Note: This document has been translated from a part of the Japanese original for reference purposes only. In the event of any
discrepancy between this translated document and the Japanese original, the original shall prevail.

May 12, 2022

Consolidated Financial Results
for the Fiscal Year Ended March 31, 2022
(Under Japanese GAAP)
Company name:
Listing:
Securities code:
URL:
Representative:
Inquiries:
Telephone:

Furukawa Co., Ltd.
Tokyo Stock Exchange5715
https://www.furukawakk.co.jp
Minoru Nakatogawa, President and Representative Director
Akira Mikage, General Manager, Accounting Department+81-3-6636-9502

Scheduled date of annual general meeting of shareholders:June 29, 2022

Scheduled date to commence dividend payments:
Scheduled date to file annual securities report:
Preparation of supplementary material on financial results:
Holding of financial results briefing:

June 30, 2022
June 29, 2022
Yes
Yes

(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the fiscal year ended March 31, 2022 (from April 1, 2021 to March 31,
2022)(1) Consolidated operating results(Percentages indicate year-on-year changes.)
Net sales
Fiscal year ended
March 31, 2022

Millions of yen
199,097

March 31, 2021

159,702

Note: Comprehensive income

Operating profit

Profit attributable toowners of parent

Ordinary profit% Millions of yen
24.7
7,734

% Millions of yen
38.3
8,996

% Millions of yen
32.8
6,477

%
(13.3)(3.3)(35.7)(16.7)

68.5

5,592

6,773

7,468

For the fiscal year ended March 31, 2022:¥

8,021 million[(56.7)%]For the fiscal year ended March 31, 2021:¥ 18,543 million[–%]

Basic earnings
per share

Diluted earnings
per share

Return on equity

Ratio of ordinary
profit to total assets

Ratio of operating
profit to net sales

Fiscal year ended

Yen

Yen

%

%

%

March 31, 2022
March 31, 2021

165.87190.73

–
–

6.9
8.9

4.0
3.2

3.9
3.5

Reference: Share of profit (loss) of entities accounted for using equity method
For the fiscal year ended March 31, 2022:¥ 370 million
For the fiscal year ended March 31, 2021:¥

355 million

(2) Consolidated financial position
Total assets
As of

Net assets

Equity-to-asset ratio

Net assets per share

Millions of yen

Millions of yen%

Yen

229,727
218,275

100,075
94,36442.3
42.0

2,505.01
2,348.53

March 31, 2022
March 31, 2021
Reference: Equity
As of March 31, 2022:¥ 97,253 million

As of March 31, 2021:¥ 91,770 million(3) Consolidated cash flows
Cash flows from operating Cash flows from investing Cash flows from financing Cash and cash equivalents
activities
activities
activities
at end of period
Fiscal year ended
March 31, 2022

Millions of yen
8,768

Millions of yen(5,857)

Millions of yen(6,568)Millions of yen
14,468March 31, 2021

6,042

2,245

(3,123)

17,748

2. Cash dividends
Annual dividends per share

Fiscal year ended
March 31, 2021
Fiscal year ended
March 31, 2022
Fiscal year ending
March 31, 2023
(Forecast)

Total cash
dividends (Total)

Payout ratio(Consolidated)

Ratio of dividends
to net assets(Consolidated)

Yen

Millions of yen

%

%

50.00

50.00

1,953

26.2

2.3

–

50.00

50.00

1,941

30.1

2.0

–

50.00

50.00

First
quarter-end

Secondquarter-end

Thirdquarter-end

Fiscalyear-end

Yen

Yen

Yen

Yen

–

0.00

–

–

0.00

–

0.00

Total

41.3

3. Forecast of consolidated financial results for the fiscal year ending March 31, 2023 (from April 1, 2022 toMarch 31, 2023)(Percentages indicate year-on-year changes.)
Net sales

Six months ending
September 30, 2022
Fiscal year ending
March 31, 2023

Operating profit

Profit attributable toowners of parent

Ordinary profit

Basic earnings
per share

Millions ofyen%Millions ofyen%Millions ofyen%Millions of
yen

%

Yen

108,400

10.8

2,700

(22.5)

2,800(31.5)

2,000(13.5)

51.52

209,500

5.2

7,000

(9.5)

6,900

(23.3)

4,700(27.4)

121.06

* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change
in scope of consolidation): None
(2) Changes in accounting policies, changes in accounting estimates, and restatement(i) Changes in accounting policies due to revisions to accounting standards and other regulations: Yes(ii) Changes in accounting policies due to other reasons: None(iii) Changes in accounting estimates: None(iv) Restatement: None
(3) Number of issued shares (common shares)(i) Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2022

40,445,568 shares

As of March 31, 2021

40,445,568 shares(ii) Number of treasury shares at the end of the period
As of March 31, 2022

1,621,936 shares

As of March 31, 2021

1,369,919 shares(iii) Average number of shares outstanding during the period
Fiscal year ended March 31, 2022

39,054,524 sharesFiscal year ended March 31, 2021

39,157,784 shares[Reference] Overview of non-consolidated financial results
1. Non-consolidated financial results for the fiscal year ended March 31, 2022 (from April 1, 2021 to March
31, 2022)(1) Non-consolidated operating results(Percentages indicate year-on-year changes.)
Net sales
Fiscal year ended

Millions of yen

March 31, 2022
March 31, 2021

7,663
8,456

Operating profit

Ordinary profit% Millions of yen(9.4)(15.3)

Basic earnings
per share% Millions of yen

3,106
4,243

(26.8)(20.9)

3,659
4,763

Profit% Millions of yen(23.2)(13.0)

2,951
7,361

%
(59.9)
60.0

Diluted earnings
per share

Fiscal year ended
March 31, 2022

Yen
75.58

Yen
–

March 31, 2021

187.99–(2) Non-consolidated financial position
Total assets

Net assets

Equity-to-asset ratio

Net assets per share

As ofMarch 31, 2022

Millions of yen
148,144

Millions of yen
64,968%
43.9

Yen
1,673.42

March 31, 2021

150,924

63,49042.1

1,624.81

Reference: Equity
As of March 31, 2022:
As of March 31, 2021:¥ 64,968 million¥ 63,490 million

2. Forecast of non-consolidated financial results for the fiscal year ending March 31, 2023 (from April 1,
2022 to March 31, 2023)(Percentages indicate year-on-year changes.)
Net sales

Operating profit

Ordinary profit

Basic earnings
per share

ProfitMillions ofyen%Millions ofyen%Millions ofyen%Millions of
yen

%

Yen

Six months ending
September 30, 2022

4,900

(4.4)

2,500

(11.0)

2,400(24.8)

2,300(10.5)

59.24

Fiscal year ending
March 31, 2023

7,400

(3.4)

2,600

(16.3)

2,400(34.4)

2,000(32.2)

51.52* Financial results reports are exempt from audit conducted by certified public accountants or an audit
corporation.
* Proper use of earnings forecasts, and other special matters(1) Caution concerning forward-looking statements
The forward-looking statements, including earnings outlook, contained in these materials are based on
information currently available to the Company and on certain assumptions deemed to be reasonable by theCompany. The Company makes no warranty as to the achievability of the projections. Actual business andother results may differ substantially from the statements herein due to a number of factors.
(2) Financial results briefing (for securities analysts and institutional investors)
The Company will hold a financial results briefing through livestreaming in order to prevent the spread of thenovel coronavirus disease (COVID-19). Furthermore, the Company plans to post supplementary materials anda video of the results briefing on its website.

Furukawa Co., Ltd. (5715)

Attached Material
Index
1. Consolidated Financial Statements and Significant Notes Thereto .......................................................... 2(1) Consolidated balance sheet ................................................................................................................ 2(2) Consolidated statement of income and consolidated statement of comprehensive income ............... 4
Consolidated statement of income...................................................................................................... 4
Consolidated statement of comprehensive income ............................................................................ 5(3) Consolidated statement of changes in equity ..................................................................................... 6(4) Consolidated statement of cash flows ................................................................................................ 8(5) Notes to consolidated financial statements ......................................................................................... 9
Changes in accounting policies .......................................................................................................... 9
Supplementary Material on Financial Results for the Fiscal Year Ended March 31, 2022 ........................... 10-1-

Furukawa Co., Ltd. (5715)

1. Consolidated Financial Statements and Significant Notes Thereto(1) Consolidated balance sheet(Millions of yen)
As of March 31, 2021
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Notes and accounts receivable - trade, and contract
assetsMerchandise 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
Buildings and structures, net
Machinery, equipment and vehicles, net
Land
Leased assets, net
Construction in progress
Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Deferred tax assets
Retirement benefit asset
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets-2-

As of March 31, 2022

17,74828,03014,469––28,344

15,9909,839
11,5895,568(141)
88,625

17,205
10,813
20,8184,635(48)
96,23822,5409,042
53,436
537
1,271
2,988
89,817341

24,051
8,789
54,170
429
517
3,018
90,976376

34,449
4,086
–
194
1,334
(573)
39,490129,649
218,275

35,860
4,495
351
403
1,746
(720)
42,136
133,489229,727

Furukawa Co., Ltd. (5715)(Millions of yen)
As of March 31, 2021
Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating
Short-term borrowings
Lease liabilities
Accounts payable - other
Income taxes payable
Provision for bonuses
Provision for environmental measures
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Lease liabilities
Deferred tax liabilities
Deferred tax liabilities for land revaluation
Retirement benefit liability
Provision for environmental measures
Other provisions
Asset retirement obligations
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Revaluation reserve for land
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets-3-

As of March 31, 2022

11,638
6,863
10,575219
10,511
1,054
110
7
6,859
47,83915,916
9,381
13,504
188
13,310
1,491
138
3
5,924
59,85959,107
393
9,761
1,402
2,709
86
16
234
2,360
76,071
123,910

52,166302
10,501
1,399
2,543
58
16
239
2,565
69,793
129,652

28,2082
50,025(1,862)
76,37328,2082
54,557(2,197)80,57011,303
351
2,609
(826)
1,959
15,3962,594
94,364
218,275

11,832
(292)
2,602
35
2,506
16,6832,821
100,075
229,727

Furukawa Co., Ltd. (5715)(2) Consolidated statement of income and consolidated statement of comprehensive income
Consolidated statement of income(Millions of yen)
Fiscal year ended
March 31, 2021
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Freight and incidental costs
Salaries, allowances and bonuses
Provision for bonuses
Provision for retirement benefits
Provision of allowance for doubtful accounts
Research and development expenses
Other
Total selling, general and administrative expenses
Operating profit
Non-operating income
Dividend income
Share of profit of entities accounted for using equity
methodForeign exchange gains
Gain on sales of waste goods
Other
Total non-operating income
Non-operating expenses
Interest expenses
Administrative expenses of inactive mountain
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on bargain purchase
Other
Total extraordinary income
Extraordinary losses
Loss on sale and retirement of non-current assets
Demolition expenses of a rental building
Other
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent-4-

Fiscal year ended
March 31, 2022

159,702137,508
22,194

199,097
172,995
26,101

2,114
7,309
35
508
4
732
5,896
16,601
5,592

2,465
7,557
108
629
16
1,053
6,535
18,366
7,734

749

752

355

370

702
65
876
2,749

677
497
746
3,044

456
769
342
1,568
6,773

427
812
543
1,782
8,996

–
4,105
4,105

833
280
1,113

151
730
89
971
9,907
2,172
65
2,237
7,670
201
7,468

157
668
146
972
9,137
2,715
(264)
2,450
6,686
208
6,477

Furukawa Co., Ltd. (5715)

Consolidated statement of comprehensive income(Millions of yen)
Fiscal year ended
March 31, 2021
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
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
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests-5-

Fiscal year ended
March 31, 2022

7,670

6,686

5,941
641
(434)
4,756

527
(483)
723
547

(31)

20

10,873
18,543

1,335
8,021

18,350

7,771

193

250

Furukawa Co., Ltd. (5715)(3) Consolidated statement of changes in equity
Fiscal year ended March 31, 2021
(Millions of yen)
Shareholders’ equity

Balance at beginning of
periodShare capital

Capital surplus

28,208–Retained earnings
44,507

Treasury shares

Total shareholders’equity(1,697)71,018Changes during period
Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
shares
Reversal of revaluation
reserve for land
Merger of consolidated
subsidiaries
Net changes in items
other than shareholders’equity(1,960)

7,468

7,468
(165)

(165)
10

10
2

Total changes during period
Balance at end of period(1,960)

2

–

2

5,518

(165)

5,355

28,2082

50,025(1,862)

76,373

Accumulated other comprehensive income

Balance at beginning of
periodValuationdifferenceonavailablefor-salesecurities

Deferred
gains orlosses onhedges

Revaluation
reserve forland

Foreigncurrencytranslation
adjustment

Remeasurements ofdefinedbenefit
plans

Total
accumulated
othercomprehensive income

5,363

(322)

2,620

(339)

(2,797)

4,525

Noncontrollinginterests

Total net
assets2,423

77,966

Changes during period
Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
shares
Reversal of revaluation
reserve for land
Merger of consolidated
subsidiaries
Net changes in items
other than shareholders’equity(1,960)
7,468
(165)
10
2
5,939

673

(10)

(487)

4,756

10,871

171

11,042

Total changes during period

5,939

673

(10)

(487)

4,756

10,871

171

16,397

Balance at end of period

11,303

351

2,609

(826)

1,959

15,3962,594

94,364-6-

Furukawa Co., Ltd. (5715)

Fiscal year ended March 31, 2022
(Millions of yen)
Shareholders’ equity
Share capital
Balance at beginning of
periodCapital surplus

28,208Retained earnings
2

Total shareholders’equityTreasury shares

50,025(1,862)

76,373

Changes during period
Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
shares
Reversal of revaluation
reserve for land
Net changes in items
other than shareholders’equity(1,953)(1,953)

6,477

6,477
(334)

(334)

7

Total changes during period
Balance at end of period

7

–

–

4,531

(334)

4,196

28,2082

54,557(2,197)80,570

Accumulated other comprehensive income

Balance at beginning of
periodValuationdifferenceonavailablefor-salesecurities

Deferred
gains orlosses onhedges

Revaluation
reserve forland

Foreigncurrencytranslation
adjustment

11,303

351

2,609

(826)

Remeasurements ofdefinedbenefit plans

Total
accumulated
othercomprehensive income

Noncontrollinginterests

Total net
assets

1,959

15,3962,594

94,364

Changes during period
Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
shares
Reversal of revaluation
reserve for land
Net changes in items
other than shareholders’equity(1,953)
6,477
(334)
7
528

(644)

(7)

862

547

1,286

227

1,513

Total changes during period

528

(644)

(7)

862

547

1,286

227

5,710

Balance at end of period

11,832

(292)

2,602

35

2,506

16,6832,821

100,075-7-Furukawa Co., Ltd. (5715)(4) Consolidated statement of cash flows(Millions of yen)
Fiscal year ended
March 31, 2021
Cash flows from operating activities
Profit before income taxes
Depreciation
Share of loss (profit) of entities accounted for using
equity method
Gain on bargain purchase
Increase (decrease) in retirement benefit liability
Interest and dividend income
Interest expenses
Foreign exchange losses (gains)
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Increase (decrease) in accounts payable - other
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Other, net
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Purchase of shares of subsidiaries resulting in change inscope of consolidation
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Proceeds from short-term borrowings
Repayments of short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Repayments of finance lease liabilities
Purchase of treasury shares
Dividends paid
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period-8-

Fiscal year ended
March 31, 2022

9,907
3,879

9,137
4,003

(355)

(370)

–
184
(929)
456
(432)
2,550
645
(1,259)(2,560)(5,386)
6,699
1,004
(462)
(1,863)
664
6,042

(833)
433
(878)
427
(421)
345
(10,328)
5,955
3,700
(467)
10,703885(429)(2,484)94
8,768(3,403)(5,507)

–

(352)

5,648
2,245

3
(5,857)

10,330(10,465)
10,426(11,034)
(232)
(165)
(1,961)(22)(3,123)

15,957(16,062)220(4,140)(232)(334)(1,953)(22)(6,568)

(63)

377

5,101
12,646
17,748(3,279)17,748
14,468Furukawa Co., Ltd. (5715)(5) Notes to consolidated financial statements
Changes in accounting policies
Application of accounting standard for revenue recognition, etc.
The Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29,
March 31, 2020) and relevant ASBJ regulations from the beginning of the fiscal year under review, and it hasrecognized revenue at the time the control of promised goods or services is transferred to the customer at theamount expected to be received upon exchange of said goods or services.
The application of the Accounting Standard for Revenue Recognition and relevant ASBJ regulations is subject
to the transitional treatment provided for in the proviso to paragraph 84 of the Accounting Standard for
Revenue Recognition. The cumulative effect of the retrospective application, assuming the new accounting
policy had been applied to periods prior to the beginning of the fiscal year under review was added to or
deducted from the opening balance of retained earnings of the fiscal year under review, and thus the new
accounting policy was applied from such opening balance; provided, however, that the new accounting policy
was not retrospectively applied to contracts for which nearly all the revenue amounts had been recognizedaccording to the previous treatment in periods prior to the beginning of the fiscal year under review, byapplying the method provided for in paragraph 86 of the Accounting Standard for Revenue Recognition.
The effect of this change on the consolidated financial statements for the fiscal year under review was
immaterial.
Due to the application of the Accounting Standard for Revenue Recognition, “Notes and accounts receivable trade” under current assets of the consolidated balance sheet as of the end of the previous fiscal year has been
included in “Notes and accounts receivable - trade, and contract assets” under current assets from theconsolidated balance sheet as of the end of the fiscal year under review. In accordance with the transitional
treatment provided for in paragraph 89-2 of the Accounting Standard for Revenue Recognition, figures for theprevious fiscal year have not been restated in accordance with the new approach to presentation.
Application of accounting standard for fair value measurement, etc.
The Company has applied the “Accounting Standard for Fair Value Measurement” (ASBJ Statement No. 30,
July 4, 2019) and relevant ASBJ regulations from the beginning of the fiscal year under review, and it hasapplied the new accounting policy provided for by the Accounting Standard for Fair Value Measurement, etc.
prospectively in accordance with the transitional measures provided for in paragraph 19 of the AccountingStandard for Fair Value Measurement, and paragraph 44-2 of the “Accounting Standard for Financial
Instruments” (ASBJ Statement No. 10, July 4, 2019).
As a result, the Company changed the valuation criteria for other securities with readily determinable fair value
from the fair value method based on average market price, etc. at one month before the accounting period
closing date to the fair value method based on market price, etc. at the accounting period closing date.

-9-

Assumptions

Copper priceExchange rate

Fiscal year ended
March 31, 2022

Year-on-yearchangeFiscal year ended March 31, 2022 (actual)

$/mt

9,691

2,812

Fiscal year ending March 31, 2023 (forecast)

$/mt

9,400

(291)

Fiscal year ended March 31, 2022 (actual)

Yen/$

112.4

6.3

Fiscal year ending March 31, 2023 (forecast)

Yen/$

120.0

7.6

Supplementary Material on Financial Results
for the Fiscal Year Ended March 31, 2022
May 12, 2022
Furukawa Co., Ltd.
Net sales(Yen amounts are rounded down to millions.)
Fiscal year ending March 31, 2023

Fiscal year ended
March 31, 2022

Year-on-year change

76,9388,303

78,600Industrial Machinery segment

17,723

1,041

20,2002,476Rock Drill Machinery segment
UNIC Machinery segment

30,91028,3056,761
500

29,40029,000(1,510)694

118,163

29,960126,000

7,836

Metals segment
Electronics segment

102,995
7,271

26,9001,530

110,700
7,300

7,704
28

Machinery business

Materials business

Forecast

Year-on-year change
1,661

Chemicals segment

7,896

1,529

8,000

103

Real Estate segment

2,115

7

2,000

(115)

Others segment

1,879

1,123

2,900

1,020

199,097

39,394

209,500

10,402

Total

Operating profit
Fiscal year ended
March 31, 2022
Machinery businessYear-on-year change

Fiscal year ending March 31, 2023
Forecast

Year-on-year change

4,679

710

5,300

620

Industrial Machinery segment

1,396

(717)

1,800

403

Rock Drill Machinery segment
UNIC Machinery segment

1,117
2,165

2,442
(1,014)

1,300
2,200

182
34

Materials business

2,349

1,308

1,200

(1,149)

Metals segment
Electronics segment

940
666

441
504

0
600

(940)
(66)

Chemicals segment

743

363

600

(143)

Real Estate segment

743

6

600

(143)

Others segment

17

99

(20)

(37)

(Subtotal)

7,789

2,125

7,080

(709)

Eliminations/corporate

(54)

16

(80)

(25)

7,734

2,142

7,000

(734)

Total

- 10 -

* Reference Information (the below values are reference values)
1. Industrial Machinery segment order balance
The Industrial Machinery segment mainly provides built-to-order manufacturing, and the order balance as ofthe end of the fiscal year under review is as follows.

Order backlog

As ofMarch 31, 2022

Year-on-year change¥9.3 billion¥(0.4) billion

2. Profit or loss from metal price fluctuations in the Metals segment

Operating profit
Of which was due to priceFiscal year ended
March 31, 2022

Year-on-year change¥0.94 billion¥0.44 billion

fluctuations
Copper

¥1.51 billion¥0.00 billion[¥1.18 billion][¥0.23 billion]

Gold[¥0.27 billion][¥(0.18) billion]- 11 -