FY Mar. 2021

Summary of Accounting Statements [Japanese Standards] (consolidated)

May 20, 2021
Tokyo

Listed company name Tamagawa Holdings Co., Ltd.
Exchange
Code No.
6838
URL https://www.tmex.co.jp
Representative(Title)President(Name) Toru Masuzawa
Contact person(Title)Director(Name) Keita Masuyama(TEL) 03-6435-6933
Ordinary shareholders’ meeting to be held:June 25, 2021
Dividends payment to be started:
June 28, 2021
Securities report to be submitted:
June 25, 2021
Preparation of supplementary explanation document for the accounting statement : Yes
Explanatory meeting for the accounting statement:

Yes(For institutional investors / analysts )(amount under mil. yen rounded off)

1. Consolidated performance of FY Mar. 2021 (from Apr 1, 2020 to Mar 31, 2021)(1) Consolidated management result(% indication: change compared with the same quarter of the previous year)
Current net profit attributable toOperating profit
Ordinary profit
the parent company’s
shareholders

Sales amountmil. yen(Note) Comprehensive profit

mil. yen

％

6,742
6,332

FY Mar. 2021
FY Mar. 2020

6.5
64.9

Current net profit per
share
yen

△81.9
－

FY Mar. 2020%mil. yen

90
439

△79.5
241.8
429mil. yen ( 225.5%)

Current net profit per
Current net profit ratio of Ordinary margin of gross Operating margin of sales
share after dilutive shareamountown capitalasset
adjustment
yen

16.62
96.42

FY Mar. 2021
FY Mar. 2020

121
672

△73.7
426.0

108mil. yen ( △74.8%)

FY Mar. 2021%

mil. yen

％

211
805

％

15.70
84.04

(Reference) Investment profit on equity method

1.9
11.7

FY Mar. 2021

△5mil. yen

％

％

1.4
7.1
FY Mar. 2020 12mil. yen

3.1
12.7

(2) Consolidated financial status
Gross asset

Net asset
mil. yen

8,386
9,423

FY Mar. 2021
FY Mar. 2020

Net asset per share

61.4
44.1
4,154mil. yen

FY Mar. 2020

(3) Consolidated cashflow status
Cashflow by sales activities

Cashflow by investment activities Cashflow by financial activities

mil. yenmil. yen

1,234
1,499

FY Mar. 2021
FY Mar. 2020

△862
△688

Term end

Total dividend(Total)Annual dividend
End 2Qyen

FY Mar. 2020
FY Mar. 2021
FY Mar. 2022
(forecast)End 3Q

yen

－
－

0.00
0.00

－

0.00

yen

－
－
－

yen

7.00
7.00
5.00
～30.00900.87830.77

Term-end balance of cash andcash-equivalentmil. yen23
132

2. Status of dividend
End 1Q

yen

％

5,162
4,156

5,151mil. yen

FY Mar. 2021

(Reference)Own capital

Capital ratio
mil. yen

Total
yen

mil. yen

2,364
1,964

Dividend
Net asset
tendency
dividend rate
(Consolidated) (Consolidated)mil. yen

7.00
7.00
5.00
～30.00

35
40

％

％

6.91
42.11

0.88
0.81

－

(Note） 1. Capital surplus is included in the dividend resource of FY Mar. 2020 and FY Mar. 2021.
See “Breakdown of dividend with capital surplus as dividend” for detail.
2. Dividend tendency is not stated in the dividend forecast for FY Mar. 2022 because it is disclosed in the range form.

3. Consolidated performance forecast of FY Mar. 2022 (from Apr 1, 2021 to Mar 31, 2022)(% indication: change compared with the same quarter of the previous year)
Current net profit
Current net profit per
Operating profit
Ordinary profit
attributable to the parent
share
company’s shareholders

Sales amountFull Yearmil. yen

6,845

％

1.5

mil. yen

327

％

54.9

mil. yen

297

―1―

％

144.8

mil. yen

208

％

131.1

yen

38.40

*Notes(1) Material transfer of subsidiary during the term (Transfer of the specific subsidiary with change of scope of: No
consolidation)
Number of new(Company
Number of excluded(Company－－
companies
name)companies
name)(2) Change of accounting policy / change of accounting estimate / redisplay of correction① Change of accounting policy along with revision of the accounting standards, etc.

: No

② Change of accounting policy other than ①: No③ Change of accounting estimate: No④ Redisplay of correction: No(3) Number of shares issued (ordinary shares)① Number of term-end shares issued (including
FY Mar. 2021
own shares)

5,780,000shares

FY Mar. 2020

5,062,000shares

FY Mar. 2021

61,484shares

FY Mar. 2020

61,454shares③ Average number of midterm shares (quarterly
FY Mar. 2021
accumulation)

5,428,450shares

FY Mar. 2020

4,557,326shares② Number of term-end own shares(Reference) Outline of individual performance
Individual performance of FY Mar. 2021(Apr. 1, 2020 Mar. 31, 2021(% indication: change compared with the same quarter of the previous year)(1) Individual management result
Sales amountmil. yen

％

189
181

FY Mar. 2021
FY Mar. 2020

Operating profit

4.8
△1.3

mil. yen％mil. yen％mil. yen

％

△213
△123

－
－

△224
△125

－
－

△130
△104

－
－

Current net profit per share

Current net profit per shareafter dilutive share adjustment

yen

yen

△24.09△22.94－－FY Mar. 2021
FY Mar. 2020(2) Individual financial status

Gross asset

Net asset
mil. yen

FY Mar. 2020

(Reference)Own capital

FY Mar. 2021

Capital ratio
mil. yen

4,508
3,974

FY Mar. 2021

Current net profit

Ordinary profit

％

3,653
2,874

3,642mil. yen

Net asset per share

FY Mar. 2020

80.8
72.3
2,872mil. yen

yen

636.94574.37* The summary of accounting statement is exempted from audit by certified public accountant or auditing firm.
* Explanation on appropriate use of the performance forecast and other special notes
The statement concerning the future such as performance forecast, etc. described herein is based on the information we have currently
obtained and a certain precondition judged as reasonable, and the actual performance, etc. may be greatly different due to various
factors.
Breakdown of dividend with the capital surplus as capital resource
Breakdown of dividend with the capital surplus as capital resource among the dividend of FY March 2021 is as follows.
Record dateTerm-end

Total

Dividend per share

7.00yen

7.00yenTotal dividend amount

40mil.yen

40mil.yen(Note) Net asset reduction rate: 0.011―2―Overview of management result, etc.
Overview of the current management result, etc.

The matters concerning the future in the text have been determined by our group (our company and the consolidated
subsidiaries) as of the final day of the current consolidated accounting year.
The Japanese economics in the current consolidated accounting year continues to shift with uncertain situation due
to the effect of Covid-19 epidemic and the impacts on the global economics given by trend and perspective of theissues between US and China, and uncertainty in the policies. In particular, while we are exploring brand new
corporate activities because visiting to the clients and business negotiation, etc. are strictly restricted due to pandemicof Covid-19, our group has engaged in both prevention of infection spread and sales activities by shifting to working
from home and holding video conferences by restriction on non-essential outings and measures including temperaturecheck and mask wearing, etc.
Under such economic circumstances, for the electronic and communication device business, in addition to sales
expansion business mainly in the 5G related market which was launched for commercial operation and public related
market, through the efforts according to transition of the time including innovation and enhancement of the website withthe purpose of increase of new clients’ inquiries as non-contact type sales due to Covid-19 epidemic, we have been also
dedicated to new markets and client exploration to acquire orders from new fields.
We have also worked on enhancement of proposal of our self-developed products by continuously promoting “effort
for high added-value products,” “expansion and exploration of business field” and “co-development with the company ofbusiness tie-up.”
As a result, newly explored clients and inquiries are increasing from new markets besides the existing analog highfrequency products, including optics related products used for various business-use wireless, digital signal processor,
etc. indispensable for high-speed signal processing, millimeter wave band products, etc. necessary for wirelesstransmission of data of large volumes.
Above all, we have achieved great success by active efforts for additional new markets such as alone successful bidof “manufacturing of the low-power high-frequency circuit for linear accelerator and beam monitor circuit system of thenext-generation radiant light facility” by National Institutes for Quantum and Radiological Science and Technology which
was disclosed last spring.
In the mobile communication field, we have received more demand for high frequency components mainly including
5G related.
In addition, proposals for new clients related to mobile communication facilities for overseas are under stagnation
due to the impact of Coivd-19.
Demands for the optical transmission device, digital signal processor, etc. are increasing for disaster measures,
business-use wireless and surveillance system in the public filed, and therefore we will work on further demand
expansion in the public filed as well as positively working on self-developed products including product development
for equipment of the 5G related market.
Order receipt condition in general electronic and communication device business is increasing, we will continue topromote expansion of our group’s business field in order to establish the stable business base and also continue theactivities for profit expansion by implementation and enhancement of self-development products.
In the renewable power plant business, we sold Nagasaki Prefecture, Goto-City, Kojindake Solar Power Plant in March
2021. By selling the megasolar plant where each unit is large and accelerating development of small wind power plants
where each unit is small, it is based on the strategy to secure risk dispersion, profitability and mobility, enhance thefinancial constitution by great reduction of liabilities and meet the society’s demands by accelerating development of new
renewable energy power source. We are also planning to sell Hokkaido Noboribetsu Plant, which is the remaining
megasolar plant gaining power-selling income in the term ending March 2022.
Also, for the large wind power plant (1.984MW) in Nemuro City, Hokkaido, we have conducted the full-scale windcondition survey and the boring survey and are in process of interconnection in 2022 at a good rate.
Additionally, our group has promoted development in renewable energy and overall environmental business also inSoutheast Asia. Construction of the small waterpower plant under development in Flores Island, Nusa Tenggara,
Indonesia has been started. This project to sell power to the Indonesian government owned electric company andcontribute to reduction of greenhouse gas (GHG) and reduction of GHG in Japan by obtaining JCM credit. Electricity
penetration rate in Nusa Tenggara is 61.9%, which is the lowest in Indonesia, and therefore, our project will also
contribute to improvement of their electricity penetration rate. Furthermore, in February 2021, the small waterpower
plant development project in Maluku, Indonesia was similarly adopted for the Joint Crediting Mechanism Funding Support
Business, and we are planning for further development of the renewable energy plants in the Southeast Asia.
Our group is positively considering development of the renewable energy and overall environmental businesses
which will become our next pillar overseas mainly in Southeast Asia in addition to Japan for expansion of operations ofsuch businesses. We will continuously endeavor not only to reduce CO2, but also to contribute to the community anddomestic and international societies and to introduce, spread and promote renewable energy by taking advantage ofcharacteristics of the community, and accelerating development of community-based renewable energy.
As the result of the above, the amount of orders received in the consolidated accounting year was 4,041 mil. yen(10.1% decrease compared with the same term of the previous year), and the sales amount was 6,742 mil. yen (6.5%―3―increase compared with the same term of the previous year). In terms of profit and loss, operating profit was recorded
as 211 mil. yen (73.7% decrease compared with the same term of the previous year), ordinary profit was recorded as
121 mil. yen (81.9% decrease compared with the same term of the previous year), and therefore the current net profit
belonging to the parent company shareholders was 90 mil. yen (79.5％ decrease compared with the same term of theprevious year).
Management result status by business type segments is as follows.
a. Electronic / communication device business
Due to receipt in the previous fiscal year of large orders of which recording sales crosses over three businessyears, the amount of orders received of the previous fiscal year decreased compared to the year before theprevious fiscal year was 3,587 mil. yen (17.3% decrease compared with the same term of the previous year).
In addition, thanks to upwards transition of the mobile communication field and the public filed, the sales amountwas 4,007 mil. yen (17.3% increase compared with the same term of the previous year), and segment profit was
431 mil. yen (23.9% increase compared with the same term of the previous year).
b. Renewable energy system sales business
Due to reduction of the fixed purchase price, and due to decrease of sellout and increase of owning of small wind
power plants, for sales by lotting of the solar power plants, the amount of orders received was 454 mil. yen(185.2% increase compared with the same term of the previous year), sales amount was 468 mil. yen (46.0%
decrease compared to the same term of the previous year), and segment loss was 53 mil. yen (segment loss ofthe same term of the previous year: 27 mil. yen).
c. Renewable energy plant business
Each solar power plant including the already-operating solar power plants in Noboribetsu City and the solar
sharing plants in Shimada City, Shizuoka Pref. and each small wind power plant of which development has beenenhanced in Hokkaido have been selling power at a good rate. In addition, since the megasolar plants in Goto
City, Nagasaki Pref. was sold at the price where the profit went below the expectation, based on the strategy tosecure risk dispersion, profitability and mobility, enhance the financial constitution by great reduction of liabilities
and meet the society’s demands by accelerating development of small wind power plants as new renewableenergy power source, the sales amount increased but the profit decrease, where the sales amount was 2,285 mil.
yen (9.3% increase compared with the same term of the previous year) and segment profit was 154 mil. yen(77.9% decrease compared with the same term of the previous year).

―4―Consolidated financial statements and Notes
Consolidated balance sheet(In thousand yen)
FY2019(consolidated)(As of March 31,2020)

FY2020(consolidated)(As of March 31,2021)

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade

2,215,666
1,391,469

2,448,235
1,637,354

Merchandise and finished goods
Work in process

2,889,509
778,562

1,222,818
899,716

Raw materials and supplies
Advance payments - trade

231,870
105,709265,471
43,925

Other
Allowance for doubtful accounts

166,749

230,822△17,632△17,632

Total current assets

7,761,905

6,730,711

Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation

514,488518,809△346,363△361,412

Buildings and structures, net

168,125

157,397

Machinery, equipment and vehicles
Accumulated depreciation

368,769

377,226△135,540△163,902

233,229

213,323

Machinery, equipment and vehicles, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
LandConstruction in progress
Total property, plant and equipment

824,843888,541△687,178△737,400

137,665

151,141

272,573272,573－0811,592

794,435

39,03951,80938,43753,098Intangible assets
Goodwill
Software
Other

0

0

Total intangible assets

90,84891,535Investments and other assets
Investment securities

51,164

256,621Long-term loans receivable
Deferred tax assets

55,725
181,357

136,462
198,395

Other
Allowance for doubtful accounts

458,529

132,883△8,700△8,700Total investments and other assets

738,077

715,661

1,640,518

1,601,633

Share issuance cost
Development expenses

2,935
71

49,498
41

Business commencement expenses

17,7495,045

Total non-current assets
Deferred assets

Total deferred assets
Total assets―5―

20,75554,5859,423,180

8,386,929

(In thousand yen)
FY2019(consolidated)(As of March 31,2020)

FY2020(consolidated)(As of March 31,2021)

Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term loans payable

400,496
74,980492,050
29,190Current portion of long-term loans payable
Lease obligations

315,775
172,964

318,388
30,941

Accounts payable - other
Income taxes payable

176,095
96,648241,010
60,113

Advances received
Provision for bonuses

322,665
119,40270,801
115,726

Provision for product warranties
Other

22,878259,627

24,229396,566

1,961,534

1,779,018－
368,911

100,000
475,1872,289,987
331

404,706
4,454

Net defined benefit liability
Asset retirement obligations

207,11215,155

237,301
15,199Other423,289

208,138

3,304,788

1,444,988

5,266,322

3,224,006

Capital stock
Capital surplus

1,961,823
1,235,035

2,423,857
1,662,065

Retained earnings
Treasury shares

1,034,475

1,124,707△61,313△61,373

Total shareholders' equity

4,170,020

5,149,257

Total current liabilities
Non-current liabilities
Bonds payable
Long-term loans payable
Lease obligations
Deferred tax liabilities

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

Accumulated other comprehensive income
Valuation difference on available-for-sale securities△3,962

7,847

Foreign currency translation adjustment△11,724△5,408

Accumulated other comprehensive income△15,687

2,438

2,524

11,227

4,156,857

5,162,922

9,423,180

8,386,929

Share acquisition rights
Total net assets
Total liabilities and net assets―6―

Consolidated statement of income and consolidated statement of comprehensive income
Consolidated statement of income

Net sales
Cost of sales

FY2019(From April 1,2019 toMarch 31,2020)
6,332,983
4,350,804(In thousand yen)
FY2020(From April 1,2020 toMarch 31,2021)
6,742,412
5,270,448

Gross profit

1,982,179

1,471,963

Selling, general and administrative expenses

1,176,522

1,260,396

805,656

211,567

3,226

1,375

324
23,908812
45,72012,472－Gain on forgiveness of debts
Other

－
7,787
6,164

12,104
9,254

Total non-operating income

53,88473,575

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

Non-operating expenses
Interest expenses

4,308

172,830

133,714

Foreign exchange losses

3,413

Share of loss of entities accounted for using equity method

Other

－
10,344－
5,352
24,538

Total non-operating expenses

186,587

163,605

672,952

121,537－
14,754

3,563

Gain on sales of investment securities
Total extraordinary income

14,7549,280

Loss on sales of non-current assets
Loss on retirement of non-current assets

42,622
19,447－
11

Impairment loss
Loss on sales of investment securities

74,026－－369

Total extraordinary losses

136,097

381

Profit before income taxes

551,609130,436

Income taxes - current

108,764

57,648

Ordinary profit
Extraordinary income
Gain on sales of non-current assets

5,716

Extraordinary losses

Income taxes - deferred

3,413△17,444

Total income taxes

112,178

40,203

Profit439,431

90,232

Profit attributable to owners of parent

439,431

90,232―7―

Consolidated statement of comprehensive income

ProfitOther comprehensive income

FY2019(From April 1,2019 toMarch 31,2020)
439,431(In thousand yen)
FY2020(From April 1,2020 toMarch 31,2021)
90,232△3,237△6,63911,8096,315

Valuation difference on available-for-sale securities

Foreign currency translation adjustment
Total other comprehensive income
Comprehensive income△9,877

18,125429,554

108,357

429,554

108,357（detail）
Comprehensive income attributable to owners of parent―8―

Information regarding net sales, income or loss, assets, liabilities, and other items for each reportable segment
FY2019 (April 1, 2019 -March 31, 2020)(In thousand yen)
Reportable Segment
Electronic/
Renewable
Renewable
CommuniEnergy System energy plantcation Device
Sales Businessbusiness
Business

Total

Adjustment
amount(Note1)

Value
presented inconsolidated
financialstatements

Net Sales
Sales to external customers

3,417,475

823,672

2,091,835

6,332,983－

6,332,983

Internal sales or Transfers
between segments－

43,510－43,510△43,510－

3,417,475

867,182

2,091,835

6,376,493△43,510

6,332,983

348,307△27,325

698,447

1,019,429△213,773

805,656

3,893,845

3,220,644

1,663,635

8,778,125

645,054

9,423,180

Total
Segment income(loss)
Segment assets
Other items

121,897

4,888

246,079

372,865△2,887369,978

Equity in profit ofaffiliates－－

12,472

12,472－

12,472

Impairment Loss－－

53,88953,88920,13774,026－－

88,79088,790－88,79086,781－1,000

87,781－87,781

Depreciation

Investment for affiliatedcompany accounted forby the equity-method
Increase in property,
plant and equipment
and intangible assets(Note) 1. (1) Adjusted amount of △213,773,000 yen of segment profit or loss(△) is 4,809,000 yen of adjusted amountof gross unrealized gain, etc., △70,000,000 yen of adjusted amount of the dividends from the consolidated
subsidiaries of and △148,582,000 yen of gain and loss of the group management department notdistributed as the business segment.
(2) 645,054,000 yen of adjusted amount of segment asset is asset of the group management department notdistributed as the business segment.
2. The segment profit or loss (△) is adjusted with the operating profit in the consolidated financial statement.

―9―

FY2020 (April 1, 2020 -March 31, 2021)(In thousand yen)
Reportable Segment
Electronic/
Renewable
Renewable
CommuniEnergy System energy plantcation Device
Sales Businessbusiness
Business

Adjustment
amount(Note1)

Total

Value
presented inconsolidated
financialstatements

Net Sales
Sales to external customers

4,007,591

455,423

2,279,397

6,742,412－

6,742,412

Internal sales or Transfers
between segments－

12,6126,450

19,062△19,0620

4,007,591

468,036

2,285,847

6,761,475△19,062

6,742,412

431,547△53,272

154,668

532,943△321,376

211,567

4,130,558

1,799,726

1,248,361

7,178,646

1,208,283

8,386,929

101,329

18,559187,674

307,563△458

307,105

Equity in loss ofaffiliates－－△5,352△5,352－△5,352

Impairment Loss

－

－

－

－

－

－

－

－

111,429

111,429－

111,429

110,154－－

110,154－

110,154

Total
Segment income(loss)
Segment assets
Other items
Depreciation

Investment for affiliatedcompany accounted forby the equity-method
Increase in property,
plant and equipment
and intangible assets(Note) 1. (1) Adjusted amount of △321,376,000 yen of segment profit or loss(△) is 3,309,000 yen of transactiondeletion between segments, 1,244,000 yen of adjusted amount of gross unrealized gain, etc., △90,000,000
yen of dividends from the consolidated subsidiaries of and △235,930,000 yen of gain and loss of the groupmanagement department not distributed as the business segment.
(2) 1,208,283,000 yen of adjusted amount of segment asset is asset of the group management department notdistributed as the business segment.
2. The segment profit or loss (△) is adjusted with the operating profit in the consolidated financial statement.

―10―