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, 2021
(Based on Japanese GAAP)May 7, 2021
Company name:TOSHO CO., LTD.

Stock exchange listing: Tokyo, Nagoya
Stock code:
8920
URL
Representative:
Inquiries:

http://www.to-sho.net

President
Managing Director

Yuichiro Kutsuna
Naoya Kuwazoe

Scheduled date of ordinary general meeting of shareholders:
Scheduled date to file Securities Report:

June 22, 2021
June 25, 2021

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

June 23, 2021
No

Holding of financial results meeting:

Yes

TEL

0566-79-3111(for institutional investors and analysts)(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the year ended March 31, 2021 (from April 1, 2020 to March 31, 2021)(1) Consolidated operating results
Percentages indicate year-on-year changes
Profit attributable to
Net sales
Operating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Year ended March 31, 2021
17,625(48.9)
1,080 (88.8)
1,149(88.0)
217(96.2)
Year ended March 31, 2020
34,466
26.5
9,682
35.1
9,580
31.2
5,803
44.2

Earnings per share

Profit attributable toOrdinary profit/total Operating profit/net
owners ofassetssales
parent/equity
Yen
%
%
%
–
0.6
1.5
6.1
–
18.1
13.4
28.1

Diluted earnings per
share

Yen
5.68
151.51

Year ended March 31, 2021
Year ended March 31, 2020
(2) Consolidated financial position

Total assets
As of March 31, 2021
As of March 31, 2020

Net assets

Equity ratio

Millions of yen
77,10075,462Millions of yen
37,44837,528Cash flows fromoperating activities
Millions of yen(1,448)
13,963

Cash flows frominvesting activities
Millions of yen(3,927)(5,559)Net assets per share
%
44.9
45.9

Yen
903.77904.94(3) Consolidated cash flows

Year ended March 31, 2021
Year ended March 31, 2020

Cash flows from
Cash and cash equivalents
at end of period
financing activities
Millions of yen
Millions of yen
4,905
19,538(1,883)20,008

2. Cash dividends
Annual dividends per share
1st quarter-end 2nd quarter-end 3rd quarter-end Fiscal year-end

Year ended March 31, 2020
Year ended March 31, 2021
Year ending March 31, 2022
(Forecast)of dividends
Total cash
Dividend payout Ratio
to net assets
dividends (Total) ratio (Consolidated) (Consolidated)

Total

Yen

Yen

Yen

Yen

Yen

Millions of yen

%

%

–
–

8.00
0.00

–
–

7.00
2.00

15.00
2.00

574
76

9.9
35.2

1.8
0.2

–

–

–

–

–

1

–

3. Notes(1) Changes in significant subsidiaries during the year ended March 31, 2021
(changes in specified subsidiaries resulting in the change in scope of consolidation):No(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:
Changes in accounting policies due to other reasons:

No
No

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

NoNo(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, 2021

38,315,000 shares As of March 31, 2020

38,315,000 shares

Number of treasury shares at the end of the period
As of March 31, 2021

8,841 shares As of March 31, 2020

8,781 shares

Average number of shares during the period
Year ended March 31, 2021

38,306,199 shares Year ended March 31, 2020

2

38,306,254 shares

Consolidated financial statements
Consolidated balance sheets(Thousands of yen)
As of March 31, 2020

As of March 31, 2021

AssetsCurrent assets
Cash and deposits
Accounts receivable - trade22,413,442
329,770

21,900,125
278,302

Trade accounts receivable
Merchandise

105,701
2,555

114,346
1,666

Supplies
Other

67,053423,356

55,276
624,892

23,341,878

22,974,610

50,427,005(17,028,498)

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

Buildings and structures, net

33,398,507

36,985,011

Machinery, equipment and vehicles
Accumulated depreciation

1,734,573(936,068)

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

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

Machinery, equipment and vehicles, net

798,505

848,154

1,372,068(1,048,269)

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

323,798

318,667

6,690,267
4,401,016

7,037,648
4,805,097

Accumulated depreciation(872,063)(1,082,966)

Leased assets, net

3,528,953

3,722,131

Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Land
Leased assets

Construction in progress

2,945,711

764,721

Total property, plant and equipment

47,685,742

49,676,334

146,162

176,349

Intangible assets
Other

146,162

176,349

Investments and other assets
Leasehold and guarantee deposits

Total intangible assets

2,630,582

2,712,735

Deferred tax assets
Long-term loans receivable

813,61280,131

740,851
66,234

Other
Allowance for doubtful accounts

774,752(11,850)

738,935(11,760)

Total investments and other assets

4,287,228

4,246,997

52,119,133

54,099,681

Share issuance costs
Bond issuance costs

1,268
581

–
26,058

Total deferred assets

1,849

26,05875,462,862

77,100,350

Total non-current assets
Deferred assets

Total assets3

(Thousands of yen)
As of March 31, 2020

As of March 31, 2021

Liabilities
Current liabilities
Accounts payable - trade

709

184

250,000
177,200–
81,000Current portion of long-term borrowings
Lease obligations

4,868,922
392,943

5,491,856
302,860

Accounts payable - other
Income taxes payable

1,669,782
2,460,867

1,309,250
189,018

Short-term borrowings
Current portion of bonds payable

Other

2,553,154

866,722

Total current liabilities

12,373,579

8,240,892

Bonds payable
Long-term borrowings

81,00018,494,975

5,000,000
18,829,137

Lease obligations
Provision for retirement benefits for directors (and other

3,206,477

3,493,277

905,260

936,300

77,78891,858Asset retirement obligations
Other

2,580,902
214,353

2,853,674
207,131

Total non-current liabilities

25,560,756

31,411,379

37,934,335

39,652,271

Shareholders' equity
Share capital

1,580,817

1,580,817

Capital surplus
Retained earnings

2,295,434
30,801,064

2,295,403
30,750,745

Non-current liabilities

officers)
Retirement benefit liability

Total liabilities
Net assets

Treasury shares
Total shareholders' equity(7,725)(7,807)

34,669,591

34,619,159(4,472)985

Accumulated other comprehensive income
Remeasurements of defined benefit plans(4,472)985

Non-controlling interests

Total accumulated other comprehensive income

2,863,407

2,827,934

Total net assets

37,528,526

37,448,079

75,462,862

77,100,350

Total liabilities and net assets

4Consolidated statements of income and consolidated statements of comprehensive income
Consolidated statements of income(Thousands of yen)
Fiscal year ended
March 31, 2020

Fiscal year ended
March 31, 2021

Net sales
Cost of sales

34,466,108
21,837,921

17,625,205
14,746,130

Gross profit

12,628,187

2,879,074

192,927505,571471,279

66,284
266,713350,524

38,81534,430533,8706,804
467,636
38,620690,534

439,526
7,873
185,678
37,451
410,530

Selling, general and administrative expenses
Promotion expenses
Sales commission
Remuneration for directors (and other officers)
Provision for retirement benefits for directors (and otherofficers)
Salaries and bonuses
Retirement benefit expenses
Taxes and dues
Depreciation
Other
Total selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Commission income
Rental income
Subsidy income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Loss on cancellation of rental contracts
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Reversal of provision for loss on litigation
Subsidies for employment adjustment
Other
Total extraordinary income
Extraordinary losses
Loss on sale of non-current assets
Loss on retirement of non-current assets
Loss on store closures
Other
Total extraordinary losses

2,946,060

1,799,011

9,682,126

1,080,063

2,739
156,789
17,85029,817
37,4662,710
94,926
11,542
103,431
43,330244,664

255,941

151,406
159,558
35,426

143,781
18,83823,587346,390

186,2079,580,400

1,149,796

326,90356,746––––
169,894
18,206383,650

188,101

82,161
8,228
–
–

–
8,151
855,21277

90,389863,442

Profit before income taxes

9,873,660

474,456

Income taxes - current
Income taxes - deferred

3,715,122(66,177)

181,463
70,411

Total income taxes

3,648,945

251,874

Profit6,224,715

222,581420,847

4,756

5,803,867

217,824

Profit attributable to non-controlling interests
Profit attributable to owners of parent

5Consolidated statements of comprehensive income(Thousands of yen)

ProfitOther comprehensive income

Fiscal year ended

Fiscal year ended

March 31, 2020

March 31, 2021

6,224,715

222,581

Remeasurements of defined benefit plans, net of tax(1,412)

5,457

Total other comprehensive income(1,412)

5,457

Comprehensive income

6,223,303

228,039

Comprehensive income attributable toComprehensive income attributable to owners of parent

5,802,455

223,282

420,847

4,756

Comprehensive income attributable to non-controllinginterests

6

Consolidated statements of changes in equity
Fiscal year ended March 31, 2020
(Thousands of yen)
Shareholders' equity
Share capital
Balance at beginning of
periodCapital surplus

1,580,817

Retained earnings

2,295,434

Treasury shares

25,610,096(7,459)Total shareholders'equity29,478,890

Changes during period
Dividends of surplus(612,900)(612,900)

Profit attributable toowners of parent

5,803,867

5,803,867

Purchase of treasury
shares

(266)

(266)

Change in ownershipinterest of parent due totransactions with noncontrolling interests
Net changes in items
other than shareholders'equityTotal changes during
periodBalance at end of period––

5,190,967(266)

5,190,700

1,580,817

2,295,434

30,801,064(7,725)34,669,591

Accumulated other comprehensive income
Remeasurements of defined
benefit plans
Balance at beginning of
periodTotal accumulated othercomprehensive income(3,060)(3,060)Non-controlling interests

2,482,734

Total net assets

31,958,564

Changes during period
Dividends of surplus(612,900)

Profit attributable toowners of parent

5,803,867

Purchase of treasury
shares(266)

Change in ownershipinterest of parent due totransactions with noncontrolling interests
Net changes in items
other than shareholders'equity(1,412)(1,412)

380,673379,261

Total changes during
period(1,412)(1,412)

380,673

5,569,962

Balance at end of period(4,472)(4,472)

2,863,407

37,528,526

7

Fiscal year ended March 31, 2021
(Thousands of yen)
Shareholders' equity
Share capital
Balance at beginning of
periodCapital surplus

1,580,817

Retained earnings

2,295,434

Total shareholders'equityTreasury shares

30,801,064(7,725)34,669,591

Changes during period
Dividends of surplus(268,143)(268,143)

Profit attributable toowners of parent

217,824

217,824

Purchase of treasury
shares(81)

Change in ownershipinterest of parent due totransactions with noncontrolling interests

(81)

(31)

(31)

Net changes in items
other than shareholders'equityTotal changes during
periodBalance at end of period

–

(31)

(50,318)(81)(50,431)1,580,817

2,295,403

30,750,745(7,807)

34,619,159

Accumulated other comprehensive income
Remeasurements of defined
benefit plans
Balance at beginning of
periodTotal accumulated othercomprehensive income(4,472)(4,472)

Non-controlling interests

2,863,407

Total net assets

37,528,526

Changes during period
Dividends of surplus(268,143)

Profit attributable toowners of parent

217,824

Purchase of treasury
shares(81)

Change in ownershipinterest of parent due totransactions with noncontrolling interests
Net changes in items
other than shareholders'equity

(55)

(87)

5,457

5,457

(35,417)(29,959)

Total changes during
period

5,457

5,457

(35,473)(80,447)

Balance at end of period

985

985

2,827,934

37,448,079

8Consolidated statements of cash flows(Thousands of yen)

Cash flows from operating activities
Profit before income taxes

Fiscal year ended

Fiscal year ended

March 31, 2020

March 31, 2021

9,873,660

474,456

2,362,392–

2,460,682(90)

Increase (decrease) in provision for retirement benefits for
directors (and other officers)

38,44031,040

Increase (decrease) in provision for loss on litigation
Increase (decrease) in retirement benefit liability(56,746)
21,193–
14,070Interest and dividend income
Interest expenses(2,739)151,406(2,710)143,781

2,324
1,903

1,022
1,268

Loss (gain) on sale of property, plant and equipment
Loss on retirement of non-current assets(244,742)
8,228

–
8,151

Loss on cancellation of rental contracts
Decrease (increase) in trade receivables

159,558
61,36818,83842,822

Decrease (increase) in inventories
Decrease (increase) in real estate for sale

13,946
2,964,782

12,664–

Increase (decrease) in trade payables
Decrease/increase in consumption taxes receivable/payable(373)
702,740(524)(1,109,817)

Decrease (increase) in other assets
Increase (decrease) in other liabilities

31,698
822,748

7,525(922,998)

Other, net–(1,277)

Subtotal

16,911,787

1,178,907

606

893

(152,371)(77,555)(142,224)–

Income taxes paid
Payments for cancellation of rental contracts(2,718,762)–(2,388,001)(98,167)

Net cash provided by (used in) operating activities

13,963,705(1,448,592)(692,063)(132,120)

Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment–(7,129,358)

175,010(3,881,177)

Proceeds from sale of property, plant and equipment
Purchase of investment securities

3,041,759(520,600)–

Payments of guarantee deposits
Other, net(268,592)
9,545(70,503)(18,279)(5,559,309)(3,927,069)

Depreciation
Increase (decrease) in allowance for doubtful accounts

Amortization of bond issuance costs
Amortization of share issuance costs

Interest and dividends received
Interest paid
Litigation settlement paid

Cash flows from investing activities
Payments into time deposits

Net cash provided by (used in) investing activities

9(Thousands of yen)

Cash flows from financing activities
Increase (decrease) in short-term borrowings

Fiscal year ended

Fiscal year ended

March 31, 2020

March 31, 2021

250,000(250,000)

5,200,000(6,020,734)

6,600,000(5,642,904)

Proceeds from issuance of bonds
Redemption of bonds–(241,200)

4,973,499(177,200)

Purchase of treasury shares
Dividends paid

(266)
(612,829)(81)(268,025)

Dividends paid to non-controlling interests
Repayments of lease obligations(40,158)(418,448)(40,174)(289,879)(1,883,636)

4,905,234

6,520,759(470,427)

Cash and cash equivalents at beginning of period

13,488,110

20,008,870

Cash and cash equivalents at end of period

20,008,870

19,538,443

Proceeds from long-term borrowings
Repayments of long-term borrowings

Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents

10