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, 2022
(Based on Japanese GAAP)
August 12, 2022
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 OfficerDivision Manager

Takeshi Yonehara

Corporate Division
Scheduled date to file Quarterly Securities Report:

August 12, 2022

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 three months ended June 30, 2022 (from April 1, 2022 to June 30, 2022)(1) Consolidated operating results (cumulative)

Three months ended June 30, 2022
Three months ended June 30, 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%
10,619 (41.0)
388 (45.4)
664 (27.7)
379 (35.8)
18,014
–
711
–
919
–
590
–
Earnings per share

Diluted earnings per share

Yen
46.72
72.26

Three months ended June 30, 2022
Three months ended June 30, 2021

Yen––(2) Consolidated financial position
Total assets
As of June 30, 2022
As of March 31, 2022

Net assets

Millions of yen
64,46964,290Equity ratio

Millions of yen
35,90336,477

Net assets per share
%55.7
56.7

Yen
4,450.59
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

Yen–

Yen
145.00Yen
145.000.00–

135.00135.00Year 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 three months ended June 30, 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 June 30, 2022

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

9,323,074 shares

1,256,702 shares As of March 31, 2022

1,145,933 shares

Number of treasury shares at the end of the period
As of June 30, 2022

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Three months ended June 30, 2022

8,121,771 shares Three months ended June 30, 2021

28,178,182 shares

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

As of June 30, 2022

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

8,759
25,327

10,28821,713

220
32

153
41

795
2,550

1,096
3,169

670
(24)

1,026
(18)

38,33237,472

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

4,157
773

4,199
866

Tools, furniture and fixtures, net
Land

376
10,374437
10,374

608
31

501
28

16,321

16,408Intangible assets
Investments and other assets

667

806

Investment securities
Deferred tax assets

7,663
234

8,516
224

Retirement benefit asset
Other

449
847

416
849

Allowance for doubtful accounts

(224)

(224)

Investments in leases
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance 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

38,9709,782

25,95826,99764,29064,469(Millions of yen)
As of March 31, 2022

As of June 30, 2022

Liabilities
Current liabilities
Notes and accounts payable - trade

1,761

1,548

Short-term borrowingsAccrued expenses

8,120
4,887

10,120
4,248

Income taxes payable
Contract liabilities

774
655

291
1,343

Provision for bonuses
Provision for warranties for completed construction

434
299

–274

Other

1,269

910

Total current liabilities

18,202

18,736

Bonds payable
Long-term borrowings

1,000
4,580

1,000
4,580

Deferred tax liabilities
Deferred tax liabilities for land revaluation

1,644
1,095

1,873
1,095

Retirement benefit liability
Asset retirement obligations

392
799

395
799

Other98

83

Non-current liabilities

Total non-current liabilities

9,610

9,829

27,81328,566

Share capital
Capital surplus

18,5801,273

18,580
1,273

Retained earnings
Treasury shares

17,533(2,936)

16,715(3,216)

Total shareholders' equity

34,45033,352

2,632

3,215

Deferred gains or losses on hedges
Revaluation reserve for land

3106

23106

Foreign currency translation adjustment
Remeasurements of defined benefit plans

(878)
160

(949)
150

Total accumulated other comprehensive income

2,024

2,547

2

3

36,47735,90364,29064,469Total liabilities
Net assets
Shareholders' equity

Accumulated other comprehensive income
Valuation difference on available-for-sale securities

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)Three months ended
June 30, 2021

Three months ended
June 30, 2022

Net sales

18,014

10,619

Cost of sales

15,486

8,233

Gross profit

2,527

2,386

Selling, general and administrative expenses

1,816

1,998

711

388

Operating profit
Non-operating income
Interest income11

Dividend income
Foreign exchange gains

15631

140125

Other

33

31

Total non-operating income

222

297

Interest expenses
Other

12
1

173

Total non-operating expenses

1421919664

Gain on sale of non-current assets
Gain on sale of membership–97–

Total extraordinary income

9700–

0

Non-operating expenses

Ordinary profit
Extraordinary income

Extraordinary losses
Loss on retirement of non-current assets
Other

00Profit before income taxes

Total extraordinary losses

928

671

Income taxes - current

392

313

Income taxes - deferred

(54)

(22)

Total income taxes

337

290

Profit590

380

Profit attributable toProfit attributable to owners of parent

590

379

(0)

0

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

(68)
(2)

583
20

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

25
15

(70)
(10)

Total other comprehensive income

(30)

523

Comprehensive income

560

903

Comprehensive income attributable toComprehensive income attributable to owners of parent

560

902

Comprehensive income attributable to non-controlling interests(0)0Profit (loss) attributable to non-controlling interests
Other comprehensive income5