Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between
this translated document and the Japanese original, the original shall prevail.

Consolidated Financial Results
for the Fiscal Year Ended March 31, 2022
［Under Japanese GAAP］
May 12, 2022
Company name
L i s t i n g
Securities codeURL
Representative
I n q u i r i e s
T e l e p h o n e

:
:::::
:

Tsurumi Manufacturing Co.,Ltd.
Tokyo Stock Exchange6351
https://www.tsurumipump.co.jp
Osamu Tsujimoto, PresidentKeiichiro Tsuruga, Executive Officer, Administration Division+81-6-6911-2351

Scheduled date of annual general meeting of shareholders
Scheduled date to commence dividend payments
Scheduled date to file annual securities report
Preparation of supplementary material on financial results
Holding of financial results briefing:::::

June 24, 2022
June 27, 2022
June 27, 2022
NoneNone(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the fiscal 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 sales
Operating profit
Ordinary profit
owners of parent
Fiscal year ended

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%March 31,2022
March 31,2021

51,21445,32513.0(0.6)

5,508
5,549

(0.7)
7.4

7,368
6,404

15.0
17.0

4,817
4,156

15.9
5.2

（Note）Comprehensive income
For the fiscal year ended March 31, 2022 : ¥6,217 million [ 7.8%]
For the fiscal year ended March 31, 2021 : ¥5,765 million [ 67.3%]

Basic earnings
per share

Diluted earnings
per share

Return on equity

Ratio of ordinary
profit to total assets

Ratio of operating
profit to net sales

Fiscal year ended

Yen

Yen%%%March 31,2022
March 31,2021

192.50166.00

――

7.0
6.5

8.7
8.1

10.8
12.2

（Reference）Share of profit (loss) of entities accounted for using equity method
For the fiscal year ended March 31, 2022 : ―For the fiscal year ended March 31, 2021 : ―(2) Consolidated financial position
Total assets
As ofMarch 31,2022
March 31,2021Net assets

Equity-to-asset ratio

Net assets per share

Millions of yen

Millions of yen%

Yen

87,29981,487

71,84866,87481.1
81.0

2,841.77
2,635.21（Reference）Equity
As of March 31, 2022
As of March 31, 2021::

¥70,833 million¥65,980 million

(3) Consolidated cash flows
Cash flows fromoperating activities

Cash flows frominvesting activities

Cash and cash
equivalents at end of
periodCash flows fromfinancing activities

Fiscal year ended

Millions of yen

Millions of yen

Millions of yen

Millions of yen

March 31,2022
March 31,2021

2,0034,866(2,508)(3,357)(1,964)(233)

14,28815,696

2. Cash dividends
Annual dividends per shareFirstquarter-end

Secondquarter-end

Thirdquarter-end

Fiscalyear-end

Total

Total cash
dividends(Total)Ratio ofdividends tonet assets

Payout ratio(Consolidated)(Consolidated)

Fiscal year ended

Yen

Yen

Yen

Yen

Yen

Millions of yen%%March 31,2021

―

14.00

―

22.00

36.00

901

21.7

1.4

―

17.00

―

23.00

40.00

998

20.8

1.5―

20.00

―

22.00

42.00

Fiscal year ended

March 31,2022
Fiscal year endingMarch 31,2023

24.3(Forecast)（Note）Breakdown of the second quarter-end dividend forecast for the fiscal year ending March 31, 2023
Ordinary dividend: ¥18.00 per share
Commemorative dividend * : ¥ 2.00 per share* Commemorative dividend will be implemented for the 25th anniversary of foundation of our Taiwan plant and its annualproduction volume exceeding 400,000 units.

3. Consolidated financial results forecast for the fiscal year ending March 31, 2023(from April 1, 2022 to March 31, 2023 )(Percentages indicate changes from the previous corresponding period.)

Net sales

Six months ending
September 30, 2022
Fiscal year ending
March 31,2023

Operating profit

Profit attributable toowners of parent

Ordinary profit

Basicearnings
per share

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Yen

22,300

0.7

2,430

0.4

2,660(8.8)

1,850(10.5)

74.22

52,500

2.5

5,600

1.7

6,200(15.9)

4,300(10.7)

172.51Notes(1) Changes in significant subsidiaries during the period(changes in specified subsidiaries resulting in the change in scope of consolidation): None
(2) Changes in accounting policies, changes in accounting estimates, and restatementⅰ. Changes in accounting policies due to revisions to accounting standards and other regulations: Yes
ⅱ. Changes in accounting policies due to other reasons: Noneⅲ. Changes in accounting estimates: None
ⅳ. Restatement: None(3) Number of issued shares (common shares)
ⅰ. Number of issued shares at the end of the period (including treasury shares)
As of March 31, 2022:
27,500,000 shares
As of March 31, 2021:
27,500,000 shares
ⅱ. Number of treasury shares at the end of the periodAs of March 31, 2022:
2,574,311 shares
As of March 31, 2021:
2,461,871 sharesⅲ. Average number of shares outstanding during the period
Fiscal year ended March 31, 2022: 25,025,067 sharesFiscal year ended March 31, 2021: 25,038,129 shares* The consolidated financial results are exempt from audit conducted by certified public accountants or an audit corporation.
* Explanations of the appropriate use of financial forecasts and other special notes
The forecasts, including financial results forecast, given in this document are based on information available to the Company andon certain assumptions deemed to be reasonable at the time of the issuance of this document. And the Company does not guarantee
the achievement of these forecasting numbers. Actual results may differ from these forecasts by a variety of reasons.

Index of the Appendix
1. Consolidated Balance Sheet ............................................................................................................................... 2
2. Consolidated Statement of Income and Comprehensive Income....................................................................... 4(Consolidated Statement of Income) ................................................................................................................. 4(Consolidated Statement of Comprehensive Income) ....................................................................................... 5
3. Consolidated Statements of Changes in Equity ................................................................................................. 6
4. Consolidated Statement of Cash Flows ............................................................................................................. 8
5. Note to Consolidated Financial Statements ....................................................................................................... 9(Segment Information) ...................................................................................................................................... 9－1－Consolidated Financial Statements and Primary Notes

1. Consolidated Balance Sheet
As of March 31, 2021 and March 31, 2022
(Millions of yen)

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Notes and accounts receivable - trade, and contract assets
Securities
Merchandise
Finished goods
Semi-finished goods
Work in process
Raw materials and supplies
OtherAllowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Machinery, equipment and vehicles
Accumulated depreciation
Machinery, equipment and vehicles, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Land
Leased assets
Accumulated depreciation
Leased assets, net
Construction in progress
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Retirement benefit assetDeferred tax assets
Other
Allowance for doubtful accounts
Allowance for investment loss
Total investments and other assets
Total non-current assets
Total assets－2－

As of March 31, 2021

As of March 31, 2022

15,70718,505
－
1,308
1,307
4,180
1,550
1,025
2,429
3,034
(40)
49,01014,484－
20,697
1,701
1,675
5,456
1,764
1,047
3,187
2,962
(37)
52,9409,444(4,970)4,473
3,400(2,652)748
2,498(2,158)339
8,189
116(56)59604
14,415
1,435

11,508(5,358)6,149
3,768(2,832)935
2,595(2,270)324
8,302
127(77)49
105
15,8681,481

14,368
46
534
1,833
(2)
(154)
16,62632,477
81,487

13,893
53
463
2,754
(2)
(154)
17,00934,35987,299(Millions of yen)

Liabilities
Current liabilities
Accounts payable - trade
Current portion of long-term borrowings
Current portion of bonds payable
Income taxes payable
Provision for bonuses
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Deferred tax liabilities
Provision for retirement benefits for directors
Retirement benefit liability
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total 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
Non-controlling interests
Total net assets
Total liabilities and net assets－3－

As of March 31, 2021

As of March 31, 2022

6,519
300
700
1,164953
2,472
12,109

7,168
－－
1,274
1,129
3,145
12,717

1,800
159
195
140
207
2,502
14,612

2,100
123
210
127
172
2,733
15,451

5,188
7,810
52,133(2,119)63,012

5,188
7,810
55,957(2,321)
66,634

2,078
834
54
2,968
894
66,874
81,487

1,652
2,482
63
4,198
1,015
71,84887,299

2. Consolidated Statement of Income and Comprehensive Income
From April 1 to March 31, 2021 and 2022
(Consolidated Statement of Income (Year ended))

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Freight costs
Advertising expenses
Salaries and allowances
Provision for bonuses
Retirement benefit expenses
Provision for retirement benefits for directors
Rent expenses
Depreciation
Other
Total selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Gain on investments in securities
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Loss on investments in securities
Loss on swap valuation
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of investment securities
Total extraordinary incomeExtraordinary losses
Loss on valuation of investments in capital ofsubsidiaries and associates
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent－4－

Year ended
March 31, 2021
45,32530,225
15,100(Millions of yen)
Year ended
March 31, 2022
51,21434,543
16,671

552
154
3,799
614
96
13
190
273
3,856
9,551
5,549

1,249
224
4,185
731
74
15
178
292
4,211
11,162
5,508

256
199
175
252
177
1,061

266
262－
1,153
215
1,897

22－
108
75
206
6,404

1015－
1237
7,368

106
106－－

743－

743
5,768
1,818(271)
1,546
4,221
65
4,156－
7,368
2,270
230
2,501
4,867
49
4,817

(Consolidated Statement of Comprehensive Income (Year ended))ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parentComprehensive income attributable to non-controllinginterests－5－Year ended
March 31, 2021
4,221(Millions of yen)
Year ended
March 31, 2022
4,867

748
560
234
1,543
5,765(426)
1,768
8
1,350
6,217

5,684

6,047

81170

3. Consolidated Statements of Changes in Equity
Previous consolidated fiscal year (April 1, 2020 – March 31, 2021)(Millions of yen)

Shareholders’ equity
Share capital
Balance at the beginning of theperiod

Capital surplus

5,188

Retained earnings

7,810

Total shareholders’equity

Treasury shares(2,119)48,82859,707

Cumulative effects of changes inaccounting policies
Restated balance

－
5,188

7,810

48,828(2,119)59,707

Changes during period
Dividends of surplus

(851)

(851)

Profit attributable to owners ofparent

4,156

4,156

Purchase of treasury shares－

Net changes of items other thanshareholders' equity
－－

3,304

－

3,304

5,188

7,810

52,133(2,119)63,012

Total changes during period
Balance at the end of the period

Other accumulated comprehensive income
Total otherValuation
Foreign currency Remeasurements
accumulateddifference onof defined benefittranslation
comprehensive
available-forplansadjustment
incomesale securities
Balance at the beginning of theperiod

1,329

290(179)

1,440

Non- controlling
Total net assetsinterests

862

Cumulative effects of changes inaccounting policies
Restated balance

62,010
－

1,329

290

(179)

1,440

862

62,010Changes during period
Dividends of surplus(851)

Profit attributable to owners ofparent

4,156

Purchase of treasury shares
Net changes of items other thanshareholders' equity
Total changes during period
Balance at the end of the period

－748

544

234

1,527

311,559

748

544

234

1,527

31

4,864

2,078

834

54

2,968

894

66,874－6－Current consolidated fiscal year (April 1, 2021 – March 31, 2022)(Millions of yen)

Shareholders’ equity
Share capital
Balance at the beginning of theperiod

Capital surplus

5,188

Retained earnings

7,810

Restated balance(2,119)52,133Cumulative effects of changes inaccounting policies

Total shareholders’equityTreasury shares

(16)
5,188

7,810

63,012(16)

52,116(2,119)62,996

Changes during period
Dividends of surplus

(976)

(976)

Profit attributable to owners ofparent

4,817

4,817

Purchase of treasury shares

(202)

(202)

Net changes of items other thanshareholders' equity
－－

3,840

(202)

3,638

5,188

7,810

55,957(2,321)

66,634

Total changes during period
Balance at the end of the period

Other accumulated comprehensive income
Valuation
Total otherForeign currency Remeasurements
difference on
accumulatedtranslationof defined benefit
available-forcomprehensive
adjustment
plans
sale securities
incomeBalance at the beginning of theperiod

2,078

83454

2,968

Non- controlling
Total net assetsinterests

894

Cumulative effects of changes inaccounting policies
Restated balance

66,874
(16)

2,078

834

54

2,968

894

66,858Changes during period
Dividends of surplus(976)

Profit attributable to owners ofparent

4,817

Purchase of treasury shares(202)

Net changes of items other thanshareholders' equity

(426)

1,647

8

1,230

120

1,351

Total changes during period

(426)

1,647

8

1,230

120

4,989

Balance at the end of the period

1,652

2,482

63

4,198

1,015

71,848－7－4. Consolidated Statement of Cash flows
From April 1 to March 31, 2021 and 2022

Cash flows from operating activities
Profit (loss) before income taxes
Depreciation
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses
Increase (decrease) in retirement benefit liability
Interest and dividend income
Interest expenses
Loss (gain) on investments in securities
Loss (gain) on swap valuation
Loss (gain) on sale of investment securities
Loss on valuation of investments in capital
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of securities
Proceeds from sale and redemption of securities
Purchase of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sale and redemption of investment securities
loan advances
Proceeds from collection of loans receivable
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Proceeds from long-term borrowings
Repayments of long-term borrowings
Redemption of bonds
Purchase of treasury shares
Dividends paid
Dividends paid to non-controlling interests
Other, netNet cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period－8－Year ended
March 31, 2021

(Millions of yen)
Year ended
March 31, 2022

5,768
903
(8)
(42)
(276)
(456)
22(175)108(106)
743(160)
615
(385)
(587)
5,962
407
(12)
(1,491)
4,866

7,368
1,009
(6)
175
(13)
(529)
10
15
(21)
－－
(1,884)(2,142)
286
(643)
3,625
583
(22)
(2,183)
2,003

(330)
575
(1,669)
(864)
(698)
1,063
(2,195)609
152(3,357)(327)
265(1,815)(233)(1,100)947(2,546)2,464(161)(2,508)

1,200
(500)
－－
(851)
(49)
(32)
(233)

300
(300)
(700)
(202)
(976)
(49)
(35)
(1,964)

336

1,060

1,611
14,084
15,696(1,407)
15,696
14,288

5. Note to Consolidated Financial Statements(Segment Information)
Previous consolidated fiscal year (April 1, 2020 – March 31, 2021)(Millions of yen)

Reportable segments
Adjustments

Amount inconsolidated
financialstatements

45,325－45,325

3,354

10,745(10,745)－

49,8996,171

56,071(10,745)

45,325

387

6,014

419

6,434(884)

5,549

7,548

4,575

58,738

7,922

66,661

14,826

81,487

636

37

82

756

126

883

20

903

1,625

36

15

1,677

554

2,232

－

2,232

OtherJapan

NorthAmerica

ChinaTotal

Net sales
Sales to externalcustomers
Intersegment sales
or transfers

34,744

6,211

1,553

42,508

2,817

5,589

－

1,801

7,391

Total

40,334

6,211

3,354

Segment profit

4,868

758

Segment assets

46,614

Total

Other items
Depreciation
Increase in property,
plant and equipment,and intangible assets

Current consolidated fiscal year (April 1, 2021 – March 31, 2022)(Millions of yen)

Reportable segments
Adjustments

Amount inconsolidated
financialstatements

46,358－46,358

－

4,856

－

4,856

47,2803,934

51,214－

51,214－

－－－－

－

9,444

1,922

47,2803,934

51,214－

51,214

8,685－

2,459

11,144

5,405

16,549(16,549)－

Total

44,599

9,444

4,381

58,425

9,339

67,764(16,549)

51,214

Segment profit

4,420

914

435

5,770

801

6,572(1,064)

5,508

Segment assets

51,775

10,022

5,639

67,437

9,823

77,26010,03887,299

702

47

95

845

143

988

20

1,009

1,890

128

29

2,048

36

2,084

－

2,084

Net sales
Goods and services
transferred at a point
in timeGoods and services
transferred over time
Revenue from contracts
with customers
Other income
Sales to externalcustomers
Intersegment sales
or transfers

OtherJapan

North
America

China

Total

31,057

9,444

1,922

42,424

3,934

4,856－－

4,856

35,913

9,444

1,922

－

－

35,913

Total

Other items
Depreciation
Increase in property,
plant and equipment,
and intangible assets－9－