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, 2022
(Based on Japanese GAAP)May 12, 2022
Company name:

ISEWAN TERMINAL SERVICE CO.,LTD.

Stock exchange listing: Nagoya
Stock code:
9359
Representative:
Inquiries:

URL

https://www.isewan.co.jp/

President
Executive Managing Director

Masanobu Takami
Akihiko Takahashi

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

June 29, 2022
June 29, 2022

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

June 30, 2022
No

Holding of financial results meeting:

No

TEL

052-661-5181(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the year ended March 31, 2022 (from April 1, 2021 to March 31, 2022)(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, 2022
52,074
–
3,040
–
3,614
–
2,232
–
Year ended March 31, 2021
41,759(12.1)
954(57.7)
1,301 (53.6)
826(48.8)
Profit attributable toOrdinary profit/total Operating profit/net
owners ofassetssales
parent/equity
Yen
%
%
%
–
6.4
7.7
5.8
–
2.5
2.9
2.3

Diluted earnings per
share

Earnings per share
Yen
89.99
33.34

Year ended March 31, 2022
Year ended March 31, 2021
(2) Consolidated financial position

Total assets
As of March 31, 2022
As of March 31, 2021

Net assets

Equity ratio

Millions of yen
49,13744,859Millions of yen
37,11334,984

Cash flows fromoperating activities
Millions of yen
2,888
1,703

Cash flows frominvesting activities
Millions of yen
(478)
(94)

Net assets per share
%
73.1
75.5

Yen
1,448.13
1,366.22(3) Consolidated cash flows

Year ended March 31, 2022
Year ended March 31, 2021

Cash flows from
Cash and cash equivalents
at end of period
financing activities
Millions of yen
Millions of yen(823)
11,552(1,392)9,709

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

Year ended March 31, 2021
Year ended March 31, 2022
Year ending March 31, 2023
(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

%

%

–
–

11.00
11.00

–
–

12.00
11.00

23.00
22.00

596
570

69.0
24.4

1.7
1.6

–

11.00

–

11.00

22.00

1

20.2

3. Forecast of consolidated financial results for the year ending March 31, 2023 (from April 1, 2022 to March 31, 2023)
Net sales
Millions of yen
Six months ending
September 30, 2022
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

28,000

18.3

1,900

76.4

2,100

57.3

1,400

71.6

56.44

56,000

7.5

3,800

25.0

4,200

16.2

2,700

20.9

108.85

4. Notes(1) Changes in significant subsidiaries during the year ended March 31, 2022
(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, 2022

27,487,054 shares As of March 31, 2021

27,487,054 shares

Number of treasury shares at the end of the period
As of March 31, 2022

2,681,645 shares As of March 31, 2021

2,681,341 shares

24,805,496 shares Year ended March 31, 2021

24,805,728 shares

Average number of shares during the period
Year ended March 31, 20222

Consolidated financial statements
Consolidated balance sheets(Thousands of yen)
As of March 31, 2021

As of March 31, 2022

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Notes receivable - trade
Accounts receivable - trade
Contract assets
Other
Allowance for doubtful accounts

9,794,605
6,955,176

11,682,810–––

251,716
7,511,009–
1,096,508

242,3432,395,918(11,522)(11,484)

17,834,768

22,072,313

20,292,289

20,167,154

Accumulated depreciation(13,909,666)(14,079,886)

Buildings and structures, net

6,382,623

6,087,267

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

Machinery, equipment and vehicles

7,644,462

7,282,356

Accumulated depreciation(6,783,483)(6,411,306)

Machinery, equipment and vehicles, net

860,978

871,050

12,901,649

13,028,041

229,413(103,265)

242,216(91,113)

Leased assets, net

126,147

151,102

Construction in progress
Other

2,732
1,666,126–
2,105,097(1,222,591)(1,320,124)

Land
Leased assets
Accumulated depreciation

Accumulated depreciation
Other, net

443,535

784,973

20,717,666

20,922,435

112,965

98,295

Total intangible assets

112,965

98,295Investments and other assets
Investment securities

4,031,260

3,901,718

1,760
723,549

1,760
631,872

1,039,047
468,783

1,091,816
447,626

Allowance for doubtful accounts(69,997)(30,663)

Total investments and other assets

6,194,403

6,044,130

27,025,036

27,064,861

44,859,805

49,137,174

Total property, plant and equipment
Intangible assets
Other

Investments in capital
Long-term loans receivable
Deferred tax assets
Other

Total non-current assets
Total assets3

(Thousands of yen)
As of March 31, 2021

As of March 31, 2022

Liabilities
Current liabilities
Accounts payable - trade

3,170,704

3,821,619

Short-term borrowings
Current portion of long-term borrowings

66,396
16,24566,396
18,543

Lease liabilities
Income taxes payable

161,252
221,467

179,004
985,401

Provision for bonuses
Other854,417
1,191,581

873,951
1,539,930

Total current liabilities

5,682,064

7,484,848

Non-current liabilities
Long-term borrowings

158,036

159,232

Lease liabilities
Retirement benefit liability

256,633
3,458,994

612,579
3,460,499

Asset retirement obligations
Other

216,063103,281

188,757
117,954

Total non-current liabilities

4,193,009

4,539,024

9,875,074

12,023,872

Shareholders' equity
Share capital

2,046,941

2,046,941

Capital surplus
Retained earnings

1,464,060
30,741,657

1,464,060
32,381,611

Total liabilities
Net assets

Treasury shares(1,218,319)(1,218,535)

Total shareholders' equity

33,034,340

34,674,077

1,208,431(426,782)

1,106,889(30,754)

73,967

171,205

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans

855,615

1,247,340

Non-controlling interests

Total accumulated other comprehensive income

1,094,775

1,191,883

Total net assets

34,984,731

37,113,301

44,859,805

49,137,174

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, 2021

Fiscal year ended
March 31, 2022

Net sales

41,759,850

52,074,023

Cost of sales

33,169,170

40,886,422

Gross profit

8,590,679

11,187,600

850,310
3,690,245

911,5093,827,106

212,438
444,500

168,855
509,800

Depreciation
Other

258,758
2,180,301

262,3872,467,416

Total selling, general and administrative expenses

7,636,555

8,147,076

954,124

3,040,524

Interest income
Dividend income

52,53461,87540,257
83,552Foreign exchange gains
Share of profit of entities accounted for using equity method–
31,367

140,620
39,092

Rental income
Subsidies for employment adjustment

105,733
127,850

104,926
27,940Other

132,416

155,400

Total non-operating income

511,777

591,789

12,299146,419

14,504
–

4,086
1,320

3,604
42

164,126

18,151

1,301,775

3,614,162

Selling, general and administrative expenses
Remuneration for directors (and other officers)
Salaries and bonuses
Retirement benefit expenses
Provision for bonuses

Operating profit
Non-operating income

Non-operating expenses
Interest expenses
Foreign exchange losses
Depreciation
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets

5,105

4,513

Gain on sale of investment securities
Gain on sale of membership

5,500
–

1,332
3,035

Total extraordinary income

10,6058,880

5

(Thousands of yen)

Extraordinary losses
Loss on sale of non-current assets

Fiscal year ended

Fiscal year ended

March 31, 2021

March 31, 2022–

16

Loss on retirement of non-current assets
Impairment losses

9,006
–

37,486
24,662

Loss on valuation of investment securities
Loss on valuation of membership

3,145
–

–
150

Total extraordinary losses

12,15262,315

Profit before income taxes

1,300,229

3,560,727

Income taxes - current

548,579

1,260,954

Income taxes - deferred(70,737)(54,525)

Total income taxes

477,841

1,206,429

Profit822,3872,354,298

Profit (loss) attributable to non-controlling interests(4,555)

121,938

Profit attributable to owners of parent

826,943

2,232,359

6

Consolidated statements of comprehensive income(Thousands of yen)

ProfitOther comprehensive income

Fiscal year ended

Fiscal year ended

March 31, 2021

March 31, 2022

822,3872,354,298

697,859(234,901)(97,847)
396,082

75,231

97,23812,036(2,122)550,226

393,350

Comprehensive income

1,372,613

2,747,649

Comprehensive income attributable toComprehensive income attributable to owners of parent

1,379,771

2,624,084(7,157)

123,564

Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities accounted
for using equity method
Total other comprehensive income

Comprehensive income attributable to non-controllinginterests

7

Consolidated statements of changes in equity
Fiscal year ended March 31, 2021
(Thousands of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

2,046,941

Retained earnings

1,464,060

Treasury shares

30,485,049

Total shareholders'equity(1,218,278)

Cumulative effects ofchanges in accounting
policies
Restated balance

32,777,771–

2,046,941

1,464,060

30,485,049(1,218,278)

32,777,771

Changes during period
Dividends of surplus(570,334)(570,334)

Profit attributable to ownersof parent

826,943826,943

Change in scope of
consolidation–

Purchase of treasury shares

(40)

(40)

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

256,608(40)

256,568

2,046,941

1,464,060

30,741,657(1,218,319)

33,034,340

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifference on
available-for-salesecurities

Foreign currencytranslation
adjustment

Remeasurementsof defined benefit
plans

Total accumulated
othercomprehensive
income499,697(195,645)(1,264)

302,787

Non-controllinginterests

Total net assets

1,132,932

34,213,491

Cumulative effects ofchanges in accounting
policies
Restated balance–
499,697(195,645)(1,264)

302,787

1,132,932

34,213,491

Changes during period
Dividends of surplus(570,334)

Profit attributable to ownersof parent

826,943

Change in scope of
consolidation–

Purchase of treasury shares(40)

Net changes in items otherthan shareholders' equity

708,734(231,137)

75,231

552,828(38,157)

514,670

Total changes during period

708,734(231,137)

75,231

552,828(38,157)

771,239

1,208,431(426,782)

73,967

855,615

1,094,775

34,984,731

Balance at end of period8

Fiscal year ended March 31, 2022
(Thousands of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

2,046,941

Retained earnings

1,464,060

30,741,657

Cumulative effects ofchanges in accounting
policies
Restated balance

Total shareholders'equityTreasury shares(1,218,319)

30,0912,046,941

1,464,060

33,034,340
30,091

30,771,749(1,218,319)

33,064,431

Changes during period
Dividends of surplus(596,255)(596,255)

Profit attributable to ownersof parent

2,232,359

2,232,359(26,241)(26,241)

Change in scope of
consolidation
Purchase of treasury shares

(216)

(216)

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

1,609,862(216)

1,609,645

2,046,941

1,464,060

32,381,611(1,218,535)

34,674,077

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifference on
available-for-salesecurities

Foreign currencytranslation
adjustment

Remeasurementsof defined benefit
plans

Total accumulated
othercomprehensive
income1,208,431(426,782)

73,967

855,615

Cumulative effects ofchanges in accounting
policies
Restated balance

1,208,431(426,782)

73,967

855,615

Non-controllinginterests

Total net assets

1,094,775

34,984,731

1,443

31,535

1,096,218

35,016,266

Changes during period
Dividends of surplus(596,255)

Profit attributable to ownersof parent

2,232,359

Change in scope of
consolidation(26,241)

Purchase of treasury shares(216)

Net changes in items otherthan shareholders' equity(101,541)

396,027

97,238391,724

95,664

487,389

Total changes during period(101,541)

396,027

97,238391,724

95,664

2,097,035

Balance at end of period

1,106,889(30,754)

171,205

1,247,340

1,191,883

37,113,301

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, 2021

March 31, 2022

1,300,229

3,560,727

1,025,745–

1,067,378
24,662

Increase (decrease) in provision for bonuses
Increase (decrease) in allowance for doubtful accounts(16,816)
26,362

18,852(4,209)

Increase (decrease) in retirement benefit liability
Interest and dividend income

269,306(114,409)

154,260(123,809)

Interest expenses
Foreign exchange losses (gains)

12,299150,473

14,504(69,680)

Share of loss (profit) of entities accounted for using equity
method(31,367)(39,092)

Loss (gain) on sale of property, plant and equipment
Loss on retirement of property, plant and equipment(5,105)
9,006(4,496)37,486

Decrease (increase) in trade receivables
Decrease (increase) in trade receivables and contract assets(192,318)––(813,023)

Increase (decrease) in trade payables
Other, net

86,788(311,770)

468,273(1,021,899)

Subtotal

2,208,422

3,269,935

122,751(12,860)

132,260(14,771)

Depreciation
Impairment losses

Interest and dividends received
Interest paid
Income taxes paid

(615,274)(498,980)

Net cash provided by (used in) operating activities

1,703,038

2,888,442

Payments into time deposits
Proceeds from withdrawal of time deposits(153,403)
190,976(180,534)
147,904

Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment(315,243)
6,314(440,431)
12,937Purchase of investment securities
Purchase of shares of subsidiaries(63,469)(21,024)(35,959)–

Proceeds from collection of loans receivable
Proceeds from refund of guarantee deposits

292,794
30,344

28,79436,098Other, net(61,626)(47,651)

Net cash provided by (used in) investing activities(94,336)(478,842)

Cash flows from investing activities

10(Thousands of yen)

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

Fiscal year ended

Fiscal year ended

March 31, 2021

March 31, 2022
3,336

–

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

2,420(581,016)

2,608(17,346)

Purchase of treasury shares
Dividends paid

(40)
(571,383)(216)(596,418)

Dividends paid to non-controlling interests
Repayments of lease liabilities(31,000)(214,751)(27,900)(183,958)

Net cash provided by (used in) financing activities(1,392,433)(823,231)

Effect of exchange rate change on cash and cash equivalents(76,294)

239,899

Net increase (decrease) in cash and cash equivalents

139,973

1,826,268

Cash and cash equivalents at beginning of period

9,569,205

9,709,179–

16,9859,709,179

11,552,433

Increase in cash and cash equivalents resulting from inclusion ofsubsidiaries in consolidation
Cash and cash equivalents at end of period11