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 13, 2022
Company name:TOKYO RADIATOR MFG. CO.,LTD.
Stock exchange listing: Tokyo
Stock code:
7235
URL http://www.tokyo-radiator.co.jp/
Representative:
President
Hisao Ochiai
Inquiries:
Executive Corporate Officer
Scheduled date of ordinary general meeting of shareholders:
Scheduled date to file Securities Report:
Scheduled date to commence dividend payments:

Kazuhiko Yano
June 28, 2022
June 28, 2022–

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

NoNo

TEL 0466-87-1231(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 toNet salesOperating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Year ended March 31, 2022
26,988–(92)–95–(801)–
Year ended March 31, 2021
25,996 (10.0)
122 (83.0)
373 (56.8)
106
17.5
Profit attributable toOrdinary profit/total Operating profit/net
owners ofassets
sales
parent/equity
Yen
Yen%%%
Year ended March 31, 2022
(55.68)–(3.7)
0.3(0.3)
Year ended March 31, 2021
7.40
–
0.5
1.2
0.5(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 current fiscal year represent the results after the application with no comparative ratios over the same
period the previous year.
Earnings per share

Diluted earnings pershare(2) Consolidated financial position
Total assets
As of March 31, 2022
As of March 31, 2021

Net assets

Equity ratio

Millions of yen
31,64031,399Millions of yen
23,34923,285

Cash flows fromoperating activities
Millions of yen
(180)
1,181

Cash flows frominvesting activities
Millions of yen(991)(1,287)

Net assets per share%
68.4
68.6

Yen
1,503.91
1,497.63(3) Consolidated cash flows

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

Cash flows fromCash and cash equivalents
financing activities
at end of period
Millions of yen
Millions of yen
(622)
6,487
(368)
7,997

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)

Total cash
Dividend payout
dividends (Total) ratio (Consolidated)

Total

Ratio of dividends
to net assets(Consolidated)

Yen

Yen

Yen

Yen

Yen

Millions of yen

%%––

0.00
8.00

––

7.50
0.00

7.50
8.00

107
115

101.4
(14.4)

0.5
0.5

–

8.00

–

8.00

16.00

1

76.7

3. Forecast of consolidated financial results for the year ending March 31, 2023 (from April 1, 2022 to March 31, 2023)
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
29,0007.5300–500 420.9300–
20.85
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:No
Changes in accounting estimates:
NoRestatement 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

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 March 31, 2022

12,083 shares

Average number of shares during the period
Year ended March 31, 2022

14,387,917 shares

2Year ended March 31, 2021

14,387,917 shares

Consolidated financial statementsConsolidated balance sheets(Thousands of yen)
As of March 31, 2021
AssetsCurrent assets
Cash and deposits

As of March 31, 2022

5,430,048

8,272,842

Notes and accounts receivable - trade
Notes and accounts receivable - trade, and contract assets
Electronically recorded monetary claims - operating
Merchandise and finished goods

7,409,608–
759,576
688,736–
7,516,177
808,526
986,997

Work in process
Raw materials and supplies
Income taxes refund receivable
Deposits paid

321,737
1,557,689
33,646
4,796,113

424,826
2,199,556
23,954–OtherTotal current assets

442,080

453,196

21,439,236

20,686,077

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

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

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

2,459,203

2,613,547

Machinery, equipment and vehicles
Accumulated depreciation

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

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

3,477,897

3,711,967

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

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

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

964,333

1,144,204Land
Construction in progress

Tools, furniture and fixtures, net

1,106,558
608,081

1,106,558
692,680

Total property, plant and equipment

8,616,074

9,268,959

Intangible assets

308,762

243,959

Investments and other assets
Investment securities

926,116

1,237,087

Deferred tax assets
Retirement benefit asset
Other

43,793–65,44053,70478,42372,5781,035,350

1,441,794

9,960,186

10,954,713

31,399,423

31,640,791

Total investments and other assets
Total non-current assets
Total assets3(Thousands of yen)
As of March 31, 2021
Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating

As of March 31, 2022

3,159,830
2,457,126

3,082,362
2,335,075

1,104,732
85,46426,945
253,314941,239
97,16235,036
125,764

516,273
181,010427,694
282,459

Total current liabilities

7,784,697

7,326,794

Non-current liabilities
Retirement benefit liability
Deferred tax liabilities
Other

68,24382,666
178,072

17,349753,895
193,248

Total non-current liabilities328,983

964,493

8,113,680

8,291,287

1,317,600
778,300
18,700,109

1,317,600
778,300
17,676,048(4,587)(4,587)

20,791,422

19,767,361

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

372,429
29,926354,004

571,101
931,966
367,668

Total accumulated other comprehensive income

756,359

1,870,736

Accrued expenses
Income taxes payable
Provision for product warranties
Electronically recorded obligations - non-operating
Accounts payable - facilities
OtherTotal liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income

Non-controlling interests

1,737,960

1,711,406

Total net assets

23,285,743

23,349,504

31,399,423

31,640,791

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

Fiscal year ended

March 31, 2021

March 31, 2022

Net sales
Cost of sales

25,996,144
23,431,039

26,988,673
24,441,057

Gross profit

2,565,105

2,547,616

Selling, general and administrative expenses

2,443,040

2,640,431

Operating profit (loss)

122,064(92,815)

Non-operating income
Interest income
Dividend income

105,995
22,928102,355
37,402

Rental income
Commission income
Subsidies for employment adjustment
Insurance claim income

2,215
9,061
92,38918,0452,368
9,625
17,671–

Other

17,85240,641

Total non-operating income

268,486

210,064

Interest expenses
Foreign exchange losses
Employment payment for persons with disabilitiesVehicle Referral system incentive fee

11,008
2,709
550
278

12,323
7,749
–
264

Other

2,759

927

Non-operating expenses

Total non-operating expenses

17,304

21,264373,246

95,985Extraordinary income
Gain on sale of non-current assets

161

4,760

Total extraordinary income

161

4,760

–
7,540
78,177249
48,978–85,71749,228

Ordinary profit

Extraordinary losses
Loss on sale of non-current assets
Loss on retirement of non-current assets
Impairment losses
Total extraordinary losses
Profit before income taxes

287,690

51,517

Income taxes - current
Income taxes - deferred

118,490(43,886)

216,883
543,690

Total income taxes

74,604

760,574

Profit (loss)

213,086(709,057)

Profit attributable to non-controlling interests

106,683

91,991

Profit (loss) attributable to owners of parent

106,402(801,048)5

Consolidated statements of comprehensive income(Thousands of yen)
Fiscal year ended
March 31, 2021

Fiscal year ended
March 31, 2022

Profit (loss)
Other comprehensive income
Valuation difference on available-for-sale securities

213,086(709,057)

248,509

198,671

Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax

182,034
436,151

1,090,265
13,576

Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

6866,695

1,302,513

1,079,782

593,455

933,116

313,239

146,665

280,216

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

1,317,600

Retained earnings

778,300

Total shareholders'Treasury shares

18,701,616

equity(4,587)

20,792,929

Changes during period
Dividends of surplus
Profit (loss) attributable toowners of parent(107,909)(107,909)

106,402

106,402

Net changes in items otherthan shareholders' equity
Total changes during period
Balance at end of period––(1,506)–(1,506)

1,317,600

778,300

18,700,109(4,587)

20,791,422

Accumulated other comprehensive income
Valuationdifference on
available-for-salesecurities
Balance at beginning of period

123,919

Foreign currency

Remeasurements

translationof defined benefit

adjustment

plans(112,126)(82,220)

Total accumulated
othercomprehensive

Non-controllinginterests

Total net assets

income(70,427)

1,635,493

22,357,995

Changes during period
Dividends of surplus(107,909)

Profit (loss) attributable to106,402

owners of parent
Net changes in items other248,509

142,052

436,225

826,787

102,467

929,254

Total changes during period

248,509

142,052

436,225

826,787

102,467

927,748

Balance at end of period

372,429

29,926354,004

756,359

1,737,96023,285,743

than shareholders' equity

7

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

Capital surplus

1,317,600

Retained earnings

778,300

Total shareholders'

Treasury shares

18,700,109

equity(4,587)

20,791,422

Changes during period
Dividends of surplus
Profit (loss) attributable toowners of parent(223,012)(223,012)(801,048)(801,048)

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
Valuationdifference on
available-for-salesecurities
Balance at beginning of period

372,429

Foreign currency

Remeasurements

translationof defined benefit

adjustment

plans

29,926354,004

Total accumulated
othercomprehensive

Non-controllinginterests

Total net assets

income756,359

1,737,960

23,285,743

Changes during period
Dividends of surplus(223,012)

Profit (loss) attributable to(801,048)

owners of parent
Net changes in items other

198,671902,040

Total changes during period

198,671

Balance at end of period

571,101

than shareholders' equity

13,664

1,114,376

902,040

13,664

1,114,376(26,553)

63,760931,966

367,668

1,870,736

1,711,406

23,349,504

8(26,553)

1,087,822

Consolidated statements of cash flows(Thousands of yen)
Fiscal year ended
March 31, 2021
Cash flows from operating activities
Profit before income taxes
Depreciation

Fiscal year ended
March 31, 2022

287,690
1,032,348

51,517
1,133,262

Impairment losses
Increase (decrease) in provisions
Increase (decrease) in retirement benefit liability
Decrease (increase) in retirement benefit asset

78,177(5,573)(13,589)––
8,091(52,109)(78,423)

Interest and dividend income
Interest expenses
Foreign exchange losses (gains)
Loss on retirement of non-current assets(128,923)
11,0086,853
7,540(139,757)
12,323
8,897
48,978Decrease (increase) in trade receivables
Decrease (increase) in inventories
Decrease (increase) in dies for sales
Increase (decrease) in trade payables(931,677)(66,606)
1,248
878,808

54,399(851,973)
354(310,849)

Increase (decrease) in accrued expenses
Increase (decrease) in accrued consumption taxes
Other, net

167,904
18,994(93,651)(162,699)(15,923)
175,352

Subtotal

1,250,553(118,560)

Interest and dividends received
Interest paid
Income taxes refund (paid)

120,164(11,008)(178,573)

151,297(12,323)(201,256)

Net cash provided by (used in) operating activities

1,181,135(180,843)(117,220)(31,200)

43,800(1,159,642)
803(39,798)

728,000(1,648,259)
8,635(18,711)(21,838)
6,195(30,420)553(1,287,700)(991,401)(107,909)(44,124)(216,644)(223,012)(306,682)(92,641)

Net cash provided by (used in) financing activities(368,677)(622,336)

Effect of exchange rate change on cash and cash equivalents

60,068284,739

Net increase (decrease) in cash and cash equivalents(415,173)(1,509,842)

Cash and cash equivalents at beginning of period

8,412,293

7,997,119

Cash and cash equivalents at end of period

7,997,119

6,487,277

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, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Dividends paid
Dividends paid to non-controlling interests
Repayments of lease liabilities

9