ファイル名:第 54 期 四半期決算短信

更新日時:2022/02/10 17:27:59

The 3Q Summary of Accounting Statements
FY2022 March [Japanese Standards] (consolidated)
February
Listed company nameTamagawa Holdings Co., Ltd.

Tokyo
Code No.
6838
URL
https://www.tmex.co.jp
Representative(Title) President(Name) Toru Masuzawa
Contact person(Title) Director(Name) Keita Masuyama (TEL)
Quarterly report to be submitted：
February. 14, 2022
Dividends payment to be started：
Preparation of supplementary explanation document for the quarterly accounting statement
Explanatory meeting for the quarterly accounting statement
Exchange

03-6435-6933
－
：No
：No

(aount under. mil yen rounded off)

１.Consolidated performance of FY 2022 Mar.: 3Q (from April 1, 2021 to December 31, 2021)(1) Consolidated management result (cumulative)(% indication: change compared with the same quarter of the previous year)
Quarterly profit
Operating profit
Ordinary profit
belonging to the parent
company’s shareholders

Sales amountmil.yenmil.yen％mil.yen％FY2022 Mar. 3Q
4,151
25.3
231
57.3
196
FY2022 Mar. 3Q
3,314
△8.8
147 △62.4
92(Note) Comprehensive FY2022 Mar. 2Q
126mile.yen 352.9％) FY2022 Mar. 2Q
profit:(Quarterly net profit pershare
FY2022 Mar. 3Q
FY2021 Mar. 3Q

mil.yen

％

％

113.6
139
100.8
△66.9
69 △67.8
27mile.yen ( △76.3％)

Quarterly net profit per
share after issuable
share adjustment

yen

yen

24.24
13.00

23.29
12.24

(2).Consolidated financial status
Gross asset

Net asset

Own capital ratioyen

FY2022 Mar. 3Q
FY2021 Mar.
(Reference)Own capital: FY2022 Mar. 2Q

yen

7,944
8,386
5,302mile yen

％

5,375
5,162
FY2021 Mar.

67.5
61.4
5,151mile yen

２．Status of dividends
Annual dividends
End 1QFY2021 Mar.
FY2022 Mar.

End 2QEnd 3Q

Term end

Total

yen

yen

yen

yen

yen

－
－

0.00
0.00

－

7.00

7.00

5.00
～30.00None (Note)

5.00～30.00

FY2022 Mar. (forecast)－(Note) Correction from the dividend forecast recently announced:

３．Consolidated performance forecast of FY 2022 Mar.（from Apr 1, 2021 to Mar. 31, 2022）(% indication: change compared with the same quarter of the previous year)
Sales amountmil. yen

Operating profit

mil. yen%mil. yen

%

yen

通期
6,845
1.5
327
54.6
297
(Note) Correction from the performance forecast recently None (Note)announced:

144.4

208

130.5

38.40

%

mil. yen

Current net profit
Current net
belonging to the parent
profit per sharecompany’s shareholders

Ordinary profit%―1―

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更新日時:2022/02/10 17:27:59

Notes(1) Material transfer of subsidiary in the current quarter consolidated cumulative period: None
(Specified subsidiary transfer with change of the consolidated scope)
New－(company name)

Excluded－(company name)(2) Application of accounting process specific to preparation of the quarterly consolidated

accounting:None(3)Change of accounting policy, change of accounting estimate, redisplay of revision① Change of accounting policy for revision of accounting
Yesstandard, etc.
None
② Change of the accounting standard except for ①③ Change of the accounting estimate

None④ Redisplay of revision

None（４） Number of shares issued (ordinary shares)① Number of term-end shares issued
FY2022 Mar. 2Q(including own shares)
FY2022 Mar. 2Q② Number of term-end own shares③ Average number of midterm shares
FY2022 Mar. 2Q(quarterly accumulation)**

5,885,900shares

FY2021 Mar.

5,780,000shares

61,484shares

FY2021 Mar.

61,484shares

5,764,314shares

FY2022 Mar. 2Q 5,352,922shares

The quarterly summary of accounting statement is not subject to quarterly review by the certified accountant oraudit company.
Explanation on appropriate use of the performance forecast and other special notes
Description concerning the future of performance forecast, etc. described in this document is based on the information currently
obtained by us and the certain precondition judged as reasonable, and the actual performance, etc. may drastically vary due tovarious factors. Please see p.4 “Explanation on the Future Forecast Information of the Consolidated Performance Forecast,etc.” for assumption as the precondition of the performance forecast. and attention for usage of performance forecast.

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1. Qualitative information concerning the current quarter financial results(1) Overview of the management result
The matters concerning the future in the text have been determined by our group as of the final day of the current
consolidated accounting quarter period.
(1) Financial status and condition of the management result
The Japanese economics in the current third quarter consolidated accumulative period continues to shift withuncertain situation due to the effect of Covid-19 epidemic, the impacts on the global economics given by trend andperspective of the issues between US and China, and uncertainty in the policies, global semiconductor shortage, riseof oil price, etc. In particular, while the epidemic of Covid-19 remains to give a great impact, and while theenforcement of the fourth “declaration of state of emergency” by the Japanese Government on July 12 grossly
restricts visits to the clients and face-to-face negotiations, our group has engaged in both prevention of infection
spread and sales activities by maintaining working from home and holding video conferences by restriction on nonessential outings and measures including temperature check and facial mask wearing, etc.
Under such economic circumstances, for the electronic and communication device business, in addition to sales
expansion business mainly in the 5G related market which was launched for commercial operation and public related
market in 2020, through the efforts according to transition of the time including innovation and enhancement of thewebsite with the purpose of increase of new clients’ inquiries as non-contact type sales due to Covid-19 epidemic, wehave been also dedicated to new markets and client exploration to acquire orders from new fields.
We have also worked on enhancement of proposal of our self-developed products by continuously promoting “effort
for high added-value products,” “expansion and exploration of business field” and “co-development with the companyof business tie-up.”
As a result, newly explored clients and inquiries are increasing from new markets besides the existing analog highfrequency products, including optics related products used for various business-use wireless, digital signal processor,
etc. indispensable for high-speed signal processing, millimeter wave band and terahertz band products, etc.
necessary for wireless transmission of data of large volumes, where our active efforts have achieved great successes
such as order receipt of “optic semiconductor reliability evaluation apparatus” used for research and development for
the next-generation optical network construction and adoption of “academic-industrial cooperation research for
Beyond 5G/6G.”
In the mobile communication field, the demand for high frequency components was stably increasing mainly including
5G related market, but now in the third quarter, due to an increase of users switching to bargain-basement rate plans ofwhich number exceeded our assumption, the communication companies have announced their income and profit
reductions, assumingly resulting in control of investment to infrastructure sharing. We will aim for and engage inexpansion of share in infrastructure sharing.
Proposals made remotely for new clients related to mobile communication facilities for overseas have been
continued due to the impact of Coivd-19, but there is no drastic progress.
Demands for the optical transmission device, digital signal processor, etc. are increasing as business-use wirelessincluding “Optical DAS system for airport MCA” adopted by Kansai International Airport, disaster measures, andsurveillance system in the public filed. We will work on further demand expansion in this field. In addition, we havejoined the national project as “National Resilience” from the development stage to secure long-term and stable order
receipt.
In addition, by enhancing proposals of self-developed products along with promotion of active business domain
expansion by introducing our self-developed technology for surveillance units targeting the Drone business market
and joining the private satellite business, we will continue the activities for profit expansion in order to establish thestable business base.
In the renewable energy business, we sold the Hokkaido Noboribetsu Plant in June 2021. Additionally, since wesold the wind power plants to the fund investing to renewable energy generation facilities in November 2021, the sales
amount exceeded that in the same term of the previous year. We will continue to enhance development of small wind
power plants by leveraging the fund from the sold mega solar power plants we had owned. By enhancing
development of small wind power plants which are small per unit, we will ensure risk dispersion and profitability andmobility and will contribute to continuous reduction of greenhouse gas by accelerating development of new renewableenergy power source.
We are also proceeding with the project with the large wind power plant (1.984MW) in Nemuro City, Hokkaido andthe small waterpower plant in Flores Island, Nusa Tenggara, Indonesia.
As the result of the above, the amount of orders received in the current third quarter consolidated accumulative
term was 4,640 mil. yen (44.2% increase compared with the same term of the previous year), and the sales amountwas 4,151 mil. yen (25.3% increase compared with the same term of the previous year). In terms of profit and loss,
operating profit was recorded as 231 mil. yen (57.3% increase compared with the same term of the previous year),ordinary profit was recorded as 196 mil. yen (113.6% increase compared with the same term of the previous year),and the quarterly net profit belonging to the parent company shareholders was 139 mil. yen (100.8% increase
compared with the same term of the previous year).
In the electronic/ communication device business, as the demand is stably increasing and we have positioned the
public related market which is expected to continuously transit steadily in the center of our sales expansion activities,
we will focus on exploration of new customers . Furthermore, by enhancing proposals of self-developed products―3―ファイル名:第 54 期 四半期決算短信

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along with promotion of active business domain expansion through participation in new markets, we will continue theactivities for profit expansion in order to establish the stable business base as the entire electronic/ communication
device business.
Our group is actively considering overseas development of the general environmental business as well as therenewable energy business mainly in Southeast Asia in addition to the domestic development, aiming for expansionof operation of the business. Our group will continue to engage in CO2 reduction and the measures for global
warming and also for building of the business system responsive to the ESG management and social transformation
through SDGs.
Management result status by business type segments is as follows.
We changed the business segments to be listed as the reported segment in the current third quarter consolidated
accounting term, and the current comparison and analysis in the first quarter consolidated accumulative period are
based on the categories after the change.
a. Electronic / communication device businessFor electronic / communication device business, since advance ordering by the customers increased as themeasures against delayed delivery due to the worldwide supply shortage of the semiconductors and non-iron
metal materials, the amount of orders received was 3,110 mil. yen (11.7% increase compared with the same termof the previous year).
For the sales amount, however, the impact cannot be avoided despite measures against the recent shortage ofthe electronic components, and we could not achieve the plan made at the beginning of the period due toextension of production by delay of delivery of some components, resulting in 2,519 mil. yen (8.9% decrease
compared to the same period of the previous year) and the segment profit resulted in 368 mil. yen (5.1%
decrease compared to the same period of the previous year).
b. Renewable energy system sales business
Various solar power plants including the solar sharing plant in operation in Shimada City, Shizuoka Pref. as
well as Hokkaido Noboribetsu City Solar Power Plant sold in the first quarter end as well as 28 small wind power
plants of which development was interconnected before the end of December in Hokkaido have been selling
power in a good state. Due to sellout of Hokkaido Noboribetsu City Solar Power Plant, and sellout of the small
wind power plants to the fund investing to renewable energy generation plants, both the sales amount andsegment profit have increased, and the amount of orders received was 1,530 mil. yen (253.2% increase
compared with the same term of the previous year), sales amount was1,631 mil. yen (197.5% increase
compared to the same term of the previous year), and segment loss was 158 mil. yen (231.8% increase
compared to the same period of the previous year).

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2.Consolidated financial statements and Notes(1)Consolidated balance sheet(In thousand yen)
FY 2020 (consolidated)(As of March 31,2021)

2Q FY 2021 (consolidated)(As of December 30,2022)

AssetsAssetsCash and deposits
Notes and accounts receivable - trade

2,448,235－

2,069,137
1,540,176

Merchandise and finished goods
Goods and products

1,637,354
1,222,818－
769,411Work in proces
Raw materials and supplies

899,716
265,471

1,180,746
415,916

Advance payments - tradeOther

43,925
230,822

56,380232,626

Allowance for doubtful accounts△17,632△17,632

Total current assets

6,730,711

6,246,762

518,809△361,412

522,435△374,012

Buildings and structures, net

157,397

148,423

Machinery, equipment and vehicles
Accumulated depreciation

377,226△163,902

386,774△182,321

213,323

204,453

888,541△737,400

936,464△763,710

151,141

172,754

272,573

316,97600794,435

842,60738,43753,09813,17050,9140

091,53564,085Investment securities
Long-term loans receivable

256,621
136,462

260,257
187,457

Deferred tax assets
Other

198,395
132,883

156,924
148,638

Allowance for doubtful accounts△8,700－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
LandConstruction in progress
Total property, plant and equipment
Intangible assets
Goodwill
Software
Other
Total intangible assets
Investments and other assets

Total investments and other assets
Total non-current assets
Deferred assets
Share issuance cost

715,661

753,277

1,601,633

1,659,970

49,49835,144Development expenses
Business commencement expenses

41
5,045

19
2,165

Total deferred assets

54,58537,3298,386,929

7,944,062

Total assets―5―ファイル名:第 54 期 四半期決算短信

更新日時:2022/02/10 17:27:59(In thousand yen)
FY 2020 (consolidated)(As of March 31,2021)

2Q FY 2021 (consolidated)(As of December 30,2022)

Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term loans payable

492,050
29,190741,519
58,825Current portion of long-term loans payable
Lease obligations

318,388
30,941

316,608
5,174

Accounts payable - other
Income taxes payable

241,010
60,11384,66840,494

Advances received
Provision for bonuses

70,801
115,726

137,736
52,155

Provision for product warranties
Other

24,229396,566

62,670164,142

1,779,018

1,663,997

Long-term loans payable
Lease obligations

100,000
475,187

100,000
361,944

Deferred tax liabilities
Net defined benefit liability

404,706
4,454

15,598191

Asset retirement obligations
Long-term accounts payable - other237,301
15,199246,599
15,199Other

208,138

164,977

Total current liabilities
Non-current liabilities

Total non-current liabilities

1,444,988

904,5103,224,006

2,568,507

Capital stock
Capital surplus

2,423,857
1,662,065

2,472,030
1,670,208

Retained earnings
Treasury shares

1,124,707△61,373

1,264,476△61,373

Total shareholders' equity

5,149,257

5,345,342

Total liabilities
Net assets
Shareholders' equity

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

Foreign currency translation adjustment
Accumulated other comprehensive income
Share acquisition rights
Total net assets
Total liabilities and net assets

―6―

7,847

9,413

△5,408

10,487

2,438

19,901

11,227

10,3105,162,922

5,375,554

8,386,929

7,944,062

ファイル名:第 54 期 四半期決算短信

更新日時:2022/02/10 17:27:59(2) Quarterly consolidated statements of income and Quarterly consolidated statements of comprehensive income
Quarterly
Consolidated statements of income Consolidates third quarter period(In thousand yen)
FY 2020 (consolidated)(As of March 31,2021)

3Q FY 2021 (consolidated)(As of December 30,2022)

Net Sales
Cost of sales

3,314,399
2,297,530

4,151,290
2,998,409

Gross profit

1,016,869

1,152,881

Selling, general and administrative expenses

869,595

921,259

Operating profit (loss (△))

147,274

231,621

359

2,437

Insurance income

589
44,481305
8,767

Gain on forgiveness of debts
Other

12,104
6,480－
10,029Total non-operating income

64,015

21,53999,90620,018

1,292

5,667

3,230

2,584

7,868
6,989

16,408
11,951Non-operating income
Interest income
Dividend income

Non-operating expenses
Interest expenses
Foreign exchange losses
Share of loss of entities accounted for using equity
methodOther
Total non-operating expenses
Interest expenses

119,286

56,63192,003

196,529

Gain on valuation of investment securities

5,716

－

Total extraordinary income

5,716

－

Loss on retirement of non-current assets

11－

Loss on sale of investments in securities

369－

Ordinary Profit
Extraordinary income

Extraordinary losses

Total extraordinary losses

381－

Income before tax adjustment

97,338

196,529

Income taxes - current
Income taxes - deferred

25,986
1,750

20,16436,596

Total income taxes

27,73756,760

Profit

69,600139,768

Profit attributable to owners of parent

69,600139,768―7―

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Quarterly consolidated statements of comprehensive income
Consolidated third quarter period(In thousand yen)
FY 2020 (consolidated)(As of March 31,2021)
Net Profit for the Quarter
Accumulated other comprehensive income

3Q FY 2021 (consolidated)(As of December 30,2022)

69,600139,768

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

8,466△12,841

1,566
15,896

Total other comprehensive income△4,375

17,463Comprehensive income

65,225

157,231（breakdown）
Comprehensive income attributable to owners of parent

65,225

157,231―8―

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更新日時:2022/02/10 17:27:59(Segment information, etc.)【Segment information】
I Previous third quarter consolidated accumulative period (From April 1, 2020 through December 31, 2020)
1. Information on sales amount and profit or loss amount per report segment(Unit: thousand yen)
Report segment
Electronic/
Renewablecommunicationenergy businessdevice business
Sales amount
Sales amount to externalclients
Internal sales amount ortransfer amount between
segments

Total

Adjustment
amount(Note) 1

Amount recorded in thequarterly consolidated
profit and loss statement(Note) 2

2,766,003

548,3963,314,399－

3,314,399

－

－

－

－

－

Total

2,766,003

548,3963,314,399－

3,314,399

Segment profit

388,571

47,652436,224△288,950

147,274(Note)1. Adjustment amount of segment profit △288,950,000 yen is the profit and loss of the group management
division of △288,950,000 yen which has not been distributed to the business segment.
2. The segment profit is consistent with the operating profit in the quarterly consolidated income statement.
II

Current third quarter consolidated accumulative period (From April 1, 2021 through December 31, 2021)
1. Information on sales amount and profit or loss amount per report segment and profit dissolution information(Unit: thousand yen)
Report segment
Renewableenergy business

Sales amount
Mobile communication
infrastructure

Total

Total

Adjustment
amount(Note) 1

Amount recorded in thequarterly consolidated
profit and loss statement(Note) 2

905,866－

905,866－

905,866

Public offices

598,900－

598,900－

598,900

Public projects

550,376－

550,376－

550,376

FA/ measurement, etc.

464,741－

464,741－

464,741

Solar power plants－

1,114,398

1,114,398－

1,114,398

Wind power plants－

510,572

510,572－

510,572

2,519,884

1,624,970

4,144,854－

4,144,854

－

6,435

6,435

－

6,435

2,519,884

1,631,406

4,151,290－

4,151,290

－

－

－

－

－

Total

2,519,884

1,631,406

4,151,290－

4,151,290

Segment profit

368,912

158,096

527,008△295,387

231,621

Profit arising fromcontracts with clients
Other profits
Sales amount toexternal clientsInternal sales amountor transfer amountbetween segments(Note)1. Adjustment amount of segment profit △295,387,000 yen is the profit and loss of the group management
division of △295,387,000 yen which has not been distributed to the business segment.
2. The segment profit is consistent with the operating profit in the quarterly consolidated income statement.

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