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, 2022
(Based on Japanese GAAP)
February 13, 2023
Company name:TOYO KANETSU K.K.
Stock exchange listing: Tokyo
Stock code:
Representative:

6369
URL https://www.toyokanetsu.co.jp
President and Representative Director
Takashi Owada

Inquiries:

Senior Executive Officer
Division Manager

Takeshi Yonehara

Corporate Division
Scheduled date to file Quarterly Securities Report:

February 14, 2023

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

Holding of quarterly financial results meeting:

NoTEL

03-5857-3333(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the nine months ended December 31, 2022 (from April 1, 2022 to December 31, 2022)(1) Consolidated operating results (cumulative)

Nine months ended December 31, 2022
Nine months ended December 31, 2021

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%
33,240 (23.0)
1,152 (42.1)
1,590 (33.7)
1,142 (22.4)
43,183
–
1,991
–
2,397
–
1,473
–
Earnings per share

Diluted earnings per share

Yen
141.04180.17

Nine months ended December 31, 2022
Nine months ended December 31, 2021

Yen––(2) Consolidated financial position
Total assets
As of December 31, 2022
As of March 31, 2022

Net assets

Millions of yen
70,09064,290Equity ratio

Millions of yen
37,06336,477

Net assets per share%
52.9
56.7

Yen
4,582.24
4,460.55

2. Cash dividends
Annual dividends per share

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

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––

Yen
0.00
0.00

Yen––

Yen
145.00Yen
145.00135.00135.00Year ending March 31, 2023 (Forecast)Total

3. Forecast of consolidated financial results for the year ending March 31, 2023 (from April 1, 2022 to March 31, 2023)
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
52,100 (12.0)
2,700(3.9)
2,900 (16.5)
2,140(8.3)
261.71

1

4. Notes(1) Changes in significant subsidiaries during the nine months ended December 31, 2022
(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 December 31, 2022

9,323,074 shares As of March 31, 2022

9,323,074 shares

1,235,443 shares As of March 31, 2022

1,145,933 shares

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

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Nine months ended December 31, 2022

8,102,574 shares Nine months ended December 31, 2021

28,177,847 shares

Quarterly consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of March 31, 2022

As of December 31, 2022

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract assets

8,759
25,327

8,711
26,888

220
32

61
36

795
2,550

1,258
4,157

670
(24)

1,584
(21)

38,332

42,675

Buildings and structures, net
Machinery, equipment and vehicles, net

4,157
773

4,266
797

Tools, furniture and fixtures, net
Land

376
10,374443
10,216

608
31

548
30

16,321

16,303

Intangible assets
Investments and other assets

667

871

Investment securities
Deferred tax assets

7,663
234

9,016
210

Retirement benefit asset
Other449847

348887

Allowance for doubtful accounts

(224)

(222)

Investments in leases
Merchandise and finished goods
Work in process
Raw materials and supplies
OtherAllowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment

Construction in progress
Other, net
Total property, plant and equipment

Total investments and other assets
Total non-current assets
Total assets

38,970

10,24025,95827,41464,29070,090(Millions of yen)
As of March 31, 2022

As of December 31, 2022

Liabilities
Current liabilities
Notes and accounts payable - trade

1,761

1,237

Short-term borrowings
Accrued expenses

8,120
4,887

13,857
3,549

Income taxes payable
Contract liabilities

774
655

122
2,918

Provision for bonuses
Provision for loss on orders received

434
–

219
18

Provision for warranties for completed construction
Other

299
1,269

214
887

Total current liabilities

18,202

23,025

1,000

1,000

Long-term borrowings
Deferred tax liabilities

4,580
1,644

4,580
2,226

Deferred tax liabilities for land revaluation
Retirement benefit liability

1,095
392

919
390

Asset retirement obligations
Other

799
98

800
84

Total non-current liabilities

9,610

10,001

27,81333,027

Shareholders' equity
Share capital

18,58018,580Capital surplus
Retained earnings

1,273
17,533

1,273
17,478Treasury shares(2,936)(3,199)Total shareholders' equity

34,45034,132

Valuation difference on available-for-sale securities
Deferred gains or losses on hedges

2,632
3

3,600
(6)

Revaluation reserve for land
Foreign currency translation adjustment

106(878)

106(907)

Remeasurements of defined benefit plans

160

133

2,024

2,926

2

336,477

37,06364,29070,090Non-current liabilities
Bonds payable

Total liabilities
Net assets

Accumulated other comprehensive income

Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

4Consolidated statements of income (cumulative) and consolidated statements of comprehensive income(cumulative)(Millions of yen)
Nine months ended
December 31, 2021

Nine months ended
December 31, 2022

Net sales

43,18333,240

Cost of sales

35,741

26,013Gross profit

7,442

7,226

Selling, general and administrative expenses

5,450

6,074

Operating profit

1,991

1,152

Non-operating income
Interest income

54

Dividend income
Foreign exchange gains

24975

229
189

Gain on sale of scraps
Other

5670

3570

Total non-operating income

457

529

4561

629

Non-operating expenses
Interest expenses
Other
Total non-operating expenses

5191

2,397

1,590

011

Gain on sale of investment securities
Gain on sale of membership

–
913–

Other

20

Total extraordinary income

1225–
90

1960

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

Extraordinary losses
Loss on sale of non-current assets
Loss on valuation of investment securities
Other05

Total extraordinary losses

91

85

Profit before income taxes

2,318

1,529

Income taxes - current

626

359

Income taxes - deferred

219

26

Total income taxes

845

385

Profit

1,473

1,143

Profit attributable toProfit attributable to owners of parent

1,473

1,142

01

Valuation difference on available-for-sale securities
Deferred gains or losses on hedges

(639)
(4)

968
(9)

Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax

(2)
(12)

(28)
(26)

Total other comprehensive income

Profit attributable to non-controlling interests
Other comprehensive income

(660)

902

Comprehensive income

813

2,046

Comprehensive income attributable toComprehensive income attributable to owners of parent

813

2,045

01

Comprehensive income attributable to non-controlling interests5