Shimojima : [Delayed}Summary of Consolidated Financial Results for the Year Ended March 31,2022(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, 2022

(Based on Japanese GAAP)

																							May 11, 2022
Company name:	Shimojima Co.,Ltd.
Stock exchange listing:	Tokyo
Stock code:	7482	URL http://www.shimojima.co.jp/
Representative:	Representative Director, President	Yoshihiko Kasai
Inquiries:	Managing Director, Administration	Masayuki Shimojima	TEL [phone]
Scheduled date of ordinary general meeting of shareholders:	June 23, 2022
Scheduled date to file Securities Report:			June 28, 2022
Scheduled date to commence dividend payments:			June 24, 2022
Preparation of supplementary material on financial results:	Yes
Holding of financial results meeting:							Yes
												(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the year ended March 31, 2022 (from April 1, 2021 to March 31, 2022)
(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, 2022		48,063		2.0	44		(83.9)			380	(31.1)				86		-
Year ended March 31, 2021		47,100		(2.4)	275		(45.5)			552	(24.6)			(331)		-
			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, 2022		3.70			-					0.3						1.0					0.1
Year ended March 31, 2021		(14.27)			-					(1.0)					1.4					0.6
(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, 2022			37,756					31,622							83.6					1,356.41
As of March 31, 2021			38,293					32,225							84.0					1,383.39
(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, 2022					430					(1,376)							(647)							5,848
Year ended March 31, 2021					1,103					(407)							(404)						7,441
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, 2021		-		11.00	-		11.00			22.00		511		(154.2)			1.6
Year ended March 31, 2022		-		11.00	-		11.00			22.00		512		594.6				1.6
Year ending March 31, 2023		-			11.00	-				11.00			22.00				128.0
(Forecast)

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3. Forecast of consolidated financial results for the year ending March 31, 2023 (from April 1, 2022 to March 31, 2023)

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
23,900	6.6	(250)	-	(180)	-		(100)	-	(4.30)
September 30, 2022
Full year	50,700	5.5	360	713.2	670	76.2		400	364.9	17.19
4. Notes
(1) Changes in significant subsidiaries during the year ended March 31, 2022			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, 2022	24,257,826	shares	As of March 31, 2021	24,257,826	shares
Number of treasury shares at the end of the period
	As of March 31, 2022	986,691	shares	As of March 31, 2021	1,000,884	shares
Average number of shares during the period
	Year ended March 31, 2022	23,266,752	shares	Year ended March 31, 2021	23,255,476	shares

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Consolidated financial statements

Consolidated balance sheets

			(Millions of yen)
		As of March 31, 2021	As of March 31, 2022
Assets
Current assets
Cash and deposits	7,629	6,035
Notes and accounts receivable - trade	5,872	6,293
Electronically recorded monetary claims - operating	757	807
Merchandise and finished goods	4,908	5,019
Raw materials and supplies	489	494
Other	460	516
Allowance for doubtful accounts	(14)	(12)
Total current assets	20,105	19,154
Non-current assets
Property, plant and equipment
Buildings and structures	11,094	10,990
Accumulated depreciation	(7,022)	(7,001)
Accumulated impairment	(116)	(122)
Buildings and structures, net	3,956	3,866
Machinery, equipment and vehicles	3,531	3,579
Accumulated depreciation	(2,816)	(2,842)
Accumulated impairment	(312)	(312)
Machinery, equipment and vehicles, net	402	424
Land	7,762	7,762
Leased assets	2,040	2,074
Accumulated depreciation	(980)	(1,050)
Accumulated impairment	(691)	(691)
Leased assets, net	369	332
Other	883	984
Accumulated depreciation	(744)	(759)
Accumulated impairment	(26)	(31)
Other, net	113	192
Total property, plant and equipment	12,603	12,578
Intangible assets
Goodwill	254	653
Leased assets	38	31
Other	1,077	1,147
Total intangible assets	1,370	1,831
Investments and other assets
Investment securities	741	558
Long-term loans receivable	344	337
Deferred tax assets	657	730
Insurance funds	2,131	2,251
Other	434	401
Allowance for doubtful accounts	(95)	(87)
Total investments and other assets	4,214	4,191
Total non-current assets	18,188	18,601
Total assets		38,293	37,756

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			(Millions of yen)
		As of March 31, 2021	As of March 31, 2022
Liabilities
Current liabilities
Notes and accounts payable - trade	2,699	2,915
Current portion of long-term borrowings	2	6
Lease liabilities	129	126
Income taxes payable	78	141
Contract liabilities	-	46
Provision for bonuses	336	333
Provision for bonuses for directors (and other officers)	21	23
Other	1,527	1,283
Total current liabilities	4,795	4,876
Non-current liabilities
Long-term borrowings	77	122
Lease liabilities	406	345
Deferred tax liabilities for land revaluation	277	277
Retirement benefit liability	232	315
Asset retirement obligations	39	38
Other	239	158
Total non-current liabilities	1,272	1,257
Total liabilities	6,067	6,134
Net assets
Shareholders' equity
Share capital	1,405	1,405
Capital surplus	1,304	1,304
Retained earnings	36,255	35,802
Treasury shares	(1,114)	(1,098)
Total shareholders' equity	37,850	37,413
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	437	310
Deferred gains or losses on hedges	55	35
Revaluation reserve for land	(6,195)	(6,195)
Remeasurements of defined benefit plans	25	1
Total accumulated other comprehensive income	(5,677)	(5,847)
Non-controlling interests	52	57
Total net assets	32,225	31,622
Total liabilities and net assets		38,293	37,756

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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, 2021	March 31, 2022
Net sales	47,100	48,063
Cost of sales	32,038	33,091
Gross profit	15,061	14,971
Selling, general and administrative expenses	14,786	14,927
Operating profit	275	44
Non-operating income
Interest income	5	2
Dividend income	5	5
Rental income	95	197
Purchase discounts	21	22
Foreign exchange gains	11	-
Reversal of allowance for doubtful accounts	28	8
Insurance return	43	34
Other	130	145
Total non-operating income	343	415
Non-operating expenses
Interest expenses	0	0
Sales discounts	2	2
Foreign exchange losses	-	50
Other	63	26
Total non-operating expenses	66	79
Ordinary profit	552	380
Extraordinary income
Gain on sale of shares of subsidiaries and associates	155	-
Surrender value of insurance policies	37	7
Total extraordinary income	193	7
Extraordinary losses
Impairment losses	1,106	19
Loss on valuation of investments in capital	7	-
Dismantlement expenses	-	109
Total extraordinary losses	1,114	128
Profit (loss) before income taxes	(369)	259
Income taxes - current	255	153
Income taxes - deferred	(229)	14
Total income taxes	26	168
Profit (loss)	(395)	91
Profit (loss) attributable to non-controlling interests	(64)	5
Profit (loss) attributable to owners of parent		(331)	86

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