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, 2021
(Based on Japanese GAAP)May 13, 2021
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 25, 2021
June 25, 2021

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

June 28, 2021
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, 2021 (from April 1, 2020 to March 31, 2021)(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, 2021
25,996(10.0)
122(83.0)373 (56.8)
106
17.5
Year ended March 31, 2020
28,899(4.3)
716(50.2)
863 (45.9)
90(91.9)

Earnings per share

Profit attributable toOrdinary profit/total Operating profit/net
owners ofassets
sales
parent/equity
Yen
%%%
–
0.5
1.2
0.5
–
0.4
2.8
2.5

Diluted earnings pershare

Yen
7.40
6.30

Year ended March 31, 2021
Year ended March 31, 2020
(2) Consolidated financial position

Total assets
As of March 31, 2021
As of March 31, 2020

Net assets

Equity ratio

Millions of yen
31,39929,720Millions of yen
23,28522,357

Cash flows fromoperating activities
Millions of yen
1,181
1,234

Cash flows frominvesting activities
Millions of yen(1,287)(1,776)

Net assets per share%
68.6
69.7

Yen
1,497.63
1,440.27(3) Consolidated cash flows

Year ended March 31, 2021
Year ended March 31, 2020

Cash flows from
Cash and cash equivalents
financing activities
at end of period
Millions of yen
Millions of yen(368)
7,997
(236)
8,412

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

Year ended March 31, 2020
Year ended March 31, 2021
Year ending March 31, 2022
(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

%%

–
–

7.50
0.00

–
–

7.50
7.50

15.00
7.50

215
107

238.1
101.4

1.0
0.5

–

8.00

–

8.00

16.00

57.6(Note) Accounting Standard for Revenue Recongnition (ASBJ Statement No.29) will be applied at the beginning of FY ending March 2022.
Therefore Year-over year % of changes are not stated, as the forecast above reflects first application of the standard.

1

3. Forecast of consolidated financial results for the year ending March 31, 2022 (from April 1, 2021 to March 31, 2022)
Net sales
Full year

Millions of yen
26,000Percentages 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–500–600–
400–
27.80

4. Notes(1) Changes in significant subsidiaries during the year ended March 31, 2021
(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:
Changes in accounting policies due to other reasons:

NoNo

Changes in accounting estimates:
Restatement of prior period financial statements:

NoNo(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, 2021

14,400,000 shares As of March 31, 2020

14,400,000 shares

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

12,083 shares As of March 31, 2020

12,083 shares

Average number of shares during the period
Year ended March 31, 2021

14,387,917 shares Year ended March 31, 2020

214,387,922 shares

Consolidated financial statements
Consolidated balance sheets(Thousands of yen)
As of March 31, 2020

As of March 31, 2021

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade

5,193,625
7,217,262

5,430,048
8,169,184

759,949
365,746

688,736
321,737

Raw materials and supplies
Income taxes receivable

1,357,330
100,442

1,557,689
33,646

Deposits paid
Other5,316,876
341,356

4,796,113
442,080

Total current assets

20,652,588

21,439,236

5,370,545(3,121,262)

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

Buildings and structures, net

2,249,283

2,459,203

Machinery, equipment and vehiclesAccumulated depreciation

14,805,623(11,304,372)

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

3,501,250

3,477,897

6,730,292(5,984,218)

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

746,074

964,333

Land
Construction in progress

1,106,558
440,882

1,106,558
608,081

Total property, plant and equipment

8,044,050

8,616,074

344,687

308,762

554,982
46,129926,116
43,793Merchandise and finished goods
Work in process

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

Intangible assets
Investments and other assets
Investment securities
Deferred tax assets
Other

77,75365,440Total investments and other assets

678,865

1,035,350

Total non-current assets
Total assets

3

9,067,603

9,960,186

29,720,192

31,399,423

(Thousands of yen)
As of March 31, 2020

As of March 31, 2021

Liabilities
Current liabilities
Notes and accounts payable - trade2,500,958

3,159,830

2,227,084
933,449

2,457,126
1,104,732

Income taxes payableProvision for product warranties

144,725
32,51885,46426,945

Electronically recorded obligations - non-operating
Accounts payable - facilities

162,058
385,542

253,314516,273

Electronically recorded obligations - operating
Accrued expenses

Other

155,193

181,010

6,541,531

7,784,697

Retirement benefit liability
Deferred tax liabilities

523,556
22,946

68,24382,666

Other274,162

178,072

Total current liabilities
Non-current liabilities

Total non-current liabilities

820,665

328,983

7,362,197

8,113,680

Share capital
Capital surplus

1,317,600
778,300

1,317,600
778,300

Retained earnings
Treasury shares

18,701,616(4,587)

18,700,109(4,587)

Total shareholders' equity

20,792,929

20,791,422

123,919

372,429

Foreign currency translation adjustment
Remeasurements of defined benefit plans(112,126)(82,220)

29,926354,004

Total accumulated other comprehensive income(70,427)

756,359

Non-controlling interests

1,635,493

1,737,960

Total net assets

22,357,995

23,285,743

29,720,192

31,399,423

Total liabilities
Net assets
Shareholders' equity

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

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, 2020

Fiscal year ended
March 31, 2021

Net sales

28,899,384

25,996,144

Cost of sales

25,448,353

23,431,039

Gross profit

3,451,031

2,565,105

Selling, general and administrative expenses

2,734,337

2,443,040

Operating profit

716,693122,064

Non-operating income
Interest income

110,596

105,995Dividend income
Rental income

28,726
2,282

22,9282,215Commission income
Subsidies for employment adjustment

10,186–

9,061
92,389Insurance claim income
Other–
16,89918,045
17,852

Total non-operating income

168,690

268,486

11,667

11,008

9,329
–

2,709
550

445
603

278
2,759

22,04517,304

863,339373,246

Gain on sale of non-current assets

99

161

Total extraordinary income

99

161

133
178,972–
7,540

Impairment losses

51,10078,177

Total extraordinary losses

230,206

85,717

Profit before income taxes

633,233

287,690

Income taxes - current

182,342

118,490

Income taxes - deferred

209,066(43,886)

Total income taxes

391,40974,604

Profit241,824

213,086

Profit attributable to non-controlling interests

151,230

106,683

Profit attributable to owners of parent

90,593

106,402

Non-operating expenses
Interest expenses
Foreign exchange losses
Employment payment for persons with disabilities
Vehicle Referral system incentive fee
OtherTotal non-operating expenses
Ordinary profit
Extraordinary income

Extraordinary losses
Loss on sale of non-current assets
Loss on retirement of non-current assets5Consolidated statements of comprehensive income(Thousands of yen)

ProfitOther comprehensive income

Fiscal year ended

Fiscal year ended

March 31, 2020

March 31, 2021

241,824

213,086

Valuation difference on available-for-sale securities
Foreign currency translation adjustment(353,564)(289,674)

248,509
182,034

Remeasurements of defined benefit plans, net of tax(42,840)

436,151

Total other comprehensive income(686,079)

866,695

Comprehensive income(444,255)

1,079,782

Comprehensive income attributable toComprehensive income attributable to owners of parent(532,525)

933,116

88,270146,665

Comprehensive income attributable to non-controllinginterests

6Consolidated statements of changes in equity
Fiscal year ended March 31, 2020
(Thousands of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

1,317,600

Retained earnings

778,300

Total shareholders'equityTreasury shares

18,798,065(4,566)

20,889,399

Changes during period
Dividends of surplus
Profit attributable to owners ofparent(187,043)(187,043)

90,59390,593Purchase of treasury shares

(20)

(20)

Net changes in items otherthan shareholders' equity
Total changes during period
Balance at end of period––(96,449)(20)(96,469)

1,317,600

778,300

18,701,616(4,587)

20,792,929

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifference on
available-for-salesecurities

Foreign currencytranslation
adjustment

Remeasurementsof defined benefit
plans

Total
accumulated
othercomprehensive
income477,484

114,587(39,384)

552,688

Non-controllinginterests

Total net assets

1,592,203

23,034,291

Changes during period
Dividends of surplus(187,043)

Profit attributable to owners ofparent

90,593Purchase of treasury shares(20)

Net changes in items otherthan shareholders' equity(353,564)(226,714)(42,836)(623,116)

43,289(579,826)

Total changes during period(353,564)(226,714)(42,836)(623,116)

43,289(676,296)

Balance at end of period

123,919(112,126)(82,220)(70,427)

1,635,493

22,357,995

7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'equityTreasury shares

18,701,616(4,587)

20,792,929

Changes during period
Dividends of surplus(107,909)(107,909)

Profit attributable to owners ofparent

106,402

106,402

Purchase of treasury shares–

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

Balance at beginning of period

Valuationdifference on
available-for-salesecurities

Foreign currencytranslation
adjustment

Remeasurementsof defined benefit
plans

Total
accumulated
othercomprehensive
income123,919(112,126)(82,220)(70,427)

Non-controllinginterests

Total net assets

1,635,493

22,357,995

Changes during period
Dividends of surplus(107,909)

Profit attributable to owners ofparent106,402

Purchase of treasury shares–

Net changes in items otherthan shareholders' equity

248,509

142,052

436,225

826,787

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

1,737,960

23,285,743

8

102,467

929,254

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, 2020

March 31, 2021

633,233

287,690

1,016,290
51,1001,032,348
78,177

Increase (decrease) in provisions
Increase (decrease) in retirement benefit liability(729)(20,744)(5,573)(13,589)

Interest and dividend income
Interest expenses(139,322)
11,667(128,923)
11,008Foreign exchange losses (gains)
Loss on retirement of non-current assets(7,634)
178,972

6,853
7,540

Decrease (increase) in trade receivables
Decrease (increase) in inventories

1,036,269(389,287)(931,677)(66,606)

Decrease (increase) in dies for sales
Increase (decrease) in trade payables(18,378)(639,508)

1,248
878,808

Increase (decrease) in accrued expenses
Increase (decrease) in accrued consumption taxes(122,982)(7,490)167,904
18,994

Depreciation
Impairment losses

Other, net(128,634)(93,651)

Subtotal

1,452,821

1,250,553

Interest and dividends received

139,322

120,164

Interest paid
Income taxes refund (paid)(11,667)(346,177)(11,008)(178,573)

Net cash provided by (used in) operating activities

1,234,299

1,181,135(109,600)(117,220)

23,100(1,414,173)

43,800(1,159,642)

Proceeds from sale of property, plant and equipment
Purchase of intangible assets

3,253(251,442)

803(39,798)

Purchase of investment securities
Other, net(24,222)(3,281)(21,838)
6,195(1,776,365)(1,287,700)(187,043)(107,909)(44,977)(4,604)(44,124)(216,644)(20)–

Net cash provided by (used in) financing activities(236,645)(368,677)

Effect of exchange rate change on cash and cash equivalents(102,581)

60,068Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment

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

Net increase (decrease) in cash and cash equivalents(881,294)(415,173)

Cash and cash equivalents at beginning of period

9,293,587

8,412,293

Cash and cash equivalents at end of period

8,412,293

7,997,1199