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 Year Ended March 31, 2024
(Based on Japanese GAAP)May 10, 2024
Company name:TOSHO CO., LTD.

Stock exchange listing: Tokyo, Nagoya
Stock code:
8920
URL

https://www.to-sho.net

Representative:

President
Yuichiro Kutsuna
Director, General Manager of administration
Inquiries:
Naoya KuwazoeHeadquarters
Scheduled date of ordinary general meeting of shareholders:June 19, 2024
Scheduled date to file Securities Report:
Scheduled date to commence dividend payments:

June 27, 2024
June 20, 2024

Preparation of supplementary material on financial results:
Holding of financial results meeting:

Yes
Yes

TEL

0566-79-3111(for institutional investors and analysts)(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the year ended March 31, 2024 (from April 1, 2023 to March 31, 2024)(1) Consolidated operating resultsNet sales
Year ended March 31, 2024
Year ended March 31, 2023

Millions of yen
30,92722,506Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
owners of parent% Millions of yen% Millions of yen% Millions of yen%
37.4
3,958
26.3
4,098
30.7
(2,229)–(17.6)
3,134(30.1)
3,135 (31.0)857(64.6)

Earnings per share

Profit attributable toOrdinary profit/total Operating profit/net
owners ofassets
sales
parent/equity
Yen%%%
––
5.2
12.8
–
2.3
3.9
13.9

Diluted earnings pershare

Yen(58.20)22.39

Year ended March 31, 2024
Year ended March 31, 2023
(2) Consolidated financial position

Total assets
As of March 31, 2024
As of March 31, 2023

Net assets

Equity ratio

Millions of yen
74,21983,286

Millions of yen
40,31841,672

Cash flows fromoperating activities
Millions of yen
10,900(12,445)

Cash flows frominvesting activities
Millions of yen(3,378)(2,542)

Net assets per share%
47.4
45.1

Yen
918.27980.29(3) Consolidated cash flows

Year ended March 31, 2024
Year ended March 31, 2023

Cash flows fromCash and cash equivalents
at end of period
financing activities
Millions of yen
Millions of yen(7,929)14,564
4,912
14,973

2. Cash dividends
Annual dividends per share
1st quarter-end 2nd quarter-end 3rd quarter-end Fiscal year-end

Year ended March 31, 2023
Year ended March 31, 2024
Year ending March 31, 2025
(Forecast)of dividends
Total cash
Dividend payout Ratio
to net assets
dividends (Total) ratio (Consolidated) (Consolidated)

Total

Yen

Yen

Yen

Yen

Yen

Millions of yen%%

––

1.00
2.00

––

2.00
2.003.00
4.00

114
153

13.4
–

0.3
0.4

–

2.00

–

2.00

4.00

1

9.0

3. Forecast of consolidated financial results for the year ending March 31, 2025 (from April 1, 2024 to March 31, 2025)
Net sales
Millions of yen
Six months ending
September 30, 2024
Full year

Percentages 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

12,150(3.1)

1,940

0.0

1,990

0.0

700

0.0

18.27

25,000(19.2)

4,700

18.74,700

14.7

1,700–

44.37

4. Notes(1) Changes in significant subsidiaries during the year ended March 31, 2024
(changes in specified subsidiaries resulting in the change in scope of consolidation):No(2) 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:No
Changes in accounting policies due to other reasons:
Changes in accounting estimates:

NoNo

Restatement of prior period financial statements:

No(3) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2024

38,315,000 shares As of March 31, 2023

38,315,000 shares

Number of treasury shares at the end of the period
As of March 31, 2024

9,093 shares As of March 31, 2023

8,924 shares

Average number of shares during the period
Year ended March 31, 2024

38,305,974 shares Year ended March 31, 2023

238,306,076 shares

Consolidated financial statements
Consolidated balance sheets(Thousands of yen)
As of March 31, 2023

As of March 31, 2024

AssetsCurrent assets
Cash and deposits
Accounts receivable - trade16,978,552
779,875

16,577,464
1,008,259

Trade accounts receivable
Merchandise

148,1452,506

167,014
7,213

14,768,768
67,201

8,927,430
38,715

Real estate for sale
Supplies
Other653,392

354,383

33,398,442

27,080,482

55,023,168

54,440,447

Accumulated depreciation(22,227,679)(23,800,736)

Buildings and structures, net

32,795,489

30,639,711

Total current assets
Non-current assets
Property, plant and equipment
Buildings and structuresMachinery, equipment and vehicles

1,975,153

2,009,974

Accumulated depreciation(1,315,597)(1,429,442)

659,556

580,531

Tools, furniture and fixtures

Machinery, equipment and vehicles, net

1,523,214

1,567,466

Accumulated depreciation(1,346,239)(1,399,065)

176,974

168,400

Land

6,017,988

7,211,986

Leased assets
Accumulated depreciation

4,787,288(1,598,642)

4,584,272(1,741,869)

3,188,646

2,842,403

Tools, furniture and fixtures, net

Leased assets, net
Construction in progress

828,264

346,89843,666,920

41,789,932

Other

102,41189,679Total intangible assets

102,41189,679Investment securities
Leasehold and guarantee deposits

1,375,529
3,408,868

1,388,634
3,283,877

Long-term loans receivable
Deferred tax assets

25,084
1,143,095

15,667
396,013

Other
Allowance for doubtful accounts

162,566(11,760)

176,488(11,760)

Total investments and other assets

6,103,383

5,248,921

49,872,715

47,128,533

Bond issuance costs

15,458

10,158

Total deferred assets

15,458

10,15883,286,616

74,219,174

Total property, plant and equipment
Intangible assets

Investments and other assets

Total non-current assets
Deferred assets

Total assets3

(Thousands of yen)
As of March 31, 2023

As of March 31, 2024

Liabilities
Current liabilities
Accounts payable - trade

748

5,048

Short-term borrowings
Current portion of long-term borrowings–
4,840,524

130,000
4,390,901

Lease liabilities
Accounts payable - other489,324
1,467,853

402,507
1,486,968

Income taxes payable
Accrued consumption taxes

1,017,082
274,836

982,945714,883

Other751,003

900,995

8,841,372

9,014,249

Bonds payable
Long-term borrowings

5,000,000
20,110,877

5,000,000
12,877,696

Lease liabilities
Provision for retirement benefits for directors (and other

2,778,057

2,567,679

941,590948,690

Total current liabilities
Non-current liabilities

officers)
Retirement benefit liability

111,775

107,924

Asset retirement obligations
Other

2,979,822
850,343

3,056,875
327,717

Total non-current liabilities

32,772,466

24,886,583

41,613,839

33,900,832

Shareholders' equity
Share capital

1,580,817

1,580,817

Capital surplus
Retained earnings

2,295,847
33,671,415

2,295,798
31,288,501(7,955)(8,148)37,540,124

35,156,969

Remeasurements of defined benefit plans

11,19918,290Total accumulated other comprehensive income

11,19918,290Total liabilities
Net assets

Treasury shares
Total shareholders' equity
Accumulated other comprehensive income

Non-controlling interests

4,121,452

5,143,082

Total net assets

41,672,776

40,318,341

83,286,616

74,219,174

Total liabilities and net assets

4Consolidated statements of income and consolidated statements of comprehensive income
Consolidated statements of income(Thousands of yen)
Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Net sales

22,506,629

30,927,753

Cost of sales

17,736,476

25,146,923

Gross profit

4,770,153

5,780,829

Promotion expenses
Sales commission

17,770303,592

64,165414,899

Remuneration for directors (and other officers)
Provision for retirement benefits for directors (and other370,603

317,082

Selling, general and administrative expenses

officers)
Salaries and bonuses

9,550

10,470383,045

345,251

Retirement benefit expenses
Taxes and dues

5,664
191,660

5,305
169,202

Depreciation
Other

31,997321,789

31,168464,450

1,635,674

1,821,995

3,134,478

3,958,834

Interest income
Dividend income

1,537
2

1,017
2

Commission income
Rental income

103,772
27,882

124,279
42,953

Subsidy income
Share of profit of entities accounted for using equity method

6,558
40,2307,232
94,543

Other

36,92932,725

Total non-operating income

216,912302,752

117,387
29,052

109,774
28,930Total selling, general and administrative expenses
Operating profit
Non-operating income

Non-operating expenses
Interest expenses
Interest expenses on bonds
Other69,18524,826

Total non-operating expenses

215,626

163,530

3,135,764

4,098,056

27,584
7,953

32,598–

Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Insurance claim income
Other

3,652

–

Total extraordinary income

39,19032,598Loss on sale of non-current assets
Loss on retirement of non-current assets

–
2,957

185
–

Loss on store closings
Loss on disaster

52,162
18,085––

Impairment losses
Other263,804–

2,996,490
29,016

Total extraordinary losses

337,0093,025,691

Extraordinary losses

5(Thousands of yen)
Fiscal year ended

Fiscal year ended

March 31, 2023

March 31, 2024

Profit before income taxes

2,837,945

1,104,964

Income taxes - current

1,170,228

1,490,680

Income taxes - deferred(48,002)744,028

Total income taxes

1,122,226

2,234,708

Profit (loss)

1,715,719(1,129,744)

Profit attributable to non-controlling interests

858,016

1,099,946

Profit (loss) attributable to owners of parent

857,702(2,229,690)

6Consolidated statements of comprehensive income(Thousands of yen)

ProfitOther comprehensive income
Remeasurements of defined benefit plans, net of tax
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

7

Fiscal year ended

Fiscal year ended

March 31, 2023

March 31, 2024

1,715,719(1,129,744)

10,031

7,090

10,031

7,090

1,725,750(1,122,653)

867,733(2,222,599)

858,016

1,099,946Consolidated statements of changes in equity
Fiscal year ended March 31, 2023
(Thousands of yen)
Shareholders' equity
Share capital
Balance at beginning ofperiod

Capital surplus

1,580,817

Retained earnings

2,295,862

Total shareholders'equity

Treasury shares

33,043,549(7,955)36,912,274

Changes during period
Dividends of surplus(229,836)(229,836)

Profit (loss) attributableto owners of parent

857,702857,702

Purchase of treasury
shares–Change in ownershipinterest of parent due totransactions with noncontrolling interests

(15)

(15)

Net changes in itemsother than shareholders'equityTotal changes during
periodBalance at end of period–(15)

627,866–

627,850

1,580,817

2,295,847

33,671,415(7,955)37,540,124

Accumulated other comprehensive income
Remeasurements of defined
benefit plans
Balance at beginning of
periodTotal accumulated othercomprehensive income

1,168

1,168

Non-controlling interests

3,288,880

Total net assets

40,202,322

Changes during period
Dividends of surplus(229,836)

Profit (loss) attributableto owners of parent

857,702

Purchase of treasury
shares–Change in ownershipinterest of parent due totransactions with noncontrolling interests
Net changes in items
other than shareholders'equity

5,390

5,375

10,031

10,031

827,181

837,213

Total changes during
period10,031

10,031

832,572

1,470,454

Balance at end of period

11,199

11,1994,121,452

41,672,776

8

Fiscal year ended March 31, 2024
(Thousands of yen)
Shareholders' equity
Share capital
Balance at beginning ofperiod

Capital surplus

1,580,817

Retained earnings

2,295,847

Treasury shares

33,671,415(7,955)

Total shareholders'equity37,540,124

Changes during period
Dividends of surplus(153,224)(153,224)

Profit (loss) attributableto owners of parent(2,229,690)(2,229,690)

Purchase of treasury
shares(192)

Change in ownershipinterest of parent due totransactions with noncontrolling interests

(192)

(48)

(48)

Net changes in items
other than shareholders'equityTotal changes during
periodBalance at end of period

–

(48)

(2,382,914)(192)(2,383,155)

1,580,817

2,295,798

31,288,501(8,148)35,156,969

Accumulated other comprehensive income
Remeasurements of defined
benefit plans
Balance at beginning ofperiod

Total accumulated othercomprehensive income

11,199

11,199Non-controlling interests

4,121,452

Total net assets

41,672,776

Changes during period
Dividends of surplus(153,224)

Profit (loss) attributableto owners of parent(2,229,690)

Purchase of treasury
shares(192)

Change in ownershipinterest of parent due totransactions with noncontrolling interests(48)

Net changes in items
other than shareholders'equity

7,090

7,090

1,021,629

1,028,720

Total changes duringperiod

7,090

7,090

1,021,629(1,354,435)

Balance at end of period18,290

18,2905,143,082

40,318,341

9Consolidated statements of cash flows(Thousands of yen)

Cash flows from operating activities
Profit before income taxes

Fiscal year ended

Fiscal year ended

March 31, 2023

March 31, 2024

2,837,945

1,104,964

2,793,357

3,051,386(22,090)

7,100

1,641

6,292

Interest and dividend income
Interest expenses(1,539)146,440(1,019)138,704

Amortization of bond issuance costs
Loss (gain) on sale of property, plant and equipment

5,300(27,584)

5,300(32,598)

Impairment losses
Loss on retirement of non-current assets

263,804
2,957

2,996,490
185

Share of loss (profit) of entities accounted for using equity
method40,230(94,543)

Other extraordinary loss (income)Loss on store closings(3,652)
52,16229,016–

Loss on disaster
Decrease (increase) in trade receivables

18,085(436,475)–(247,253)

Decrease (increase) in inventories
Decrease (increase) in real estate for sale

(20,117)(15,179,782)

23,7785,123,723

344

4,299

(1,138,905)

691,645(72,188)

110,326

Depreciation
Increase (decrease) in provision for retirement benefits for
directors (and other officers)
Increase (decrease) in retirement benefit liability

Increase (decrease) in trade payables
Increase/decrease in consumption taxes payable/consumption
taxes refund receivable
Decrease (increase) in other assets
Increase (decrease) in other liabilities
SubtotalInterest and dividends received

760,882(370,208)(9,979,185)

12,547,588

357380Interest paid
Income taxes paid

(145,482)(2,320,693)(138,113)(1,509,809)

Net cash provided by (used in) operating activities(12,445,003)

10,900,045(182,176)(187,178)–(1,801,767)

180,000(3,557,859)

189,876(760,344)

115,700(3,197)

Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Payments of guarantee deposits
Other, net
Net cash provided by (used in) investing activities

10

12,18373,706(2,542,228)(3,378,828)

(Thousands of yen)

Cash flows from financing activities
Increase (decrease) in short-term borrowings

Fiscal year endedFiscal year ended

March 31, 2023

March 31, 2024–

130,000

10,900,000(5,567,736)

1,350,000(9,032,804)

Proceeds from sale and leaseback transactions
Purchase of treasury shares

145,205–

156,161(192)

Dividends paid
Dividends paid to non-controlling interests(229,718)(26,782)(153,159)(80,332)

Proceeds from long-term borrowings
Repayments of long-term borrowings

Repayments of lease liabilities(308,756)(299,156)

Net cash provided by (used in) financing activities

4,912,212(7,929,482)

Net increase (decrease) in cash and cash equivalents(10,075,019)(408,265)

Cash and cash equivalents at beginning of period

25,048,073

14,973,054

Cash and cash equivalents at end of period

14,973,054

14,564,788

11