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 Year Ended March 31, 2024
(Based on Japanese GAAP)May 10, 2024
Company name:Tokyo Cosmos Electric Co., Ltd.

Stock exchange listing: Tokyo
Stock code:
6772
Representative:
Inquiries:

URL

http://www.tocos-j.co.jp/

Representative Director, President
Director

Yoshiki Iwasaki
Satoshi Ueda

Scheduled date of ordinary general meeting of shareholders:
Scheduled date to file Securities Report:

June 25, 2024
June 26, 2024

Scheduled date to commence dividend payments:
Preparation of supplementary material on financial results:

June 26, 2024
No

Holding of financial results meeting:

Yes

TEL

046-253-2111(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the year ended March 31, 2024 (from April 1, 2023 to March 31, 2024)(1) Consolidated operating results
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%
Year ended March 31, 2024
10,434(2.6)
1,261(6.6)
1,403(7.6)
962(18.1)
Year ended March 31, 2023
10,712
12.6
1,349
69.7
1,519
71.6
1,174
86.5

Earnings per share

Profit attributable toOrdinary profit/total Operating profit/net
owners ofassets
sales
parent/equity
Yen
%%%
–
14.9
10.9
12.1
–
22.2
11.6
12.6

Diluted earnings pershareYen
706.68827.63

Year ended March 31, 2024
Year ended March 31, 2023
(2) Consolidated financial position

Total assets
As of March 31, 2024
As of March 31, 2023

Net assets

Equity ratio

Millions of yen
12,415
13,400Millions of yen
7,003
5,915

Cash flows fromoperating activities
Millions of yen
1,630
1,711

Cash flows frominvesting activities
Millions of yen
(163)
(204)

Net assets per share%
56.4
44.1

Yen
5,187.13
4,162.86(3) Consolidated cash flows

Year ended March 31, 2024
Year ended March 31, 2023

Cash flows from
Cash and cash equivalents
at end of period
financing activitiesMillions of yen
Millions of yen(2,143)
3,553
(874)
4,012

2. Cash dividends
Annual dividends per share
1st quarter-end 2nd quarter-end 3rd quarter-end Fiscal year-end

Year ended March 31, 2023
Year ended March 31, 2024
Year ending March 31, 2025
(Forecast)of dividends
Total cash
Dividend payout Ratio
to net assets
dividends (Total) ratio (Consolidated) (Consolidated)

Total

Yen

Yen

Yen

Yen

Yen

Millions of yen%%––––––

60.00
145.0060.00
145.00

85
195

7.2
20.5

1.6
3.1

–––

160.00160.00138.6

3. Forecast of consolidated financial results for the year ending March 31, 2025 (from April 1, 2024 to March 31, 2025)
Net sales
Full year

Millions of yen
10,000Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
Earnings per shareowners of parent% Millions of yen% Millions of yen% Millions of yen%Yen(4.2)
850 (32.6)
800 (43.0)
560 (41.8)
414.794. Notes(1) Changes in significant subsidiaries during the year ended March 31, 2024
(changes in specified subsidiaries resulting in the change in scope of consolidation):No(2) 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:

NoNo

Changes in accounting estimates:
Restatement of prior period financial statements:

NoNo(3) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2024

1,581,250 shares As of March 31, 2023

1,581,250 shares

231,173 shares As of March 31, 2023

160,161 shares

Number of treasury shares at the end of the period
As of March 31, 2024
Average number of shares during the period
Year ended March 31, 2024

1,361,647 shares Year ended March 31, 2023

2

1,419,449 shares

Consolidated financial statements
Consolidated balance sheets(Thousands of yen)
As of March 31, 2023

As of March 31, 2024

AssetsCurrent assets
Cash and deposits
Electronically recorded monetary claims - operating

4,036,742
712,749

3,577,129
621,283

Notes receivable - trade
Accounts receivable - trade

1,683
2,163,618

3,564
2,005,076

Merchandise and finished goods
Work in process

742,678355,328

519,361
376,094

Raw materials and supplies
Other

761,081
163,185

877,452
106,588

Allowance for doubtful accounts(16,095)(6,440)8,920,972

8,080,110

2,714,782

2,752,447

Accumulated depreciation(1,668,152)(1,772,441)

Buildings and structures, net

1,046,629

980,006

Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures

Machinery, equipment and vehicles

5,130,917

5,162,489

Accumulated depreciation(4,491,149)(4,579,850)

639,767

582,638

Land

Machinery, equipment and vehicles, net

1,715,871

1,715,871

Leased assets
Accumulated depreciation

874,233(568,894)

860,699(667,301)

Leased assets, net

305,338

193,398

Construction in progress
Other88,5401,853,633

60,677
1,791,741(1,804,954)(1,745,764)

48,67945,976

3,844,826

3,578,568

Accumulated depreciation
Other, net
Total property, plant and equipment
Intangible assets
Leased assets

100,57852,301

Other

34,945

27,691

Total intangible assets

135,524

79,992

Investment securities
Insurance funds

309,864
12,429562,905–

Deferred tax assets
Other

138,303
38,93774,99039,333

Total investments and other assets

499,534

677,229

4,479,885

4,335,791

13,400,857

12,415,901

Investments and other assets

Total non-current assets
Total assets3

(Thousands of yen)
As of March 31, 2023

As of March 31, 2024

Liabilities
Current liabilities
Notes and accounts payable - trade723,230

707,408

613,393
1,450,000

376,073300,000

Current portion of long-term borrowings
Lease liabilities

572,272
149,917514,536
141,778

Income taxes payable
Provision for bonuses

227,335
202,164

215,903
220,379

Provision for bonuses for directors (and other officers)
Other

40,000412,375

40,000381,324

Total current liabilities

4,390,688

2,897,403

Non-current liabilities
Long-term borrowings

1,848,080

1,367,444

278,213139,064

Electronically recorded obligations - operating
Short-term borrowings

Lease liabilities
Provision for retirement benefits for directors (and otherofficers)
Retirement benefit liability

4,357

3,690

497,017453,308

Deferred tax liabilities
Deferred tax liabilities for land revaluation

60,168314,794

151,591
314,794

Other

91,74085,582

3,094,370

2,515,475

7,485,059

5,412,879

Share capital
Capital surplus

1,277,000
1,322

1,277,000
4,820

Retained earnings
Treasury shares

3,692,626(224,051)

4,569,606(399,862)

Total shareholders' equity

4,746,897

5,451,563

Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity

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

115,882

294,088

Revaluation reserve for land
Foreign currency translation adjustment

734,519
278,864734,519472,984

Remeasurements of defined benefit plans

39,63449,867

1,168,900

1,551,459

5,915,798

7,003,022

13,400,857

12,415,901

Total accumulated other comprehensive income
Total net assets
Total liabilities and net assets

4Consolidated statements of income and consolidated statements of comprehensive income
Consolidated statements of income(Thousands of yen)
Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Net sales

10,712,917

10,434,769

Cost of sales

7,973,776

7,682,297

Gross profit

2,739,140

2,752,472

Selling, general and administrative expenses

1,389,251

1,491,081

Operating profit

1,349,889

1,261,390

Non-operating income
Interest income

5,761

7,989

Dividend income
Foreign exchange gains

10,125
134,104

11,995
157,129

Miscellaneous income

76,766

71,837

Total non-operating income

226,758

248,952

Interest expenses
Loss due to suspension of business

43,324–34,841
27,311

Commission for syndicated loans
Miscellaneous losses–
14,11436,0008,311

Total non-operating expenses

57,439106,464

1,519,208

1,403,877

Gain on sale of non-current assets

5,272

891

Total extraordinary income

5,272

891

Loss on sale and retirement of non-current assets
Loss on sale of investment securities

14,13065

14,892–

Total extraordinary losses

14,196

14,892

Profit before income taxes

1,510,284

1,389,876

Income taxes - current
Income taxes - deferred

300,532
34,970358,031
69,599Total income taxes

335,502427,630

Profit1,174,781

962,245

Profit attributable to owners of parent

1,174,781

962,245

Non-operating expenses

Ordinary profit
Extraordinary income

Extraordinary losses

5Consolidated statements of comprehensive income(Thousands of yen)

ProfitOther comprehensive income

Fiscal year ended

Fiscal year ended

March 31, 2023

March 31, 2024

1,174,781

962,245

Valuation difference on available-for-sale securities
Foreign currency translation adjustment

20,97564,064

178,206
194,119

Remeasurements of defined benefit plans, net of tax

9,640

10,23294,680

382,558

Comprehensive income

Total other comprehensive income

1,269,462

1,344,803

Comprehensive income attributable toComprehensive income attributable to owners of parent

1,269,462

1,344,803

6

Consolidated statements of changes in equity
Fiscal year ended March 31, 2023
(Thousands of yen)
Shareholders' equity
Share capital
Balance at beginning ofperiod

1,277,000

Capital surplus

Retained earnings

Treasury shares–

2,560,313(231,610)

Total
shareholders'equity
3,605,703

Changes during period
Dividends of surplus(42,468)(42,468)

Profit attributable toowners of parent

1,174,781

1,174,781

Purchase of treasury shares
Disposal of treasury shares

1,322(415)

(415)

7,974

9,296

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

–

1,322

1,132,312

7,558

1,141,193

1,277,000

1,322

3,692,626(224,051)

4,746,897

Accumulated other comprehensive income

Balance at beginning ofperiod

Valuationdifference on
available-for-salesecurities

Revaluation
reserve for land

94,906

734,519

Foreign currency Remeasurements
translationof defined benefit
adjustment
plans
214,800

29,994

Total accumulated
othercomprehensive
income1,074,220

Total net assets

4,679,923

Changes during period
Dividends of surplus(42,468)

Profit attributable toowners of parent

1,174,781

Purchase of treasury shares(415)

Disposal of treasury shares

9,296

Net changes in items otherthan shareholders' equity

20,975–64,064

9,640

94,68094,680Total changes during period

20,975–64,064

9,640

94,6801,235,874

Balance at end of period

115,882

734,519

278,864

39,634

1,168,9005,915,798

7

Fiscal year ended March 31, 2024
(Thousands of yen)
Shareholders' equity
Share capital
Balance at beginning ofperiod

1,277,000

Capital surplus

Retained earnings

Treasury shares

1,322

3,692,626(224,051)

Total
shareholders'equity4,746,897

Changes during period
Dividends of surplus(85,265)(85,265)

Profit attributable toowners of parent

962,245962,245

Purchase of treasury shares
Disposal of treasury shares(181,337)(181,337)

5,526

9,024

3,497

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

–

3,497

876,980(175,811)

704,666

1,277,000

4,820

4,569,606(399,862)

5,451,563

Accumulated other comprehensive income

Balance at beginning ofperiod

Valuationdifference on
available-for-salesecurities

Revaluation
reserve for land

115,882

734,519

Foreign currency Remeasurements
translationof defined benefit
adjustment
plans
278,864

39,634

Total accumulated
othercomprehensive
income1,168,900

Total net assets

5,915,798

Changes during period
Dividends of surplus(85,265)

Profit attributable toowners of parent

962,245

Purchase of treasury shares(181,337)

Disposal of treasury shares

9,024

Net changes in items otherthan shareholders' equity

178,206–

194,119

10,232

382,558

382,558

Total changes during period

178,206–

194,119

10,232

382,558

1,087,224

Balance at end of period

294,088734,519472,984

49,867

1,551,459

7,003,0228

Consolidated statements of cash flows(Thousands of yen)

Cash flows from operating activities
Profit before income taxes

Fiscal year ended

Fiscal year ended

March 31, 2023

March 31, 2024

1,510,284

1,389,876

Depreciation
Increase (decrease) in allowance for doubtful accounts

625,4146,046

512,374(10,796)

Increase (decrease) in provision for bonuses
Increase (decrease) in provision for retirement benefits for

11,053

17,642

directors (and other officers)
Increase (decrease) in retirement benefit liability(3,307)(667)(53,888)(43,708)

Interest and dividend income
Interest expenses(15,887)
43,324(19,985)
34,841

Loss (gain) on sale of investment securities
Loss due to temporary closure

65––
27,311

Syndicated loan fees
Foreign exchange losses (gains)––

36,000(93,366)

13,957(5,098)14,892(891)

Decrease (increase) in trade receivables
Decrease (increase) in inventories(197,162)(104,936)

315,981
139,383

Increase (decrease) in trade payables
Other, net

226,169(106,315)(309,461)
25,626

Subtotal

1,949,719

2,035,052

Interest and dividends received
Interest paid

15,887(43,236)

19,985(32,928)

Loss due to temporary closure paid
Income taxes paid–(210,991)(27,311)(364,746)

Net cash provided by (used in) operating activities

1,711,378

1,630,050(24,000)(36,000)

24,000(242,510)

36,000(161,733)

9,363
658

2,650
–

Purchase of intangible assets
Other, net(10,487)
38,871(5,426)
1,507

Net cash provided by (used in) investing activities(204,104)(163,003)

Loss on retirement of property, plant and equipment
Loss (gain) on sale of property, plant and equipment

Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Proceeds from sale of investment securities

9(Thousands of yen)

Cash flows from financing activities
Net increase (decrease) in short-term borrowings

Fiscal year ended

Fiscal year ended

March 31, 2023

March 31, 2024

(188,000)(1,150,000)

Proceeds from long-term borrowings
Repayments of long-term borrowings

100,000(571,963)–(538,372)

Purchase of treasury shares
Dividends paid

(415)
(41,867)(181,337)(84,286)

Syndicated loan fees paid
Repayments of lease liabilities–(172,258)(36,000)(153,971)

Net cash provided by (used in) financing activities(874,504)(2,143,967)

Effect of exchange rate change on cash and cash equivalents

184,158

217,307

Net increase (decrease) in cash and cash equivalents

816,928(459,612)

Cash and cash equivalents at beginning of period

3,195,813

4,012,742

Cash and cash equivalents at end of period

4,012,742

3,553,12910