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 Three Months Ended June 30, 2018
(Based on Japanese GAAP)
July 31, 2018
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
August 6, 2018

Scheduled date to commence dividend payments:
Preparation of supplementary material on quarterly financial results:–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 three months ended June 30, 2018 (from April 1, 2018 to June 30, 2018)(1) Consolidated operating results (cumulative)
Net sales
Three months ended June 30, 2018
Three months ended June 30, 2017

Millions of yen6,5515,658

Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
owners of parent% Millions of yen% Millions of yen% Millions of yen
%
15.8
1,685
30.8
1,723
33.6
1,002
33.8
11.4
1,288
(2.0)
1,290
(2.0)
749
(3.5)

Earnings per share

Diluted earnings per share

Yen
26.17
19.56

Three months ended June 30, 2018
Three months ended June 30, 2017

Yen––(2) Consolidated financial position
Total assets
As of June 30, 2018
As of March 31, 2018

Net assets

Millions of yen
59,61458,194Equity ratio

Millions of yen
28,872
28,126%44.8
44.7

2. Cash dividends
Annual dividends per share

Year ended March 31, 2018Year ending March 31, 2019

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––

Yen
13.00

Yen–

Yen
8.00

Yen–

7.00

–

7.00

14.00

Year ending March 31, 2019 (Forecast)Total

3. Forecast of consolidated financial results for the year ending March 31, 2019 (from April 1, 2018 to March 31, 2019)
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
Six months ending
13,000
11.2
3,400
10.4
3,400
10.3
2,050
9.4
53.51
September 30, 2018
Full year
27,000
11.9
7,240
10.3
7,300
10.6
4,200
11.5
109.641

4. Notes(1) Changes in significant subsidiaries during the three months ended June 30, 2018(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 June 30, 2018

38,315,000 shares As of March 31, 2018

38,315,000 sharesNumber of treasury shares at the end of the period
As of June 30, 2018

8,560 shares As of March 31, 2018

8,560 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Three months ended June 30, 2018

38,306,440 shares Three months ended June 30, 2017

238,306,900 shares

Quarterly consolidated financial statements
Consolidated balance sheets(Thousands of yen)
As of March 31, 2018

As of June 30, 2018

AssetsCurrent assets
Cash and deposits
Accounts receivable - trade

12,814,836
188,824

12,548,413
174,879

Operating accounts receivable
Merchandise

256,992
4,097

272,141
2,573

Supplies
Other

69,770324,786

88,910488,786

Allowance for doubtful accounts
Total current assets

(40)

–

13,659,268

13,575,704

Non-current assets
Property, plant and equipment
Buildings and structures

43,153,703

44,308,703

Accumulated depreciation(15,496,627)(15,832,432)

Buildings and structures, net

27,657,076

28,476,270

Machinery, equipment and vehicles

1,377,233

1,411,183

Accumulated depreciation(714,105)(741,335)

Machinery, equipment and vehicles, net

663,128

669,847

1,199,152

1,236,804(956,719)(980,232)

Tools, furniture and fixtures
Accumulated depreciation

242,432

256,571Land

Tools, furniture and fixtures, net

6,532,686

7,030,422

Leased assets
Accumulated depreciation

3,469,709(597,795)

3,698,063(597,646)

Leased assets, net

2,871,914

3,100,416

Construction in progress

3,065,455

3,096,544

Total property, plant and equipment

41,032,693

42,630,073

89,161

94,200Intangible assets
Investments and other assets
Deferred tax assets

583,432

449,785

Other
Allowance for doubtful accounts

2,831,733(11,880)

2,867,240(11,850)

Total investments and other assets

3,403,285

3,305,176

44,525,140

46,029,449

5,075
5,229

4,599
4,648

Total non-current assets
Deferred assets
Share issuance cost
Bond issuance cost
Total deferred assets
Total assets

3

10,305

9,248

58,194,714

59,614,402

(Thousands of yen)
As of March 31, 2018

As of June 30, 2018

Liabilities
Current liabilities
Accounts payable - trade

1,282

1,588

Current portion of bonds
Current portion of long-term loans payable

241,200
3,852,626

241,200
4,062,906

Income taxes payable
Other

1,844,889
2,563,892

533,082
3,411,188

Total current liabilities

8,503,890

8,249,965

499,400

436,400

Long-term loans payable
Lease obligations

15,107,896
2,648,930

16,018,227
2,842,563

Provision for directors' retirement benefits
Net defined benefit liability

1,051,100
35,774

836,720
40,091

Asset retirement obligations
Other

2,008,191
212,662

2,104,460
213,694

Total non-current liabilities

21,563,956

22,492,156

30,067,84630,742,122

Shareholders' equity
Capital stock

1,580,817

1,580,817

Capital surplus
Retained earnings

2,295,703
22,161,213

2,295,500
22,857,596(7,384)(6,945)26,030,349

26,726,969

Remeasurements of defined benefit plans(1,082)(1,028)

Total accumulated other comprehensive income(1,082)(1,028)Non-current liabilities
Bonds payable

Total liabilities
Net assets

Treasury shares
Total shareholders' equity
Accumulated other comprehensive income

Non-controlling interests

2,097,600

2,146,339

Total net assets

28,126,867

28,872,279

58,194,714

59,614,402

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)Three months ended

Three months ended

June 30, 2017

June 30, 2018

Net sales
Cost of sales

5,658,279
3,624,350

6,551,401
4,164,606

Gross profit

2,033,929

2,386,795

95,648109,721

Salaries and bonuses
Retirement benefit expenses

182,945
1,352

148,503
1,323

Other465,062

441,698

Total selling, general and administrative expenses

745,008

701,247

Selling, general and administrative expenses
Directors' compensations

Operating profit

1,288,921

1,685,548

Non-operating income
Interest income

914

749

Dividend income
Commission fee

141,6191
48,340Miscellaneous income

6,277

33,424

Total non-operating income

48,81282,516

Interest expenses
Miscellaneous loss

42,155
5,112

39,317
5,174

Total non-operating expenses

47,26844,491

1,290,465

1,723,573

494

4,297

494

4,297

1,289,971

1,719,275

451,324

500,362

Income taxes - deferred

39,992

133,623

Total income taxes

491,317

633,986

Profit798,653

1,085,288

Profit attributable to non-controlling interests

49,11182,453

Profit attributable to owners of parent

749,542

1,002,835

Non-operating expenses

Ordinary profit
Extraordinary losses
Loss on retirement of non-current assets
Total extraordinary losses
Profit before income taxes
Income taxes - current

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

ProfitOther comprehensive income

Three months ended

Three months ended

June 30, 2017

June 30, 2018798,6531,085,288

Remeasurements of defined benefit plans, net of tax–

54

Total other comprehensive income–54

Comprehensive income

798,653

1,085,343

Comprehensive income attributable toComprehensive income attributable to owners of parent

749,542

1,002,889

49,11182,453Comprehensive income attributable to non-controllinginterests

6