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, 2021
(Based on Japanese GAAP)May 13, 2021
Company name:

SAN-AI OIL CO., LTD.

Stock exchange listing: Tokyo
Stock code:
8097
Representative:
Inquiries:

URL

http://www.san-ai-oil.co.jp/

Representative Director, President
General Manager, General Accounting

Department
Scheduled date of ordinary general meeting of shareholders:

Yukio Tsukahara
Eiichi Nonaka

TEL

03-6880-3100

June 29, 2021

Scheduled date to file Securities Report:
Scheduled date to commence dividend payments:

June 30, 2021
June 30, 2021

Preparation of supplementary material on financial results:
Holding of financial results meeting:No
No(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the year ended March 31, 2021 (from April 1, 2020 to March 31, 2021)(1) Consolidated operating results

Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
owners of parent% Millions of yen% Millions of yen% Millions of yen%(29.0)
8,592 (21.7)
10,001(16.2)
7,053(13.6)(8.1)
10,971
0.1
11,940
(0.5)
8,164
12.5

Net salesYear ended March 31, 2021
Year ended March 31, 2020

Millions of yen
473,899
667,929

Profit attributable toOrdinary profit/total Operating profit/net
owners ofassetssales
parent/equity
Yen
%
%
%
–
7.2
5.5
1.8
–
8.7
6.0
1.6

Diluted earnings per
share

Earnings per share
Yen
101.57117.02

Year ended March 31, 2021
Year ended March 31, 2020
(2) Consolidated financial position

Total assets
As of March 31, 2021
As of March 31, 2020

Net assets

Equity ratio

Millions of yen
187,245
179,224

Millions of yen
106,468
98,786

Cash flows fromoperating activities
Millions of yen
9,014(10,858)

Cash flows frominvesting activities
Millions of yen(4,415)(4,303)

Net assets per share
%
54.2
52.5

Yen
1,471.07
1,349.61(3) Consolidated cash flows

Year ended March 31, 2021
Year ended March 31, 2020

Cash flows from
Cash and cash equivalents
at end of period
financing activities
Millions of yen
Millions of yen(5,458)36,467(4,062)37,326

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

Year ended March 31, 2020
Year ended March 31, 2021
Year ending March 31, 2022
(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

%

%

–
–

14.00
14.00

–
–

14.00
14.00

28.00
28.00

1,953
1,942

23.9
27.6

2.1
2.0

–

14.00

–

14.00

28.00

1

25.8

3. Forecast of consolidated financial results for the year ending March 31, 2022 (from April 1, 2021 to March 31, 2022)
Net sales
Full year

Millions of yen
470,000

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
(0.8)
10,00016.4
10,500
5.0
7,500
6.3
108.72

4. Notes(1) Changes in significant subsidiaries during the year ended March 31, 2021
(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:
Changes in accounting policies due to other reasons:

No
No

Changes in accounting estimates:
Restatement of prior period financial statements:

NoNo(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, 2021

71,000,000 shares As of March 31, 2020

71,000,000 shares

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

2,015,903 shares As of March 31, 2020

1,226,236 shares

69,448,335 shares Year ended March 31, 2020

69,774,108 shares

Average number of shares during the period
Year ended March 31, 20212

Consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of March 31, 2020

As of March 31, 2021

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade

37,04734,44636,737
37,116

Securities
Merchandise and finished goods

500
4,754

–
5,709

123
90

69
91

Other
Allowance for doubtful accounts

1,388
(410)

1,858
(441)

Total current assets

77,93981,141

66,520(45,184)

67,885(46,678)

Buildings and structures, net

21,335

21,207

Machinery, equipment and vehicles
Accumulated depreciation

32,542(25,458)

33,981(26,107)

Work in process
Raw materials and supplies

Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation

Machinery, equipment and vehicles, net

7,084

7,873

19,5902,833

19,303
3,072

Accumulated depreciation(1,128)(1,236)

Leased assets, net

1,704

1,836

Land
Leased assets

Construction in progress

1,711

301

Other
Accumulated depreciation

3,872(3,000)4,189(3,171)

871

1,017

52,29751,539Goodwill
Customer-related assets

532
–

1,354
1,272

Software in progress
Other

–
1,167

146
1,343

Total intangible assets

1,700

4,116

Investments and other assets
Investment securities

18,893

20,104Long-term loans receivable
Deferred tax assets

18
752

13
797

Retirement benefit asset
Guarantee deposits

1,633
25,255

3,593
25,283

Other
Allowance for doubtful accounts

832
(98)

754
(98)

Total investments and other assets

47,28650,448101,284

106,103179,224

187,245

Other, net
Total property, plant and equipment
Intangible assets

Total non-current assets
Total assets3

(Millions of yen)
As of March 31, 2020

As of March 31, 2021

Liabilities
Current liabilities
Notes and accounts payable - trade

39,74442,706

Short-term borrowings
Current portion of long-term borrowings

200
2,601

270
3,129

Lease obligations
Income taxes payable

444
3,115

480
1,743

Provision for bonuses
Provision for bonuses for directors (and other officers)

1,800
104

1,707
69

0
5

0
–

Asset retirement obligations
Other

1
11,66894
10,851

Provision for warranties for completed construction
Provision for loss on construction contracts

Total current liabilities

59,68861,055

Non-current liabilities
Long-term borrowings

7,361

4,764

Lease obligations
Deferred tax liabilities

1,425
2,788

1,523
4,269

809

809

150

154

183

170

233
639

224
592

Deferred tax liabilities for land revaluation
Provision for retirement benefits for directors (and otherofficers)
Provision for special repairs
Retirement benefit liability
Asset retirement obligations
Other

7,158

7,213

Total non-current liabilities

20,74919,72280,43780,777

Share capital
Capital surplus

10,127
4,288

10,127
4,286

Retained earnings
Treasury shares

79,612(1,386)

84,698(2,287)

Total shareholders' equity

92,641

96,824

Total liabilities
Net assets
Shareholders' equity

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

2,077

4,407

Revaluation reserve for landRemeasurements of defined benefit plans

(368)
(183)

(353)
602

Total accumulated other comprehensive income

1,525

4,655

Non-controlling interests

4,619

4,987

Total net assets

98,786

106,468

179,224

187,245

Total liabilities and net assets

4Consolidated statements of income and consolidated statements of comprehensive income
Consolidated statements of income(Millions of yen)
Fiscal year ended
March 31, 2020

Fiscal year ended
March 31, 2021

Net sales
Net sales of goods
Net sales of completed construction contracts

663,424
4,504

469,911
3,987

Total net sales

667,929473,899

Cost of sales
Cost of goods sold611,654422,458

Cost of sales of completed construction contracts

4,108

3,607

615,762

426,065

Gross profit

52,166

47,833

Selling, general and administrative expenses

41,194

39,241

Operating profit

10,971

8,592

Interest income
Dividend income

217
646

199
468

Light oil delivery tax grantCompensation income

145
131

150
138

–
–

319
219

308

372

1,449

1,868

Interest expenses
Provision of allowance for doubtful accounts

344
1

252
0

Office relocation expenses
Other

48
86

49
158

Total non-operating expenses

481

460

Ordinary profit

11,94010,001

Extraordinary income
Gain on sale of non-current assets

1,641

38

2

1,547

1,644

1,585

Loss on sale and retirement of non-current assets
Impairment losses

401
115

369
260

Loss on sale of investment securities
Loss on valuation of investment securities

0
124

39
–

Total cost of sales

Non-operating income

Subsidy income
Subsidies for employment adjustment
Other
Total non-operating income
Non-operating expenses

Gain on sale of investment securities
Total extraordinary income
Extraordinary losses

641

669

Profit before income taxes

Total extraordinary losses

12,943

10,917

Income taxes - current

4,802

3,473

Income taxes - deferred

(351)

20

Total income taxes

4,450

3,493

Profit

8,492

7,423

Profit attributable to non-controlling interests
Profit attributable to owners of parent

5

327

369

8,164

7,053

Consolidated statements of comprehensive income(Millions of yen)

ProfitOther comprehensive income

Fiscal year ended

Fiscal year ended

March 31, 2020

March 31, 2021
8,492

7,423

Valuation difference on available-for-sale securities
Remeasurements of defined benefit plans, net of tax(4,328)
(227)

2,418
786

Total other comprehensive income(4,555)

3,204

3,936

10,627

3,651

10,169285

458

Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

6

Consolidated statements of changes in equity
Fiscal year ended March 31, 2020
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

10,127Retained earnings

4,288

Total shareholders'equityTreasury shares

73,491(1,385)86,521

Changes during period
Dividends of surplus

(976)

(976)

MIddle dividends from surplus

(976)

(976)

Reversal of revaluation reserve for
land

(90)

(90)

8,164

8,164

Profit attributable to owners ofparentPurchase of treasury shares(0)

Net changes in items other thanshareholders' equity–

Total changes during period
Balance at end of period

(0)

–

–

6,121

(0)

6,120

10,127

4,288

79,612(1,386)

92,641

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifference on
available-for-salesecurities

Revaluation
reserve for landRemeasurementsof defined benefit
plans

Total accumulated
othercomprehensive
income

6,363

(458)

43

5,948

Non-controllinginterests

Total net assets

4,471

96,941

Changes during period
Dividends of surplus

–

(976)

MIddle dividends from surplus

–

(976)

90

–

Profit attributable to owners ofparent–8,164

Purchase of treasury shares–(0)

Reversal of revaluation reserve forland

Net changes in items other thanshareholders' equity

90(4,286)(227)(4,513)147(4,365)

Total changes during period(4,286)90(227)(4,423)

147

1,844

Balance at end of period

2,077

(368)

(183)

1,525

4,619

98,786

7

Fiscal year ended March 31, 2021
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

10,127Retained earnings

4,288

Total shareholders'equityTreasury shares

79,612(1,386)

92,641

Changes during period
Dividends of surplus

(976)

(976)

MIddle dividends from surplus

(976)

(976)

Reversal of revaluation reserve for
land

(14)

(14)

7,053

7,053

Profit attributable to owners ofparentPurchase of treasury shares
Disposal of treasury shares

(1)

(913)

(913)

12

10

Net changes in items other thanshareholders' equity–

Total changes during period
Balance at end of period

–

(1)

5,085

(901)

4,183

10,127

4,286

84,698(2,287)

96,824

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifference on
available-for-salesecurities

Revaluation
reserve for landRemeasurementsof defined benefit
plans

Total accumulated
othercomprehensive
income

2,077

(368)

(183)

1,525

Non-controllinginterests

Total net assets

4,619

98,786

Changes during period
Dividends of surplus

–

(976)

MIddle dividends from surplus

–

(976)

14

–

Profit attributable to owners ofparent–

7,053

Purchase of treasury shares

–

(913)

Disposal of treasury shares–

10

Reversal of revaluation reserve forland

Net changes in items other thanshareholders' equity

14

2,329

786

3,115

368

3,484

Total changes during period

2,329

14

786

3,130

368

7,681

Balance at end of period

4,407

(353)

602

4,655

4,987

106,4688

Consolidated statements of cash flows(Millions of yen)

Cash flows from operating activities
Profit before income taxes

Fiscal year ended

Fiscal year ended

March 31, 2020

March 31, 2021
12,943

10,917

4,305
745

4,838
231

Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses

261
58

31
(100)

Increase (decrease) in provision for bonuses for directors (andother officers)

13

(34)

Increase (decrease) in retirement benefit liability
Interest and dividend income

(623)
(863)

(828)
(668)

Interest expenses
Loss (gain) on sale and retirement of property, plant and

344

252

(1,215)278

Depreciation
Amortization of goodwill

equipment
Impairment losses
Loss (gain) on sale of investment securities
Loss (gain) on valuation of investment securities
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Decrease (increase) in other current assets
Decrease (increase) in guarantee deposits and claims provablein bankruptcy, claims provable in rehabilitation
Increase (decrease) in trade payables
Increase (decrease) in accrued liabilities
Increase (decrease) in other current liabilities

115

260

(2)
124

(1,507)–30,707
1,236(2,588)
(875)

54

(416)

(14,085)

146(40,936)

2,940

(153)
(137)

45
317

Other, net

(233)

278

Subtotal(7,341)

13,517

Interest and dividends received

869

669

Interest paid
Income taxes paid

(350)
(4,036)(261)(4,911)

Net cash provided by (used in) operating activities(10,858)

9,014

(254)

(376)

Proceeds from withdrawal of time deposits
Purchase of investment securities

140
(12)

457
(10)

Proceeds from sale of investment securities
Purchase of property, plant and equipment

54(6,202)

3,315(4,995)

Proceeds from sale of property, plant and equipment
Purchase of intangible assets

2,904
(631)

270
(828)

–

(1,922)

Loan advances
Proceeds from collection of loans receivable

(19)
12

(6)
11

Other, net

(295)

(330)

(4,303)(4,415)

Cash flows from investing activities
Payments into time deposits

Purchase of shares of subsidiaries resulting in change in scopeof consolidation

Net cash provided by (used in) investing activities

9

(Millions of yen)

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

Fiscal year ended

Fiscal year ended

March 31, 2020

March 31, 2021
(30)

70

670
(2,171)600(2,668)

(0)
(137)

(913)
(89)

Dividends paid
Other, net(1,953)(439)(1,953)(502)

Net cash provided by (used in) financing activities(4,062)(5,458)Proceeds from long-term borrowings
Repayments of long-term borrowings
Purchase of treasury shares
Dividends paid to non-controlling interests

Net increase (decrease) in cash and cash equivalents(19,224)(858)

Cash and cash equivalents at beginning of period

56,551

37,326

Cash and cash equivalents at end of period

37,326

36,46710