ファイル名:第 54 期 通期決算短信_翻訳依頼箇所

更新日時:2022/05/16 11:11:59

FY2022 March The 4Q Summary of Accounting Statements[Japanese Standards] (consolidated)
May 16, 2022
Listed company name Tamagawa Holdings Co., Ltd.
Exchange
Tokyo
Code No.
6838
URL https://www.tmex.co.jp
Representative(Title)President(Name) Toru Masuzawa
Contact person(Title)Director(Name) Keita Masuyama(TEL) 03-6435-6933
Ordinary shareholders’ meeting to be held: June 24, 2022
Dividends payment to be started:
June 27, 2022
Securities report to be submitted:
June 24, 2022
Preparation of supplementary explanation document for the accounting statement : Yes
Explanatory meeting for the accounting statement:

Yes(For institutional investors / analysts )(amount under mil. yen rounded off)

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

Sales amountFY Mar. 2022
FY Mar. 2021

mil. yen％mil. yen％mil. yen%mil. yen

%

6,236
6,742

△7.5
6.5

379
211

79.1
△73.7

331
121

172.8
△81.9

148
90

64.8
△79.5

(Note) Comprehensive profit: FYMarch. 2022

197Mile yen(

82.6％)March. 2021

Current net profit per
Current net profit per
Current net profit
share after dilutive
share
ratio of own capitalshare adjustment
yen

yen

25.70
16.62

FY Mar. 2022
FY Mar. 2021

24.36
15.70
△3Mile yen(Reference) Investment profit onFYMarch. 2022
equity method

108Mile yen( △74.8％)

Ordinary margin ofgross asset

Operating margin ofsales amount

％

％

％

2.8
1.9

4.0
1.4
△5Mile yen

6.1
3.1

FYMarch. 2021

(2).Consolidated financial status
Gross asset

Net asset

yen
8,359
8,386

FY Mar. 2022
FY Mar. 2021
(RefereOwn capitalnce)

Own capital ratio
yen
5,442
5,162

5,432Mileyen

FYMarch.
2022

Gross asset
yen
926.00900.87％65.0
61.4
5,151Mileyen

FYMarch.
2021(3) Consolidated cashflow status
Cashflow by sales
activities
FY Mar. 2022
FY Mar. 2021

Cashflow by investment
activities

Cashflow by financial
activities

Term-end balance of cash
and cash-equivalentmil. yenmil. yenmil. yenmil. yen

△16
1,234

△165
23

△170
△862

2,030
2,364

２．Status of dividend
Dividend
Net asset
Total dividend tendency dividend rate
(Total)(Consolidated (Consolidated))

Annual dividend
End 1Qyen

End 2QEnd 3Q

yen

yen

0.00
0.00

－
－

Term end
yen

Total
yen

mil. yen

％

％

7.00
7.00
40
42.11
0.81
7.00
7.00
41
27.23
0.77
5.00
5.00
0.00
－
－
－
～30.00～30.00(Note) 1.The dividend resource of the terms ending in March 2021 and March 2022 includes the capital surplus.
See the below described “Breakdown of dividends from the capital surplus” for details of the term ending inMarch.
2. The dividend forecast for the term ending in March 2023 does not describe the dividend tendency since it isdisclosed by the range.
FY Mar. 2021
FY Mar. 2022
FY Mar. 2023
(forecast)

－
－

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ファイル名:第 54 期 通期決算短信_翻訳依頼箇所

更新日時:2022/05/16 11:11:59(% indication: change compared with the same quarter of the previous year)
Sales amountmil. yen

Operating profit％

mil. yen

Current net profit
attributable to theparent company’s
shareholders

Ordinary profit％

mil. yen％mil. yen

Current net profit per
share
％

yen

5,019
65
3
2
0.5
△19.5
△82.7
△98.8
△98.2
Full Year～5,813 ～△6.8～166 ～△56.1～104 ～△68.4～73 ～△50.7～12.7(Note) The consolidated business forecast for the term ending in March 2023 is disclosed by the range. See p.5 of theattached document “1. Overall status of the management result, etc. (4) Future perspectives” for the matters concerning
the business forecast.

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ファイル名:第 54 期 通期決算短信_翻訳依頼箇所

更新日時:2022/05/16 11:11:59*Notes(1) Material transfer of subsidiary during the term (Transfer of the specific subsidiary with change of scope of: No
consolidation)
Number of new
Number of excluded(Company name)(Company name)－－companies
companies（２）Change of accounting policy / change of accounting estimate / redisplay of correction① Change of accounting policy along with revision of the： Yesaccounting standards, etc② Change of accounting policy other than ①： No③ Change of accounting estimate： No④ Redisplay of correction： No（３）Number of shares issued (ordinary shares)① Number of term-end shares issued (including

FY Mar. 2022

5,927,900shares

FY Mar. 2021

5,780,000shares

FY Mar. 2022
② Number of term-end own shares③ Average number of midterm shares (quarterly

61,484shares

FY Mar. 2021

61,484shares

5,785,232shares

FY Mar. 2021

5,428,450shares

own shares)

FY Mar. 2022

accumulation)(Reference) Outline of individual performance
Individual performance of FY Mar. 2022(Apr. 1, 2021 Mar. 31, 2022)(1) Individual management result(% indication: change compared with the same quarter of the previous year)
Sales amountFY Mar. 2022
FY Mar. 2021

Operating profit

mil. yen％mil. yen％mil. yen％mil. yen

％

216
189

14.2
4.8

△177
△213

－
－

△114
△224

－
－

△49
△123

－
－

Current net profit per share

Current net profit per shareafter dilutive share adjustment

yen

yen

△8.50
△22.82－－FY Mar. 2022
FY Mar. 2021

Current net profit

Ordinary profit（２）Individual financial status
Gross asset
FY Mar. 2022
FY Mar. 2021

(Reference) Own capital

Net asset

Capital ratio

Net asset per sharemil. yenmil. yen

％

4,372
4,514

3,700
3,660

84.4
80.8
3,649mile. yen

FY Mar. 2022

3,690mile. yen

FY Mar. 2021

yen

629.06638.15* The summary of accounting statement is exempted from audit by certified public accountant or auditing firm.
* Explanation on appropriate use of the performance forecast and other special notes
Description concerning the future including the perspectives of business performance, etc. described in this document
is based on the information we currently hold and the particular precondition to be considered by us as reasonable,
and the actual business performance, etc. may greatly deviate from various factors. See p.5 of the attacheddocument “1. Overall status of the management result, etc. (4) Future perspectives” for the assumption as theprecondition for the business forecast and precaution for use of the business forecast.

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ファイル名:第 54 期 通期決算短信_翻訳依頼箇所

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Breakdown of dividend with the capital surplus as capital resource
Breakdown of dividend with the capital surplus as capital resource among the dividend of FY March 2022 is as follows.
Record dateTerm-end

Total

Dividend per share

７.00yen

７.00yenTotal dividend amount

41 mil.yen

41 mil.yen(Note) Net asset reduction rate: 0.011―4―ファイル名:第 54 期 通期決算短信_翻訳依頼箇所

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1. Overall status of the management result, etc.
(1) Overall status of the current management result
The matters concerning the future in the text have been determined by our group (our company and our consolidated
subsidiary) as of the final day of the current consolidated accounting year.
The Japanese economics in the current consolidated accounting year is shifting with further confusion and uncertain
situation of the future 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, uncertainty in the policies, global semiconductor shortage, rise of oil
price, etc. with the addition of the worsened situation between Russia and Ukraine. In particular, while the epidemicof Covid-19 remains to give a great impact, and while the enforcement of the fourth “declaration of state of emergency”
by the Japanese Government on July 12, 2021 grossly restricts visits to the clients and face-to-face negotiations, ourgroup has engaged in both prevention of infection spread and sales activities by maintaining working from home andholding video conferences by restriction on non-essential outings and measures including temperature check and facialmask 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 (inside sales) due to Covid-19
epidemic, we have 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 company ofbusiness 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 asorder receipt of “optic semiconductor reliability evaluation apparatus” used for research and development for the nextgeneration 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 plansof which number exceeded our assumption, the communication companies have announced their income and profit
reductions, resulting in containment of investment to infrastructure sharing. Since an increase of demand forinfrastructure sharing is expected as the means to expand the infrastructure by containing investment, we will aim forand engage in expansion 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 andjoining the private satellite business, we will continue the activities for profit expansion in order to establish the stablebusiness base.
In the renewable energy business, we sold the Hokkaido Noboribetsu Plant in June 2021. Additionally, sellout of thesmall wind power plants and solar power plants transited and was achieved mostly as scheduled, and 28 small wind
power plants were newly interconnected. We will elaborate for diversification of capital procurement including project
finance by sellout of power plants and banks, co-financing, sustainable financing, and start reformation of various
institutions and structures including organizations of the same business in aiming for building of the one and only
business model in the renewable energy business as the domestic company mainly whose main business is owning of
the small wind power plants since the term ending in March 2023 with the perspective of introduction of IFRS
(International Financial Reporting Standards) at the earliest time to have our stakeholders guarantee elaborate profiting
structure and growth. Simultaneously, we will aim to reduce business risk by securing risk dispersion, profitability andmaneuverability with development of the small wind power plants, each of which is small in order to contribute tocontinuous reduction of greenhouse gas by accelerating development of new renewable energy power source.
As the measures for the terms after next term, we will also start diversification of power source for the future including
participation in middle and large sized projects such as the project with the large wind power plant (1.984MW) in Nemuro
City, Hokkaido and in the project of the small waterpower plant in Flores Island, Nusa Tenggara, Indonesia.
As the result of the above, the amount of orders received in the current consolidated accounting year was 6,325 mil.
yen (56.5% increase compared with the same term of the previous year), and the sales amount was 6,236 mil. yen(7.5% decrease compared with the same term of the previous year). In terms of profit and loss, operating profit wasrecorded as 379 mil. yen (79.1% increase compared with the same term of the previous year), ordinary profit wasrecorded as 331 mil. yen (172.8% increase compared with the same term of the previous year), and the net profit of―5―

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the current term belonging to the parent company shareholders was 148 mil. yen (64.8% increase compared with thesame 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
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 will actively conduct investment activities is actively considering not only overseas development of thegeneral environmental business but also the renewable energy business mainly in Southeast Asia in addition to thedomestic development, aiming for expansion of operation of the business. Our group will engage in CO2 reduction
and the measures for global warming will all employees of the group more than ever, and will actively disclose theinformation of ESG management for our stakeholders and take on an active challenge for achievement of SDGs goals.
Management result status by business type segments is as follows.
We changed the business segments to be listed as the reported segment since the beginning of the current
consolidated accounting year, and the current comparison and analysis in the consolidated accumulative accounting
year 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 metalmaterials, the amount of orders received was 4,326 mil. yen (20.6% increase compared with the same term of theprevious 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 to extensionof production by delay of delivery of some components, resulting in 4,135 mil. yen (3.2% increase compared to thesame period of the previous year) and the segment profit resulted in 607 mil. yen (24.6% increase compared to thesame period of the previous year).
b. Renewable energy business
Various solar power plants including the solar sharing plant in operation in Shimada City, Shizuoka Pref. as wellas Hokkaido Noboribetsu City Solar Power Plant sold in the first quarter end as well as 28 small wind power plantsof which development was processed and which were interconnected before the end of March in Hokkaido havebeen selling power as scheduled. As Hokkaido Noboribetsu City Solar Power Plant and the small wind power
plants were sold to the fund, etc. investing to renewable energy generation plants, it has shifted as planned at the
beginning of the term. On the other hand, the sales amount decreased compared with the previous term due tosellout of Nagasaki Pref. Koujindake Plant (5.8 MW) in the first term (March 2021). The amount of orders
received was 1,999 mil. yen (340.4% increase compared with the same term of the previous year), sales amountwas 2,100 mil. yen (23.2% decrease compared to the same term of the previous year), and segment profit was
178 mil. yen (31.4% increase compared to the same period of the previous year).
Please be noted that the actual business performance may differ from such forecast value due to theenvironmental change and natural disasters.
2. The basic way of thinking about selection of the accounting standard
Our group’s policy is to prepare the consolidated financial statement under the Japanese standards for a certain
period in consideration between the period comparability of the consolidated financial statement and comparability
between companies.
We will appropriately apply IFRS (International Financial Reporting Standards) in consideration of situations in andoutside the country.

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３．Consolidated financial statements and Notes（１）Consolidated balance sheet(In thousand yen)
FY2021(consolidated)(As of March 31,2021)

FY2022(consolidated)(As of March 31,2022)

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade

2,448,235－
1,637,354
1,222,818

Merchandise and finished goods
Work in process

2,060,604
2,205,186－
781,903

Raw materials and supplies
Advance payments - trade899,716
265,471

1,077,617
482,925

Other
Allowance for doubtful accounts

43,925
230,822

57,205
172,694

Total current assets△17,632△27,692

Cash and deposits

6,730,711

6,810,444

518,809527,933

Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation△361,412△379,316

Buildings and structures, net

157,397

148,617

Machinery, equipment and vehicles
Accumulated depreciation

377,226

386,774△163,902△189,356

213,323

197,417

Machinery, equipment and vehicles, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
LandConstruction in progress
Total property, plant and equipment

888,541

936,939△737,400△766,358

151,141

170,580

272,573

315,68600794,435

832,30238,43753,0985,539
57,316

Intangible assets
Goodwill
Software
Other

0

0

91,53562,856

Investment securities
Long-term loans receivable

256,621
136,462

186,910
187,457

Deferred tax assets
Other

198,395
132,883

108,460
139,124

Total intangible assets
Investments and other assets

Allowance for doubtful accounts△8,700－Total investments and other assets

715,661

621,953

1,601,633

1,517,112

49,49829,985

41
5,045

12
1,843

Total non-current assets
Deferred assets
Share issuance cost
Development expenses
Business commencement expenses
Total deferred assets
Total assets―7―

54,58531,841

8,386,929

8,359,398

ファイル名:第 54 期 通期決算短信_翻訳依頼箇所

更新日時:2022/05/16 11:11:59(In thousand yen)
FY2021(consolidated)(As of March 31,2021)

FY2022(consolidated)(As of March 31,2022)

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

492,050
29,190700,884
146,655

Current portion of long-term loans payable
Lease obligations

318,388
30,941

267,873
4,965

Accounts payable - other
Income taxes payable

241,010
60,113211,349
67,927

Advances received
Provision for bonuses－
70,80142,78236,709Provision for product warranties
Other

115,726
24,229100,980
55,986

Total current liabilities

396,566

150,038

1,779,018

1,786,153

100,000

100,000

Long-term loans payable
Lease obligations

475,187404,706

584,527
14,302

Deferred tax liabilities
Net defined benefit liability

4,454
237,301－
255,023

Asset retirement obligations
Other

15,199208,138

15,243
161,634

Total non-current liabilities

1,444,988

1,130,731

3,224,006

2,916,884

Shareholders' equity
Capital stock

2,423,857

2,485,241

Capital surplus
Retained earnings

1,662,065
1,124,707

1,683,419
1,273,405

Notes and accounts payable - tradeNon-current liabilities
Bonds payable

Total liabilities
Net assets

Treasury shares△61,373△61,373

Total shareholders' equity

5,149,257

5,380,693

7,847

Accumulated other comprehensive income
Foreign currency translation adjustment△5,40815,35436,285

Accumulated other comprehensive income

2,438

51,639Valuation difference on available-for-sale securities

Share acquisition rights
Total net assets
Total liabilities and net assets―8―

11,227

10,1805,162,922

5,442,513

8,386,929

8,359,398

ファイル名:第 54 期 通期決算短信_翻訳依頼箇所

更新日時:2022/05/16 11:11:59（２）Consolidated statement of income and consolidated statement of comprehensive income
Consolidated statement of income(In thousand yen)
FY2021(consolidated)(As of March 31,2021)

FY2022(consolidated)(As of March 31,2022)

Net sales
Cost of sales

6,742,412
5,270,448

6,236,197
4,569,699

Gross profit

1,471,963

1,666,497

Selling, general and administrative expenses

1,260,396

1,287,486

Operating profit

211,567

379,011Net salesInterest income

1,375

4,138

Dividend income
Insurance income
Share of profit of entities accounted for using
equity method
Foreign exchange gains

812
45,720527
22,479

4,308－

12,104Gain on forgiveness of debts

9,254

－
11,765

Other73,57538,911

133,71424,8507,892

Non-operating expenses
Interest expenses
Foreign exchange losses

－
5,352

Share of loss of entities accounted for using equity method

Other

3,794
10,400Total non-operating expenses
Interest expenses－
13,293
11,245

Foreign exchange losses

163,605

86,372

121,537

331,550

Gain on sales of non-current assets
Gain on sales of investment securities

3,563
5,716

478
40

Total extraordinary income

9,280

519

Ordinary profit

21,56817,865Extraordinary income

Extraordinary losses
Loss on sales of non-current assets

110Loss on retirement of non-current assets
Impairment loss

369
－

－
25,940Loss on sales of investment securities

381

25,940

Profit before income taxes

130,436

306,128

Income taxes - current

57,64873,654

Income taxes - deferred△17,444

83,776

Total income taxes

40,203

157,430

Profit90,232

148,697

Profit attributable to owners of parent

90,232

148,697―9―

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Consolidated statement of comprehensive income

ProfitOther comprehensive income

FY2021(From April 1,2020 toMarch 31,2021)
90,232(In thousand yen)
FY2022(From April 1,2021 toMarch 31,2022)
148,697

11,8096,315

7,507
41,693

Valuation difference on available-for-sale securities

Foreign currency translation adjustment
Total other comprehensive income
Comprehensive income

18,12549,201

108,357

197,899

108,357

197,899（detail）
Comprehensive income attributable to owners of parent―10―

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Information regarding net sales, income or loss, assets, liabilities, and other items for each reportable segment
FY2021 (April 1, 2020 -March 31, 2021)(In thousand yen)
Reportable Segment

Value presented inconsolidated
financial statements

Adjustment
amount(Note1)

Total

Electronic/
Communi-cation
Device Business

Renewable energy
plant business

4,007,591

2,734,821

6,742,412－

6,742,412

－

－

－

0

0

Total

4,007,591

2,734,821

6,742,412

0

6,742,412

Segment income(loss)

487,593

135,844623,438△411,870

211,567

4,130,558

3,048,087

7,178,646

1,208,283

8,386,929

Net Sales
Sales to external customers

Internal sales
segments

or Transfers

betweenSegment assets
Other items

101,329

206,234

307,563△458

307,105

Equity in profit of affiliates－△5,352△5,352－△5,352

Impairment Loss－

111,429

111,429－

111,429

110,154－

110,154－

110,154

Depreciation

Investmentforaffiliatedcompany
accounted for by the equity-method(note) １．(1) The adjustment amount of segment profit of 411,870 thousand yen is the adjustment amount of
unrealized profit of 1,244 thousand yen and the profit and loss of the group management department notallocated to the business segment of 413,115,000 yen.
(2) 1,208,283,000 yen of adjusted amount of segment asset is asset of the group management department
not distributed as the business segment.
２．The segment profit or loss (△) is adjusted with the operating profit in the consolidated financial statement.

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FY2022 (April 1, 2021 -March 31, 2022)(In thousand yen)
Reportable Segment

Value presented inconsolidated
financial statements

Adjustment
amount(Note1)

Total

Electronic/
Communi-cation
Device BusinessElectronic/
Communi-cation
Device Business

1,237,545－

1,237,545－

1,237,545

1,086,189－

1,086,189－

1,086,189

Total

992,859－

992,859－

992,859

Segment income(loss)

819,064－

819,064－

819,064

Segment assets－

1,245,718

1,245,718－

1,245,718

Other items－

844,708

844,708－

844,708

Depreciation

4,135,658

2,090,427

6,226,086－

6,226,086

－

9,211

9,211

－

9,211

4,135,658

2,100,538

6,236,197－

6,236,197

－

－

－

－

－

4,135,658

2,100,538

6,236,197－

6,236,197

607,512

178,482785,994△406,983

379,0114,539,364

3,116,898

7,656,263

703,135

8,359,398

Net Sales
Sales to external customers

Internal sales
segments

or Transfers

betweenEquity in profit of affiliates
Impairment Loss
Investmentforaffiliatedcompany
accounted for by the equity-method
Net Sales
Sales to external customers

Internal sales
segments

or Transfers

between

Total

115,141

67,101

182,243627

182,870

Segment assets－△3,794△3,794－△3,794

Other items－

160,045

160,045－

160,045

Depreciation

109,901－

109,901

5,916

115,817

Segment income(loss)(note) １．(1) The segment profit adjustment amount of △406,983 thousand yen is the adjustment amount of
unrealized profit, etc. of 1,053,000 yen and the profit / loss of the group management department notallocated to the business segment of △408,037 thousand yen.
(2) The adjustment amount of segment assets of 703,135 thousand yen is the assets of the groupmanagement department that are not allocated to the business segments.
２．Segment profit is adjusted with operating profit in the consolidated financial statements.

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