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)
February 12, 2021
Company name:TOYO KANETSU K.K.
Stock exchange listing: Tokyo
Stock code:
Representative:

6369
URL https://www.toyokanetsu.co.jp
President and Representative Director
Toru Yanagawa

Inquiries:
Executive OfficerScheduled date to file Quarterly Securities Report:

Takeshi Yonehara
February 12, 2021

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, 2020 (from April 1, 2020 to December 31, 2020)(1) Consolidated operating results (cumulative)
Net sales
Nine months ended December 31, 2020
Nine months ended December 31, 2019

Millions of yen
31,34432,394

Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
owners of parent% Millions of yen% Millions of yen% Millions of yen%
(3.2)
1,974
51.6
2,091
31.3
1,359
8.1
20.1
1,302
–
1,593
–
1,258
–

Earnings per share

Diluted earnings per shareYen
161.36141.89Nine 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 yen
59,30760,985Equity ratio

Millions of yen
36,86734,602

Net assets per share
%
62.2
56.7

Yen
4,486.07
4,095.51

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
0.00
0.00

Yen––

Yen
100.00Yen
100.00100.00100.00Year 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
48,1003.4
2,160 (16.7)
2,520 (15.2)
1,630
(5.1)
185.841

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:

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, 2020

9,323,074 shares As of March 31, 2020

9,323,074 shares

1,104,975 shares As of March 31, 2020

874,440 shares

Number of treasury shares at the end of the period
As of December 31, 2020

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

8,425,597 shares Nine months ended December 31, 20192

8,867,410 shares

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

As of December 31, 2020

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade

11,507
15,413

10,413
8,729

937
27

642
66

5,179
1,977

7,080
2,331

435
(16)

1,173
(9)

35,46130,428

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

4,218
1,016

4,272
995

Tools, furniture and fixtures, net
Land

364
10,568325
10,528

253
20346
28

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

16,442

16,496

Intangible assets
Investments and other assets

Total property, plant and equipment

381

359

Investment securities
Deferred tax assets

8,013
45

11,40239

Retirement benefit asset
Other38889

20846

Allowance for doubtful accounts

(286)

(284)

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

3

8,699

12,02425,52328,87960,98559,307

(Millions of yen)
As of March 31, 2020

As of December 31, 2020

Liabilities
Current liabilities
Notes and accounts payable - trade

919

826

Short-term borrowings
Current portion of long-term borrowings

7,849
619

4,120
–

Accrued expenses
Income taxes payable

4,763
553

4,099
317

Advances received
Provision for bonuses

2,790
267

2,678
28

241
389

38362

Provision for loss on order received
Provision for warranties for completed construction
Other

455

730

18,848

13,202

Bonds payable
Long-term borrowings

–
4,488

500
4,591

Deferred tax liabilities
Deferred tax liabilities for land revaluation

1,520
1,095

2,584
1,095

Retirement benefit liability
Asset retirement obligations

152
235

196
231

Other

40

37

Total current liabilitiesNon-current liabilities

Total non-current liabilities

7,534

9,237

26,382

22,439

Share capital
Capital surplus

18,5801,273

18,580
1,273

Retained earnings
Treasury shares

15,224(2,355)

15,730(2,847)

Total shareholders' equity

32,722

32,736

2,666

4,885

Deferred gains or losses on hedges
Revaluation reserve for land

0106

12106

Foreign currency translation adjustment
Remeasurements of defined benefit plans

(729)
(165)

(778)
(96)

Total accumulated other comprehensive income

1,878

4,129

10

34,60236,86760,98559,307

Total 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)
Nine months ended
December 31, 2019

Nine months ended
December 31, 2020

Net sales

32,394

31,344

Cost of sales

26,247

24,436Gross profit

6,147

6,908

Selling, general and administrative expenses

4,844

4,934

Operating profit

1,302

1,974

610

Dividend income
Foreign exchange gains

2600242
–

Other

7576

Total non-operating income

343

329

Interest expenses
Foreign exchange losses

42–

43147

Other

1022

Total non-operating expenses

53

213

1,593

2,091

578

–

00579

0

Loss on valuation of investment securities
Merger expenses

932421–

Loss on disaster
Other–
10132

Total extraordinary losses

128

37

Profit before income taxes

2,043

2,054

Income taxes - current
Income taxes - deferred

416
36962371

Total income taxes

786695

1,257

1,359(0)1,258(0)1,359Non-operating income
Interest income

Non-operating expenses

Ordinary profit
Extraordinary income
Gain on sales of investment securities
Other
Total extraordinary income
Extraordinary losses

ProfitProfit attributable toLoss attributable to non-controlling interests
Profit attributable to owners of parent
Other comprehensive income
Valuation difference on available-for-sale securities

592

2,219

Deferred gains or losses on hedges
Foreign currency translation adjustment

4(25)

12(48)

Remeasurements of defined benefit plans, net of tax1368

Total other comprehensive income
Comprehensive income

584

2,251

1,842

3,610

1,842(0)3,610(0)Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controlling interests5