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, 2022
(Based on Japanese GAAP)May 10, 2022
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 28, 2022
June 29, 2022

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

June 29, 2022
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, 2022 (from April 1, 2021 to March 31, 2022)(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, 2022
27,31955.0
4,485 315.3
4,546 295.4
2,424–Year ended March 31, 2021
17,625(48.9)
1,080(88.8)
1,149 (88.0)
217(96.2)

Earnings per share

Profit attributable toOrdinary profit/total Operating profit/net
owners ofassetssales
parent/equity
Yen
%
%
%
–
6.8
5.9
16.4
–
0.6
1.5
6.1

Diluted earnings per
share

Yen
63.29
5.68

Year ended March 31, 2022
Year ended March 31, 2021
(2) Consolidated financial position

Total assets
As of March 31, 2022
As of March 31, 2021

Net assets

Equity ratio

Millions of yen
77,97977,100Millions of yen
40,20237,448Cash flows fromoperating activities
Millions of yen
13,162(1,448)Cash flows frominvesting activities
Millions of yen(2,638)(3,927)

Net assets per share
%
47.3
44.9

Yen
963.64903.77(3) Consolidated cash flows

Year ended March 31, 2022
Year ended March 31, 2021

Cash flows from
Cash and cash equivalents
at end of period
financing activities
Millions of yen
Millions of yen(5,014)25,048
4,905
19,538

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

Year ended March 31, 2021
Year ended March 31, 2022
Year ending March 31, 2023
(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

%

%

–
–

0.00
1.00

–
–

2.00
5.00

2.00
6.00

76
229

35.2
9.5

0.2
0.6

–

1.00

–

1.00

2.00

1

8.5

3. Forecast of consolidated financial results for the year ending March 31, 2023 (from April 1, 2022 to March 31, 2023)
Net sales
Millions of yen
Six months ending
September 30, 2022
Full year

Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
Earnings per shareowners of parent% Millions of yen% Millions of yen% Millions of yen
%
Yen

9,900

2.1

800

10.3

800

9.1

370

4.1

9.65

20,600(24.6)

2,000(55.4)

2,000(56.0)

900(62.9)

23.49

4. Notes(1) Changes in significant subsidiaries during the year ended March 31, 2022
(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:
Yes
Changes in accounting policies due to other reasons:
Changes in accounting estimates:

No
No

Restatement of prior period financial statements:

No(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, 2022

38,315,000 shares As of March 31, 2021

38,315,000 shares

Number of treasury shares at the end of the period
As of March 31, 2022

8,924 shares As of March 31, 2021

8,841 shares

Average number of shares during the period
Year ended March 31, 2022

38,306,119 shares Year ended March 31, 2021

2

38,306,199 shares

Consolidated financial statements
Consolidated balance sheets(Thousands of yen)
As of March 31, 2021

As of March 31, 2022

AssetsCurrent assets
Cash and deposits
Accounts receivable - trade21,900,125
278,302

26,871,395
365,217

Trade accounts receivable
Merchandise

114,346
1,666

126,328
1,755

Supplies
Other55,276
624,892

47,834364,960

22,974,610

27,777,492

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

54,199,744(20,460,984)

Buildings and structures, net

36,985,011

33,738,759

Machinery, equipment and vehicles
Accumulated depreciation

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

1,986,942(1,210,286)

848,154776,656

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

1,483,730(1,272,090)

318,667

211,639

7,037,648
4,805,097

5,970,716
4,642,083

Accumulated depreciation(1,082,966)(1,287,397)

Leased assets, net

3,722,131

3,354,685

Construction in progress

764,721612,063

49,676,334

44,664,522

176,349

139,832

176,349

139,832

Investments and other assets
Leasehold and guarantee deposits

2,712,735

2,687,582

Long-term loans receivable
Deferred tax assets

66,234
740,851

50,2291,099,412

Shares of subsidiaries and associates
Other–
738,935

1,369,620
182,020

Allowance for doubtful accounts(11,760)(11,760)

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

Total property, plant and equipment
Intangible assets
Other
Total intangible assets

Total investments and other assets
Total non-current assets
Deferred assets
Bond issuance costs
Total deferred assets
Total assets

3

4,246,997

5,377,105

54,099,681

50,181,460

26,05820,75826,05820,758

77,100,350

77,979,711

(Thousands of yen)
As of March 31, 2021

As of March 31, 2022

Liabilities
Current liabilities
Accounts payable - trade

184

404

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

81,0005,491,856–
5,252,926

Lease liabilities
Accounts payable - other

302,860
1,309,250

299,636
1,363,593

Income taxes payable
Accrued consumption taxes

189,018–

2,208,381
1,162,650

Other866,722771,740

8,240,892

11,059,333

Bonds payable
Long-term borrowings

5,000,000
18,829,137

5,000,000
14,366,211

Lease liabilities
Provision for retirement benefits for directors (and other3,493,277

3,131,296

936,300

963,680

Total current liabilities
Non-current liabilities

officers)
Retirement benefit liability

91,858110,134

Asset retirement obligations
Other

2,853,674
207,1312,945,773
200,959

Total non-current liabilities

31,411,379

26,718,054

39,652,271

37,777,388

Shareholders' equity
Share capital

1,580,817

1,580,817

Capital surplus
Retained earnings

2,295,403
30,750,745

2,295,862
33,043,549(7,807)(7,955)34,619,159

36,912,274

Remeasurements of defined benefit plans

985

1,168

Total accumulated other comprehensive income

985

1,168

Total liabilities
Net assets

Treasury shares
Total shareholders' equity
Accumulated other comprehensive income

Non-controlling interests

2,827,934

3,288,880

Total net assets

37,448,079

40,202,322

77,100,350

77,979,711

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, 2021
Net sales
Cost of sales
Gross profit
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
Dividend income
Commission income
Rental income
Subsidy income
Share of profit of entities accounted for using equity method
Other
Total non-operating income
Non-operating expenses
Interest expenses
Interest on bonds
Loss on cancellation of rental contracts
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Subsidies for employment adjustment
Subsidy income
Other
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Loss on store closures
Loss on changes in construction project
Other
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

5

Fiscal year ended
March 31, 2022

17,625,205
14,746,130
2,879,074

27,319,772
21,066,961
6,252,810

66,284
266,713350,524

17,717
278,096398,684

34,43033,285439,526
7,873
185,678
37,451
410,530
1,799,011
1,080,063

378,524
5,256
290,282
38,067
327,853
1,767,768
4,485,042

2,707
2
94,926
11,542
103,431–
43,330255,941

2,309
18,987
107,647
14,504
69,16023,095
13,733
249,438

140,8122,968
18,83823,587
186,207
1,149,796

128,894
29,107–
29,908
187,910
4,546,570–
169,894–
18,206
188,101

280
3,947
49,430–53,6588,151
855,212–
77863,442
474,456
181,463
70,411
251,874
222,5814,756
217,824

3,111
48,80534,2475,250
91,413
4,508,815
2,174,571(358,640)
1,815,931
2,692,883
268,1432,424,740

Consolidated statements of comprehensive income(Thousands of yen)

ProfitOther comprehensive income
Remeasurements of defined benefit plans, net of tax
Total other comprehensive income

Fiscal year ended

Fiscal year ended

March 31, 2021

March 31, 2022

222,5812,692,883

5,457

183

5,457

183

Comprehensive income

228,039

2,693,067

Comprehensive income attributable toComprehensive income attributable to owners of parent

223,282

2,424,923

4,756

268,143

Comprehensive income attributable to non-controllinginterests

6

Consolidated statements of changes in equity
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)

Change in scope of
consolidation
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

(55)

(87)

Change in scope of
consolidation
Net changes in items
other than shareholders'equity

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

7Fiscal year ended March 31, 2022
(Thousands of yen)
Shareholders' equity
Share capital
Balance at beginning of
periodCapital surplus

1,580,817

Retained earnings

2,295,403

Treasury shares

30,750,745(7,807)

Total shareholders'equity34,619,159

Changes during period
Dividends of surplus(114,918)(114,918)

Profit attributable toowners of parent

2,424,740

2,424,740

Purchase of treasury
shares

(148)

(148)

Change in ownershipinterest of parent due totransactions with noncontrolling interests(14)

Change in scope of
consolidation

474(17,017)–459

2,292,804(148)

2,293,114

1,580,817

2,295,862

33,043,549(7,955)36,912,274(14)(16,543)

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

Accumulated other comprehensive income
Remeasurements of defined
benefit plans
Balance at beginning of
periodTotal accumulated othercomprehensive income

985

985

Non-controlling interests

2,827,934

Total net assets

37,448,079

Changes during period
Dividends of surplus(114,918)

Profit attributable toowners of parent

2,424,740

Purchase of treasury
shares(148)

Change in ownershipinterest of parent due totransactions with noncontrolling interests(28)

Change in scope of
consolidation
Net changes in items
other than shareholders'equity(42)(16,543)183

183

460,973

461,156

Total changes during
period183

183

460,9452,754,243

Balance at end of period

1,168

1,168

3,288,880

40,202,322

8

Consolidated statements of cash flows(Thousands of yen)

Cash flows from operating activities
Profit before income taxes
Depreciation
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for retirement benefits for
directors (and other officers)
Increase (decrease) in retirement benefit liability
Interest and dividend income
Interest expenses
Amortization of bond issuance costs
Amortization of share issuance costs
Loss (gain) on sale of property, plant and equipment
Loss on retirement of non-current assets
Other extraordinary loss (income)Loss on cancellation of rental contracts
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Decrease (increase) in real estate for sale
Increase (decrease) in trade payables
Increase/decrease in consumption taxes payable/consumption
taxes refund receivable
Decrease (increase) in other assets
Increase (decrease) in other liabilities
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Payments for cancellation of rental contracts
Net cash provided by (used in) operating activities
Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment
Purchase of short-term and long-term investment securities
Payments of guarantee deposits
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Increase (decrease) in short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from issuance of bonds
Redemption of bonds
Purchase of treasury shares
Dividends paid
Dividends paid to non-controlling interests
Repayments of lease liabilities
Proceeds from share issuance to non-controlling shareholders
Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

9

Fiscal year ended

Fiscal year ended

March 31, 2021

March 31, 2022

474,4562,460,682(90)

4,508,815
2,522,132–

31,04027,38014,070(2,710)143,781
1,022
1,268
–
8,151
–
18,83842,822
12,664–(524)

19,148(21,297)
158,001
5,300
–
(280)
3,111
2,250
–
(98,896)
7,352
4,309,344
219(1,109,817)

1,380,622

7,525(922,998)(1,277)
1,178,907
893(142,224)(2,388,001)(98,167)(1,448,592)

86,414
69,117
530,479
13,509,215
19,782(157,396)(209,506)–
13,162,094(132,120)
175,010(3,881,177)–(70,503)(18,279)(3,927,069)(632,084)
1,170,444(1,784,680)(1,400,000)(21,868)
29,962(2,638,226)(250,000)
6,600,000(5,642,904)
4,973,499(177,200)(81)(268,025)(40,174)(289,879)–
4,905,234(470,427)
20,008,870
19,538,443–
800,000(5,501,856)–(81,000)(148)(114,930)(6,695)(309,606)
200,000(5,014,238)
5,509,630
19,538,443
25,048,073