Trusco Nakayama Corporation
Financial Statements
Consolidated Balance Sheet
December 31, 2022
Millions of Yen
2022
2021

ASSETS
CURRENT ASSETS:
Cash and cash equivalents
Accounts receivable - trade
Electronically-recorded monetary claims
Merchandise
Other current assets
Allowance for doubtful accounts
Total current assets¥39,401
31,5582,759
45,293657(1)119,667¥

Thousands ofU.S. Dollars*
2022

41,46928,7762,133
42,292815(1)$ 296,916
237,814
20,789341,3164,960(8)115,484

901,787

LIABILITIES AND EQUITYCURRENT LIABILITIES:
Accounts payable - trade
Short-term loans borrowings
Current portion of long-term borrowings
Other payables
Income taxes payable
Provision for bonuses
Other current liabilities¥Total current liabilities
PROPERTY, PLANT AND EQUIPMENT:Land
Buildings and structures
Machinery, equipment and vehicles
Furniture and fixtures
Construction in progress
Total
Accumulated depreciation

38,547
77,865
14,4486,158
412
137,430(39,966)

37,89675,65914,0586,136
227133,976(35,782)

290,479
586,766
108,880
46,4083,108
1,035,641(301,169)

LONG-TERM LIABILITIES:Long-term loans borrowings
Deposits received for guarantees
Retirement allowances for directors and the Audit andSupervisory board members
Other long-term liabilities
Total long-term liabilities

Net property, plant and equipment
INVESTMENTS AND OTHER ASSETS:
Investment securities
Software and software in progress
Deferred tax assets
Deferred tax assets on land revaluation
Other assets
Allowance for doubtful accounts
Total investments and other assets
TOTAL

97,464

98,194734,472

3,118
4,373
121
156
318
(9)

2,967
5,395
141156330(10)23,49932,958
910
1,174
2,396
(75)

8,077

8,979

60,862¥ 225,208¥ 222,657$ 1,697,121

EQUITY :Common stock
Capital surplus
Retained earnings
Unrealized gain on available-for-sale securities
Land revaluation difference
Foreign currency translation adjustment
Treasury stock
Total equity
TOTAL* The translations of Japanese yen amounts into U.S. dollar amounts have been made at the rate of ¥132.70 to $1, the approximate
rate of exchange at December 31, 2022.
* Accounting Standard for Revenue Recognition has been applied from the beginning of the fiscal year.
This change in accounting policy has been applied retroactively.

-1-

Thousands ofU.S. Dollars*
2022

Millions of Yen
2022
2021

¥18,866
10,00010,000
3,090
2,515
12
1,696

¥

16,35417,000
3,126
2,898
17
2,863

$ 142,172
75,35875,35823,287
18,95592
12,772

46,17942,258347,994

25,0002,781

35,0002,726

188,395
20,956

151

151

1,141

95

95

712

28,02737,972

211,204

5,022
4,711
141,096
467
(353)
139
(80)

5,022
4,711
132,580
679
(353)
(133)
(79)

37,84835,5041,063,273
3,512(2,663)
1,050
(601)

151,002

142,427

1,137,923

225,208¥ 222,657$ 1,697,121

Trusco Nakayama Corporation
Financial Statements
Consolidated Statement of Income
Year Ended December 31, 2022

2022
NET SALES

Millions of Yen
2021

Thousands ofU.S. Dollars*2022¥ 246,454¥ 226,834

COST OF GOODS SOLD

194,293

179,163

1,464,151

Gross profit

52,16147,671

393,073

SELLING, GENERAL AND ADMINISTRATIVE
EXPENSES

37,494

34,673

282,544

Operating income

14,667

12,998110,529

58
166
139
(88)
(42)
(30)

42
203
147
(88)
(56)

4351,251
1,044(663)
(315)
(226)

OTHER INCOME (EXPENSES) :Interest and dividend income
Rental income from real estate
Subsidy income
Interest expenses
Rental costs on real estate
Compensation expenses
Gain on sales of non-current assets
Gain on sales of investment securities
Compensation Loss on eviction
Other - net$

1,857,224

3,466
194

1,463

196

(50)
309

1,477

593

3,973

4,466

INCOME BEFORE INCOME TAXES

15,26016,971

114,995

INCOME TAXES :Current
Deferred

4,519
114

4,533
842

34,055
860

4,633

5,375

34,915

Other income - net

Total income taxes
NET INCOME
NET INCOME ATTRIBUTABLE TO OWNERS OF PARENT¥¥10,627
10,627¥¥

11,596
11,596Yen
PER SHARE OF COMMON STOCK :Basic net income
Cash dividends applicable to the year

¥ 161.15
40.00

$
$

80,08080,080U.S. Dollars*¥ 175.86
35.50$* The translations of Japanese yen amounts into U.S. dollar amounts have been made at the rate of ¥132.70 to $1, theapproximate rate of exchange at December 31, 2022.
* Accounting Standard for Revenue Recognition has been applied from the beginning of the fiscal year.
This change in accounting policy has been applied retroactively.

-2-1.210.30

Trusco Nakayama Corporation
Financial Statements
Consolidated Statement of Changes in Equity
Year Ended December 31, 2022
Thousands ofShares
Outstanding
Number ofShares ofCommon Stock
BALANCE, JANUARY 1, 2021
Cumulative effects of changes in accounting
policies
Restated balance
Net income
Cash dividends, ¥34.0 per share
Purchase of treasury stock
Disposal of treasury stock
Other
Net change in the year
BALANCE, DECEMBER 31, 2021
Cumulative effects of changes in accounting
policies
Restated balance
Net income
Cash dividends, ¥32.0 per share
Purchase of treasury stock
Disposal of treasury stock
Other
Net change in the year
BALANCE, DECEMBER 31, 2022

65,943

CommonStockCapitalSurplus¥ 5,022

RetainedEarnings¥ 4,711¥

TreasuryStock123,465

Cumulative effects of changes in accounting policies
Restated balance
Net income
Cash dividends, $0.24 per share
Purchase of treasury stock
Disposal of treasury stock
Other
Net change in the year
BALANCE, DECEMBER 31, 2022

¥(77)

¥ 598

¥

(357)

¥(402)

TotalEquity¥(235)¥ 5,022¥ 4,711(0)
0

123,230
11,596(2,242)

¥(77)

¥ 598

¥

(357)

¥(402)

132,725
11,596(2,242)
(2)
0

4
81

269

350

¥ 5,022¥ 4,711¥

132,580¥ (79)

¥ 679

¥

(353)

¥(133)¥ 142,427¥ 5,022¥ 4,711¥

132,580
10,627(2,111)¥ (79)

¥ 679

¥

(353)

¥(133)¥ 142,427
10,627(2,111)
(1)
0

272

60

(1)
0(1)
0

0

(212)
65,942

¥

(2)
0
(4)

65,943

132,960(235)

0¥ 5,022¥ 4,711¥ 141,096

¥

(80)

¥ 467

¥

(353)

¥139¥

Thousands of U.S. Dollars*
Accumulated Other Comprehensive Income
Unrealized Gain on
Land
Foreign Currency
Treasury
Available-for-Sale
Revaluation
Translation
Stock
Securities
Difference
Adjustment

Shareholders’ Equity

BALANCE, DECEMBER 31, 2021

Millions of Yen
Accumulated Other Comprehensive Income
Unrealized Gain on
Land
Foreign Currency
Available-for-Sale
Revaluation
Translation
Securities
Difference
Adjustment

Shareholders’ Equity

151,002

CommonStockCapitalSurplusRetainedEarnings$ 37,848$

35,504$

999,095

$

(595)

$

5,115

$

(2,663)$(1,004)$

1,073,300$ 37,848$

35,504$

999,095
80,080(15,902)$(595)

$

5,115

$

(2,663)$(1,004)$

1,073,300
80,080(15,902)
(6)
0(6)
00

(1,603)$ 37,848$

35,504

TotalEquity$

1,063,273

$

(601)

$

* The translations of Japanese yen amounts into U.S. dollar amounts have been made at the rate of ¥132.70 to $1, the approximate rate of exchange at December 31, 2022.
* Accounting Standard for Revenue Recognition has been applied from the beginning of the fiscal year. This change in accounting policy has been applied retroactively.
-3-3,512

2,054$(2,663)

$

1,050

451
$

1,137,923

Trusco Nakayama Corporation
Financial Statements
Consolidated Statement of Cash Flows
Year Ended December 31, 2022
Thousands ofU.S. Dollars*
2022

Millions of Yen
2022
2021
OPERATING ACTIVITIES:
Income before income taxes
Adjustments for:
Depreciation and amortization
Increase(Decrease) in allowance for doubtful accounts
Gain on sales and disposals of property,
plant and equipment
Compensation loss on eviction
Changes in assets and liabilities:
Increase in accounts receivable
Increase in merchandise
Increase in accounts payable
Increase(Decrease) in accrued consumption taxes
Other - net
Income taxes paid
Compensation loss on eviction paid¥

15,260
6,691
(0)

¥

16,971
6,958
4(3,466)$

114,995
50,420(0)50(3,398)(2,906)
2,505(1,216)148(4,905)(3,497)(1,022)
883
2,071
417
(3,392)(50)(25,610)(21,901)
18,880(9,165)
1,122(36,963)

Net cash provided by operating activities

12,17915,927

91,778INVESTING ACTIVITIES:
Purchase of property, plant and equipment
Proceeds from sales of property, plants and equipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sales of investment securities
Other - net(3,818)3(1,115)(500)
236
28(7,876)
4,947(721)(1,000)53(28,773)
23(8,401)(3,768)
1,781
211

Net cash used in investing activities(5,166)(4,597)(38,927)

FINANCING ACTIVITIES:Net increase (decrease) in short-term borrowings
Repurchase of treasury stocks
Proceeds from sales of treasury stocks
Dividends paid
Other - net(7,000)(0)0(2,111)(2)0(2,241)(52,751)(7)0(15,898)

Net cash used in financing activities(9,111)(2,243)(68,656)4919363(2,049)9,106(15,442)

41,45032,344

312,358

FOREIGN CURRENCY TRANSLATION ADJUSTMENTS
ON CASH AND CASH EQUIVALENTS
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS
CASH AND CASH EQUIVALENTS, BEGINNING
OF YEAR

CASH AND CASH EQUIVALENTS, END OF YEAR
¥ 39,401¥ 41,450$ 296,916* The translations of Japanese yen amounts into U.S. dollar amounts have been made at the rate of ¥132.70 to $1, theapproximate rate of exchange at December 31, 2022.
* Accounting Standard for Revenue Recognition has been applied from the beginning of the fiscal year.
This change in accounting policy has been applied retroactively.
-4-