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 Six Months Ended March 31, 2021
(Based on Japanese GAAP)May 7, 2021
Company name:T. HASEGAWA CO., LTD.
Stock exchange listing: Tokyo
Stock code:
Representative:

4958
URL
President & COO

https://www.t-hasegawa.co.jp/Takao Umino

Inquiries:
Director & Senior Executive Vice President
Scheduled date to file Quarterly Securities Report:

Minoru Nakamura
May 14, 2021

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

June 1, 2021
Yes

Holding of quarterly financial results meeting:

Yes

TEL

03-3241-1151(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the six months ended March 31, 2021 (from October 1, 2020 to March 31, 2021)(1) Consolidated operating results (cumulative)
Net sales
Six months ended March 31, 2021
Six months ended March 31, 2020
Note: Comprehensive income

Millions of yen
26,13524,462

Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
owners of parent% Millions of yen% Millions of yen% Millions of yen%
6.8
2,968
20.2
3,304
22.9
3,138
49.9
(0.0)
2,469
11.2
2,688
10.3
2,092
18.8

Six months ended March 31, 2021

¥5,413 million [288.6%]

Six months ended March 31, 2020

¥1,393 million [317.2%]

Earnings per share

Diluted earnings per share

Yen
75.65
50.49

Six months ended March 31, 2021
Six months ended March 31, 2020

Yen
75.37
50.31

(2) Consolidated financial position
Total assets
Millions of yen
117,907
113,445

As of March 31, 2021
As of September 30, 2020
Reference: Equity

Net assets

Equity ratio

Millions of yen
96,755
92,218

As of March 31, 2021

¥96,510 million

As of September 30, 2020

¥91,990 million

%
81.9
81.1

2. Cash dividends
Annual dividends per share

Year ended September 30, 2020
Year ending September 30, 2021
Year ending September 30, 2021
(Forecast)

1st quarter-end

2nd quarter-end3rd quarter-end

Fiscal year-end

Yen––Yen
18.00
22.00

Yen–

Yen
22.00

Yen
40.00

–

22.00

44.00

Note: Revision of cash dividend forecast most recently announced: Yes

1Total3. Forecast of consolidated financial results for the year ending September 30, 2021 (from October 1, 2020 to September 30, 2021)

Net sales

Full year

Millions of yen
53,700Percentages 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
7.05,230 (2.4)
5,700 (2.7)
5,350
5.1
129.40Note: Revision of consolidated financial results forecast most recently announced: Yes
4. Notes(1) Changes in significant subsidiaries during the six months ended March 31, 2021
(changes in specified subsidiaries resulting in the change in scope of consolidation):(2) Application of special accounting methods for preparing quarterly consolidated financial statements:

NoYes(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:

NoNo

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 March 31, 2021

42,708,154 shares As of September 30, 2020

42,708,154 shares

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

1,222,044 shares As of September 30, 2020

1,233,044 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Six months ended March 31, 2021

41,481,396 shares Six months ended March 31, 2020

41,450,911 shares* Quarterly financial results reports are exempt from quarterly review conducted by certified public accountants or an audit corporation.
* Proper use of forecasts of financial results, and other special matters
The forward-looking statements, including the earnings forecasts, shown in this document are based on information currently available to theCompany and on certain assumptions deemed to be reasonable. These statements do not purport that the Company pledges to realize suchstatements. Actual results may differ substantially due to various factors.

2

Quarterly consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of September 30, 2020

As of March 31, 2021

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade16,584
15,471

17,416
15,729Securities
Merchandise and finished goods

12,000
7,161

1,999
7,574

Work in process
Raw materials and supplies

170
6,901

123
6,682

737
(13)

730
(15)

59,01350,241Buildings and structures, net
Other, net

15,915
13,42916,19013,851

Total property, plant and equipment

29,34530,041Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment

Intangible assets
Goodwill

572

6,351

Other

3,266

10,766

Total intangible assets

3,839

17,118Investment securities
Retirement benefit asset

19,83817

19,466
17

Other
Allowance for doubtful accounts

1,443
(51)

1,081
(60)

Total investments and other assets

21,246

20,50554,431

67,665

113,445

117,907

Investments and other assets

Total non-current assets
Total assets
Liabilities
Current liabilities
Notes and accounts payable - trade

4,743

4,987

Income taxes payable
Provision for bonuses

630
1,431

1,089
907

Provision for bonuses for directors (and other officers)
Other

74
3,381

–
2,702

Total current liabilities

10,261

9,686

Non-current liabilities
Deferred tax liabilities

2,992

3,048

7,121
69

7,305
63

648
131

638
408

10,965

11,465

21,22621,151Retirement benefit liability
Asset retirement obligations
Long-term accounts payable - otherOther
Total non-current liabilities
Total liabilities

3

(Millions of yen)
As of September 30, 2020

As of March 31, 2021

Net assets
Shareholders' equity
Share capital
Capital surplus

5,364
7,298

5,364
7,301

Retained earnings
Treasury shares

71,169(1,820)73,394(1,804)

Total shareholders' equity

82,012

84,256

11,551

11,315

Foreign currency translation adjustment
Remeasurements of defined benefit plans(1,316)
(256)

1,169
(230)

Total accumulated other comprehensive income

9,97812,253228245

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

Share acquisition rights
Total net assets
Total liabilities and net assets

492,218

96,755

113,445

117,907

Consolidated statements of income (cumulative) and consolidated statements of comprehensive income(cumulative)
Consolidated statements of income (cumulative)(Millions of yen)Six months ended

Six months ended

March 31, 2020

March 31, 2021

Net sales
Cost of sales

24,462
15,114

26,135
15,582Gross profit

9,348

10,553

Selling, general and administrative expenses

6,878

7,584

Operating profit

2,469

2,968Interest income
Dividend income

49147

55
123

Foreign exchange gains
Other–
70

111
60

Total non-operating income

267

351

033115–11

Non-operating income

Non-operating expenses
Interest expenses
Foreign exchange losses
Other
Total non-operating expenses

48

15

2,688

3,304

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

320–

–
1,137

Total extraordinary income

320

1,137–

7–

7

3,008

4,435

Ordinary profit
Extraordinary income

Extraordinary losses
Loss on abandonment of non-current assets
Total extraordinary lossesProfit before income taxes
Income taxes

916

1,297

Profit

2,092

3,138

Profit attributable to owners of parent

2,092

3,138

5

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

ProfitOther comprehensive income

Six months ended

Six months ended

March 31, 2020

March 31, 2021
2,092

3,138

Valuation difference on available-for-sale securities
Foreign currency translation adjustment(869)
144(236)
2,485

Remeasurements of defined benefit plans, net of tax

2525(699)

2,275

Comprehensive income

Total other comprehensive income

1,3935,413

Comprehensive income attributable toComprehensive income attributable to owners of parent

1,393

5,413

––

Comprehensive income attributable to non-controllinginterests

6

Segment Information
1. Six months ended March 31, 2020 (from October 1, 2019 to March 31, 2020)(1) Net sales and profit or loss by reporting segment(Millions of yen)
Reporting segment
JapanAsia

USA

TotalAdjustment(Note 1)

Consolidated(Note 2)

Net sales
Sales to external customers
Inter-segment sales or transfers

17,765
391

3,625
66

3,071
69

24,462527－(527)

24,462－

Total18,157

3,691

3,141

24,990(527)

24,462

Segment profit

1,879

276

283

2,440

29

2,469

Notes
1. The adjustments on segment profit of 29 million yen include 39 million yen adjustments of elimination of internal transactions
between segments, negative 7 million yen adjustments of inventories related to inter-segment transactions,and negative 2 million yen for others.
2. Segment profit is adjusted to operating income of consolidated quarterly statements of income.
2. Six months ended March 31, 2021 (from October 1, 2020 to March 31, 2021)(1) Net sales and profit or loss by reporting segment(Millions of yen)
Reporting segment
JapanAsiaUSA

Total

Adjustment(Note 1)

Consolidated(Note 2)

Net sales
Sales to external customers
Inter-segment sales or transfers

17,598
298

4,640
57

3,896
44

26,135399－(399)

26,135－

Total

17,897

4,697

3,940

26,535(399)

26,135

Segment profit

1,684

1,053

210

2,948

20

2,968

Notes
1. The adjustments on segment profit of 20 million yen include 25 million yen adjustments of elimination of internal transactions
between segments, 3million yen adjustments of inventories related to inter-segment transactions,and negative 8 million yen for others.
2. Segment profit is adjusted to operating income of consolidated quarterly statements of income.
(2) Information on impairment loss of fixed assets and goodwill by reporting segment(Significant change in the amount of goodwill)
In USA segment, while provisional accounting procedures continue to be performed in allocating the acquisition cost ofMISSION FLAVORS & FRAGRANCES, INC., which was acquired by consolidated subsidiary T. HASEGAWA U.S.A., INC. inthe first quarter of the current fiscal year, goodwill has been decreased by 7,060 million yen as a result of the revision of theallocation of acquisition cost based on reasonable information that was available in the second quarter of the fiscal year ending
March 31, 2021.

7