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 Nine Months Ended December 31, 2020
(Based on Japanese GAAP)
January 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
February 5, 2021

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 nine months ended December 31, 2020 (from April 1, 2020 to December 31, 2020)(1) Consolidated operating results (cumulative)

Nine months ended December 31, 2020
Nine months ended December 31, 2019

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%
13,033 (39.2)
1,042 (81.1)
1,095 (80.2)
194 (94.0)
21,439
5.4
5,512
1.8
5,539
0.3
3,213(1.6)
Earnings per share

Diluted earnings per share

Yen
5.06
83.89

Nine months ended December 31, 2020
Nine months ended December 31, 2019

Yen––(2) Consolidated financial position
Total assets
As of December 31, 2020
As of March 31, 2020

Net assets

Millions of yen73,275
75,462Equity ratio

Millions of yen
37,43537,528

%
47.2
45.9

2. Cash dividends
Annual dividends per share

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

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––

Yen
8.00
0.00

Yen––

Yen
7.00

Yen
15.00

4.00

4.00

Year ending March 31, 2021 (Forecast)Total

3. Forecast of consolidated financial results for the year ending March 31, 2021 (from April 1, 2020 to March 31, 2021)
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
18,000 (47.8)
2,000 (79.3)
2,000 (79.1)
700 (87.9)
18.27

1

4. Notes(1) Changes in significant subsidiaries during the nine months ended December 31, 2020(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:

NoNo

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 December 31, 2020

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

38,315,000 shares

Number of treasury shares at the end of the periodAs of December 31, 2020

8,841 shares As of March 31, 2020

8,781 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Nine months ended December 31, 2020

38,306,212 shares Nine months ended December 31, 2019

238,306,266 shares

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

As of December 31, 2020

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

18,116,636
300,929

Trade accounts receivable
Merchandise

105,7012,555

123,572
1,889

Supplies
Other

67,053423,356

72,272
689,638

23,341,878

19,304,938

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

55,468,817(18,367,544)

Buildings and structures, net

33,398,507

37,101,273

Machinery, equipment and vehicles
Accumulated depreciation

1,734,573(936,068)

1,936,053(1,047,177)

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

Machinery, equipment and vehicles, net

798,505

888,875

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

1,499,090(1,151,939)

323,798

347,151

6,690,267
4,401,016

6,815,966
4,805,097

Accumulated depreciation(872,063)(1,006,553)

Leased assets, net

3,528,953

3,798,544

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

Construction in progress

2,945,711

619,730

Total property, plant and equipment

47,685,742

49,571,541

Intangible assets
Investments and other assets

146,162

186,175

Deferred tax assets
Other813,6123,485,466

694,715
3,529,875(11,850)(11,760)

Allowance for doubtful accounts
Total investments and other assets

4,287,228

4,212,830

52,119,133

53,970,548

1,268

–

Bond issuance costs

581–

Total deferred assets

1,849

–

75,462,862

73,275,487

Total non-current assets
Deferred assets
Share issuance costs

Total assets3

(Thousands of yen)
As of March 31, 2020

As of December 31, 2020

Liabilities
Current liabilities
Accounts payable - trade

709

424

250,000
177,200

350,000
81,000Current portion of long-term borrowings
Income taxes payable

4,868,922
2,460,867

5,530,018
77,540Other

4,615,880

2,473,831

Total current liabilities

12,373,579

8,512,814

Bonds payable
Long-term borrowings

81,00018,494,975–
19,689,395

Lease obligations
Provision for retirement benefits for directors (and other

3,206,477

3,566,860

905,260

928,150

77,78892,070Asset retirement obligations
Other

2,580,902
214,353

2,845,550
204,848

Total non-current liabilities

25,560,756

27,326,874

37,934,335

35,839,689

Shareholders' equity
Share capital

1,580,817

1,580,817

Capital surplus
Retained earnings

2,295,434
30,801,064

2,295,434
30,726,985

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

officers)
Retirement benefit liability

Total liabilities
Net assets

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

34,669,591

34,595,430(4,472)(3,675)

Accumulated other comprehensive income
Remeasurements of defined benefit plans(4,472)(3,675)

Non-controlling interests

Total accumulated other comprehensive income

2,863,407

2,844,042

Total net assets

37,528,526

37,435,797

75,462,862

73,275,487

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)
Nine months ended

Nine months ended

December 31, 2019

December 31, 2020

Net sales
Cost of sales

21,439,798
14,067,202

13,033,774
10,620,351

Gross profit

7,372,596

2,413,423

326,690274,644386,303
4,756

347,113
5,846

Selling, general and administrative expenses
Remuneration for directors (and other officers)
Salaries and bonuses
Retirement benefit expenses
Other

1,142,703

743,498

Total selling, general and administrative expenses

1,860,452

1,371,103

Operating profit

5,512,143

1,042,320

Non-operating income
Interest income

2,197

1,687

Dividend income
Commission income

2124,5762
69,881

Subsidy income
Miscellaneous income

5,766
30,684

83,482
41,626

Total non-operating income

163,227

196,679

Non-operating expenses
Interest expenses

114,234

107,009

Miscellaneous loss

21,35436,499Total non-operating expenses

135,588

143,5095,539,782

1,095,490

311––
167,840

Reversal of provision for loss on litigation
Other

56,746––
16,851

Total extraordinary income

57,058

184,692

Ordinary profit
Extraordinary income
Gain on sales of non-current assets
Subsidies for employment adjustment

Extraordinary losses
Loss on retirement of non-current assets

5,077

8,151

–
–

843,597
77

5,077

851,826

Profit before income taxes

5,591,762

428,356

Income taxes - current

1,986,940

94,927

Loss on store closed
Other
Total extraordinary losses

Income taxes - deferred

32,246

118,554

Total income taxes

2,019,186213,482

Profit

3,572,576

214,874

358,684

20,8093,213,892

194,064

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

Nine months ended

Nine months ended

December 31, 2019

December 31, 2020

3,572,576

214,874

Remeasurements of defined benefit plans, net of tax

487

796

Total other comprehensive income

487

796

Comprehensive income

3,573,063

215,671

Comprehensive income attributable toComprehensive income attributable to owners of parent

3,214,379

194,861

358,684

20,809Comprehensive income attributable to non-controllinginterests

6