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 June 30, 2024
(Based on Japanese GAAP)
August 9, 2024
Company name:TOYO KANETSU K.K.
Stock exchange listing: Tokyo
Stock code:
Representative:

6369
URL https://www.toyokanetsu.co.jp
President and Representative Director
Takashi Owada

Inquiries:

Senior Executive OfficerDivision Manager

Takeshi Yonehara

Corporate Division
Scheduled date to commence dividend payments:–Preparation of supplementary material on financial results:
Holding of financial results meeting:

YesNo

TEL

03-5857-3333(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the three months ended June 30, 2024 (from April 1, 2024 to June 30, 2024)(1) Consolidated operating results (cumulative)
Percentages indicate year-on-year changes
Profit attributable toNet sales
Operating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%Three months ended June 30, 2024
13,99640.1
1,302–
1,446–
949–
Three months ended June 30, 2023
9,987
(6.0)
(446)
–(236)–(469)–
Earnings per share

Diluted earnings per shareYen
123.17(59.03)Three months ended June 30, 2024
Three months ended June 30, 2023

Yen––(2) Consolidated financial position
Total assets

Net assets

Millions of yen
69,52567,891

As of June 30, 2024
As of March 31, 2024

Equity ratio

Millions of yen
36,84337,752Net assets per share
%
53.0
55.6

Yen
4,775.71
4,894.51

2. Cash dividends
Annual dividends per share
1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––Yen
0.00

Yen–

Yen
229.00Yen
229.0050.00–

132.00182.00Year ended March 31, 2024
Year ending March 31, 2025
Year ending March 31, 2025 (Forecast)Total

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, 2024Full yearPercentages 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

28,900

24.9

1,750

217.1

1,900

116.5

1,450

260.0

188.0059,500

10.6

3,900

26.2

4,100

14.5

2,800

(21.2)

363.02

1

4. Notes(1) Significant changes in the scope of consolidation during the three months ended June 30, 2024:

No(2) Application of special accounting methods for preparing quarterly consolidated financial statements:

No(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:
Yes
Changes in accounting policies due to other reasons:
Changes in accounting estimates:

NoNo

Restatement of prior period financial statements:

No(4) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of June 30, 2024

8,323,074 shares As of March 31, 2024

8,323,074 shares609,647 shares As of March 31, 2024

611,100 shares

Number of treasury shares at the end of the period
As of June 30, 2024

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Three months ended June 30, 2024

7,712,234 shares Three months ended June 30, 2023

2

7,955,958 shares

Quarterly consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of March 31, 2024

As of June 30, 2024

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract assets

8,351
25,571

9,945
24,989Merchandise and finished goods
Work in process

26
1,476

39
1,418

Raw materials and supplies
Other

5,163
1,420

5,489
1,622

Allowance for doubtful accounts

(34)

(35)

41,97543,470

4,634

4,640

698
484

663
520

10,092598

10,145799

43

40

16,551

16,810634

626

Investments and other assets
Investment securities

6,971

6,933

Deferred tax assets
Retirement benefit asset

205
820

183
786

Other
Allowance for doubtful accounts

948
(216)

932
(216)

Total investments and other assets

8,729

8,619

25,91526,05567,891

69,525

Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Machinery, equipment and vehicles, netTools, furniture and fixtures, net
LandConstruction in progress
Other, net
Total property, plant and equipment
Intangible assets

Total non-current assets
Total assets3

(Millions of yen)
As of March 31, 2024

As of June 30, 2024

Liabilities
Current liabilities
Notes and accounts payable - trade

997

1,093

Short-term borrowings
Current portion of long-term borrowings

11,3752,480

12,075
2,480

Accrued expenses
Income taxes payable

5,197
1,384

4,512
354

Contract liabilities
Provision for bonuses

584
410

4,215
96

Provision for loss on orders received
Provision for warranties for completed construction

104
106

92
126

Other

1,043

1,318

Total current liabilities

23,68526,365

Bonds payable
Long-term borrowings

1,000
2,160

1,000
2,100

Deferred tax liabilities
Deferred tax liabilities for land revaluation

858
1,095

810
1,095

Retirement benefit liability
Asset retirement obligations

420
820

405
816

Other99

88

Non-current liabilities

Total non-current liabilities

6,454

6,316

30,13932,682

Share capital
Capital surplus

18,5801,273

18,580
1,273

Retained earnings
Treasury shares

17,722(1,704)

16,888(1,702)

Total shareholders' equity

35,87135,039Total liabilities
Net assets
Shareholders' equity

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

1,835

1,778

Deferred gains or losses on hedges
Revaluation reserve for land

21684

40684

Foreign currency translation adjustment
Remeasurements of defined benefit plans

(958)
291

(978)272

Total accumulated other comprehensive income

1,874

1,797

Non-controlling interests
Total net assets
Total liabilities and net assets

45

6

37,752

36,84367,891

69,525

Consolidated statements of income (cumulative) and consolidated statements of comprehensive income(cumulative)(Millions of yen)Three months ended
June 30, 2023

Three months ended
June 30, 2024

Net sales

9,987

13,996

Cost of sales

8,371

10,518Gross profit

1,616

3,478

Selling, general and administrative expenses

2,063

2,175

Operating profit (loss)

(446)

1,302

Non-operating income
Interest income

02

Dividend income
Foreign exchange gains

1288512064

Other

2125

Total non-operating income

236

213

Interest expenses
Share of loss of entities accounted for using equity method

16–2623

Other

819

Non-operating expenses

Total non-operating expenses

2569(236)

1,446

Extraordinary income
Gain on sale of non-current assets

290

Total extraordinary income

29020517

9

Ordinary profit (loss)

Extraordinary losses
Loss on retirement of non-current assets
Loss on disaster
Total extraordinary losses

51910Profit (loss) before income taxes

(726)

1,436

Income taxes - current

104

480

Income taxes - deferred

(361)

5

Total income taxes

(256)

486

Profit (loss)

(469)

950

Profit attributable toProfit (loss) attributable to owners of parent

(469)

949

00

Valuation difference on available-for-sale securities
Deferred gains or losses on hedges

(242)
14

(71)
19

Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax

(58)
(9)

(19)
(18)

–

14

Profit attributable to non-controlling interests
Other comprehensive income

Share of other comprehensive income of entities accounted
for using equity method

(295)

(76)

Comprehensive income

Total other comprehensive income

(765)

873

Comprehensive income attributable toComprehensive income attributable to owners of parent

(765)

873

00

Comprehensive income attributable to non-controlling interests5