deferred

(53)

(9)

Total income taxes

673

805

Profit

1,358

1,647

Profit (loss) attributable to non-controlling interests

2

(2)

Profit attributable to owners of parent

1,355

1,649

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Tsubakimoto Kogyo Co. Ltd. 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 07:42:02 UTC.