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, 2021
(Based on Japanese GAAP)
February 9, 2022
Company name:TOYO KANETSU K.K.
Stock exchange listing: Tokyo
Stock code:
6369
URL https://www.toyokanetsu.co.jp
Representative:
President and Representative Director
Toru Yanagawa
Inquiries:
Managing OfficerTakeshi Yonehara
Scheduled date to file Quarterly Securities Report:
February 10, 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 nine months ended December 31, 2021 (from April 1, 2021 to December 31, 2021)(1) Consolidated operating results (cumulative)
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%
Nine months ended December 31, 2021
43,183
–
1,991
–
2,397
–
1,473
–
Nine months ended December 31, 2020
31,344
(3.2)
1,974
51.6
2,091
31.3
1,359
8.1
Earnings per share

Diluted earnings per share

Yen
Yen
Nine months ended December 31, 2021
180.17–
Nine months ended December 31, 2020
161.36–(Note)From the beginning of the 1st quarter of the current fiscal year ending March 31, 2022, the Company has applied “Accounting Standard
for Revenue Recognition” (ASBJ Statement No. 29). The figures for the 3rd quarter of the current fiscal year above include the effectsof the said standards. Accordingly, percentages of changes from the same period of the previous fiscal year are not indicated.
(2) Consolidated financial position
Total assets
Net assets
Equity ratio
Net assets per share
Millions of yen
Millions of yen%
Yen
As of December 31, 2021
62,33636,34658.3
4,444.59
As of March 31, 2021
58,76436,48462.1
4,461.06(Note) From the beginning of the 1st quarter of the current fiscal year ending March 31, 2022, the Company has applied “Accounting Standard
for Revenue Recognition” (ASBJ Statement No. 29). The figures for the 3rd quarter of the current fiscal year above include the effectsof the said standards.
2. Cash dividends
Annual dividends per share

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

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––

Yen
0.00
0.00

Yen––

Yen
115.00Yen
115.00105.00105.00Year ending March 31, 2022 (Forecast)Total

3. Forecast of consolidated financial results for the year ending March 31, 2022 (from April 1, 2021 to March 31, 2022)
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
54,70025.4
2,370(9.7)
2,670 (12.5)
1,750(1.6)
209.121

4. Notes(1) Changes in significant subsidiaries during the nine months ended December 31, 2021
(changes in specified subsidiaries resulting in the change in scope of consolidation):(2) Application of special accounting methods for preparing quarterly consolidated financial statements:

NoNo(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:
Yes
Changes in accounting policies due to other reasons: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, 2021

9,323,074 shares As of March 31, 2021

9,323,074 shares

1,145,857 shares As of March 31, 2021

1,144,747 shares

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

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Nine months ended December 31, 2021

8,177,847 shares Nine months ended December 31, 2020

28,425,597 shares

Quarterly consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of March 31, 2021

As of December 31, 2021

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

7,413
13,4896,962
23,283

550
57

296
28

6,732
2,523

1,582
2,318

863
(13)

821
(26)

31,61635,268

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

4,142
716

4,114
734

Tools, furniture and fixtures, net
Land

284
10,122411
10,372

356
18

544
36

15,641

16,213

Intangible assets
Investments and other assets

481

681

Investment securities
Deferred tax assets

9,909
42

8,966
167

Retirement benefit asset
Other452
847

415
849

Allowance for doubtful accounts

(227)

(225)

Total investments and other assets

11,024

10,17327,147

27,06858,76462,336

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 non-current assets
Total assets

3(Millions of yen)
As of March 31, 2021As of December 31, 2021

Liabilities
Current liabilities
Notes and accounts payable - trade

1,091

1,424

Short-term borrowings
Current portion of long-term borrowings

3,620
8

8,120
–

Accrued expenses
Income taxes payable

3,778
914

3,945
141

Contract liabilities
Provision for bonuses

2,354
259

1,264
139

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

30
348

–
300

Other681

1,122

13,086

16,459Bonds payable
Long-term borrowings

1,000
4,580

1,000
4,580

Deferred tax liabilities
Deferred tax liabilities for land revaluation

2,138
1,095

2,059
1,095

Retirement benefit liability
Asset retirement obligations

107230

386
310

Other

4197

Total current liabilities
Non-current liabilities

Total non-current liabilities

9,193

9,530

22,28025,989

Share capital
Capital surplus

18,5801,273

18,580
1,273

Retained earnings
Treasury shares

16,148(2,933)

16,672(2,936)

Total shareholders' equity

33,06833,589Total liabilities
Net assets
Shareholders' equity

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

3,937

3,297

Deferred gains or losses on hedges
Revaluation reserve for land

9106

4106

Foreign currency translation adjustment
Remeasurements of defined benefit plans(833)
195(836)
182

Total accumulated other comprehensive income

3,415

2,754

Non-controlling interests
Total net assets
Total liabilities and net assets

40

2

36,48436,34658,76462,336

Consolidated statements of income (cumulative) and consolidated statements of comprehensive income(cumulative)(Millions of yen)
Nine months ended
December 31, 2020

Nine months ended
December 31, 2021

Net sales

31,344

43,183

Cost of sales

24,43635,741Gross profit

6,908

7,442

Selling, general and administrative expenses

4,934

5,450

Operating profit

1,974

1,991

Non-operating income
Interest income

105

Dividend income
Foreign exchange gains

242–

249
75

Gain on sale of scraps
Other

1165

56
70

Total non-operating income

329

457

Non-operating expenses
Interest expenses

4345

Foreign exchange losses
Other

147
22–
6

Total non-operating expenses

213

51

2,091

2,397

Gain on sale of membership
Other–
093

Total extraordinary income

0122190

132–0

Ordinary profit
Extraordinary income

Extraordinary losses
Loss on valuation of investment securities
Loss on disaster
Other3791

Profit before income taxes

Total extraordinary losses

2,054

2,318

Income taxes - current
Income taxes - deferred

623
71626
219

Total income taxes

695

845

1,359

1,473

Profit attributable to owners of parent
Profit (loss) attributable to non-controlling interests

1,359
(0)

1,473
0

Other comprehensive income
Valuation difference on available-for-sale securities

2,219(639)12(48)

(4)
(2)

ProfitProfit attributable toDeferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Total other comprehensive income
Comprehensive income

68(12)

2,251(660)

3,610

813

3,610(0)813
0Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controlling interests5