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 14, 2024
Company name:TOYO KANETSU K.K.

Stock exchange listing: Tokyo
Stock code:
6369

URL

https://www.toyokanetsu.co.jp

Representative:

President and Representative Director
Senior Executive Officer

Takashi Owada

Inquiries:

Division ManagerCorporate Division

Takeshi Yonehara

Scheduled date of ordinary general meeting of shareholders:
Scheduled date to file Securities Report:

June 26, 2024
June 26, 2024

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

June 27, 2024
Yes

Holding of financial results meeting:

Yes

TEL

03-5857-3333(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 results
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%
Year ended March 31, 2024
53,787
13.6
3,090
23.8
3,579
23.6
3,554
49.5
Year ended March 31, 2023
47,351(20.0)
2,497(11.1)
2,896 (16.6)
2,378
1.9

Earnings per share

Profit attributable toOrdinary profit/total Operating profit/net
owners ofassets
sales
parent/equity
Yen%%%–
9.4
5.4
5.7–6.4
4.5
5.3

Diluted earnings pershareYen
456.13293.63

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
67,89164,001Millions of yen
37,75238,087

Cash flows fromoperating activities
Millions of yen
(739)
1,105

Cash flows frominvesting activities
Millions of yen(1,045)826

Net assets per share%
55.6
59.5

Yen
4,894.51
4,708.95(3) Consolidated cash flows

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

Cash flows from
Cash and cash equivalents
at end of period
financing activities
Millions of yen
Millions of yen
3,120
8,285
(3,719)6,921

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

YenYenYenYenMillions of yen%%––0.000.00––

147.00229.00147.00229.00

1,197
1,784

50.1
50.2

3.2
4.8

–

0.00

–

163.00163.00150.3

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

24,0003.7

250(54.7)

350(60.1)

230(42.9)

29.82

58,500

8.8

3,400

10.0

3,700

3.4

2,500

(29.7)

324.17

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

8,323,074 shares As of March 31, 2023

9,323,074 shares

611,100 shares As of March 31, 2023

1,235,672 shares

Number of treasury shares at the end of the period
As of March 31, 2024
Average number of shares during the period
Year ended March 31, 2024

7,792,229 shares Year ended March 31, 2023

28,099,101 shares

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

As of March 31, 2024

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

6,989
23,6498,351
25,57135
19–26

Work in process
Raw materials and supplies

1,117
4,787

1,476
5,163

Other
Allowance for doubtful accounts

1,156
(20)

1,420(34)

Total current assets

37,734

41,975

Buildings and structures, net
Machinery, equipment and vehicles, net

4,206
568

4,634
698

Tools, furniture and fixtures, net
Land

434
10,092484
10,092

543
58598
43

15,903

16,551Intangible assets
Investments and other assets

877

634

Investment securities
Deferred tax assets

8,059
240

6,971
205

Retirement benefit asset
Other514
894

820
948

Allowance for doubtful accounts

(221)

(216)

Investments in leases
Merchandise and finished goods

Non-current assets
Property, plant and equipment

Construction in progress
Other, net
Total property, plant and equipment

Total investments and other assets
Total non-current assets
Total assets

3

9,486

8,729

26,26725,91564,001

67,891

(Millions of yen)
As of March 31, 2023

As of March 31, 2024

Liabilities
Current liabilities
Notes and accounts payable - trade

1,243

997

Short-term borrowings
Current portion of long-term borrowings

5,357
1,700

11,375
2,480

Accrued expenses
Income taxes payable

4,715
908

5,197
1,384

Contract liabilities
Provision for bonuses

2,138
423

584
410

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

45202

104
106

Other696

1,043

17,43023,685

Bonds payable
Long-term borrowings

1,000
3,380

1,000
2,160

Deferred tax liabilities
Deferred tax liabilities for land revaluation

1,730
1,095

858
1,095

Retirement benefit liability
Asset retirement obligations

392
800

420820

Other

84

99

Total current liabilities
Non-current liabilities

Total non-current liabilities

8,483

6,454

25,91430,139

Share capital
Capital surplus

18,5801,273

18,580
1,273

Retained earnings
Treasury shares

18,135(3,200)17,722(1,704)

Total shareholders' equity

34,78935,871

Total liabilities
Net assets
Shareholders' equity

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

3,374

1,835

Deferred gains or losses on hedges
Revaluation reserve for land

(6)
684

21684

Foreign currency translation adjustment
Remeasurements of defined benefit plans(899)
140(958)
291

Total accumulated other comprehensive income

3,293

1,874

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

44

5

38,08737,75264,001

67,891

Consolidated statements of income and consolidated statements of comprehensive income(Millions of yen)
Fiscal year ended

Fiscal year ended

March 31, 2023

March 31, 2024

Net sales
Cost of sales

47,35136,54353,78742,018Gross profit

10,807

11,768Selling, general and administrative expenses

8,310

8,678

Operating profit

2,497

3,090

Interest income
Dividend income

6252

5231

Foreign exchange gains
Insurance return

100–

12979

Gain on sale of scraps
Subsidy income

38
33

33
21

Reversal of allowance for doubtful accounts
Other068

0105

Total non-operating income

499

607

Non-operating income

Non-operating expenses
Interest expenses

8281

Share of loss of entities accounted for using equity method
Other–171324

Total non-operating expenses

100

118

2,896

3,579

149
880

439
1,210

–
0496
0

1,030

2,146

Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Insurance claim income
Other
Total extraordinary income
Extraordinary losses
Loss on valuation of investment securities

74

12

Impairment losses
Extra retirement payments

304
111

368
–

Loss on disaster
Other–
27509
11

Total extraordinary losses

518

902

Profit before income taxes

3,408

4,823

Income taxes - current
Income taxes - deferred1,257(228)

1,523
(255)

Total income taxes

1,028

1,267

5

(Millions of yen)

ProfitFiscal year ended

Fiscal year ended

March 31, 2023

March 31, 2024
2,379

3,555

2,378
13,554
1

Profit attributable toProfit attributable to owners of parent
Profit attributable to non-controlling interests
Other comprehensive income
Valuation difference on available-for-sale securities

742(1,538)Deferred gains or losses on hedges
Foreign currency translation adjustment

(9)
(20)

27(59)

Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities accounted

(20)

151

–(0)

691

(1,419)

3,071

2,136

3,069
12,1341

for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controlling interests

6Consolidated statements of changes in equity
Fiscal year ended March 31, 2023
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

18,580Retained earnings

1,273

Total shareholders'equityTreasury shares

17,533(2,936)34,450Changes during period
Dividends of surplus(1,197)(1,197)

Profit attributable to owners ofparent

2,378

2,378

Purchase of treasury shares

(302)

(302)

Disposal of treasury shares

38

38

Reversal of revaluation
reserve for land

(577)

(577)

Net changes in items otherthan shareholders' equity
Total changes during period
Balance at end of period

––

602

(263)

339

18,5801,273

18,135(3,200)34,789

Accumulated other comprehensive income
Valuationdifference on
available-forsale securities
Balance at beginning of period

2,632

Deferred
gains orlosses onhedges
3

Revaluation
reserve forland

Foreigncurrencytranslation
adjustment

106(878)

Total
accumulatedof defined benefit
otherplanscomprehensiv
e income
Remeasurements

160

2,024

Noncontrollinginterests

2

Total net
assets36,477

Changes during period
Dividends of surplus(1,197)

Profit attributable to owners ofparent

2,378

Purchase of treasury shares(302)

Disposal of treasury shares

38

Reversal of revaluation
reserve for land
Net changes in items otherthan shareholders' equity
Total changes during period
Balance at end of period

(577)
742

(9)

577

742

(9)

577

(20)

(20)

1,269

1

1,610

3,374

(6)

684(899)

140

3,293

4

38,087

7(20)

(20)

1,269

1

1,270

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

Capital surplus

18,580Retained earnings

1,273

Total shareholders'equityTreasury shares

18,135(3,200)34,789Changes during period
Dividends of surplus(1,197)(1,197)

Profit attributable to owners ofparent

3,554

3,554

Purchase of treasury shares
Cancellation of treasury shares(1,203)(1,203)

2,769

–

(70)

(70)

(2,769)

Increase in treasury stock due
to increase in equity method
affiliates
Net changes in items otherthan shareholders' equity
Total changes during period
Balance at end of period––(413)

1,495

1,082

18,5801,273

17,722(1,704)35,871

Accumulated other comprehensive income
Valuationdifference on
available-forsale securities
Balance at beginning of period

3,374

Deferred
gains orlosses onhedges(6)

Revaluation
reserve forland

Foreigncurrencytranslation
adjustment

684

(899)

Total
accumulatedof defined benefit
otherplanscomprehensiv
e income
Remeasurements

140

3,293

Noncontrollinginterests

4

Total net
assets38,087

Changes during period
Dividends of surplus(1,197)

Profit attributable to owners ofparent

3,554

Purchase of treasury shares(1,203)Cancellation of treasury shares–

Increase in treasury stock due
to increase in equity method
affiliates(70)

Net changes in items otherthan shareholders' equity(1,538)

Total changes during period(1,538)

27–

Balance at end of period

1,835

21

684

27–

8(59)

151(1,419)

1(1,417)

(59)

151

(1,419)1(335)

(958)

291

1,874

5

37,752

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, 2023

March 31, 2024
3,408

4,823

783
1755
6–

13

Impairment losses
Increase (decrease) in allowance for doubtful accounts

304
(7)

368
9

Increase (decrease) in retirement benefit liability
Decrease (increase) in retirement benefit asset(10)
(92)

2(73)

Increase (decrease) in provision for loss on orders received
Increase (decrease) in provision for warranties for completed

45

58(97)

(95)

(258)

(237)

82
–

81(496)

Loss on disaster
Foreign exchange losses (gains)

–
(110)

509
(105)

Loss (gain) on valuation of investment securities
Loss (gain) on sale of investment securities

74(880)12(1,210)

Loss (gain) on sale of non-current assets
Loss on retirement of non-current assets(129)
3(439)
10

Decrease in trade receivables and contract assets
Decrease (increase) in investments in leases

1,689
185

(1,874)30

Decrease (increase) in inventories
Decrease (increase) in advance payments to suppliers(2,541)
(164)

(737)
(426)

Increase (decrease) in trade payables
Increase (decrease) in contract liabilities

(697)
1,478

214
(1,550)

Other, net(1,054)468

Subtotal

Depreciation
Amortization of goodwill
Share of loss (profit) of entities accounted for using equity
methodconstruction
Interest and dividend income
Interest expenses
Insurance claim income

2,013

118

Interest and dividends received

258

237

Interest paidProceeds from insurance income

(82)
–(79)
496

Payments associated with disaster loss
Income taxes paid–(1,083)(492)(1,019)Net cash provided by (used in) operating activities

1,105(739)9(Millions of yen)

Cash flows from investing activities
Payments into time deposits

Fiscal year ended

Fiscal year ended

March 31, 2023

March 31, 2024
(102)

(102)

Proceeds from withdrawal of time deposits
Purchase of non-current assets

138(1,187)102(1,460)

Proceeds from sale of non-current assets
Purchase of investment securities

507
(55)

449
(1,392)

1,565

1,379–

15

Proceeds from sale and redemption of investment securities
Purchase of shares of subsidiaries resulting in change in scopeof consolidation
Other, net(39)(36)

Net cash provided by (used in) investing activities

826(1,045)

Cash flows from financing activities
Net increase (decrease) in short-term borrowings(2,763)

6,018

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

500–

1,200
(1,700)Purchase of treasury shares
Proceeds from disposal of treasury shares

(302)
38

(1,203)–Dividends paid

(1,193)(1,194)

Net cash provided by (used in) financing activities(3,719)3,120

Effect of exchange rate change on cash and cash equivalents

5328

Net increase (decrease) in cash and cash equivalents(1,733)

1,364

Cash and cash equivalents at beginning of period

8,654

6,921

Cash and cash equivalents at end of period

6,921

8,285

10