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, 2019
(Based on Japanese GAAP)
July 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
August 6, 2019

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, 2019 (from April 1, 2019 to June 30, 2019)(1) Consolidated operating results (cumulative)
Net sales
Three months ended June 30, 2019
Three months ended June 30, 2018

Millions of yen7,143
6,551

Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
owners of parent% Millions of yen% Millions of yen% Millions of yen
%
9.0
1,761
4.5
1,768
2.6
979
(2.3)
15.8
1,685
30.8
1,723
33.6
1,002
33.8

Earnings per share

Diluted earnings per share

Yen
25.57
26.17

Three months ended June 30, 2019
Three months ended June 30, 2018

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

Net assets

Millions of yen
68,10867,726Equity ratioMillions of yen
32,693
31,958

%
44.3
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

Yen–

Yen
8.00

Yen
15.00

8.00

–

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 profitEarnings per shareowners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Yen
Six months ending
14,600
9.7
3,860
11.1
3,890
9.0
2,100(1.9)
54.82
September 30, 2019
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 three months ended June 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 June 30, 2019

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

38,315,000 sharesNumber of treasury shares at the end of the period
As of June 30, 2019

8,683 shares As of March 31, 2019

8,683 shares

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

38,306,317 shares Three months ended June 30, 2018

238,306,440 shares

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

As of June 30, 2019

AssetsCurrent assets
Cash and deposits
Accounts receivable - trade

15,200,619
261,015

13,669,809
216,303Trade accounts receivable
Merchandise

235,823
6,756

557,239
4,999

Supplies
Other

76,799482,71174,918431,256

16,263,726

14,954,527

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

50,062,147(17,383,065)

Buildings and structures, net

32,093,766

32,679,081

Machinery, equipment and vehicles
Accumulated depreciation

1,616,182(808,961)

1,681,999(841,410)

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

807,221840,589

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

1,428,290(1,108,602)

330,814319,688

8,381,135
4,133,582

8,911,805
4,174,205

Accumulated depreciation(786,720)(792,949)

Leased assets, net

3,346,861

3,381,255

Construction in progress

2,786,224

3,314,432

Total property, plant and equipment

47,746,024

49,446,853

Intangible assets
Investments and other assets

130,608

142,105

Deferred tax assets
Other746,827
2,845,522

700,8622,870,917(11,850)(11,850)

Allowance for doubtful accounts
Total investments and other assets

3,580,499

3,559,930

51,457,131

53,148,889

Deferred assets
Share issuance cost

3,172

2,696

Bond issuance cost

2,905

2,324

Total deferred assets

6,077

5,020

67,726,935

68,108,436

Total non-current assets

Total assets3

(Thousands of yen)
As of March 31, 2019

As of June 30, 2019

Liabilities
Current liabilities
Accounts payable - trade

1,083

978

Current portion of bonds
Current portion of long-term borrowings

241,200
4,800,762

241,200
4,902,260

Income taxes payable
Other

1,433,689
3,063,553

676,938
2,968,210

Total current liabilities

9,540,287

8,789,588

258,200

195,200

19,383,869
2,968,901

19,628,657
3,088,157

866,820876,830Retirement benefit liability
Asset retirement obligations

56,5952,339,449

61,0532,419,630

Provision for loss on litigation
Other

134,302219,946

134,302
221,944

Total non-current liabilities

26,228,084

26,625,775

35,768,371

35,415,363

Shareholders' equity
Share capital

1,580,817

1,580,817

Capital surplusRetained earnings

2,295,434
25,610,096

2,295,434
26,283,030

Non-current liabilities
Bonds payable
Long-term borrowings
Lease obligations
Provision for retirement benefits for directors (and otherofficers)

Total liabilities
Net assets

Treasury shares
Total shareholders' equity(7,459)(7,459)29,478,890

30,151,824(3,060)(2,898)

Accumulated other comprehensive income
Remeasurements of defined benefit plans(3,060)(2,898)Non-controlling interests

Total accumulated other comprehensive income

2,482,734

2,544,146

Total net assets31,958,564

32,693,073

67,726,935

68,108,436

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, 2018

June 30, 2019

Net sales
Cost of sales

6,551,401
4,164,606

7,143,019
4,683,840

Gross profit

2,386,795

2,459,179

109,721112,523

Salaries and bonuses
Retirement benefit expenses

148,503
1,323

180,928
1,585

Other

441,698

402,869

Total selling, general and administrative expenses

701,247

697,906

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

Operating profit

1,685,548

1,761,272

Non-operating income
Interest income

749

662

Dividend income
Commission income

1
48,3402
41,490Miscellaneous income

33,424

9,469

Total non-operating income

82,516

51,624

Interest expenses
Miscellaneous loss

39,317
5,174

38,543
5,862

Total non-operating expenses

44,49144,406

1,723,573

1,768,490

–

311–

311

4,297

1,434

Non-operating expenses

Ordinary profit
Extraordinary income
Gain on sales of non-current assets
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Total extraordinary losses

4,297

1,434

1,719,275

1,767,367

Income taxes - current

500,362

640,230

Income taxes - deferred

133,623

45,976

Profit before income taxes

Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

5633,986

686,206

1,085,288

1,081,161

82,453

101,587

1,002,835

979,574

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

ProfitOther comprehensive income

Three months ended

Three months ended

June 30, 2018

June 30, 2019

1,085,288

1,081,161

Remeasurements of defined benefit plans, net of tax

54

162

Total other comprehensive income

54

162

Comprehensive income

1,085,343

1,081,323

Comprehensive income attributable toComprehensive income attributable to owners of parent

1,002,889

979,736

82,453

101,587

Comprehensive income attributable to non-controllinginterests6