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 Nine Months Ended December 31, 2021
(Based on Japanese GAAP)
February 10, 2022
Company name:TOKYO RADIATOR MFG. CO.,LTD.
Stock exchange listing: Tokyo
Stock code:
7235
URL http://www.tokyo-radiator.co.jp/
Representative:
President
Inquiries:
Executive Corporate Officer
Scheduled date to file Quarterly Securities Report:
Scheduled date to commence dividend payments:

Hisao Ochiai
Kazuhiko Yano
February 10, 2022–

Preparation of supplementary material on quarterly financial results:
Holding of quarterly financial results meeting:

NoNo

TEL 0466-87-1231(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the nine months ended December 31, 2021 (from April 1, 2021 to December 31, 2021)(1) Consolidated operating results (cumulative)
Percentages indicate year-on-year changes
Profit attributable toNet salesOperating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Nine months ended December 31, 2021
19,708–(58)–57–(307)–
Nine months ended December 31, 2020
17,992 (16.8)
(237)
–
(42)
–(355)–
Earnings per share

Diluted earnings per share

Yen
Yen
Nine months ended December 31, 2021
(21.36)–Nine months ended December 31, 2020
(24.71)–(Note)We applies ASBJ Statement No.29 Accounting Standard for Revenue Recognition from fiscal year commenced on 1st of April 2021.
Hence, figures related to the 3rd Quarter of FY2021 represent the results after the application with no comparative ratios over the same
period the previous year.
(2) Consolidated financial position
Total assets
As of December 31, 2021
As of March 31, 2021

Net assets

Millions of yen
30,824
31,399Equity ratio

Millions of yen
23,26723,285

%
70.3
68.6

2. Cash dividends
Annual dividends per share

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

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––Yen
0.008.00

Yen––Yen
7.50

Yen
7.50

––

Year ending March 31, 2022 (Forecast)Total

3. Forecast of consolidated financial results for the year ending March 31, 2022 (from April 1, 2021 to March 31, 2022)
Percentages indicate year-on-year changes
Profit 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
26,000
–
(200)
–
(100)
–(600)–(41.70)(Note)We applies ASBJ Statement No.29 Accounting Standard for Revenue Recognition from fiscal year commenced on 1st of April 2021.
Hence, figures related to the 3rd Quarter of FY2021 represent the results after the application with no comparative ratios over the same
period the previous year.

14. Notes(1) Changes in significant subsidiaries during the nine months ended December 31, 2021
(changes in specified subsidiaries resulting in the change in scope of consolidation):(2) Application of special accounting methods for preparing quarterly consolidated financial statements:

NoNo(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:
Yes
Changes in accounting policies due to other reasons:
Changes in accounting estimates:
Restatement of prior period financial statements:

No
No
No

(4) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of December 31, 2021

14,400,000 shares

As of March 31, 2021

14,400,000 shares

As of March 31, 2021

12,083 shares

Number of treasury shares at the end of the period
As of December 31, 2021

12,083 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Nine months ended December 31, 2021

14,387,917 shares

2

Nine months ended December 31, 2020

14,387,917 shares

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

As of December 31, 2021

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade5,430,048
7,409,608

4,658,964–Notes and accounts receivable - trade, and contract assets
Electronically recorded monetary claims - operating–
759,576

6,827,864
960,711Merchandise and finished goods
Work in process

688,736
321,737

941,119394,068

Raw materials and supplies
Income taxes receivable

1,557,689
33,646

2,066,926
21,622

Deposits paid
Other4,796,113
442,080

4,085,669
459,202

Total current assets

21,439,236

20,416,148

5,685,003(3,225,800)

5,865,372(3,373,772)

Buildings and structures, net

2,459,203

2,491,600

Machinery, equipment and vehicles
Accumulated depreciation

15,258,348(11,780,451)

15,952,883(12,307,636)

3,477,897

3,645,246

6,844,510(5,880,177)

7,293,915(6,244,189)

964,333

1,049,725

LandConstruction in progress

1,106,558
608,081

1,106,558
610,032

Total property, plant and equipment

8,616,074

8,903,164

Intangible assets
Investments and other assets

308,762

272,463

Investment securities
Deferred tax assets

926,116
43,793

1,103,854
54,192

Other

65,44074,906

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

Machinery, equipment and vehicles, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net

Total investments and other assets
Total non-current assets
Total assets

3

1,035,350

1,232,953

9,960,186

10,408,581

31,399,423

30,824,729

(Thousands of yen)
As of March 31, 2021

As of December 31, 2021

Liabilities
Current liabilities
Notes and accounts payable - trade

3,159,830

2,788,911

2,457,126
1,104,732

2,555,266
758,643

Income taxes payable
Provision for product warranties

85,46426,94569,25839,978Electronically recorded obligations - non-operating
Accounts payable - facilities

253,314516,273

263,035
74,286

Electronically recorded obligations - operating
Accrued expenses

Other

181,010579,833

7,784,697

7,129,214

Retirement benefit liability
Deferred tax liabilities

68,24382,666

39,216
223,642

Other

178,072

164,986

Total non-current liabilities

328,983

427,845

8,113,680

7,557,059

Share capital
Capital surplus

1,317,600
778,300

1,317,600
778,300

Retained earnings
Treasury shares

18,700,109(4,587)

18,169,837(4,587)

Total shareholders' equity

20,791,422

20,261,150

Total current liabilities
Non-current liabilities

Total liabilities
Net assets
Shareholders' equity

Accumulated other comprehensive income
Valuation difference on available-for-sale securities

372,429

485,544

Foreign currency translation adjustment
Remeasurements of defined benefit plans

29,926354,004

596,918
316,523

Total accumulated other comprehensive income

756,359

1,398,986

Non-controlling interests

1,737,960

1,607,532

Total net assets

23,285,743

23,267,670

31,399,423

30,824,729

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)
Nine months ended

Nine months ended

December 31, 2020

December 31, 2021

Net sales
Cost of sales

17,992,495
16,437,071

19,708,745
17,835,005

Gross profit

1,555,424

1,873,739

Selling, general and administrative expenses

1,792,927

1,932,056

Operating loss(237,502)(58,316)

Interest income
Dividend income

77,346
17,85980,64022,180

Rental income
Commission income

1,676
6,754

1,739
7,502

Subsidies for employment adjustment
Other

92,38917,090–28,422

Total non-operating income

213,115

140,486

Non-operating income

Non-operating expenses
Interest expenses
Foreign exchange losses
Employment payment for persons with disabilities
Other
Total non-operating expenses
Ordinary profit (loss)

8,608

8,864

8,470
550

14,366
–

509

1,184

18,13824,414(42,525)

57,755Extraordinary income
Gain on sale of non-current assets

28555

Total extraordinary income

28555Extraordinary losses
Loss on sale of non-current assets

240

Loss on retirement of non-current assets

1,773

25,794

Total extraordinary losses

1,775

25,835

Profit (loss) before income taxes(44,015)

31,975

Income taxes - current

61,475203,913

Income taxes - deferred

175,749

73,728

Total income taxes

237,224

277,641

Loss(281,240)(245,666)

74,32861,593(355,568)(307,259)

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

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

Loss
Other comprehensive income

Nine months ended

Nine months ended

December 31, 2020

December 31, 2021

(281,240)(245,666)

Valuation difference on available-for-sale securities
Foreign currency translation adjustment

131,171(28,661)

113,115681,653

Remeasurements of defined benefit plans, net of tax

4,479(37,480)

106,990757,288

Comprehensive income

Total other comprehensive income(174,249)

511,622

Comprehensive income attributable toComprehensive income attributable to owners of parent(242,997)

335,367

68,747

176,254Comprehensive income attributable to non-controllinginterests

6