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 December 31, 2020
(Based on Japanese GAAP)
February 5, 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
February 12, 2021

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

Holding of quarterly financial results meeting:

NoTEL

03-3241-1151(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the three months ended December 31, 2020 (from October 1, 2020 to December 31, 2020)(1) Consolidated operating results (cumulative)
Net sales
Three months ended December 31, 2020Three months ended December 31, 2019
Note: Comprehensive income

Millions of yen
12,164
12,333

Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
owners of parent% Millions of yen% Millions of yen% Millions of yen%(1.4)
1,009 (18.5)
1,068 (20.4)
1,583
35.1
1.7
1,238
29.1
1,343
35.5
1,172
60.7

Three months ended December 31, 2020

¥1,563 million [(29.0)%]

Three months ended December 31, 2019

¥2,203 million [–%]

Earnings per share

Diluted earnings per share

Yen
38.19
28.29Three months ended December 31, 2020Three months ended December 31, 2019

Yen
38.05
28.20

(2) Consolidated financial position
Total assets
Millions of yen
113,809
113,445

As of December 31, 2020
As of September 30, 2020
Reference: Equity

Net assets

Equity ratio

Millions of yen
92,887
92,218

As of December 31, 2020

¥92,660 million

As of September 30, 2020

¥91,990 million

%
81.4
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-end

3rd quarter-end

Fiscal year-end

TotalYen––Yen
18.00

Yen–Yen
22.00

Yen
40.00

20.00

–

20.00

40.00

Note: Revision of cash dividend forecast most recently announced: No
3. Forecast of consolidated financial results for the year ending September 30, 2021 (from October 1, 2020 to September 30, 2021)
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 year52,100
3.8
5,160(3.7)
5,570(5.0)
4,730
(7.1)
114.04
Note: Revision of consolidated financial results forecast most recently announced: No14. Notes(1) Changes in significant subsidiaries during the three months ended December 31, 2020(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:

Yes(3) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statementsChanges 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 December 31, 2020

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 December 31, 2020

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)
Three months ended December 31, 2020

41,477,860 shares Three months ended December 31, 201941,450,948 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.

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

As of December 31, 2020

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

16,407
15,976

Securities
Merchandise and finished goods

12,0007,161–7,563Work in process
Raw materials and supplies

170
6,901

176,829737(13)792(13)59,01347,573

Buildings and structures, net
Other, net

15,915
13,42915,72813,544

Total property, plant and equipment

29,34529,272

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

Intangible assets
Goodwill

572

13,195

Other

3,266

3,181

Total intangible assets

3,839

16,376

Investment securities
Retirement benefit asset

19,83817

19,594
17

Other
Allowance for doubtful accounts

1,443
(51)

1,026
(51)

Total investments and other assets

21,246

20,58654,431

66,236113,445

113,809

Investments and other assets

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

4,743

5,053

Income taxes payable
Provision for bonuses

630
1,431

626
406

Provision for bonuses for directors (and other officers)
Other

74
3,381

–
3,788

Total current liabilities

10,261

9,874

Non-current liabilities
Deferred tax liabilities

2,992

2,982

7,121
69

7,212
63

648
131

643
143

10,965

11,046

21,22620,921Retirement benefit liability
Asset retirement obligations
Long-term accounts payable - other
Other
Total non-current liabilities
Total liabilities

3

(Millions of yen)
As of September 30, 2020

As of December 31, 2020

Net assets
Shareholders' equity
Share capital

5,364

5,364

Capital surplus
Retained earnings

7,298
71,1697,301
71,840Treasury shares(1,820)(1,804)

Total shareholders' equity

82,01282,702

11,551(1,316)

11,410(1,208)

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans

(256)

(243)

Total accumulated other comprehensive income

9,978

9,957

Share acquisition rights
Total net assets
Total liabilities and net assets

4228

227

92,21892,887

113,445

113,809

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

Three months ended

December 31, 2019

December 31, 2020

Net sales
Cost of sales

12,333
7,585

12,164
7,379

Gross profit

4,747

4,784

Selling, general and administrative expenses

3,509

3,775

Operating profit

1,238

1,009

Interest income
Dividend income

2532

30
26

Foreign exchange gains
Other2033–
29

Total non-operating income

11185

01–
622
2

Non-operating income

Non-operating expenses
Interest expenses
Foreign exchange losses
OtherTotal non-operating expenses

726

1,343

1,068

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

320
–

–
1,137

Total extraordinary income

320

1,137–

3–

3

1,663

2,203

Ordinary profit
Extraordinary income

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

490

619

Profit

1,172

1,583

Profit attributable to owners of parent

1,172

1,583

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

ProfitOther comprehensive income

Three months ended

Three months ended

December 31, 2019

December 31, 2020

1,172

1,583

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

370646(140)
107

Remeasurements of defined benefit plans, net of tax

1212

1,030

(20)

Comprehensive income

Total other comprehensive income

2,203

1,563

Comprehensive income attributable toComprehensive income attributable to owners of parent

2,203

1,563––

Comprehensive income attributable to non-controllinginterests

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

USA

Total

Adjustment(Note 1)

Consolidated(Note 2)

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

8,906
180

2,034
21

1,392
47

12,333250－(250)

12,333
－

Total

9,087

2,055

1,440

12,583(250)

12,333

884

246

99

1,230

7

1,238

Segment profit

Notes
1. The adjustments on segment profit of 7 million yen include 11 million yen adjustments of elimination of internal transactions
between segments, negative 2 million yen adjustments of inventories related to inter-segment transactions and negative 0 million
yen for others.
2. Segment profit is adjusted to operating income of consolidated quarterly statements of income.
2. Three months ended December 31, 2020 (from October 1, 2020 to December 31, 2020)(1) Net sales and profit or loss by reporting segment(Millions of yen)
Reporting segment
JapanAsia

USA

Total

Adjustment(Note 1)

Consolidated(Note 2)

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

8,549
145

2,129
41

1,486
27

12,164
215

－
(215)

12,164
－

Total

8,694

2,171

1,514

12,380(215)

12,164

523

411

59

993

15

1,009

Segment profit
Notes

1. The adjustments on segment profit of 15 million yen include 16 million yen adjustments of elimination of internal transactions
between segments, negative 0 million yen adjustments of inventories related to inter-segment transactions and negative 0 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)
MISSION FLAVORS & FRAGRANCES, INC. has become a wholly owned subsidiary by acquisition of all the outstanding
shares, which is included in the scope of consolidation in USA segment. Increased amount of goodwill by the said event is
12,653 million yen for the three months ended December 31, 2020. The amount of goodwill that occurred from the event iscalculated tentatively because the distribution of acquisition cost has not been completed.

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