Note: This document has been translated from 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.

Consolidated Financial Results
for the Fiscal Year Ended March 31, 2021
［Under Japanese GAAP］
May 21, 2021
C o m p a n y n a m e : Tsurumi Manufacturing Co.,Ltd.
L i s t i n g : Tokyo Stock Exchange
S e c u r i t i e s c o d e : 6351
URL
: https://www.tsurumipump.co.jp
R e p r e s e n t a t i v e : Osamu Tsujimoto, President
I n q u i r i e s : KeiichiroTsuruga, Executive Officer, Administration Division
T e l e p h o n e : +81-6-6911-2351
S c h e d u l e d d a t e o f a n n u a l g e n er al m e e t i n g o f s h a r e h ol d e r s :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 25，2021
June 28，2021
June 28，2021
NoneNone(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the fiscal year ended March 31, 2021(from April 1, 2020 to March 31, 2021 )(1) Consolidated operating results（Percentages indicate year-on-year changes.）

Net sales

Operating profit

Profit attributable toowners of parent

Ordinary profit

Fiscal year ended

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%March 31,2021
March 31,2020

45,32545,604

(0.6)
4.9

5,549
5,166

7.4
4.5

6,404
5,475

17.0(4.5)

4,156
3,952

5.2
(1.5)

（Note）Comprehensive income
For the fiscal year ended March 31, 2021 : ¥5,765 million (67.3%)
For the fiscal year ended March 31, 2020 : ¥3,446 million ( 0.5%)

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 31,2021
March 31,2020

166.00157.84

――

6.5
6.6

8.1
7.3

12.2
11.3

（Reference）Share of profit (loss) of entities accounted for using equity method
For the fiscal year ended March 31, 2021 : ―For the fiscal year ended March 31, 2020 : ―(2) Consolidated financial position

Total assets
As ofMarch 31,2021
March 31,2020

Net assets

Equity-to-asset ratio

Net assets per share

Millions of yen

Millions of yen%

Yen

81,48776,93966,87462,01081.0
79.5

2,635.21
2,442.19（Reference）Equity
As of March 31, 2021
As of March 31, 2020::¥65,980 million¥61,147 million

(3) Consolidated cash flows

Cash flows fromoperating activities

Cash flows frominvesting activities

Cash and cash
equivalents at end ofperiod

Cash flows fromfinancing activities

Fiscal year ended

Millions of yen

Millions of yen

Millions of yen

Millions of yen

March 31,2021
March 31,2020

4,866
4,369

(3,357)(3,206)

(233)
(272)

15,696
14,084

2. Cash dividends
Annual dividends per shareFirst
quarter-end

Secondquarter-end

Thirdquarter-end

Fiscalyear-end

Total

Total cash
dividends(Total)Ratio ofdividends to
net assets

Payout ratio(Consolidated)(Consolidated)

Fiscal year ended

YenYenYen

YenYenMillions of yen%%March 31,2020

―

14.00

―

20.00

34.00

851

21.5

1.4

March 31,2021

―

14.00

―

22.00

36.00

901

21.7

1.4

―

15.00

―

21.00

36.00

Fiscal year ending

March 31,2022

22.2(Forecast)

3. Consolidated financial results forecast for the fiscal year ending March 31, 2022(from April 1, 2021 to March 31, 2022 )（Percentages indicate changes from the previous corresponding period.）

Net sales

Six months ending
September 30, 2021
Fiscal year ending
March 31,2022

Operating profit

Profit attributable toowners of parent

Ordinary profit

Basicearnings
per share

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Yen

20,8002.8

2,200(0.2)

2,400(5.8)

1,660(8.1)

66.30

47,000

3.7

5,600

0.9

5,800(9.4)

4,060

(2.3)

162.15Notes(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 restatementⅰ. Changes in accounting policies due to revisions to accounting standards and other regulations:ⅱ. Changes in accounting policies due to other reasons: Noneⅲ. Changes in accounting estimates: None
ⅳ. Restatement: None

None(3) Number of issued shares (common shares)
ⅰ. Number of issued shares at the end of the period (including treasury shares)
As of March 31, 2021:
27,500,000 shares
As of March 31, 2020:
27,500,000 shares
ⅱ. Number of treasury shares at the end of the period
As of March 31, 2021:
2,461,871 shares
As of March 31, 2020:
2,461,871 sharesⅲ. Average number of shares outstanding during the period
Fiscal year ended March 31, 2021: 25,038,129 sharesFiscal year ended March 31, 2020: 25,038,193 shares* The consolidated financial results are exempt from audit conducted by certified public accountants or an audit firm.
* Explanations of the appropriate use of financial forecasts and other special notes
The forecasts, including financial results forecast, given in this document are based on information available to the Company andon certain assumptions deemed to be reasonable at the time of the issuance of this document. And the Company does not commit toachieve these forecasting numbers. Actual results may differ from these forecasts by a variety of reasons.

Index of the Appendix
1. Consolidated Balance Sheet ............................................................................................................................... 22. Consolidated Statement of Income and Comprehensive Income ....................................................................... 4(Consolidated Statement of Income) ................................................................................................................. 4(Consolidated Statement of Comprehensive Income) ....................................................................................... 5
3. Consolidated Statements of Changes in Equity ................................................................................................. 6
4. Consolidated Statement of Cash Flows ............................................................................................................. 8
5. Note to Consolidated Financial Statements ....................................................................................................... 9(Segment Information) ...................................................................................................................................... 9－1－1. Consolidated Balance Sheet(Millions of yen)

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Securities
Merchandise
Finished goods
Semi-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
Accumulated depreciation
Buildings and structures, net
Machinery, equipment and vehicles
Accumulated depreciation
Machinery, equipment and vehicles, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Land
Leased assets
Accumulated depreciation
Leased assets, net
Construction in progress
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Retirement benefit asset
Deferred tax assets
Other
Allowance for doubtful accounts
Allowance for investment loss
Total investments and other assets
Total non-current assets
Total assets－2－

As of March 31, 2020

As of March 31, 2021

14,095
18,245
1,436
1,298
4,337
1,734
1,105
2,503
1,201(48)45,90815,70718,505
1,308
1,307
4,180
1,550
1,025
2,429
3,034
(40)
49,0108,741(4,848)3,893
3,325(2,496)829
2,349(1,986)
362
8,244
104
(31)
73
282
13,685834

9,444(4,970)4,473
3,400(2,652)748
2,498(2,158)
339
8,189
116
(56)
59
604
14,415
1,435

13,324
－
632
2,708
(2)
(154)
16,50931,03076,93914,368
46
534
1,833
(2)
(154)
16,62632,477
81,487

(Millions of yen)

Liabilities
Current liabilities
Notes and accounts payable - trade
Current portion of long-term borrowings
Current portion of bonds payable
Income taxes payable
Provision for bonuses
Other
Total current liabilities
Non-current liabilities
Bonds payable
Long-term borrowings
Deferred tax liabilities
Provision for retirement benefits for directors
Retirement benefit liability
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
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, 2020

As of March 31, 2021

6,813
500
－
835
996
3,361
12,506

6,519
300
700
1,164
953
2,472
12,109

700
900
97
182
417
124
2,422
14,928

－
1,800
159
195
140
207
2,502
14,612

5,188
7,810
48,828(2,119)59,7075,188
7,810
52,133(2,119)63,012

1,329
290
(179)
1,440
862
62,01076,939

2,078
834
54
2,968
894
66,874
81,487

2. Consolidated Statement of Income and Comprehensive Income(Consolidated Statement of Income (Year ended))

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Advertising expenses
Salaries and allowances
Provision for bonuses
Retirement benefit expenses
Provision for retirement benefits for directors
Welfare expenses
Rent expenses
Depreciation
Other
Total selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Gain on investments in securities
Foreign exchange gains
OtherTotal non-operating income
Non-operating expenses
Interest expenses
Loss on abandonment of non-current assets
Foreign exchange losses
Loss on swap valuation
Other
Total non-operating expense
Ordinary profit
Extraordinary income
Gain on sale of investment securities
Subsidy income
Total extraordinary income
Extraordinary losses
Loss on valuation of investments in capital ofsubsidiaries and associates
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent－4－Year ended
March 31, 2020
45,60430,34015,264(Millions of yen)
Year ended
March 31, 2021
45,32530,225
15,100

236
3,707
640
154
13
862
183
259
4,039
10,097
5,166

154
3,799
614
96
13
857
190
273
3,551
9,551
5,549

255
198
－－
196
650

256
199
175
252
177
1,061

13
7
267－
52
341
5,475

22
48
－
108
27
206
6,404－
155
155

106－
106

－

743

－
5,631
1,692
(86)
1,605
4,026
74
3,952

743
5,768
1,818(271)
1,546
4,221
65
4,156

(Consolidated Statement of Comprehensive Income (Year ended))ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefits plans
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests－5－Year ended
March 31, 2020
4,026(Millions of yen)
Year ended
March 31, 2021
4,221

(140)
(294)
(144)
(579)
3,446

748
560
234
1,543
5,765

3,395

5,684

5081

3. Consolidated Statements of Changes in Equity
Previous consolidated fiscal year (April 1, 2019 – March 31, 2020)(Millions of yen)

Shareholders’ equity
Share capital
Balance at the beginning of theperiod

Capital surplus

5,188

Retained earnings

7,896

Total shareholders’equityTreasury shares

45,874(2,402)56,556

Changes during period
Dividends of surplus

(801)

(801)

Profit attributable to ownersof parent

3,952

3,952

Purchase of treasury shares
Cancellation of treasury
shares

(0)

(0)

(86)

(196)

283

－－

(86)

2,953

283

3,150

5,188

7,810

48,828(2,119)59,707

Net changes of items otherthan shareholders' equity
Total changes during period
Balance at the end of theperiod

Other accumulated comprehensive income
Valuationdifference on
available-forsale securities
Balance at the beginning of theperiod

1,470

Foreign currency Remeasurementsof definedtranslation
benefit plansadjustment
561

(35)

Total otheraccumulatedcomprehensive
income1,996

Non- controllinginterests

Total net assets

852

59,405

Changes during period
Dividends of surplus(801)

Profit attributable to ownersof parent

3,952

Purchase of treasury shares(0)Cancellation of treasury
shares－Net changes of items otherthan shareholders' equity

(140)

(271)

(144)

(556)

10(545)

Total changes during period

(140)

(271)

(144)

(556)

102,604

Balance at the end of theperiod

1,329

290

(179)

1,440

862

62,010－6－Current consolidated fiscal year (April 1, 2020 – March 31, 2021)(Millions of yen)

Shareholders’ equity
Share capital
Balance at the beginning of theperiod

Capital surplus

5,188

Retained earnings

7,810

Total shareholders’equityTreasury shares

48,828(2,119)59,707

Changes during period
Dividends of surplus(851)(851)Profit attributable to ownersof parent

4,156

4,156

Net changes of items otherthan shareholders' equity
－－

3,304

－

3,304

5,188

7,810

52,133(2,119)63,012

Total changes during period
Balance at the end of theperiod

Other accumulated comprehensive income
Valuationdifference on
available-forsale securities
Balance at the beginning of theperiod

1,329

Foreign currency Remeasurements
translationof definedadjustment
benefit plans
290

(179)

Total otheraccumulatedcomprehensive
income1,440

Non- controllinginterests

Total net assets

862

62,010Changes during periodDividends of surplus(851)

Profit attributable to ownersof parent

4,156

Net changes of items otherthan shareholders' equity

748

544

234

1,527

31

1,559

Total changes during period

748

544

234

1,527

31

4,864

Balance at the end of theperiod

2,078

834

54

2,968

894

66,874－7－4. Consolidated Statement of Cash flows

Cash flows from operating activities
Profit (loss) before income taxes
Depreciation
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses
Increase (decrease) in retirement benefit liability
Interest and dividend income
Interest expenses
Loss (gain) on investments in securities
Loss (gain) on swap valuation
Loss (gain) on sale of investment securities
Subsidy income
Loss on valuation of investments in capital
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of securities
Proceeds from sale and redemption of securities
Purchase of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sale and redemption of investment securities
loan advances
Proceeds from collection of loans receivable
Subsidies received
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Proceeds from long-term borrowings
Repayments of long-term borrowings
Dividends paid
Dividends paid to non-controlling interests
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cashequivalents
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－Year ended
March 31, 2020

(Millions of yen)
Year ended
March 31, 2021

5,631
785
2
222
244
(453)
13
23－
－
(155)
－
(232)
(1,599)
476
909
5,867
439
(14)
(1,922)
4,369

5,768
903
(8)
(42)
(276)
(456)
22
(175)
108
(106)
－
743
(160)
615
(385)
(587)
5,962
407
(12)
(1,491)
4,866

(109)
706
(1,640)(266)(2,357)
682
(678)
309
155
(7)
(3,206)(330)
575(1,669)
(864)
(698)
1,063
(2,195)609－
152(3,357)

600
－
(801)
(40)
(31)
(272)

1,200
(500)
(851)
(49)
(32)
(233)

(329)

336

560
13,52314,084

1,611
14,084
15,696

5. Note to Consolidated Financial Statements(Segment Information)
Previous consolidated fiscal year (April 1, 2019 – March 31, 2020)(Millions of yen)

Reportable segments
Adjustments

Amount inconsolidated
financialstatements

45,604－45,604

3,554

12,223(12,223)－

51,592

6,235

57,827(12,223)

45,604

325

5,771

456

6,228

(1,061)

5,166

6,652

4,727

55,750

7,092

62,842

14,09676,939

558

37

74

670

94

764

21

785

1,730

21

387

2,139

85

2,225

－

2,225

OtherNorth
AmericaChina

34,567

6,662

1,692

42,9232,680

Intersegment sales
or transfers

6,970

0

1,698

8,668

Total

41,538

6,663

3,391

Segment profit

4,678

767

Segment assets

44,369Other items
DepreciationJapan

Net sales
Sales to externalcustomers

Increase in property,plant and equipment,and intangible assets

Total

Total

Current consolidated fiscal year (April 1, 2020 – March 31, 2021)(Millions of yen)

Reportable segments
Adjustments

Amount inconsolidated
financialstatements

45,325－45,325

3,354

10,745(10,745)－

49,8996,171

56,071(10,745)

45,325

387

6,014

419

6,434

(884)

5,549

7,548

4,575

58,738

7,922

66,661

14,826

81,487

636

37

82

756

126

883

20

903

1,625

36

15

1,677

554

2,232

－

2,232

Other

North
AmericaChina

34,744

6,211

1,553

42,5082,817Intersegment sales
or transfers

5,589

－

1,801

7,391

Total

40,3346,211

3,354Segment profit

4,868

758

Segment assets

46,614

Other items
Depreciation

JapanNet sales
Sales to externalcustomers

Increase in property,
plant and equipment,
and intangible assets

Total－9－Total