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, 2021
(Based on Japanese GAAP)May 13, 2021
Company name:

ISEWAN TERMINAL SERVICE CO.,LTD.

Stock exchange listing: Nagoya
Stock code:
9359
Representative:
Inquiries:

URL

https://www.isewan.co.jp/

President
Executive Managing Director

Masanobu Takami
Akihiko Takahashi

Scheduled date of ordinary general meeting of shareholders:
Scheduled date to file Securities Report:

June 29, 2021
June 29, 2021

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

June 30, 2021
No

Holding of financial results meeting:

NoTEL

052-661-5181(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the year ended March 31, 2021 (from April 1, 2020 to March 31, 2021)(1) Consolidated operating results
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%
Year ended March 31, 2021
41,759(12.1)
954 (57.7)
1,301(53.6)
826(48.8)
Year ended March 31, 2020
47,502(7.1)
2,257(34.2)
2,803(25.1)
1,613(25.6)
Profit attributable toOrdinary profit/total Operating profit/net
owners ofassets
sales
parent/equity
Yen%%%–
2.5
2.9
2.3
–
4.9
6.2
4.8

Diluted earnings pershare

Earnings per share
Yen
33.34
65.05Year ended March 31, 2021
Year ended March 31, 2020
(2) Consolidated financial position

Total assets
As of March 31, 2021
As of March 31, 2020

Net assets

Equity ratio

Millions of yen
44,85944,778Millions of yen
34,98434,213

Cash flows fromoperating activities
Millions of yen
1,703
3,053

Cash flows frominvesting activities
Millions of yen
(94)
(719)

Net assets per share%
75.5
73.9

Yen
1,366.22
1,333.58(3) Consolidated cash flows

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

Cash flows from
Cash and cash equivalents
at end of periodfinancing activities
Millions of yen
Millions of yen(1,392)
9,709(1,483)9,569

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

Year ended March 31, 2020
Year ended March 31, 2021
Year ending March 31, 2022
(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%%

––

11.00
11.00

––

11.00
12.00

22.00
23.00

570
596

33.8
69.0

1.71.7–

11.00

–

11.00

22.00

135.7

3. Forecast of consolidated financial results for the year ending March 31, 2022 (from April 1, 2021 to March 31, 2022)
Net sales
Millions of yen
Six months ending
September 30, 2021
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

21,400

4.9

870

428.0

1,120

236.5

730

253.6

29.43

43,500

4.2

1,870

96.0

2,350

80.5

1,530

85.0

61.68

4. Notes(1) Changes in significant subsidiaries during the year ended March 31, 2021
(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:No
Changes in accounting policies due to other reasons:
Changes in accounting estimates:

NoNo

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, 2021

27,487,054 shares As of March 31, 2020

27,487,054 shares

Number of treasury shares at the end of the period
As of March 31, 2021

2,681,341 shares As of March 31, 2020

2,681,291 shares

24,805,728 shares Year ended March 31, 2020

24,805,817 shares

Average number of shares during the period
Year ended March 31, 20212

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

As of March 31, 2021Assets
Current assets
Cash and deposits
Notes and accounts receivable - trade

9,694,168
6,780,427

9,794,605
6,955,176

Other
Allowance for doubtful accounts

1,223,984(9,575)

1,096,508(11,522)

Total current assets

17,689,004

17,834,768

20,434,260(13,533,493)

20,292,289(13,909,666)

Buildings and structures, net

6,900,766

6,382,623

Machinery, equipment and vehicles
Accumulated depreciation

7,614,158(6,616,889)

7,644,462(6,783,483)

997,268

860,978

13,042,065
243,511

12,901,649
229,413Accumulated depreciation(141,959)(103,265)

Leased assets, net

101,552

126,147

Construction in progress

6,109

2,732

1,684,605(1,122,314)

1,666,126(1,222,591)

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

Machinery, equipment and vehicles, net
Land
Leased assets

Other
Accumulated depreciation
Other, net

562,290443,535

21,610,054

20,717,666

Other

52,815112,965

Total intangible assets

52,815112,965

Investment securities
Investments in capital

2,913,741
1,660

4,031,260
1,760Long-term loans receivable
Deferred tax assets

778,550
1,256,609

723,549
1,039,047

Other
Allowance for doubtful accounts

521,003(45,332)

468,783(69,997)

Total investments and other assets

5,426,231

6,194,403

27,089,100

27,025,036

44,778,105

44,859,805

Total property, plant and equipment
Intangible assets

Investments and other assets

Total non-current assets
Total assets3

(Thousands of yen)
As of March 31, 2020

As of March 31, 2021

Liabilities
Current liabilities
Accounts payable - trade

3,102,242

3,170,704

Short-term borrowings
Current portion of long-term borrowings

63,060581,741

66,396
16,245

Lease obligations
Income taxes payable

141,527
265,518

161,252
221,467

Provision for bonuses
Other871,117
1,236,488

854,417
1,191,581

Total current liabilities

6,261,695

5,682,064

Non-current liabilities
Long-term borrowings

181,199

158,036

Lease obligations
Retirement benefit liability

351,4133,307,180

256,633
3,458,994

Asset retirement obligations
Other

223,670
239,454

216,063103,281

Total non-current liabilities

4,302,917

4,193,009

10,564,613

9,875,074

Shareholders' equity
Share capital

2,046,941

2,046,941

Capital surplus
Retained earnings

1,464,060
30,485,049

1,464,060
30,741,657

Treasury shares(1,218,278)(1,218,319)

Total shareholders' equity

32,777,771

33,034,340

499,697(195,645)

1,208,431(426,782)(1,264)73,967

Total liabilities
Net assets

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans

302,787

855,615

Non-controlling interests

Total accumulated other comprehensive income

1,132,932

1,094,775

Total net assets

34,213,491

34,984,731

44,778,105

44,859,805

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, 2020

Fiscal year ended
March 31, 2021

Net sales

47,502,640

41,759,850

Cost of sales

37,225,574

33,169,170

Gross profit

10,277,065

8,590,679

692,100
3,832,397

850,310
3,690,245

215,687
457,400

212,438
444,500

Depreciation
Other

268,2392,554,008

258,758
2,180,301

Total selling, general and administrative expenses

8,019,832

7,636,555

2,257,233

954,124

Interest income
Dividend income

58,692
92,11652,53461,875

Foreign exchange gains
Share of profit of entities accounted for using equity method

106,683
29,316–
31,367

Rental income
Subsidies for employment adjustment

107,233–

105,733
127,850

Other

172,760

132,416

Total non-operating income

566,803511,777

Interest expenses
Foreign exchange losses

11,834–

12,299146,419

Depreciation
Other

4,633
4,401

4,086
1,320

Total non-operating expenses

20,869164,126

2,803,167

1,301,775

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

Operating profit
Non-operating income

Non-operating expenses

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

8,340

5,105

Gain on sale of investment securities

5,243

5,500

Total extraordinary income

13,584

10,605

Loss on sale of non-current assets
Loss on retirement of non-current assets

476
31,792–
9,006

Loss on valuation of investment securities
Loss on valuation of shares of subsidiaries and associates

92,24364,932

3,145–

Extraordinary losses

Total extraordinary losses

189,444

12,152

2,627,307

1,300,229

Income taxes - current

897,270

548,579

Income taxes - deferred(12,288)(70,737)

884,981

477,841

1,742,325

822,387

Profit before income taxes

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

5

128,757(4,555)

1,613,567

826,943

Consolidated statements of comprehensive income(Thousands of yen)

ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities accounted
for using equity method
Total other comprehensive income

Fiscal year ended

Fiscal year ended

March 31, 2020

March 31, 2021

1,742,325

822,387(337,349)(16,249)

697,859(234,901)

76,49075,231(7,358)12,036(284,467)

550,226Comprehensive income

1,457,857

1,372,613

Comprehensive income attributable toComprehensive income attributable to owners of parent

1,329,461

1,379,771

128,396(7,157)

Comprehensive income attributable to non-controllinginterests

6

Consolidated statements of changes in equity
Fiscal year ended March 31, 2020
(Thousands of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

2,046,941

Retained earnings

1,464,060

Total shareholders'equityTreasury shares

29,441,818(1,218,184)

31,734,635

Changes during period
Dividends of surplus(570,337)(570,337)

Profit attributable to ownersof parent

1,613,567

1,613,567

Purchase of treasury shares

(94)

(94)

Net changes in items otherthan shareholders' equity
Total changes during period
Balance at end of period––

1,043,230(94)

1,043,136

2,046,941

1,464,060

30,485,049(1,218,278)

32,777,771

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifference on
available-for-salesecurities

Foreign currencytranslation
adjustment

Remeasurementsof defined benefit
plans

Total accumulated
othercomprehensive
income841,607(176,957)(77,755)

586,893

Non-controllinginterests

Total net assets

1,041,736

33,363,265

Changes during period
Dividends of surplus(570,337)

Profit attributable to ownersof parent

1,613,567

Purchase of treasury shares(94)

Net changes in items otherthan shareholders' equity(341,910)(18,687)

76,490(284,106)

91,196(192,910)

Total changes during period(341,910)(18,687)

76,490(284,106)

91,196850,226

Balance at end of period

499,697(195,645)(1,264)

302,787

1,132,932

34,213,491

7Fiscal year ended March 31, 2021
(Thousands of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

2,046,941

Retained earnings

1,464,060

Treasury shares

30,485,049

Total shareholders'equity(1,218,278)

32,777,771

Changes during period
Dividends of surplus(570,334)(570,334)

Profit attributable to ownersof parent

826,943826,943

Purchase of treasury shares

(40)

(40)

Net changes in items otherthan shareholders' equity
Total changes during period
Balance at end of period––

256,608(40)256,568

2,046,941

1,464,060

30,741,657(1,218,319)

33,034,340

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifference on
available-for-salesecurities

Foreign currencytranslation
adjustment

Remeasurementsof defined benefit
plans

Total accumulated
othercomprehensive
income499,697(195,645)(1,264)

302,787

Non-controllinginterests

Total net assets

1,132,932

34,213,491

Changes during period
Dividends of surplus(570,334)

Profit attributable to ownersof parent

826,943

Purchase of treasury shares(40)

Net changes in items otherthan shareholders' equity

708,734(231,137)

75,231

552,828(38,157)

514,670

Total changes during period

708,734(231,137)

75,231

552,828(38,157)

771,239

Balance at end of period

1,208,431(426,782)

73,967

855,615

1,094,775

34,984,731

8

Consolidated statements of cash flows(Thousands of yen)

Cash flows from operating activities
Profit before income taxes

Fiscal year ended

Fiscal year ended

March 31, 2020

March 31, 2021

2,627,307

1,300,229

1,055,785(10,623)

1,025,745(16,816)

Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in retirement benefit liability(26,921)
169,487

26,362
269,306

Interest and dividend income
Interest expenses(150,809)
11,834(114,409)
12,299Foreign exchange losses (gains)Share of loss (profit) of entities accounted for using equity(181,258)

150,473(29,316)(31,367)

Depreciation
Increase (decrease) in provision for bonuses

methodLoss (gain) on sale of property, plant and equipment(7,864)(5,105)

Loss on retirement of property, plant and equipment
Decrease (increase) in trade receivables

31,792
1,111,137

9,006(192,318)

Increase (decrease) in trade payables
Other, net(470,520)
181,932

86,788(311,770)

Subtotal

4,311,964

2,208,422

161,034(9,176)

122,751(12,860)

Income taxes paid

(1,410,515)(615,274)

Net cash provided by (used in) operating activities

3,053,307

1,703,038

Payments into time deposits
Proceeds from withdrawal of time deposits(220,632)
223,300(153,403)
190,976

Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment(790,072)
10,701(315,243)
6,314

Purchase of investment securities
Purchase of shares of subsidiaries(54,989)–(63,469)(21,024)

Proceeds from sales of investments in capital of subsidiaries
and associates

32,580–

Proceeds from collection of loans receivable
Proceeds from refund of guarantee deposits

20,40056,899292,794
30,344

Interest and dividends received
Interest paid

Cash flows from investing activities

Other, net

1,846(61,626)(719,966)(94,336)

–
–

3,336
2,420

Repayments of long-term borrowings
Purchase of treasury shares(671,818)(94)(581,016)(40)

Dividends paid
Dividends paid to non-controlling interests(569,734)(37,200)(571,383)(31,000)

Repayments of lease obligations(204,581)(214,751)

Net cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Proceeds from long-term borrowings

Net cash provided by (used in) financing activities(1,483,429)(1,392,433)

Effect of exchange rate change on cash and cash equivalents(16,233)(76,294)

Net increase (decrease) in cash and cash equivalents

833,677

139,973

Cash and cash equivalents at beginning of period

8,735,527

9,569,205

Cash and cash equivalents at end of period

9,569,205

9,709,179

9