Tohto Suisan : Summary of Consolidated Financial Results for the Nine Months Ended December 31, 2020

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 Nine Months Ended December 31, 2020

(Based on Japanese GAAP)

Company name: Tohto Suisan Co., Ltd

Stock exchange listing: Tokyo

Koh Ehara
Hiroshi Tanaka
Scheduled date to file Quarterly Securities Report:	February 12, 2021
Scheduled date to commence dividend payments:	-
Preparation of supplementary material on quarterly financial results:	No
Holding of quarterly financial results meeting:	No

Stock code: Representative: Inquiries:

8038 URLhttps://www.tohsui.co.jpPresident and Representative Director Operating Officer, Accounting Dept.

TEL [phone]

(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the nine months ended December 31, 2020 (from April 1, 2020 to December 31, 2020)

(1) Consolidated operating results (cumulative)

February 8, 2021

Percentages indicate year-on-year changes

Net sales	Operating profit	Ordinary profit	Profit attributable to owners of parent
Nine months ended December 31, 2020 Nine months ended December 31, 2019	Millions of yen 79,291 89,900	% (11.8) 0.4	Millions of yen 1,117 788	% 41.7 (0.7)	Millions of yen 1,416 970	% 45.9 (9.5)	Millions of yen 1,079 728	% 48.0 (1.5)

Earnings per share	Diluted earnings per share
Nine months ended December 31, 2020 Nine months ended December 31, 2019	Yen 274.24 188.65	Yen - -

(2) Consolidated financial position

Total assets	Net assets	Equity ratio	Net assets per share
As of December 31, 2020 As of March 31, 2020	Millions of yen 31,990 29,097	Millions of yen 17,469 16,892	% 54.6 58.1	Yen 4,440.01 4,293.44

2. Cash dividends

Annual dividends per share
1st quarter-end	2nd quarter-end	3rd quarter-end	Fiscal year-end	Total
Year ended March 31, 2020 Year ending March 31, 2021	Yen - -	Yen - -	Yen - -	Yen 65.00	Yen 65.00
Year ending March 31, 2021 (Forecast)	65.00	65.00

Note: Revision of cash dividend forecast most recently announced: No

3. Forecast of consolidated financial results for the year ending March 31, 2021 (from April 1, 2020 to March 31, 2021)

Percentages indicate year-on-year changes

Net sales	Operating profit	Ordinary profit	Profit attributable to owners of parent	Earnings per share
Full year	Millions of yen 100,000	% (15.2)	Millions of yen 1,000	% (25.6)	Millions of yen 1,200	% (21.9)	Millions of yen 900	% (33.8)	Yen 228.74

Note: Revision of consolidated financial results forecast most recently announced: No

4. Notes

• (1) Changes in significant subsidiaries during the nine months ended December 31, 2020

  No

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

• (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 statementsChanges in accounting policies due to revisions to accounting standards and other regulations: Changes in accounting policies due to other reasons:

Changes in accounting estimates:

Restatement of prior period financial statements:

No No No 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, 2020 4,026,000 shares As of March 31, 2020 Number of treasury shares at the end of the period

As of December 31, 2020 4,026,000 shares

As of March 31, 2020 4,026,000 shares

As of December 31, 2020 91,342 shares

As of March 31, 2020 91,550 shares

As of December 31, 2020

91,342 shares As of March 31, 2020

91,

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

Nine months ended December 31, 2020 3,934,684 shares

Nine months ended December 31, 2019 3,864,246 shares

Nine months ended December 31, 2020

3,934,684 shares Nine months ended December 31, 2019

3,864,246 shares

* Quarterly financial results reports are exempt from quarterly review procedures conducted by certified public accountants or an audit corporation.

* Proper use of forecasts of financial results, and other special matters

The forward-looking statements, including the earnings forecasts, shown in this document are based on information currently available to the

Company and on certain assumptions deemed to be reasonable. These statements do not purport that the Company pledges to realize such statements. Actual results may differ substantially due to various factors.

Quarterly consolidated financial statements Consolidated balance sheets

(Millions of yen)
As of March 31, 2020	As of December 31, 2020
Assets Current assets Cash and deposits Notes and accounts receivable - trade Merchandise and finished goods Work in process Raw materials and supplies Other Allowance for doubtful accounts	7,385 6,417 2,677 7 49 480 (490)	8,956 8,299 2,410 9 79 361 (417)
Total current assets	16,527	19,700
Non-current assets Property, plant and equipment Buildings and structures, net Land Other, net	3,726 3,167 1,035	3,492 3,160 884
Total property, plant and equipment	7,929	7,537
Intangible assets Investments and other assets Other Allowance for doubtful accounts	2,159 2,727 (247)	2,279 2,645 (172)
Total investments and other assets	2,480	2,473
Total non-current assets	12,569	12,289
Total assets	29,097	31,990
Liabilities Current liabilities Notes and accounts payable - trade Short-term borrowings Income taxes payable Provision for bonuses Provision for shareholder benefit program Other	2,729 2,581 157 70 - 853	4,384 2,746 46 13 10 933
Total current liabilities	6,393	8,135
Non-current liabilities Long-term borrowings Retirement benefit liability Provision for share-based remuneration Asset retirement obligations Other	2,903 1,065 30 127 1,683	3,386 1,074 28 124 1,771
Total non-current liabilities	5,811	6,384
Total liabilities	12,204	14,520

(417)

(172)

(Millions of yen)
As of March 31, 2020	As of December 31, 2020
Net assets Shareholders' equity Share capital Capital surplus Retained earnings Treasury shares	2,376 1,085 13,620 (196)	2,376 1,085 14,440 (196)
Total shareholders' equity	16,885	17,705
Accumulated other comprehensive income Valuation difference on available-for-sale securities Deferred gains or losses on hedges Revaluation reserve for land Foreign currency translation adjustment Remeasurements of defined benefit plans	241 - 360 (534) (60)	334 0 360 (874) (56)
Total accumulated other comprehensive income	6	(235)
Total net assets	16,892	17,469
Total liabilities and net assets	29,097	31,990

(196)

(874) (56)

(235)

Consolidated statements of income (cumulative) and consolidated statements of comprehensive income

(cumulative)

Consolidated statements of income (cumulative)

(Millions of yen)
Nine months ended December 31, 2019	Nine months ended December 31, 2020
Net sales Cost of sales	89,900 85,187	79,291 74,867
Gross profit	4,713	4,424
Selling, general and administrative expenses	3,924	3,306
Operating profit	788	1,117
Non-operating income Interest income Dividend income Subsidy income Foreign exchange gains Gain on valuation of currency swaps Other	46 78 33 3 9 35	32 98 101 32 1 61
Total non-operating income	207	327
Non-operating expenses Interest expenses Other	21 4	19 9
Total non-operating expenses	25	29
Ordinary profit	970	1,416
Extraordinary losses Loss on valuation of investment securities	-	29
Total extraordinary losses	-	29
Profit before income taxes	970	1,386
Income taxes - current Income taxes - deferred	179 61	232 74
Total income taxes	241	307
Profit	728	1,079
Profit attributable to owners of parent	728	1,079

Consolidated statements of comprehensive income (cumulative)

(Millions of yen)
Nine months ended December 31, 2019	Nine months ended December 31, 2020
Profit 728 Other comprehensive income Valuation difference on available-for-sale securities (21) Deferred gains or losses on hedges (1) Foreign currency translation adjustment (2) Remeasurements of defined benefit plans, net of tax 11	1,079 92 0 (339) 4
Total other comprehensive income (12)	(242)
Comprehensive income 716	836
Comprehensive income attributable to Comprehensive income attributable to owners of parent Comprehensive income attributable to non-controlling interests 716 -	836 -

(339)

(242)