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, 2023
(Based on Japanese GAAP)May 10, 2023
Company name:TOSHO CO., LTD.

Stock exchange listing: Tokyo, Nagoya
Stock code:
8920
URL
Representative:
Inquiries:

https://www.to-sho.net

President
Managing Director

Yuichiro Kutsuna
Naoya Kuwazoe

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

June 29, 2023
June 30, 2023

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

June 30, 2023
Yes

Holding of financial results meeting:

Yes

TEL

0566-79-3111(for institutional investors and analysts)(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the year ended March 31, 2023 (from April 1, 2022 to March 31, 2023)(1) Consolidated operating results
Percentages indicate year-on-year changes
Profit attributable to
Net sales
Operating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Year ended March 31, 2023
22,506(17.6)
3,134(30.1)
3,135 (31.0)857(64.6)
Year ended March 31, 2022
27,31955.0
4,485 315.3
4,546 295.4
2,424–

Earnings per share

Profit attributable toOrdinary profit/total Operating profit/net
owners ofassetssales
parent/equity
Yen
%
%
%
–
2.3
3.9
13.9
–
6.8
5.9
16.4

Diluted earnings per
share

Yen
22.39
63.29

Year ended March 31, 2023
Year ended March 31, 2022
(2) Consolidated financial position

Total assets
As of March 31, 2023
As of March 31, 2022

Net assets

Equity ratio

Millions of yen
83,286
77,979Millions of yen
41,67240,202

Cash flows fromoperating activities
Millions of yen(12,445)
13,162

Cash flows frominvesting activities
Millions of yen(2,542)(2,638)

Net assets per share
%
45.1
47.3

Yen
980.29963.64(3) Consolidated cash flows

Year ended March 31, 2023
Year ended March 31, 2022

Cash flows from
Cash and cash equivalents
at end of period
financing activities
Millions of yen
Millions of yen
4,912
14,973(5,014)25,048

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

Year ended March 31, 2022
Year ended March 31, 2023
Year ending March 31, 2024
(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

%

%

–
–

1.00
1.00

–
–

5.00
2.00

6.00
3.00

229
114

9.5
13.4

0.6
0.3

–

2.00

–

2.00

4.00

1

9.6

3. Forecast of consolidated financial results for the year ending March 31, 2024 (from April 1, 2023 to March 31, 2024)
Net sales
Millions of yen
Six months ending
September 30, 2023
Full year

Percentages 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

12,400

14.5

1,560

4.8

1,560

3.9

500

6.2

13.05

26,000

15.5

4,000

27.6

4,000

27.6

1,600

86.5

41.76

4. Notes(1) Changes in significant subsidiaries during the year ended March 31, 2023
(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:
Yes
Changes in accounting policies due to other reasons:
Changes in accounting estimates:

No
No

Restatement of prior period financial statements:

No(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, 2023

38,315,000 shares As of March 31, 2022

38,315,000 shares

Number of treasury shares at the end of the period
As of March 31, 2023

8,924 shares As of March 31, 2022

8,924 shares

Average number of shares during the period
Year ended March 31, 2023

38,306,076 shares Year ended March 31, 2022

2

38,306,119 shares

Consolidated financial statements
Consolidated balance sheets(Thousands of yen)
As of March 31, 2022

As of March 31, 2023

AssetsCurrent assets
Cash and deposits
Accounts receivable - trade26,871,395
365,217

16,978,552
779,875

Trade accounts receivable
Merchandise

126,328
1,755

148,145
2,506

Supplies
Real estate for sale47,834–

67,201
14,768,768

Other

364,960

653,392

27,777,492

33,398,442

54,199,744

55,023,168

Accumulated depreciation(20,460,984)(22,227,679)

Buildings and structures, net

33,738,759

32,795,489

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

Machinery, equipment and vehicles

1,986,942

1,975,153

Accumulated depreciation(1,210,286)(1,315,597)

776,656

659,556

Tools, furniture and fixtures

Machinery, equipment and vehicles, net

1,483,730

1,523,214

Accumulated depreciation(1,272,090)(1,346,239)

211,639

176,974

Land

5,970,716

6,017,988

Leased assets
Accumulated depreciation

4,642,083(1,287,397)

4,787,288(1,598,642)

3,354,685

3,188,646

Tools, furniture and fixtures, net

Leased assets, net
Construction in progress

612,063828,264

44,664,522

43,666,920

Other

139,832

102,411

Total intangible assets

139,832

102,411

Investment securities
Leasehold and guarantee deposits

1,370,120
2,687,582

1,375,529
3,408,868

Long-term loans receivable
Deferred tax assets

50,2291,099,412

25,084
1,143,095

Other
Allowance for doubtful accounts

181,520(11,760)

162,566(11,760)

Total investments and other assets

5,377,105

6,103,383

50,181,460

49,872,715

Bond issuance costs

20,75815,458

Total deferred assets

20,75815,45877,979,711

83,286,616

Total property, plant and equipment
Intangible assets

Investments and other assets

Total non-current assets
Deferred assets

Total assets3

(Thousands of yen)
As of March 31, 2022

As of March 31, 2023

Liabilities
Current liabilities
Accounts payable - trade

404

748

Current portion of long-term borrowings
Lease liabilities

5,252,926
299,636

4,840,524
489,324

Accounts payable - other
Income taxes payable

1,363,593
2,208,381

1,467,853
1,017,082

Accrued consumption taxes
Other

1,162,650
771,740

274,836
751,003

Total current liabilities

11,059,333

8,841,372

Non-current liabilities
Bonds payable

5,000,000

5,000,000

14,366,211
3,131,296

20,110,877
2,778,057

963,680

941,590

110,134
2,945,773

111,775
2,979,822

200,959

850,343

26,718,054

32,772,466

37,777,388

41,613,839

Share capital
Capital surplus

1,580,817
2,295,862

1,580,817
2,295,847

Retained earnings
Treasury shares

33,043,549(7,955)33,671,415(7,955)

Total shareholders' equity

36,912,274

37,540,124

1,168

11,199Long-term borrowings
Lease liabilities
Provision for retirement benefits for directors (and otherofficers)
Retirement benefit liability
Asset retirement obligations
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity

Accumulated other comprehensive income
Remeasurements of defined benefit plans

1,168

11,199Non-controlling interests

Total accumulated other comprehensive income

3,288,880

4,121,452

Total net assets

40,202,322

41,672,776

77,979,711

83,286,616

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, 2022

Fiscal year ended
March 31, 2023

Net sales

27,319,772

22,506,629

Cost of sales

21,066,961

17,736,476

Gross profit

6,252,810

4,770,153

Promotion expenses
Sales commission

17,717
278,096

17,770303,592

Remuneration for directors (and other officers)
Provision for retirement benefits for directors (and other398,684

370,603

Selling, general and administrative expenses

officers)
Salaries and bonuses

33,2859,550

378,524

383,045

Retirement benefit expenses
Taxes and dues

5,256
290,282

5,664
191,660

Depreciation
Other

38,067
327,853

31,997321,789

1,767,768

1,635,674

4,485,042

3,134,478

Interest income
Dividend income

2,309
18,9871,537
2

Commission income
Rental income

107,647
14,504

103,772
27,882

Subsidy income
Share of profit of entities accounted for using equity method

69,16023,095

6,558
40,230Other

13,73336,929Total non-operating income

249,438

216,912

128,894
29,107

117,387
29,052

Total selling, general and administrative expenses
Operating profit
Non-operating income

Non-operating expenses
Interest expenses
Interest expenses on bonds
Other29,90869,185

Total non-operating expenses

187,910215,626

4,546,570

3,135,764

Gain on sale of non-current assets
Subsidies for employment adjustment

280
3,947

27,584–

Subsidy income
Insurance claim income

49,430
–

–
7,953

–

3,652

53,65839,190Ordinary profit
Extraordinary income

Other
Total extraordinary income5(Thousands of yen)
Fiscal year ended

Fiscal year ended

March 31, 2022

March 31, 2023

Extraordinary losses
Loss on retirement of non-current assets

3,111

2,957

Loss on store closures
Loss on changes in construction project

48,80534,247––––52,162
18,085–5,250

263,804–

Loss on store closings
Loss on disaster
Impairment losses
Other

91,413

337,009

Profit before income taxes

Total extraordinary losses

4,508,815

2,837,945

Income taxes - current

2,174,571

1,170,228

Income taxes - deferred(358,640)(48,002)

Total income taxes

1,815,931

1,122,226

Profit2,692,883

1,715,719

268,143858,016

2,424,740

857,702

Profit attributable to non-controlling interests
Profit attributable to owners of parent

6

Consolidated statements of comprehensive income(Thousands of yen)

ProfitOther comprehensive income
Remeasurements of defined benefit plans, net of tax
Total other comprehensive income

Fiscal year ended

Fiscal year ended

March 31, 2022

March 31, 2023

2,692,883

1,715,719

183

10,031

183

10,031

Comprehensive income

2,693,067

1,725,750

Comprehensive income attributable toComprehensive income attributable to owners of parent

2,424,923

867,733

268,143858,016Comprehensive income attributable to non-controllinginterests

7

Consolidated statements of changes in equity
Fiscal year ended March 31, 2022
(Thousands of yen)
Shareholders' equity
Share capital
Balance at beginning of
periodCapital surplus

1,580,817

Retained earnings

2,295,403

Treasury shares

30,750,745(7,807)

Total shareholders'equity34,619,159

Changes during period
Dividends of surplus(114,918)(114,918)

Profit attributable toowners of parent

2,424,740

2,424,740

Change in ownershipinterest of parent due totransactions with noncontrolling interests(14)

Change in scope of
consolidation

474

(14)

(17,017)(16,543)

Net changes in items
other than shareholders'equityTotal changes during
periodBalance at end of period

(148)

(148)

–

459

2,292,804(148)

2,293,114

1,580,817

2,295,862

33,043,549(7,955)36,912,274

Accumulated other comprehensive income
Remeasurements of defined
benefit plans
Balance at beginning of
periodTotal accumulated othercomprehensive income

985

985

Non-controlling interests

2,827,934

Total net assets

37,448,079

Changes during period
Dividends of surplus(114,918)

Profit attributable toowners of parent

2,424,740

Change in ownershipinterest of parent due totransactions with noncontrolling interests(28)

Change in scope of
consolidation
Net changes in items
other than shareholders'equity(42)(16,543)183

183

460,973

461,008

Total changes during
period183

183

460,9452,754,243

Balance at end of period

1,168

1,168

3,288,880

40,202,322

8

Fiscal year ended March 31, 2023
(Thousands of yen)
Shareholders' equity
Share capital
Balance at beginning of
periodCapital surplus

1,580,817

Retained earnings

2,295,862

Total shareholders'equityTreasury shares

33,043,549(7,955)36,912,274

Changes during period
Dividends of surplus(229,836)(229,836)

Profit attributable toowners of parent

857,702857,702

Change in ownershipinterest of parent due totransactions with noncontrolling interests

(15)

(15)

Change in scope of
consolidation
Net changes in items
other than shareholders'equityTotal changes during
periodBalance at end of period

–

(15)

627,866–

627,850

1,580,817

2,295,847

33,671,415(7,955)37,540,124

Accumulated other comprehensive income
Remeasurements of defined
benefit plans
Balance at beginning of
periodTotal accumulated othercomprehensive income

1,168

1,168

Non-controlling interests

3,288,880

Total net assets

40,202,322

Changes during period
Dividends of surplus(229,836)

Profit attributable toowners of parent

857,702

Change in ownershipinterest of parent due totransactions with noncontrolling interests

5,390

5,375

Change in scope of
consolidation
Net changes in items
other than shareholders'equity10,031

10,031

827,181

837,213

Total changes during
period10,031

10,031

832,572

1,470,454

Balance at end of period

11,199

11,1994,121,452

41,672,776

9

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, 2022

March 31, 2023

4,508,815

2,837,945

2,522,132

2,793,357

27,380(22,090)

19,1481,641(21,297)
158,001(1,539)146,440

Amortization of bond issuance costs
Loss (gain) on sale of property, plant and equipment

5,300
(280)

5,300
(27,584)

Impairment losses
Loss on retirement of non-current assets

–
3,111

263,804
2,957–

40,2302,250–(3,652)
52,162

Loss on disaster
Decrease (increase) in trade receivables–(98,896)

18,085(436,475)

Decrease (increase) in inventories
Decrease (increase) in real estate for sale

7,352
4,309,344(20,117)(15,179,782)

219

344

1,380,622(1,138,905)

86,414(72,188)

69,117
530,479

760,882–

13,509,215(9,979,185)

19,782(157,396)

357(145,482)

Depreciation
Increase (decrease) in provision for retirement benefits for
directors (and other officers)
Increase (decrease) in retirement benefit liability
Interest and dividend income
Interest expenses

Share of loss (profit) of entities accounted for using equity
methodOther extraordinary loss (income)Loss on store closings

Increase (decrease) in trade payables
Increase/decrease in consumption taxes payable/consumption
taxes refund receivable
Decrease (increase) in other assets
Increase (decrease) in other liabilities
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid

(209,506)(2,320,693)

13,162,094(12,445,003)

Payments into time deposits
Proceeds from withdrawal of time deposits(632,084)
1,170,444(182,176)–

Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment(1,784,680)–(1,801,767)
189,876

Purchase of short-term and long-term investment securities
Payments of guarantee deposits(1,400,000)(21,868)–(760,344)

Net cash provided by (used in) operating activities
Cash flows from investing activities

Other, net
Net cash provided by (used in) investing activities

10

29,962

12,183(2,638,226)(2,542,228)

(Thousands of yen)
Fiscal year ended

Fiscal year ended

March 31, 2022

March 31, 2023

Cash flows from financing activities
Proceeds from long-term borrowings

800,000

10,900,000

Repayments of long-term borrowings
Redemption of bonds(5,501,856)(81,000)(5,567,736)
–

–
(148)

145,205–

Dividends paid
Dividends paid to non-controlling interests(114,930)(6,695)(229,718)(26,782)

Repayments of lease liabilities
Proceeds from share issuance to non-controlling shareholders(309,606)
200,000(308,756)–(5,014,238)

4,912,212

Net increase (decrease) in cash and cash equivalents

5,509,630(10,075,019)

Cash and cash equivalents at beginning of period

19,538,443

25,048,073

Cash and cash equivalents at end of period

25,048,073

14,973,054

Proceeds from sale and leaseback transactions
Purchase of treasury shares

Net cash provided by (used in) financing activities11