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 Six Months Ended September 30, 2021
(Based on Japanese GAAP)
October 29, 2021
Company name:TOSHO CO., LTD.
Stock exchange listing: Tokyo, Nagoya
Stock code:
Representative:

8920
President

URL

http://www.to-sho.net/
Yuichiro Kutsuna

Inquiries:
Managing Director
Scheduled date to file Quarterly Securities Report:

Naoya Kuwazoe
November 5, 2021

Scheduled date to commence dividend payments:
Preparation of supplementary material on quarterly financial results:

December 13, 2021
No

Holding of quarterly financial results meeting:

NoTEL

0566-79-3111(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the six months ended September 30, 2021 (from April 1, 2021 to September 30, 2021)(1) Consolidated operating results (cumulative)

Six months ended September 30, 2021
Six months ended September 30, 2020

Percentages indicate year-on-year changes
Profit attributable toNet sales
Operating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen
%
9,696
22.1
725
57.8
733
44.0
355
–
7,940 (44.2)
459 (86.8)
509 (85.5)(115)–Earnings per share

Diluted earnings per shareYen
9.27(3.01)

Six months ended September 30, 2021
Six months ended September 30, 2020

Yen––(2) Consolidated financial position
Total assets
As of September 30, 2021
As of March 31, 2021

Net assets

Millions of yen
74,966
77,100Equity ratio

Millions of yen
37,76237,448

%
46.6
44.9

2. Cash dividends
Annual dividends per share

Year ended March 31, 2021
Year ending March 31, 2022

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––

Yen
0.00
1.00

Yen–

Yen
2.00

Yen
2.00

–

3.00

4.00

Year ending March 31, 2022 (Forecast)Total

3. Forecast of consolidated financial results for the year ending March 31, 2022 (from April 1, 2021 to March 31, 2022)
Percentages indicate year-on-year changes
Profit attributable toNet sales
Operating profit
Ordinary profit
Earnings per shareowners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Yen
Full year
20,50016.3
2,00085.2
2,000
73.9
1,000 359.1
26.10

1

4. Notes(1) Changes in significant subsidiaries during the six months ended September 30, 2021
(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:
Changes in accounting policies due to other reasons:

Yes
No

Changes in accounting estimates:
Restatement of prior period financial statements:

NoNo(4) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of September 30, 2021

38,315,000 shares As of March 31, 2021

38,315,000 shares

Number of treasury shares at the end of the period
As of September 30, 2021

8,886 shares As of March 31, 2021

8,841 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Six months ended September 30, 2021

38,306,130 shares Six months ended September 30, 2020

238,306,219 shares

Quarterly consolidated financial statements
Consolidated balance sheets(Thousands of yen)
As of March 31, 2021

As of September 30, 2021

AssetsCurrent assets
Cash and deposits
Accounts receivable - trade21,900,125
278,302

20,761,274
247,300

Trade accounts receivable
Merchandise

114,346
1,666

114,572
1,878

Supplies
Other55,276
624,892

48,561
411,438

22,974,610

21,585,026

55,829,072(18,844,060)

56,425,099(19,797,126)

Buildings and structures, net

36,985,011

36,627,973

Machinery, equipment and vehicles
Accumulated depreciation

1,936,053(1,087,898)

1,946,670(1,151,023)

848,154795,647

1,511,556(1,192,889)

1,516,884(1,247,558)

318,667

269,326

7,037,648
4,805,097

7,233,619
4,911,215

Accumulated depreciation(1,082,966)(1,239,338)

Leased assets, net

3,722,131

3,671,876

Construction in progress

764,721333,423

49,676,334

48,931,866

Intangible assets
Investments and other assets

176,349

158,881Deferred tax assets
Other

740,851
3,517,905

785,341
3,493,395(11,760)(11,760)

Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation

Machinery, equipment and vehicles, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Land
Leased assets

Total property, plant and equipment

Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Deferred assets
Bond issuance costs
Total deferred assets
Total assets

3

4,246,997

4,266,976

54,099,681

53,357,724

26,05823,40826,05823,408

77,100,350

74,966,159

(Thousands of yen)
As of March 31, 2021

As of September 30, 2021

Liabilities
Current liabilities
Accounts payable - trade

184

286

–
81,000100,000–

Current portion of long-term borrowings
Income taxes payable

5,491,856
189,018

5,326,708
420,865

Other

2,478,832

2,705,824

Total current liabilities

8,240,892

8,553,685

Bonds payable
Long-term borrowings

5,000,000
18,829,137

5,000,000
16,209,677

Lease obligations
Provision for retirement benefits for directors (and other3,493,277

3,281,709

936,300

946,480

91,858100,239

Asset retirement obligations
Other

2,853,674
207,1312,906,200
206,016

Total non-current liabilities

31,411,379

28,650,322

39,652,271

37,204,007

Shareholders' equity
Share capital

1,580,817

1,580,817

Capital surplus
Retained earnings

2,295,403
30,750,745

2,295,403
31,029,485(7,807)(7,891)

34,619,159

34,897,815

985

1,076

Short-term borrowings
Current portion of bonds payableNon-current liabilities

officers)
Retirement benefit liability

Total liabilities
Net assets

Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Remeasurements of defined benefit plans

985

1,076

Non-controlling interests

Total accumulated other comprehensive income

2,827,934

2,863,259

Total net assets

37,448,079

37,762,152

77,100,350

74,966,159Total liabilities and net assets

4Consolidated statements of income (cumulative) and consolidated statements of comprehensive income(cumulative)
Consolidated statements of income (cumulative)(Thousands of yen)Six months ended

Six months ended

September 30, 2020

September 30, 2021

Net sales
Cost of sales

7,940,446
6,501,606

9,696,980
8,206,180

Gross profit

1,438,840

1,490,800

181,703

181,416

Salaries and bonuses
Retirement benefit expenses

247,677
3,866

185,645
2,712

Other

545,752

395,412

Total selling, general and administrative expenses

978,999

765,187

459,840

725,612

Non-operating income
Interest income

1,189

944

Dividend income
Commission income

244,687

256,384

Subsidy income
Miscellaneous income

74,58026,124

33,11013,722

Total non-operating income

146,584

104,164

Non-operating expenses
Interest expenses

70,862

81,982

Miscellaneous losses

26,293

14,490Total non-operating expenses

97,15696,472509,268

733,303

Gain on sale of non-current assets
Subsidies for employment adjustment–
168,248280
3,947

Subsidy income
Other–
16,73949,400–Total extraordinary income

184,988

53,628Extraordinary losses
Loss on retirement of non-current assets

7,2670Loss on temporary closing of stores
Loss on changes in constraction project

843,597–

48,80515,000

Selling, general and administrative expenses
Remuneration for directors (and other officers)

Operating profit

Ordinary profit
Extraordinary income

Other–

5,250

Total extraordinary losses

850,865

69,055

Profit (loss) before income taxes(156,608)

717,876

Income taxes - current
Income taxes - deferred

43,664(36,845)

365,032(44,529)

6,819

320,502

Profit (loss)(163,427)

397,373

Profit (loss) attributable to non-controlling interests(47,861)

42,020

Profit (loss) attributable to owners of parent(115,566)

355,353

Total income taxes

5Consolidated statements of comprehensive income (cumulative)(Thousands of yen)

Profit (loss)
Other comprehensive income
Remeasurements of defined benefit plans, net of tax
Total other comprehensive income

Six months ended

Six months ended

September 30, 2020

September 30, 2021

(163,427)

397,373

531

91

531

91

Comprehensive income(162,896)

397,465

Comprehensive income attributable toComprehensive income attributable to owners of parent(115,035)

355,444(47,861)

42,020Comprehensive income attributable to non-controllinginterests

6