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, 2023
(Based on Japanese GAAP)May 12, 2023
Company name:TOKYO RADIATOR MFG. CO.,LTD.

Stock exchange listing: Tokyo
Stock code:
7235
Representative:
Inquiries:

URL

http://www.tokyo-radiator.co.jp/President
Executive Corporate Officer

Hisao Ochiai
Kazuhiko Yano

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

June 29, 2023
June 29, 2023

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

June 30, 2023
No

Holding of financial results meeting:

NoTEL

0466-87-1231(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the year ended March 31, 2023 (from April 1, 2022 to March 31, 2023)(1) Consolidated operating results
Percentages indicate year-on-year changes
Profit attributable toNet sales
Operating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Year ended March 31, 2023
31,78517.8823–849 784.7(718)–Year ended March 31, 2022
26,988
–(92)
–
95
–
(801)
–

Earnings per share

Profit attributable toOrdinary profit/total Operating profit/net
owners ofassets
sales
parent/equity
Yen%%%
–
(3.7)
2.8
2.6
–
(3.7)
0.3
(0.3)

Diluted earnings pershareYen(52.78)(55.68)Year ended March 31, 2023
Year ended March 31, 2022(2) Consolidated financial position

Total assets
As of March 31, 2023
As of March 31, 2022

Net assets

Equity ratio

Millions of yen
29,16831,640Millions of yen
19,14923,349Cash flows fromoperating activities
Millions of yen
3,503
(180)

Cash flows frominvesting activities
Millions of yen
(908)
(991)

Net assets per share%
59.4
68.4

Yen
1,844.51
1,503.91(3) Consolidated cash flows

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

Cash flows from
Cash and cash equivalents
financing activities
at end of period
Millions of yen
Millions of yen(3,985)
5,214(622)6,487

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

Year ended March 31, 2022
Year ended March 31, 2023
Year ending March 31, 2024
(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

%%

–
–

8.00
8.00

––

0.00
8.00

8.00
16.00

115
190

(14.4)(30.3)

0.5
1.0

–

9.00

–

9.00

18.00

130.73. Forecast of consolidated financial results for the year ending March 31, 2024 (from April 1, 2023 to March 31, 2024)
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
33,000
3.8
900
9.3
1,000
17.8
550–
58.59
Note: The average number of shares outstanding during fiscal year ended 31 March 2024, which is the basis for calculating "Earnings per share,"is the number of shares issued as of March 31, 2023 (excluding treasury stock).
4. Notes(1) Changes in significant subsidiaries during the year ended March 31, 2023
(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:No
Changes in accounting policies due to other reasons:
Changes in accounting estimates:

NoNo

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, 2023

14,400,000 shares As of March 31, 2022

14,400,000 shares

Number of treasury shares at the end of the period
As of March 31, 2023

5,012,107 shares As of March 31, 2022

12,083 shares

Average number of shares during the period
Year ended March 31, 2023

13,618,679 shares Year ended March 31, 2022

214,387,917 shares

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

As of March 31, 2023

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract assets
Electronically recorded monetary claims - operating
Merchandise and finished goods
Work in process
Raw materials and supplies
Income taxes refund receivable
Other
Total current assets

8,272,842
7,516,177

6,913,007
5,491,375

808,526
986,997

1,050,852
1,146,948

424,826
2,199,556

526,4932,468,420

23,954453,196

36,911
516,285

20,686,077

18,150,294

6,022,832(3,409,284)

6,220,265(3,596,905)

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

2,613,547

2,623,360

Machinery, equipment and vehicles
Accumulated depreciation

16,218,769(12,506,801)

17,477,738(13,198,453)

3,711,967

4,279,284

7,261,655(6,117,451)

7,166,564(5,994,143)

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

1,144,204

1,172,421

LandConstruction in progress

Tools, furniture and fixtures, net

1,106,558
692,680

1,106,558
225,941

Total property, plant and equipment

9,268,959

9,407,566

243,959

202,887

Investment securities
Deferred tax assets

1,237,087
53,704

1,285,929
57,219Retirement benefit asset
Other

78,42372,578–79,448–(15,000)

Intangible assets
Investments and other assets

Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

3

1,441,794

1,407,597

10,954,713

11,018,051

31,640,791

29,168,346

(Thousands of yen)
As of March 31, 2022

As of March 31, 2023Liabilities
Current liabilities
Notes and accounts payable - trade

3,082,362

3,177,749

2,335,075
941,2392,717,481
1,428,910

97,16235,03687,43835,632––449,525
4,577

Electronically recorded obligations - non-operating
Accounts payable - facilities

125,764
427,694

281,926
209,694

Other282,459

371,083

7,326,794

8,764,019

Retirement benefit liability
Deferred tax liabilities

17,349753,895

129,014931,826

Other

193,248

194,152

Total non-current liabilities

964,493

1,254,993

8,291,287

10,019,013

Share capital
Capital surplus

1,317,600
778,300

1,317,600
778,300

Retained earnings
Treasury shares

17,676,048(4,587)

16,842,178(3,704,603)

Total shareholders' equity

19,767,361

15,233,474

Electronically recorded obligations - operating
Accrued expenses
Income taxes payable
Provision for product warranties
Provision for loss on special claims
Notes payable - facilities

Total current liabilities
Non-current liabilities

Total liabilities
Net assets
Shareholders' equity

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

571,101

577,438

931,966
367,668

1,371,318
133,877

1,870,736

2,082,634

Non-controlling interests

1,711,406

1,833,223

Total net assets

23,349,504

19,149,332

31,640,791

29,168,346

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, 2022

Fiscal year ended
March 31, 2023

Net sales

26,988,673

31,785,486

Cost of sales

24,441,057

28,033,056

Gross profit

2,547,616

3,752,430

Selling, general and administrative expenses

2,640,431

2,929,087

Operating profit (loss)(92,815)

823,342

Non-operating income
Interest income

102,355

88,267

Dividend income
Foreign exchange gains

37,402–56,55133,264

Rental income
Commission income

2,368
9,625

2,618
9,827

Subsidies for employment adjustment
Other

17,67140,641

9,693
47,437

Total non-operating income

210,064

247,659

12,323

15,834

7,749
264–
188–
927

198,510
7,316

21,264

221,848

95,985849,153

Gain on sale of non-current assets

4,760

329

Total extraordinary income

4,760

329

249
48,978–
27,104Non-operating expenses
Interest expenses
Foreign exchange losses
Vehicle Referral system incentive fee
Commission for purchase of treasury shares
Other
Total non-operating expenses
Ordinary profit
Extraordinary income

Extraordinary losses
Loss on sale of non-current assets
Loss on retirement of non-current assets
Loss on special claims–922,996

49,228950,101

Profit (loss) before income taxes

51,517(100,617)

Income taxes - current

216,883

262,476

Income taxes - deferred

543,690

222,743

Total income taxes

760,574

485,220

Loss(709,057)(585,837)

91,991

132,929(801,048)(718,766)

Total extraordinary losses

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

5Consolidated statements of comprehensive income(Thousands of yen)

Loss
Other comprehensive income

Fiscal year ended

Fiscal year ended

March 31, 2022

March 31, 2023

(709,057)(585,837)

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

198,671
1,090,265

6,337
541,940

Remeasurements of defined benefit plans, net of tax

13,576(233,790)

1,302,513

314,487

Comprehensive income

Total other comprehensive income

593,455(271,350)

Comprehensive income attributable toComprehensive income attributable to owners of parent

313,239(506,868)

280,216

235,518

Comprehensive income attributable to non-controllinginterests

6

Consolidated statements of changes in equity
Fiscal year ended March 31, 2022
(Thousands of yen)
Shareholders' equity
Share capitalBalance at beginning of period

Capital surplus

1,317,600

Retained earnings

778,300

Total shareholders'equity

Treasury shares

18,700,109(4,587)

20,791,422

Changes during period
Dividends of surplus(223,012)(223,012)

Profit (loss) attributable toowners of parent(801,048)(801,048)

Purchase of treasury shares–

Net changes in items otherthan shareholders' equity
Total changes during period
Balance at end of period––(1,024,061)–(1,024,061)

1,317,600

778,300

17,676,048(4,587)

19,767,361

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifference on
available-for-salesecurities

Foreign currencytranslation
adjustment

Remeasurementsof defined benefit
plans

Total accumulated
othercomprehensive
income372,429

29,926354,004

756,359

Non-controllinginterests

Total net assets

1,737,960

23,285,743

Changes during period
Dividends of surplus(223,012)

Profit (loss) attributable toowners of parent(801,048)

Purchase of treasury shares–

Net changes in items otherthan shareholders' equity

198,671902,040

13,664

1,114,376(26,553)

1,087,822

Total changes during period

198,671902,040

13,664

1,114,376(26,553)

63,760

Balance at end of period

571,101

931,966

367,668

1,870,736

1,711,406

23,349,504

7

Fiscal year ended March 31, 2023
(Thousands of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

1,317,600

Retained earnings

778,300

Treasury shares

17,676,048(4,587)

Total shareholders'equity
19,767,361

Changes during period
Dividends of surplus(115,103)(115,103)

Profit (loss) attributable toowners of parent(718,766)(718,766)

Purchase of treasury shares(3,700,016)(3,700,016)

Net changes in items otherthan shareholders' equity
Total changes during period
Balance at end of period––(833,870)(3,700,016)(4,533,887)

1,317,600

778,300

16,842,178(3,704,603)

15,233,474

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifference on
available-for-salesecurities

Foreign currencytranslation
adjustment

Remeasurementsof defined benefit
plans

Total accumulated
othercomprehensiveincome

571,101

931,966

367,668

1,870,736

Non-controllinginterests

Total net assets

1,711,406

23,349,504

Changes during period
Dividends of surplus(115,103)

Profit (loss) attributable toowners of parent(718,766)

Purchase of treasury shares(3,700,016)

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

6,337

439,351(233,790)

6,337

439,351(233,790)

211,898

121,817(4,200,171)

577,438

1,371,318

133,877

2,082,634

1,833,223

19,149,332

8

211,898

121,817

333,715

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, 2022

March 31, 2023
51,517(100,617)

1,133,262–

1,292,062
198,510

Increase (decrease) in provisions
Increase (decrease) in retirement benefit liability

8,091(52,109)465,121(122,843)

Decrease (increase) in retirement benefit asset
Interest and dividend income(78,423)(139,757)

78,423(144,818)Interest expenses
Foreign exchange losses (gains)

12,323
8,897

15,834976

Loss on retirement of non-current assets
Decrease (increase) in trade receivables

48,97854,39927,104
1,906,405

Decrease (increase) in inventories
Decrease (increase) in dies for sales(851,973)
354(407,125)(238,638)

Increase (decrease) in trade payables
Increase (decrease) in accrued expenses(310,849)(162,699)

424,640
235,090

Increase (decrease) in accrued consumption taxes
Other, net(15,923)
175,352

73,766(43,051)

Subtotal(118,560)

3,660,840

Interest and dividends received
Interest paid

151,297(12,323)

144,875(15,834)

Income taxes refund (paid)(201,256)(286,689)

Net cash provided by (used in) operating activities(180,843)

3,503,192(31,200)
728,000(18,000)
200,686(1,648,259)
8,635(1,015,751)
330(18,711)(30,420)(33,019)(43,208)

Depreciation
Commission for purchase of treasury shares

Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Other, net553

165(991,401)(908,798)

Dividends paid
Dividends paid to non-controlling interests(223,012)(306,682)(115,103)(113,701)

Repayments of lease liabilities
Purchase of treasury shares(92,641)–(33,881)(3,722,988)

Net cash provided by (used in) financing activities(622,336)(3,985,675)

Effect of exchange rate change on cash and cash equivalents

284,739

118,270

Net increase (decrease) in cash and cash equivalents(1,509,842)(1,273,010)

Cash and cash equivalents at beginning of period

7,997,119

6,487,277Cash and cash equivalents at end of period

6,487,277

5,214,267

Net cash provided by (used in) investing activities
Cash flows from financing activities

9