Trusco Nakayama Corporation
Financial Statements
Consolidated Balance Sheet
December 31, 2019
Millions of Yen2019

ASSETS
CURRENT ASSETS:
Cash and cash equivalents
Accounts receivable - trade
Electronically-recorded monetary claims
Merchandise
Other current assets
Allowance for doubtful accounts
Total current assets
PROPERTY, PLANT AND EQUIPMENT:Land
Buildings and structures
Machinery, equipment and vehicles
Furniture and fixtures
Construction in progress
Total
Accumulated depreciation
Net property, plant and equipment
INVESTMENTS AND OTHER ASSETS:
Investment securities
Software and software in progressDeferred tax assets
Deferred tax assets on land revaluation
Other assets
Allowance for doubtful accounts¥18,373
26,341
1,706
43,653
1,034

Thousands ofU.S. Dollars*
2019$

LIABILITIES AND EQUITYCURRENT LIABILITIES:
Accounts payable - trade
Short-term loans borrowings
Other payables
Income taxes payable
Provision for bonuses
Other current liabilities

167,712240,446
15,579398,477
9,439(2 )91,107

831,651

31,744
59,1598,853
4,837
15,450120,043(26,938 )

289,768
540,01780,811
44,157141,032
1,095,785(245,901 )

93,105

849,884

1,809
8,538
889
158
496
(7 )

16,51877,935
8,116
1,439
4,529
(68 )

11,883

108,469

Total current liabilities
LONG-TERM LIABILITIES:Long-term loans borrowings
Deposits received for guarantees
Retirement allowances for directors and the Audit andSupervisory board members
Other long-term liabilities
Total long-term liabilities
EQUITY :Common stock
Capital surplus
Retained earnings
Unrealized gain on available-for-sale securities
Land revaluation difference
Foreign currency translation adjustment
Treasury stock
Total equity

Total investments and other assets

TOTAL
TOTAL

¥ 196,095$ 1,790,004* The translations of Japanese yen amounts into U.S. dollar amounts have been made at the rate of ¥109.55 to $1, the approximate
rate of exchange at December 31, 2019.

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Millions of Yen
2019¥15,707
17,000
4,232
2,451
23
1,964

Thousands ofU.S. Dollars*
2019$

143,380
155,180
38,62922,370205
17,936

41,377377,700

25,0002,087

228,206
19,051

152
1

1,383
9

27,240248,649

5,022
4,711
117,733
569(358 )(124 )(75 )

45,84543,004
1,074,694
5,197(3,263)(1,136)(686)

127,478

1,163,655¥ 196,095$

1,790,004

Trusco Nakayama Corporation
Financial Statements
Consolidated Statement of Income
Year Ended December 31, 2019
Millions of Yen
2019
NET SALES¥ 220,675

Thousands ofU.S. Dollars*
2019$

2,014,375

COST OF GOODS SOLD

173,640

1,585,030

Gross profit

47,035429,345SELLING, GENERAL AND ADMINISTRATIVE
EXPENSES

33,237303,397

Operating income

13,798125,948

34(68 )
1,895
(1,841 )
15311(622)17,297(16,808)135(27 )380(244)
3,476

388

3,545

INCOME BEFORE INCOME TAXES

14,186

129,493

INCOME TAXES :Current
Deferred

4,571
141,724
14

4,572

41,738OTHER INCOME (EXPENSES) :Interest and dividend income
Interest expenses
Purchase discounts
Sales discounts
Gain on sales of investment securities
Loss on sales and disposals of property, plantand equipment
Other - net
Other income - net

Total income taxes
NET INCOME
NET INCOME ATTRIBUTABLE TO OWNERS OF PARENTPER SHARE OF COMMON STOCK :Basic net income
Cash dividends applicable to the year¥¥

9,6149,614$$87,755
87,755

YenU.S. Dollars*¥ 145.78
36.50$ 1.33
0.33* The translations of Japanese yen amounts into U.S. dollar amounts have been made at the rate of ¥109.55 to $1, theapproximate rate of exchange at December 31, 2019.

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Trusco Nakayama Corporation
Financial Statements
Consolidated Statement of Changes in Equity
Year Ended December 31, 2019

BALANCE, JANUARY 1, 2019
Net income
Cash dividends, ¥37.0 per share
Purchase of treasury stock
Disposal of treasury stock
OtherNet change in the year
BALANCE, DECEMBER 31, 2019

Thousands ofShares
Outstanding
Number of
Shares ofCommon Stock

CommonStock

CapitalSurplus65,945¥ 5,022¥ 4,711

Shareholders’ Equity¥

Retained
Earnings

TreasuryStock110,559¥(1 )¥(358)¥(310)¥

127
65,944¥ 5,022¥ 4,711¥

117,733$ 45,845

CapitalSurplus$Net income
Cash dividends, $0.34 per share
Purchase of treasury stock
Disposal of treasury stock
Other
Net change in the year

43,003

$

¥

(75)

¥ 569

186
¥

(358 )¥

Retained
Earnings
1,009,210$$ 4,030$(3,263 )$313(124 )

Thousands of U.S. Dollars*
Accumulated Other Comprehensive Income
Unrealized Gain onLand
Foreign Currency
Treasury
Available-for-Sale
Revaluation
Translation
Stock
Securities
Difference
Adjustment(667 )(2,832 )

¥$

(19)
1$

43,004$

1,074,694$(686 )$ 5,197* The translations of Japanese yen amounts into U.S. dollar amounts have been made at the rate of ¥109.55 to $1, the approximate rate of exchange at December 31, 2019.

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1,696$(3,263 )$(1,136 )1,095,326
87,755(22,272)(19)
112,863

1
1,167

127,478

TotalEquity

87,755(22,272)$ 45,845

119,9939,614(2,440)(2)(2)

CommonStock

BALANCE, DECEMBER 31, 2019

¥ 442

Total
Equity9,614(2,440)Shareholders’ Equity

BALANCE, JANUARY 1, 2019(73)

Millions of Yen
Accumulated Other Comprehensive Income
Unrealized Gain on
Land
Foreign Currency
Available-for-Sale
Revaluation
Translation
Securities
Difference
Adjustment$1,163,655

Trusco Nakayama Corporation
Financial Statements
Consolidated Statement of Cash Flows
Year Ended December 31, 2019
Millions of Yen
2019
OPERATING ACTIVITIES:
Income before income taxes
Adjustments for:Depreciation and amortization
Increase in allowance for doubtful accounts
Changes in assets and liabilities:
Increase in accounts receivable
Increase in merchandise
Increase in accounts payable
Increase in accrued consumption taxes
Other - net
Income taxes paid

¥ 14,186

Thousands ofU.S. Dollars*
2019$

129,493

4,902

44,7472(506)(5,872)
531
2,639
(55)
(4,827)(4,620)(53,600)
4,849
24,086(497)(44,063)

10,998100,397100(15,401)(3,922)
(440)
(44)

913
(140,580)(35,798)(4,018)(409)

Net cash used in investing activities(19,707)(179,892)

FINANCING ACTIVITIES:Net increase (decrease) in short-term borrowings
Dividends paid
Other - net

17,000(2,439)(2)

155,180(22,268)(18)

Net cash used in financing activities

14,559132,894

31288

NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS

5,881

53,687

CASH AND CASH EQUIVALENTS, BEGINNING
OF YEAR12,449113,635

Net cash provided by operating activities
INVESTING ACTIVITIES:
Proceeds from redemption of securities
Purchase of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Other—net

FOREIGN CURRENCY TRANSLATION ADJUSTMENTS
ON CASH AND CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS, END OF YEAR

¥ 18,330$167,322* The translations of Japanese yen amounts into U.S. dollar amounts have been made at the rate of ¥109.55 to $1, theapproximate rate of exchange at December 31, 2019.

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