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 Six Months Ended September 30, 2022
(Based on Japanese GAAP)
October 31, 2022
Company name:TOSHO CO., LTD.
Stock exchange listing: Tokyo, Nagoya
Stock code:
Representative:

8920
President

URL

http://www.to-sho.net/
Yuichiro Kutsuna

Inquiries:
Managing Director
Scheduled date to file Quarterly Securities Report:

Naoya Kuwazoe
November 4, 2022

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

December 13, 2022
Yes

Holding of quarterly financial results meeting:

Yes

TEL

0566-79-3111(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the six months ended September 30, 2022 (from April 1, 2022 to September 30, 2022)(1) Consolidated operating results (cumulative)
Net sales
Six months ended September 30, 2022
Six months ended September 30, 2021

Millions of yen
10,833
9,696

Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
owners of parent% Millions of yen% Millions of yen% Millions of yen%
11.7
1,488 105.2
1,501 104.8
470
32.4
22.1
725
57.8
733
44.0
355
–Earnings per share

Diluted earnings per share

Yen
12.28
9.27

Six months ended September 30, 2022
Six months ended September 30, 2021

Yen––(2) Consolidated financial position
Total assets
As of September 30, 2022
As of March 31, 2022

Net assets

Millions of yen
79,373
77,979Equity ratio

Millions of yen
40,78740,202%46.9
47.3

2. Cash dividends
Annual dividends per share

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

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––

Yen
1.00
1.00

Yen–

Yen
5.00

Yen
6.00

–

2.00

3.00

Year ending March 31, 2023 (Forecast)Total

3. Forecast of consolidated financial results for the year ending March 31, 2023 (from April 1, 2022 to March 31, 2023)
Percentages indicate year-on-year changesProfit attributable toNet sales
Operating profit
Ordinary profit
Earnings per shareowners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Yen
Full year
21,500 (21.3)
2,600 (42.0)
2,600 (42.8)
900 (62.9)
23.49

1

4. Notes(1) Changes in significant subsidiaries during the six months ended September 30, 2022
(changes in specified subsidiaries resulting in the change in scope of consolidation):No(2) Application of special accounting methods for preparing quarterly consolidated financial statements:

No(3) 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:

Yes
No

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

NoNo(4) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of September 30, 2022

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 September 30, 2022

8,924 shares As of March 31, 2022

8,924 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Six months ended September 30, 2022

38,306,076 shares Six months ended September 30, 2021

238,306,130 shares

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

As of September 30, 2022

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

19,187,394
647,444

Trade accounts receivable
Merchandise

126,328
1,755

135,075
1,574

Supplies
Real estate for sale47,834–49,222
9,626,861

Other364,960

356,850

27,777,492

30,004,423

54,199,744

54,433,711

Accumulated depreciation(20,460,984)(21,337,573)

Buildings and structures, net

33,738,759

33,096,138

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

Machinery, equipment and vehicles

1,986,942

1,982,771

Accumulated depreciation(1,210,286)(1,272,177)

Machinery, equipment and vehicles, net

776,656

710,594

1,483,730

1,490,238(1,272,090)(1,308,638)

211,639

181,599Land

5,970,716

6,064,690

Leased assets
Accumulated depreciation

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

4,787,288(1,443,019)

3,354,685

3,344,268

Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net

Leased assets, net
Construction in progress
Total property, plant and equipment
Intangible assets
Investments and other assets
Deferred tax assets

612,063318,777

44,664,522

43,716,069

139,832119,534

1,099,412

1,061,125

Other
Allowance for doubtful accounts

4,289,453(11,760)

4,465,964(11,760)

Total investments and other assets

5,377,105

5,515,330

50,181,460

49,350,934

Bond issuance costs

20,758

18,108

Total deferred assets

20,758

18,10877,979,711

79,373,466

Total non-current assets
Deferred assets

Total assets3

(Thousands of yen)
As of March 31, 2022

As of September 30, 2022

Liabilities
Current liabilities
Accounts payable - trade

404

178

Current portion of long-term borrowings
Income taxes payable5,252,926
2,208,381

5,206,654
529,809

Other

3,597,621

2,402,944

Total current liabilities

11,059,333

8,139,586

Bonds payable
Long-term borrowings

5,000,000
14,366,211

5,000,000
18,154,359

Lease liabilities
Provision for retirement benefits for directors (and other

3,131,296

2,918,978963,680

939,340

110,134

112,190

Asset retirement obligations
Other

2,945,773
200,959

2,962,792
358,775

Total non-current liabilities

26,718,054

30,446,436

37,777,388

38,586,023

Shareholders' equity
Share capital

1,580,817

1,580,817

Capital surplus
Retained earnings

2,295,862
33,043,549

2,295,847
33,322,686

Non-current liabilities

officers)
Retirement benefit liability

Total liabilities
Net assets

Treasury shares
Total shareholders' equity(7,955)(7,955)36,912,274

37,191,395

1,168

5,054

Accumulated other comprehensive income
Remeasurements of defined benefit plans

1,168

5,054

Non-controlling interests

Total accumulated other comprehensive income

3,288,880

3,590,992

Total net assets

40,202,322

40,787,442

77,979,711

79,373,466

Total liabilities and net assets

4Consolidated statements of income (cumulative) and consolidated statements of comprehensive income(cumulative)
Consolidated statements of income (cumulative)(Thousands of yen)Six months ended

Six months ended

September 30, 2021

September 30, 2022

Net sales
Cost of sales

9,696,980
8,206,180

10,833,464
8,534,904

Gross profit

1,490,800

2,298,560

181,416

182,381

Salaries and bonuses
Retirement benefit expenses

185,645
2,712

198,466
3,217

Other

395,412425,648

Total selling, general and administrative expenses765,187

809,713725,612

1,488,847

944

904

2–

2
36,895

Commission income
Subsidy income

56,384
33,11055,234205

Miscellaneous income

13,722

16,603

Total non-operating income

104,164

109,845

81,982
14,49074,47722,423

Selling, general and administrative expenses
Remuneration for directors (and other officers)

Operating profit
Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using equity method

Non-operating expenses
Interest expenses
Miscellaneous losses
Total non-operating expenses

96,472

96,901

733,3031,501,790

280

–

3,947
49,400––Gain on sale of membership

–

3,652

Total extraordinary income

53,628

3,652

0–

859
149,310

Loss on temporary closing of stores
Loss on store closings

48,805––44,068Loss on changes in constraction project
Other

15,0005,250––

Total extraordinary losses

69,055

194,238

Profit before income taxes

717,876

1,311,204

Income taxes - current

365,032

475,040

Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Subsidies for employment adjustment
Subsidy income

Extraordinary losses
Loss on retirement of non-current assets
Impairment losses

Income taxes - deferred(44,529)

36,613

Total income taxes

320,502511,653

Profit397,373799,550

Profit attributable to non-controlling interests

42,020328,923

Profit attributable to owners of parent

355,353

470,6275

Consolidated statements of comprehensive income (cumulative)(Thousands of yen)

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

Six months ended

Six months ended

September 30, 2021

September 30, 2022

397,373799,550

913,88691

3,886

Comprehensive income

397,465

803,437

Comprehensive income attributable toComprehensive income attributable to owners of parent

355,444474,51342,020328,923

Comprehensive income attributable to non-controllinginterests

6