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, 2019
(Based on Japanese GAAP)
October 31, 2019
Company name:TOSHO CO., LTD.
Stock exchange listing: Tokyo, Nagoya
Stock code:
Representative:

8920
URL
President & COO

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

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

Naoya Kuwazoe
November 6, 2019

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

December 10, 2019
No

Holding of quarterly 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 six months ended September 30, 2019 (from April 1, 2019 to September 30, 2019)(1) Consolidated operating results (cumulative)
Net sales
Six months ended September 30, 2019
Six months ended September 30, 2018

Millions of yen
14,23013,313

Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
owners of parent% Millions of yen% Millions of yen% Millions of yen
%
6.9
3,486
0.4
3,504(1.8)
1,999(6.6)
13.9
3,473
12.8
3,568
15.7
2,141
14.3

Earnings per share

Diluted earnings per share

Yen
52.20
55.90

Six months ended September 30, 2019
Six months ended September 30, 2018

Yen––(2) Consolidated financial position
Total assetsAs of September 30, 2019
As of March 31, 2019

Net assets

Millions of yen
69,51967,726Equity ratio

Millions of yen
33,841
31,958%44.8
43.5

2. Cash dividends
Annual dividends per share

Year ended March 31, 2019Year ending March 31, 2020

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––Yen
7.00
8.00

Yen–

Yen
8.00

Yen
15.00

–

8.00

16.00

Year ending March 31, 2020 (Forecast)Total

3. Forecast of consolidated financial results for the year ending March 31, 2020 (from April 1, 2019 to March 31, 2020)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
30,000
10.1
7,900
10.3
8,000
9.5
4,500
11.8
117.471

4. Notes(1) Changes in significant subsidiaries during the six months ended September 30, 2019(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:

No
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, 2019

38,315,000 shares As of March 31, 2019

38,315,000 shares

Number of treasury shares at the end of the period
As of September 30, 2019

8,781 shares As of March 31, 2019

8,683 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Six months ended September 30, 2019

38,306,290 shares Six months ended September 30, 2018

238,306,440 shares

Quarterly consolidated financial statements
Consolidated balance sheets(Thousands of yen)
As of March 31, 2019

As of September 30, 2019

AssetsCurrent assets
Cash and deposits
Accounts receivable - trade

15,200,619
261,015

14,172,039265,831

Trade accounts receivable
Merchandise

235,823
6,756

508,401
3,269

Supplies
Other

76,799482,71162,643434,721

16,263,726

15,446,906

49,074,709(16,980,942)

52,240,998(17,815,403)

Buildings and structures, net

32,093,766

34,425,595

Machinery, equipment and vehicles
Accumulated depreciation

1,616,182(808,961)

1,723,536(878,404)

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

807,221845,132

1,407,049(1,076,235)

1,494,789(1,133,389)

330,814

361,400

8,381,135
4,133,582

9,006,490
4,336,033

Accumulated depreciation(786,720)(864,185)

Leased assets, net

3,346,861

3,471,848

Construction in progress

2,786,224

2,167,150

Total property, plant and equipment

47,746,024

50,277,617

Intangible assets
Investments and other assets

130,608

144,196

Deferred tax assets
Other746,827
2,845,522

756,235
2,902,434(11,850)(11,850)

Allowance for doubtful accounts
Total investments and other assets

3,580,499

3,646,819

51,457,131

54,068,633

Deferred assets
Share issuance cost

3,172

2,220

Bond issuance cost

2,905

1,743

Total deferred assets

6,077

3,963

67,726,935

69,519,503

Total non-current assets

Total assets3

(Thousands of yen)
As of March 31, 2019

As of September 30, 2019

Liabilities
Current liabilities
Accounts payable - trade

1,083

588

Short-term borrowings
Current portion of bonds–
241,200

300,000
234,800

Current portion of long-term borrowings
Income taxes payable

4,800,762
1,433,689

4,899,564
1,422,203

Other

3,063,553

2,814,070

Total current liabilities

9,540,287

9,671,227

Bonds payable
Long-term borrowings

258,200
19,383,869

144,000
19,021,825

Lease obligations
Provision for retirement benefits for directors (and other2,968,901

3,174,755

866,820885,900

56,59566,504

2,339,449
134,3022,494,753–

Non-current liabilities

officers)
Retirement benefit liability
Asset retirement obligations
Provision for loss on litigation
Other

219,946

218,997

26,228,084

26,006,735

35,768,371

35,677,962

Share capital
Capital surplus

1,580,817
2,295,434

1,580,817
2,295,434

Retained earnings
Treasury shares

25,610,096(7,459)27,303,292(7,725)

Total shareholders' equity

29,478,890

31,171,820(3,060)(2,735)(3,060)(2,735)

Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity

Accumulated other comprehensive income
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests

2,482,734

2,672,456

Total net assets

31,958,564

33,841,541

67,726,935

69,519,503

Total 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, 2018

September 30, 2019

Net sales
Cost of sales

13,313,865
8,412,377

14,230,126
9,556,966

Gross profit

4,901,488

4,673,159

221,983

224,213

269,830
2,647

258,253
3,170Selling, general and administrative expenses
Remuneration for directors (and other officers)
Salaries and bonuses
Retirement benefit expenses
OtherTotal selling, general and administrative expenses
Operating profit

933,961

700,608

1,428,423

1,186,245

3,473,064

3,486,914

Non-operating income
Interest income

1,408

1,246

Dividend income
Commission income

195,2722
86,509Miscellaneous income

86,51019,440Total non-operating income

183,194

107,197

Interest expenses
Miscellaneous loss

77,405
10,241

76,611
13,500Total non-operating expenses

87,647

90,111

3,568,612

3,504,000

Non-operating expenses

Ordinary profit
Extraordinary income
Gain on sales of non-current assets

133,292

311–

56,746133,292

57,058Loss on retirement of non-current assets

4,374

1,593

Total extraordinary losses

4,374

1,593

Profit before income taxes

3,697,530

3,559,465

Income taxes - current
Income taxes - deferred

1,348,758
11,2791,339,199(9,466)

Total income taxes

1,360,038

1,329,732

Profit2,337,492

2,229,732

195,783

229,896

2,141,708

1,999,836

Reversal of provision for loss on litigation
Total extraordinary income
Extraordinary losses

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

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

ProfitOther comprehensive income

Six months ended

Six months ended

September 30, 2018

September 30, 2019

2,337,492

2,229,732

Remeasurements of defined benefit plans, net of tax

108

325

Total other comprehensive income

108325Comprehensive income

2,337,600

2,230,057

Comprehensive income attributable toComprehensive income attributable to owners of parent2,141,817

2,000,161

195,783

229,896

Comprehensive income attributable to non-controllinginterests

6