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 Three Months Ended June 30, 2021
(Based on Japanese GAAP)
August 6, 2021
Company name:TOKYO RADIATOR MFG. CO.,LTD.
Stock exchange listing: Tokyo
Stock code:
Representative:

7235
President

URL

http://www.tokyo-radiator.co.jp/
Hisao Ochiai

Inquiries:
Executive Corporate Officer
Scheduled date to file Quarterly Securities Report:

Kazuhiko Yano
August 6, 2021

Scheduled date to commence dividend payments:
Preparation of supplementary material on quarterly financial results:–
No

Holding of quarterly financial results meeting:

No

TEL

0466-87-1231(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the three months ended June 30, 2021 (from April 1, 2021 to June 30, 2021)(1) Consolidated operating results (cumulative)

Three months ended June 30, 2021
Three months ended June 30, 2020

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%
7,144–
176
–225
–
186
–
5,106 (30.7)(361)–(275)–(467)–
Earnings per share

Diluted earnings per share

YenYenThree months ended June 30, 2021
12.97–
Three months ended June 30, 2020
(32.46)–(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 1st 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 June 30, 2021
As of March 31, 2021

Net assets

Millions of yen
32,536
31,399Equity ratio

Millions of yen
23,97023,285

%
68.0
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
0.00

Yen–

Yen
7.50

Yen
7.50

8.00

–8.00

16.00

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
26,000–500–600–400–
27.80(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 1st 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 three months ended June 30, 2021
(changes in specified subsidiaries resulting in the change in scope of consolidation):No(2) Application of special accounting methods for preparing quarterly consolidated financial statements:

No(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:
Changes in accounting policies due to other reasons:

Yes
No

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

NoNo(4) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of June 30, 2021

14,400,000 shares As of March 31, 2021

14,400,000 shares

Number of treasury shares at the end of the period
As of June 30, 2021

12,083 shares As of March 31, 2021

12,083 sharesAverage number of shares during the period (cumulative from the beginning of the fiscal year)
Three months ended June 30, 2021

14,387,917 shares Three months ended June 30, 2020

214,387,917 shares

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

As of June 30, 2021

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

5,460,096–

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

7,414,186
784,104

Merchandise and finished goods
Work in process

688,736
321,737

750,527
349,777

Raw materials and supplies
Income taxes receivable

1,557,689
33,646

1,797,270
46,167

Deposits paid
Other4,796,113
442,080

5,415,456
412,468

Total current assets

21,439,236

22,430,055

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

5,715,955(3,283,589)

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

2,459,203

2,432,365

Machinery, equipment and vehicles
Accumulated depreciation

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

15,639,151(12,031,255)

3,477,897

3,607,895

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

7,011,044(6,037,529)

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

964,333

973,515Land
Construction in progress

Tools, furniture and fixtures, net

1,106,558
608,081

1,106,558
470,654

Total property, plant and equipment

8,616,074

8,590,990

Intangible assets
Investments and other assets

308,762

293,902

Investment securities
Deferred tax assets

926,116
43,793

1,113,351
43,713

Other

65,44064,946

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

3

1,035,350

1,222,011

9,960,186

10,106,904

31,399,423

32,536,959

(Thousands of yen)
As of March 31, 2021

As of June 30, 2021

Liabilities
Current liabilities
Notes and accounts payable - trade

3,159,830

3,346,061

2,457,126
1,104,732

2,674,355
1,157,406

Income taxes payable
Provision for product warranties

85,46426,94587,441
28,633

Electronically recorded obligations - non-operating
Accounts payable - facilities

253,314516,273

487,865
27,122

Electronically recorded obligations - operating
Accrued expenses

Other

181,010428,155

7,784,697

8,237,041

Retirement benefit liability
Deferred tax liabilities

68,24382,66657,88489,931

Other

178,072

181,557

Total current liabilities
Non-current liabilities

Total non-current liabilities

328,983

329,374

8,113,680

8,566,416

Share capital
Capital surplus

1,317,600
778,300

1,317,600
778,300

Retained earnings
Treasury shares

18,700,109(4,587)

18,778,784(4,587)

Total shareholders' equity

20,791,422

20,870,097

372,429

500,897

Foreign currency translation adjustment
Remeasurements of defined benefit plans

29,926354,004

414,840
341,482

Total accumulated other comprehensive income

756,359

1,257,221

Non-controlling interests

1,737,960

1,843,225

Total net assets

23,285,743

23,970,543

31,399,423

32,536,959

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 (cumulative) and consolidated statements of comprehensive income(cumulative)
Consolidated statements of income (cumulative)(Thousands of yen)Three months ended

Three months ended

June 30, 2020

June 30, 2021

Net sales
Cost of sales

5,106,185
4,859,260

7,144,603
6,319,630

Gross profit

246,924

824,973

Selling, general and administrative expenses

608,515

648,782

Operating profit (loss)(361,590)

176,190

24,053
4,667

25,665
4,929

–
575

6,911
557

2,015
66,8202,454–Non-operating income
Interest income
Dividend income
Foreign exchange gains
Rental income
Commission income
Subsidies for employment adjustment
Other

3,457

11,822

101,589

52,3401,465
12,884

2,891
–

550
312

–
336

15,212

3,228(275,213)

225,302

Gain on sale of non-current assets–

54

Total extraordinary income–

54

Loss on sale of non-current assets
Loss on retirement of non-current assets

–
164

39
144

Total extraordinary losses

164

184

Profit (loss) before income taxes(275,377)

225,172

Income taxes - current
Income taxes - deferred

22,226
163,627

69,077(51,310)

Total income taxes

185,854

17,767Profit (loss)

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

Extraordinary losses(461,231)

207,405

Profit attributable to non-controlling interests

5,860

20,821

Profit (loss) attributable to owners of parent(467,092)

186,5835

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

Profit (loss)
Other comprehensive income

Three months ended

Three months ended

June 30, 2020

June 30, 2021

(461,231)

207,405

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

125,078(111,609)

128,468
469,357

Remeasurements of defined benefit plans, net of tax

1,493(12,521)

14,962585,303

Comprehensive income

Total other comprehensive income(446,269)

792,709

Comprehensive income attributable toComprehensive income attributable to owners of parent(436,111)

687,444(10,158)

105,264

Comprehensive income attributable to non-controllinginterests6