May 12, 2022

Consolidated Financial Results
for the Fiscal Year Ended March 31, 2022
Terumo Corporation〔IFRS〕
Company name: TERUMO CORPORATION
Listing:
Tokyo Stock Exchange
Securities code:
4543
URL:
https://www.terumo.com/
Representative:
Shinjiro Sato, President and CEO
Inquiries:
Kenichi Hata, General Manager, Investor Relations Dept.
Telephone:+81-3-6742-8550
Scheduled date of annual general meeting of shareholders:June 22, 2022
Scheduled date to file annual securities report:
June 23, 2022
Scheduled date to commence dividend payments:
June 23, 2022
Preparation of supplementary material on financial results:
Yes
Holding of financial results briefing:
Yes (for Securities analysts, Institutional
investors)(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the fiscal year ended March 31, 2022 (from April 1, 2021 to March 31,
2022)(1) Consolidated operating results (cumulative)
Revenue(Percentages indicate year-on-year changes.)
Total
comprehensive
incomeOperating profit

Profit before tax

Profit for the year

Profit attributableto owners ofparentMillions ofyen%Millions ofyen%Millions ofyen%Millions ofyen%

114,501
97,06018.0(8.8)

88,813
77,20015.0(9.2)

88,813
77,26814.9(9.3)

178,394
115,732

54.1
95.3

Fiscal year ended

Millions ofyen%Millions ofyenMarch 31, 2022
March 31, 2021

703,303613,842

14.6
(2.4)

115,960
98,386

Basic earnings
per share%

17.9(11.1)

Diluted earnings
per share

Return on equity
attributable to ownersof parent

Profit before tax per
total assets

Operating profit torevenue

Yen

Yen

%

%

%

March 31, 2022

117.45117.38

9.5

8.1

16.5

March 31, 2021

102.33102.11

9.6

7.5

16.0

Fiscal year ended(Note) Share of profit (loss) of investments accounted for using the equity method March 2022: 440 million yen
March 2021: (716) million yen
Adjusted operating profit March 2022: 134,441 million yen March 2021: 115,927 million yen(2) Consolidated financial position
Total assets

Total equity

Ratio of equity
Equity attributable toEquity attributable to attributable to owners
owners of parent per
owners of parentof parent to total
shareassetsMillions of yen

Millions of yen

Millions of yen

%

(Yen)

March 31, 2022

1,473,693

1,012,313

1,012,313

68.7

1,338.46

March 31, 2021

1,351,192

856,662

856,66263.4

1,133.13

As of(3) Consolidated cash flows
Cash flows fromoperating activities

Cash flows frominvesting activities

Cash and cash
equivalents at the end of
the year

Cash flows fromfinancing activities

Fiscal year ended

Millions of yen

Millions of yen

Millions of yen

Millions of yen

March 31, 2022

141,467(78,454)(70,879)

205,251

March 31, 2021

121,485(85,317)(7,436)200,770

2. Cash dividends
Annual dividends per share
First
SecondThird
Fiscal yearquarter-end quarter-end quarter-end
end

Total
dividends(total)Total

Payout ratio(consolidated)

Ratio ofdividends to
net assets(consolidated)%%

Yen Millions of yen

Yen

Yen

Yen

Yen

March 31, 2021

－

14.00

－

15.00

29.00

21,91728.3

2.7

March 31, 2022

－

16.00

－

18.00

34.00

25,71428.9

2.8

Fiscal year ending
March 31, 2023
(Forecast)

－

18.00

－

18.00

36.00

Fiscal year ended

26.9(Note) The company revises year-end dividends per share for the fiscal year ended March 2022 from 16yen to 18yen.
Please refer to the May 12th, 2022 press release, “Terumo Announces Dividends for Fiscal Year Ended
March 31, 2022 (Increased payment)”.
3. Consolidated Forecast for the Fiscal Year Ending March, 2023 (From April 1, 2022 to March 31, 2023)(Percentages indicate year-on-year changes.)
Adjusted operating
profitRevenue

Fiscal year ending
March, 2023

Profit attributable toowners of parent

Operating profit

Basic earnings per
share

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Yen

775,000

10.2

151,000

12.3

132,000

13.8

100,000

12.6

133.88(Note) Assumed exchange rate for fiscal year ending March, 2023: USD1=125JPY, EUR1=135JPY

*Notes(1) Changes in significant subsidiaries during the year (changes in specified subsidiaries resulting in changes in thescope of consolidation): None
New － Company (Company Name) －, Excluded － Company (Company Name) －(2) Changes in accounting policies and accounting estimates(i) Changes in accounting policies required by IFRS: Yes(ii) Changes in accounting policies other than (i): None(iii) Changes in accounting estimates: None
* Please refer to [Attachment], page 15, “3. Consolidated financial statements and main notes (5) Notes toconsolidated financial statements (ii) Changes in accounting policy”.
(3) Number of outstanding shares (common stock)(i) Number of outstanding shares at the end of
the year (including treasury shares)

As of March 31, 2022

759,521,040 shares As of March 31, 2021

759,521,040 shares(ii) Treasury shares at the end of the year

As of March 31, 2022

3,194,976 shares As of March 31, 2021

3,508,047 shares(iii) Average number of shares during the year

As of March 31, 2022

756,209,050 shares As of March 31, 2021

755,097,852 shares*Financial statements are not subject to audits by certified accountants or audit firms.
*Explanation on appropriate use of financial results forecasts and other special notes
1. Forward-looking statements, including earnings forecasts, contained in these disclosure materials are based on
currently available information and assumptions believed to be reasonable by management. This is not apromise or guarantee by Terumo that it will achieve these goals. In addition, actual results may differ
significantly due to several factors. For the assumptions that are the premise of the earnings forecast and theprecautions for using the earnings forecast, refer to [Attachment], page 5, "1. Overview of Financial Results
for the Fiscal Year Ended March 31, 2022 (4) Mid- to Long-term Outlook ".
2. Adjusted operating profit factors out amortization expense for intangible assets obtained during acquisitions
and one-off income and expenses from operating profit. In addition, adjusted operating profit is consistent
with segment profit. We are disclosing adjusted operating profit as we are using it as a performance indicator.

[Terumo Corporation] Financial Results for the Fiscal Year Ended March 31, 2022

 Table of contents of attached materials

1. Overview of Financial Results for the Fiscal Year Ended March 31, 2022 ......................................................... 2(1) Overview of Consolidated Business Results ................................................................................................... 2(2) Overview of Consolidated Financial Position ................................................................................................. 4(3) Cash flow trends in the fiscal year ended March 31, 2022 .............................................................................. 4(4) Mid- to Long-term Outlook ............................................................................................................................. 5(5) Basic policy for profit distribution, dividend payouts in the fiscal year ended March 31, 2022 and payout planfor the fiscal year ending March 31, 2023 ....................................................................................................... 7
2. Basic stance on the selection of accounting standards ......................................................................................... 8
3. Consolidated financial statements and main notes .............................................................................................. 9(1) Statement of financial position ........................................................................................................................ 9(2) Consolidated statement of profit and loss and consolidated statement of comprehensive income ................ 11
Consolidated statement of profit and loss ....................................................................................................... 11
Consolidated statement of comprehensive income ........................................................................................ 12(3) Consolidated statement of changes in equity ................................................................................................ 13(4) Consolidated statement of cash flows ........................................................................................................... 14(5) Notes to consolidated financial statements .................................................................................................... 15(i) Going Concern Assumption ...................................................................................................................... 15(ii) Changes in accounting policy .................................................................................................................. 15(iii) Segment information ......................................................................................................................... 16(iv) Earnings per share ................................................................................................................................... 19(v) Subsequent Events ................................................................................................................................... 20
4. Others .............................................................................................................................................................. 21－ 1 －[Terumo Corporation] Financial Results for the Fiscal Year Ended March 31, 2022

1. Overview of Financial Results for the Fiscal Year Ended March 31, 2022
(1) Overview of Consolidated Business Results
In December 2016 the Terumo Group devised a Mid- to Long-term Growth Strategy with a five-year horizon.
The Mid- to Long-term Vision was to become a “Global Corporation with Unique Excellence.” The Group
aimed to become recognized by medical professionals worldwide as a top brand and a trusted manufacturer. To
this end, the Group’s management focused on earning a high level of trust globally for our total quality (which
includes the total quality of products, supply, and services). In the fiscal year under review, which is the final
fiscal year of this growth strategy, Terumo’s consolidated business results were as follows.
(Unit: Millions of yen)
For the fiscal year
ended
March 31, 2021

For the fiscal year
ended
March 31, 2022

Growth (%)

Growth excluding
impact of FX
translations (%)

Revenue

613,842

703,303

14.6

9.7

Gross profit

326,623

369,341

13.1

8.2

Adjusted operating profit

115,927

134,441

16.0

10.4

Operating profit

98,386

115,960

17.9

11.8

Profit before tax

97,060114,501

18.0－

Profit for the year
Profit for the year attributableto owners of parent

77,20088,81315.0－

77,26888,813

14.9－

Revenue by geographic areas for the fiscal year under review is as follows:(Unit: Millions of yen)
For the fiscal year
ended
March 31, 2021

For the fiscal year
ended
March 31, 2022

Growth (%)

Growth excluding
impact of FX
translations (%)

Japan

201,758

206,143

2.2

2.2

Europe120,389

140,417

16.6

10.2

Americas180,798

220,400

21.9

15.0

China

45,52559,35030.4

17.9

Asia and others

65,371

76,991

17.8

11.9

Overseas total

412,084

497,159

20.6

13.4

Total

613,842

703,303

14.6

9.7

Geographic areas

Revenue
Revenue totaled ¥703.3 billion, an increase of 14.6% versus the previous fiscal year. Revenue was steady mainly
overseas amid the strong recovery seen in previously weakened demand of Cardiac and Vascular Company due
to the spread of the COVID-19 pandemic since the previous fiscal year. In Japan, revenue was strong amid therecovery in demand for syringe and infusion related products.
ProfitGross profit came to ¥369.3 billion, an increase of 13.1% compared with the previous fiscal year. This was－ 2 －[Terumo Corporation] Financial Results for the Fiscal Year Ended March 31, 2022

underpinned by the increase in revenue mainly seen in Cardiac and Vascular Company, despite the impacts ofincreased costs due to soaring manufacturing cost and transportation cost that materialized since the second
quarter.
Adjusted operating profit came to ¥134.4 billion, an increase of 16.0% year on year, due to the increase in grossprofit and control of some selling, general and administrative expenses.
As a result, operating profit, profit before tax, and profit for the year attributable to owners of parent, eachincreased year over year.
Adjusted operating profit is a non-IFRS performance indicator that we disclose. Adjusted operating profit factors
out amortization expense for intangible assets obtained during acquisitions and one-off income and expenses
from operating profit. In addition, adjusted operating profit is consistent with segment profit.
Adjusted operating profit is being used as an indicator for corporate management to grasp earnings performancein each business as a part of our goal to achieve sustainable growth in the mid- to long-term. We believe this isalso effective data for individuals using our financial statements to assess the Terumo Group’s earnings.
Revenue results of the reportable segments are as follows:(Millions of yen)
For the fiscal
year ended
March 31, 2021

For the fiscal
year ended
March 31, 2022

Growth (%)

Growthexcluding
impact of FX
translations (%)

Revenue

328,549

397,130

20.9

14.4

(Japan)50,20851,144

1.9

1.9(Overseas)

278,341

345,986

24.3

16.6

Revenue

175,545

185,335

5.6

4.2(Japan)139,139

142,735

2.6

2.6(Overseas)

36,40542,59917.0

10.5

Revenue

109,491

120,586

10.1

4.7(Japan)12,15412,012

(1.2)

(1.2)

(Overseas)

97,336

108,573

11.5

5.4

Segment

Cardiac and
VascularCompany
Medical Care
SolutionsCompany
Blood and Cell
Technologies
Company

Cardiac and Vascular Company
In Japan, there was a moderate recovery in demand from the repeated impacts of the COVID-19 pandemic.
Nonetheless, revenue increased as overall sales were driven by carotid artery stents in Neurovascular division.
Overseas, revenue performed well across all businesses particularly in Europe and North America, amid thestrong recovery in demand seen by TIS division (interventional devices) and Neurovascular division.
Accordingly, revenue in Cardiac and Vascular Company totaled ¥397.1 billion, an increase of 20.9% year on year.

－ 3 －[Terumo Corporation] Financial Results for the Fiscal Year Ended March 31, 2022

Medical Care Solutions Company
The name of General Hospital Company was changed to Medical Care Solutions Company in FY2022. Following
the launch of the new 5-year growth strategy announced in December 2021, we will push ahead withorganizational reforms aimed at sustainable growth of the company and enhance recognition of the new brand.
As for performance in FY2021, the company experienced a recovery in demand for syringes and infusion related
products primarily in its mainstay market of Japan. Additionally, sales of infusion pumps and syringe pumps
along with the B2B business with pharmaceutical companies of Pharmaceutical Solutions division (formerly,
Alliance division) grew globally.
Reflecting these, revenue in Medical Care Solutions Company was ¥185.3 billion, an increase of 5.6% versus theprevious year.
Blood and Cell Technologies Company
In Japan, sales of blood center products declined slightly due to the slowdown in demand for blood bags. Overseas,
demand recovered for whole blood collection, products related to automated blood processing, and therapeutic
apheresis systems mainly in Europe and North America. Moreover, in China, the company posted robust growthof close to 30% mainly for blood component collection systems for blood centers.
Consequently, revenue in Blood and Cell Technologies Company totaled ¥120.6 billion, a rise of 10.1% year on
year.
(2) Overview of Consolidated Financial Position
Total assets stood at ¥1,473.7 billion, an increase of ¥122.5 billion. This was mainly owing to an increase inproperty, plant and equipment of ¥34.2 billion due to investment in manufacturing facility as well as an increasein goodwill and intangible assets of ¥43.0 billion from investments in new IT systems and the impacts of yen
weakness in foreign exchange rates.
Total liabilities came to ¥461.4 billion, a decrease of ¥33.2 billion. This was mainly attributed to a decrease of¥34.6 billion in bonds and borrowings owing to repayments of long-term loans payable and payments forredemption of corporate bonds.
Total equity was ¥1,012.3 billion, an increase of ¥155.7 billion. This mainly reflects an increase from posting
profit for the year of ¥88.8 billion, while the booking of other comprehensive income associated with theaforementioned foreign exchange rates impact resulted in a ¥89.6 billion increase, which offset the decrease of¥23.4 billion from dividends from retained earnings.
(3) Cash flow trends in the fiscal year ended March 31, 2022
(Millions of yen)
For the fiscal year
ended
March 31, 2021

For the fiscal year
ended
March 31, 2022

ChangeCash flows from operating activities

121,485

141,467

19,982

Cash flows from investing activities(85,317)(78,454)

6,862

Cash flows from financing activities(7,436)(70,879)(63,442)

Cash and cash equivalents at the end of the year

200,770

205,251

4,481

Cash flows from operating activities
Net cash provided by operating activities was ¥141.5 billion. The main factors for this were profit before tax of¥114.5 billion, depreciation and amortization of ¥58.9 billion, and income taxes paid of ¥30.5 billion.

－ 4 －[Terumo Corporation] Financial Results for the Fiscal Year Ended March 31, 2022

Cash flows from investing activities
Net cash used in investment activities was ¥78.5 billion. The main factors for this were expenditures of ¥53.5
billion for the acquisition of property, plant and equipment following capital expenditures for manufacturing
facility and expenditures of ¥20.6 billion for the acquisition of intangible assets following investment in new IT
system.
Cash flows from financing activities
Net cash used in financing activities was ¥70.9 billion. The main factors for this were expenditures of ¥30.7
billion for the repayments of long-term loans payable, expenditures of ¥10.0 billion due to redemption of
corporate bonds and dividend payments of ¥23.5 billion.
(Reference) Cash flow indicators
For the fiscal
year ended
March 31, 2020

For the fiscal
year ended
March 31, 2021

For the fiscal
year ended
March 31, 2022

Equity ratio (%)

60.8

63.4

68.7

Market cap-based equity ratio (%)

225.4

223.8

191.1

2.3

2.4

1.8

122.8

114.3

107.8

Interest-bearing debt to cash flow ratio (annual)Interest coverage ratio (x)Note: Equity ratio = Shareholders’ equity/Total assets
Market cap-based equity ratio = Total market capitalization/Total assets
Interest-bearing debt to cash flow ratio = interest-bearing debt/cash flow
Interest coverage ratio = cash flow/total interest payments*All of the above is calculated on a consolidated basis.
*Market capitalization = fiscal year-end share price multiplied by the total number of shares outstanding
excluding treasury stock*The cash flow above is the cash flow provided by operating activities as stated in the consolidated statementsof cash flows. The interest-bearing debt includes all liabilities posted in the consolidated statement of financial
position on which the company pays interest. Also, the figure for interest expenses in the consolidated
statements of cash flows was employed as the amount for interest payments.
(4) Mid- to Long-term Outlook
The medical device market is expected to expand going forward mainly due to a rise in chronic illnesses intandem with an increase of older population. Meanwhile, as a rise in medical spending squeezes government
budgets, there will be a shift to healthcare that emphasizes value and efficiency. Additionally, the evolution in
genome analysis along with digital and AI-driven technologies is expected to promote further advancements inpersonalized medicine. Based on these changes in business environment, the Group established a 5-year growthstrategy running from FY2022 to FY2026.
Mid- to Long-term Vision “From Devices to Solutions”
Under the Group Mission of “Contributing to Society through Healthcare,” the Group will provide solutions that
contribute to improved patient quality of life over the long-term as well as the evolution of healthcare systems
around the world with a greater emphasis on resolving issues on the front lines of medicine.

－ 5 －[Terumo Corporation] Financial Results for the Fiscal Year Ended March 31, 2022

Growth Strategy by Company
Cardiac and Vascular Company
The company’s vision for its 5-year growth strategy is “Together with our customers, we strive to create the next
standard of patient care and drive the evolution of medicine on the front line.” To realize this vision, the company
will expand the treatment business for cancer along with ischemic stroke, brain aneurysm, aortic aneurysm, andperipheral artery diseases through new product launches, drive adoption of radial access (an intervention
technique to approach from the artery on the wrist that is less invasive) across disease areas, and evolve operations
underpinning growth by lowering costs and improving supply systems using globally optimized production.
Medical Care Solutions Company
The company’s vision for its 5-year growth strategy is “We provide patient centered solutions that integrate ourunique technologies, contributing to the advancement of high quality, innovative medical care.” To realize thisvision, the company will create mechanisms for data and monitoring that support personalized medicine forpatients with chronic disease and provide value, such as increasing hospital management efficiency and treatment
safety and improving management of medical equipment and data in hospital, as well as propose solutions thatcombine unique devices and services to maximize the value of pharmaceuticals.
Blood and Cell Technologies Company
The company’s vision for its 5-year growth strategy is “Provide compelling and accessible innovations globallythat unlock the power of blood and cells to improve patient outcomes and serve unmet medical needs.” To realize
this vision, the company will pursue Blood and Beyond to expand target markets using various methods including
geographic regions, diseases and supply chains, Equipment and Beyond to improve customer experience using
services and software, business expansion in emerging markets, and improve operational excellence to take thecompany’s supply system and marketing activities to the next level.
Based on the growth strategy, each of the three companies will work on value creation harnessing its own uniquestrengths, and at the same time, the Group will improve the quality and efficiency of corporate functions toachieve the forecast of financial results for FY2022, the initial fiscal year, and seek to achieve the mid- to longterm vision of “From Devices to Solutions.”－ 6 －[Terumo Corporation] Financial Results for the Fiscal Year Ended March 31, 2022

The forecast of financial results for the fiscal year ending March 2023 is as follows.
Consolidated forecast of financial results for the year ending March 2023
(Millions of yen)
For the fiscal year
ended
March 31, 2022
Financial Results
Revenue
Adjusted operating
profitAdjusted operating
profit ratio
Operating profit

For the fiscal year
endingMarch 31, 2023

Rate of
Change(%)

ChangeFinancial Results
Forecast

703,303775,000

71,696

10.2

134,441

151,000

16,558

12.3

19.1%

19.5%

－

－

115,960

132,000

16,039

13.8

Operating profit ratio
16.5%
－
－
17. 0%
Profit for the year
attributable to88,813100,000
11,18612.6
owners of parent
Actual exchange rate for the fiscal year ended March 31, 2022 1 USD equals 112 JPY and 1 EUR equals 131 JPY
Exchange rate assumption for the fiscal year ending March 31, 2023: 1 USD equals 125 JPY and 1 EUR equals 135
JPY(5) Basic policy for profit distribution, dividend payouts in the fiscal year ended March 31, 2022 and payout
plan for the fiscal year ending March 31, 2023
As a measure to secure high profit margins and sustainable growth, Terumo Group adequately and actively
reinvests profits to constantly enhance its corporate value. This is consistent with the group’s pledge to distributeprofits to shareholders and maximize the value of its investments.
As for the distribution of profits to shareholders, Terumo will continually aim to steadily increase its dividend
payouts to shareholders and has set a mid- to long-term dividend payout ratio target of 30%.
In the fiscal year ended March 31, 2022, the Company plans to pay cash dividends per share of ¥34. Therefore,
the fiscal year-end dividend is ¥18 per share, and the interim dividend, which has already been paid, was ¥16
per share.
In the fiscal year ending March 31, 2023, the Company plans to pay an annual cash dividend of ¥36 per share(interim dividend of ¥18).
Cautionary note:
Forward-looking statements, including earnings forecasts, contained in Terumo’s disclosure materials are basedon currently available information and assumptions believed to be reasonable by management. This is not apromise or guarantee by Terumo that it will achieve these goals. Please note that the actual results or outcomes
could differ due to a number of factors. Key elements that are likely to have an impact on actual earnings
performance include economic conditions surrounding the Company’s business environment, volatility inforeign exchange rates, and competition.

－ 7 －[Terumo Corporation] Financial Results for the Fiscal Year Ended March 31, 2022

2. Basic Concept Regarding the Selection of Accounting Standards

The Group has applied IFRS from the fiscal year ended March 31, 2018 for the purpose of improving
the international comparability of financial information in the capital market, enhancing the accuracyof business management and strengthening its governance across the Group through the unified
accounting rules.

－ 8 －[Terumo Corporation] Financial Results for the Fiscal Year Ended March 31, 2022

3.Consolidated Financial Statements(1) Consolidated Statement of Financial Position（Unit: Millions of yen）
As of
March 31, 2022

As ofMarch 31, 2021
AssetsCurrent assets
Cash and cash equivalents

200,770

205,251

Trade and other receivables

128,770

135,998

Other current financial assets

1,116

63

175,576

198,536

Current tax assets

510

778

Other current assets

17,222

18,086

Total current assets

523,966

558,713

Property, plant and equipment

299,679

333,864

Goodwill and intangible assets
Investments accounted for using
the equity method
Other non-current financial assets

471,834

514,801

3,644

4,133

19,44925,937

Deferred tax assets

23,72920,198Other non-current assets

8,887

16,043

Total non-current assets

827,225

914,979

1,351,192

1,473,693

Inventories

Non-current assets

Total assets－ 9 －[Terumo Corporation] Financial Results for the Fiscal Year Ended March 31, 2022

（Unit: Millions of yen）
As of
March 31, 2022

As ofMarch 31, 2021
Liabilities and Equity
Liabilities
Current liabilities
Trade and other payables

83,52881,545

Bonds and borrowings

42,072

1,121

Other current financial liabilities

7,784

7,228

Current tax liabilities

14,311

14,104374

499

Other current liabilities

63,29573,222

Total current liabilities

211,366

177,721

Bonds and borrowings

218,497

224,875

Other non-current financial liabilities

32,12230,297

Deferred tax liabilities

15,962

12,746Retirement benefit liabilities

6,639

5,811

96

113

Other non-current liabilities

9,845

9,813

Total non-current liabilities

283,163

283,658

494,530

461,379

Share capital

38,716

38,716

Capital surplus

51,82951,921

Treasury shares(6,838)(6,229)Retained earnings

775,078

846,978

Other components of equity
Total equity attributable to ownersof parent
Total equity(2,123)80,926856,662

1,012,313

856,662

1,012,313

1,351,192

1,473,693

Provisions

Non-current liabilities

Provisions

Total liabilities
EquityTotal liabilities and equity－ 10 －

[Terumo Corporation] Financial Results for the Fiscal Year Ended March 31, 2022

(2) Consolidated Statement of Profit or Loss and Consolidated Statement of Comprehensive Income(Consolidated Statement of Profit or Loss)（Unit: Millions of yen）
For the fiscal year ended
For the fiscal year ended
March 31, 2021
March 31, 2022
Revenue
613,842
703,303
Cost of sales
287,219
333,962
Gross profit
326,623
369,341
Selling, general and administrative expenses
228,566
250,891
Other income
3,814
2,500
Other expenses
3,485
4,990
Operating profit
98,386
115,960
Finance income
1,727
1,062
Finance costs
2,337
2,961
Share of profit/(loss) of investments
(716)
440
accounted for using the equity method
Profit before tax
97,060114,501
Income tax expenses
19,85925,687
Profit for the year
77,20088,813Attributable to:
Owners of parent
Non-controlling interests
Total profit for the year

77,268(67)
77,20088,813－88,813

Earnings per share
Basic earnings per share (yen)Diluted earnings per share (yen)102.33102.11117.45117.38－ 11 －

[Terumo Corporation] Financial Results for the Fiscal Year Ended March 31, 2022

(Consolidated Statement of Comprehensive Income)

Profit for the year

For the fiscal year ended
March 31, 2021
77,200（Unit: Millions of yen）
For the fiscal year ended
March 31, 2022
88,813

1,448

(29)

11,803

6,699

13,252

6,670

24,39083,029

667

(458)

220

340

25,27882,91038,531

89,581

115,732

178,394

115,801

178,394(69)－

115,732

178,394

Other comprehensive income
Items that will not be reclassified to profit orloss
Changes in financial assets measured at fairvalue through other comprehensive income
Remeasurements of defined benefit plans
Total items that will not be reclassified to
profit or loss
Items that are or may be reclassified
subsequently to profit or loss
Exchange differences on translation offoreign operations
Cash flow hedges
Cost of hedging
Total items that are or may reclassified
subsequently to profit or loss
Total other comprehensive income/(loss)
for the year
Total comprehensive income for the year
Attributable to:
Owners of parent
Non-controlling interests
Total comprehensive income for the year
(Note) Items in the statement above are net of tax.

－ 12 －

[Terumo Corporation] Financial Results for the Fiscal Year Ended March 31, 2022

(3) Consolidated Statements of Changes in Equity（Unit: Millions of yen）
Share
capitalBalance as of April 1, 2020
Profit for the year
Other comprehensive income
Total comprehensive income
Acquisition of treasury shares
Disposal of treasury shares
Dividends
Transfer from othercomponents of equity toretained earnings
Share-based payments
Conversion of convertible
bonds
Total transactions with owners ofparentBalance as of March 31, 2021

Equity attributable to owners of parent
Other
Capital Treasury Retained
components
surplussharesearnings
of equity

Noncontrolling Total equity
interests

Total

38,716－－－－－－51,858－－－－－－(14,103)
－
－
－
(3)
96
－

705,765
77,268－77,268－(14)(21,109)(27,423) 754,813－
77,26838,53338,53338,533 115,801
－
(3)
(82)
0
－ (21,109)

69
(67)
(1)
(69)
－
－
－

754,883
77,20038,531
115,732(3)
0(21,109)－－－

13,197(13,197)

－

－

－

－

0

99

102

47

249

－

249

－

(29)

7,072

(132)

－

6,910

－

6,910

－

(29)

7,265

(7,956)(13,232) (13,953)－(13,953)

38,716

51,829(6,838)775,078(2,123)－856,662

856,662（Unit: Millions of yen）
Share
capitalBalance as of April 1, 2021
Profit for the year
Other comprehensive income
Total comprehensive income
Acquisition of treasury shares
Disposal of treasury shares
Dividends
Transfer from othercomponents of equity toretained earnings
Share-based payments
Conversion of convertible
bonds
Total transactions with owners ofparentBalance as of March 31, 2022

Equity attributable to owners of parent
Other
Capital Treasury Retained
components
surplussharesearnings
of equity

38,716－－－－－－

51,829
－
－
－
－
(10)
－

(6,838)
－
－
－
(3)
49
－

775,078
88,813－88,813－－(23,440)

－

－

－

－

114

－

Noncontrolling Total equity
interests

Total(2,123) 856,662－
88,81389,581
89,581
89,581 178,394
－
(3)
(38)
0
－ (23,440)

－
－
－
－
－
－
－

856,662
88,81389,581
178,394(3)
0(23,440)

6,527(6,527)

－

－

－

91

－

35

241

－

241

(11)

470

－

－

459

－

459

－

92

608

(16,913)(6,531) (22,742)－(22,742)

38,71651,921(6,229)846,978

80,926 1,012,313－

1,012,313－ 13 －

[Terumo Corporation] Financial Results for the Fiscal Year Ended March 31, 2022

(4) Consolidated Statement of Cash Flows
For the fiscal year
ended March 31, 2021
Cash flows from operating activities
Profit before tax
Depreciation and amortization
Share of the (profit)/loss of investments accounted forusing the equity method
Increase/(decrease) in retirement benefit assets or
liabilities
Interest and dividend income
Interest expenses
Foreign exchange (gain)/loss(Gain)/loss on disposal of property, plant and equipment(Increase)/decrease in trade and other receivables(Increase)/decrease in inventories
Increase/(decrease) in trade and other payables
OthersSub-totalInterest and dividend income received
Interest expenses paid
Income taxes paid
Net cash provided by operating activities
Cash flow from investing activities
Payments for purchase of time deposits
Proceeds from withdrawal of time deposits
Payments for purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Payments for purchase of intangible assets
Proceeds from sale of intangible assets
Payments for purchase of financial instruments
Proceeds from sale of financial instruments
Payments for acquisition of shares of subsidiaries andother businesses
Net cash used in investing activities
Cash flow from financing activities
Repayments of short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Payments for redemption of corporate bonds
Repayments of lease liabilities
Payments for purchase of treasury shares
Payments for dividends
Net cash provided by financing activities
Effect of exchange rate changes on cash and cash
equivalents
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year

－ 14 －(Unit: Millions of yen)
For the fiscal year
ended March 31, 2022

97,06053,932

114,501
58,882

716

(440)

256

646

(539)
2,337
249
498
6,417
(21,985)
(814)
6,754
144,884740(1,062)(23,076)
121,485

(640)
1,833
2,187
472
(895)
(8,166)55
3,799
172,236
1,033(1,312)(30,489)
141,467(149)
305(62,318)
16(20,806)
212(2,102)
2,900

(3)
7
(53,515)26(20,590)－(1,705)180(3,374)(2,853)(85,317)(78,454)(40,000)
70,000(10,000)(6,277)(3)(21,155)(7,436)－－(30,670)(10,000)(6,750)(3)(23,455)(70,879)

5,139

12,34733,871
166,898
200,770

4,481
200,770
205,251－

[Terumo Corporation] Financial Results for the Fiscal Year Ended March 31, 2022

(5) Notes to consolidated financial statements(i) Going Concern Assumption
Not applicable(ii) Changes in accounting policy
The Group has adopted the standards and interpretations below from the fiscal year ended March 31, 2022. The
effect of adopting these standards on the Group’s consolidated financial statements is insignificant.
Standard/Interpretation

Outline of the new standards, interpretations and amendments

IFRS7

Financial Instruments: Disclosures Amendment to correspond to the impact to financial reporting

IFRS9

Financial Instruments

IFRS16 Leases

caused during the period of transition from the existing interest ratebenchmark to alternative benchmark rates due to IBOR reform.

－ 15 －

[Terumo Corporation] Financial Results for the Fiscal Year Ended March 31, 2022(iii) Segment information(1) General information on reportable segments
The reportable segments of the Group represent business units for which separate financial information isavailable, and are reviewed regularly at the Board of Directors meeting to make decisions about allocation ofmanagement resources and assess the performance of the business.
The Group applies an in-house company system classified by product groups. The headquarter of each in-housecompany plans their own comprehensive domestic and international strategies and conducts their own businessactivities.
The three segments are Cardiac and Vascular Company, Medical Care Solutions Company, and Blood and Celltechnologies Company.
The segment which was previously stated as “General Hospital Company” has been changed to “Medical Care
Solutions Company” from the fiscal year ended March 31, 2022. This change in name does not affect the segment
information.
As for sub-segments, in the former “Hospital Systems”, "General Hospital Products" and “Pharmaceutical"
have been combined into "Hospital Care Solutions", "DM and Consumer Healthcare" has been renamed "Life
Care Solutions". In addition, the former "Alliance" has been renamed "Pharmaceutical Solutions".
In accordance with this change, the name of reportable segment for the fiscal year ended March 31, 2021 has also
been stated as “Medical Care Solutions Company”.
Reportable Segments

Sub-segments

Interventional Systems (TIS)

Cardiac and VascularCompany

Neurovascular
Cardiovascular
Vascular Graft
Hospital Care Solutions

Medical Care Solutions
CompanyLife Care Solutions

Pharmaceutical Solutions

Blood and Cell
Technologies Company－－ 16 －

Main Products
Angiographic guidewires, Angiographic
catheters, Introducer sheaths, Vascular closure
devices, PTCA balloon catheters, Coronary
stents, Self-expanding peripheral stents, IVUS,
Imaging catheters and others
Coils, stents and intrasaccular devices fortreating cerebral aneurysm, Embolization
System, Aspiration catheters and clot retrievers
for treating ischemic stroke, and others
Oxygenators, Cardio-pulmonary bypass
systems and others
Artificial vascular grafts, Stent grafts
Syringes, Infusion pumps, Syringe pumps,
Infusion lines, I.V. solutions, Peritoneal dialysis
fluid, Pain management products, Nutritious
food, Adhesion barriers and others
Blood glucose monitoring systems, Disposableneedles for pen-injector, Insulin patch pumps,
Blood pressure monitors, Digital thermometers
and others
Contract manufacturing of prefilled syringes,
Devices to pharmaceutical companies for use
in drug kits (Prefillable syringes, Needles forpharmaceutical packaging business) and others
Blood bags, Component collection systems,
Automated blood processing systems, Pathogen
reduction systems, Centrifugal apheresis
systems, Cell expansion systems and others

[Terumo Corporation] Financial Results for the Fiscal Year Ended March 31, 2022

(2) Reportable segment information
Revenue and operating results of the reportable segments of the Group are described below.
For the fiscal year ended March 31, 2021

Reportable Segments

Revenue
Revenue from sales
to externalcustomers
Segment profit(Adjusted
operatingprofit)(Adjustment item)
Amortization of
intangible assets
acquired throughbusiness
combinations
Non-recurring profit orloss (Note 2)(Unit: Millions of yen)Amountrecorded on
Adjustments
condensed(Note 1)
consolidated
financialstatements

Cardiac and
VascularCompany

MedicalCare
SolutionsCompany

Blood and
Cell
Technologies
Company

328,549

175,545

109,491

613,586

256

613,842

74,39925,73919,088119,227(3,300)115,927(6,948)－(8,012)(14,961)328(14,632)

Total(2,907)

Operating profit

98,386

Finance income

1,727

Finance costs
Share of profit/(loss) ofinvestment accounted
for using the equity
methodProfit before tax(2,337)

Other items
Depreciation andamortization(Note 3)
Increase in property,
plant andequipment andintangible assets(716)
97,06027,216

13,057

14,80255,075(1,143)53,932

34,614

15,14423,282

73,041

4,167

77,208(Note 1) Amounts in “Adjustments” are as follows:(1) ¥256 million adjustment to revenue from sales to external customers is mainly proceeds fromoutward temporary staffing that is not attributable to reportable segments.
(2) ¥(3,300) million adjustment to segment profit mainly includes ¥931 million for inventories and¥(2,676) million for preparation expenses to comply with Medical Device Regulation in EU.
(Note 2) ¥(2,907) million non-recurring profit or loss mainly includes ¥(1,365) million for the change in fairvalue of contingent consideration and ¥(692) million for business reorganization expenses.
(Note 3) Amortization expenses of acquired intangible assets in business combinations are included in“Depreciation and amortization”.

－ 17 －

[Terumo Corporation] Financial Results for the Fiscal Year Ended March 31, 2022

For the fiscal year ended March 31, 2022

Reportable Segments

Revenue
Revenue from sales
to externalcustomers
Segment profit(Adjusted
operatingprofit)(Adjustment item)
Amortization of
intangible assets
acquired throughbusiness
combinations
Non-recurring profit orloss (Note 2)(Unit: Millions of yen)Amountrecorded on
Adjustments
condensed(Note 1)
consolidated
financialstatements

Cardiac and
VascularCompany

MedicalCare
SolutionsCompany

Blood and
Cell
Technologies
Company

397,130

185,335

120,586

703,052251

703,303

93,227

23,604

20,841

137,673(3,232)

134,441(7,451)－(8,487)(15,939)(125)(16,064)

Total(2,415)

Operating profit

115,960

Finance income

1,062

Finance costs
Share of profit/(loss) ofinvestment accounted
for using the equity
methodProfit before tax(2,961)Other items
Depreciation andamortization(Note 3)
Increase in property,
plant andequipment andintangible assets

440
114,501

29,776

14,17815,61359,568(686)

58,882

31,954

15,285

17,59964,8394,390

69,230(Note 1) Amounts in “Adjustments” are as follows:(1) ¥251 million adjustment to revenue from sales to external customers is mainly proceeds fromoutward temporary staffing that is not attributable to reportable segments.
(2) ¥(3,232) million adjustment to segment profit mainly includes ¥(301) million for inventories and¥(2,630) million for preparation expenses to comply with Medical Device Regulation in EU.
(Note 2) ¥(2,415) million non-recurring profit or loss mainly includes ¥(215) million for the change in fairvalue of contingent consideration and ¥(1,645) million for business reorganization expenses.
(Note 3) Amortization expenses of acquired intangible assets in business combinations are included in“Depreciation and amortization”.

－ 18 －

[Terumo Corporation] Financial Results for the Fiscal Year Ended March 31, 2022(iv) Earnings per share
The basis for calculating basic earnings per share and diluted earnings per share attributable to the Company's ordinary
shareholders is as follows:
For the fiscal year ended
March 31, 2021

For the fiscal year ended
March 31, 2022

77,26888,813

4

077,27388,813755,097,852

756,209,050

1,292,609

100,892

372,721350,982756,763,182

756,660,924

102.33102.11117.45117.38

Profit for the year attributable to owners of parent(millions of yen)
Profit for the year adjustments
Adjustments relating to convertible bonds withshare subscription rights (millions of yen)
Profit for the year used to calculate diluted earnings
per share (millions of yen)
Weighted average number of ordinary shares (shares)
Increase in the number of ordinary shares
Convertible bond with share subscription rights(shares)
Stock option plan (shares)
Weighted average number of ordinary shares after
dilution (shares)
Basic earnings per share (yen)Diluted earnings per share (yen)(Note) Basic earnings per share is calculated by dividing profit for the year attributable to ordinary shareholders of parent
by the weighted average number of ordinary shares outstanding during the year.

－ 19 －

[Terumo Corporation] Financial Results for the Fiscal Year Ended March 31, 2022(v) Subsequent Events
Acquisition and Cancellation of the Own Shares
The Company resolved during the board of directors meeting held on May 12, 2022 an acquisition of its own
shares under Article 156 of the Corporate Law, as applied pursuant to Article 165, Paragraph 3 of the same law
and cancellation of its own shares under Article 178 of the Corporate Law.
(1) Reason for acquisition and cancellation of own shares
To improve shareholder return and capital efficiency(2) Details of acquisition
1) Class of shares to be acquired
Terumo's common stock2) Total number of shares to be acquired
15,000 thousands shares (maximum)(Percentage to total number of issued shares excluding treasury stock: 1.98%)
3) Total Value of Shares to be Acquired¥50 billion (maximum)
4) Acquisition Period
From May 13, 2022 to December 30, 2022
5) Acquisition Method
Purchase on the market of Tokyo Stock Exchange(3) Details of cancellation
1) Class of shares to be cancelled
Terumo's common stock2) Number of shares to be canceled
All of the shares acquired as stated in (2) above
3) Planned cancellation date
January 13, 2023

－ 20 －

[Terumo Corporation] Financial Results for the Fiscal Year Ended March 31, 2022

4. Others
Overview of production, orders received and sales(i) Production results
For the fiscal year ended
March 31, 2022
Millions of yen

Reportable Segments

Year-to-yearcomparison

388,358
181,857
114,402684,619

Cardiac and Vascular Company

Medical Care Solutions Company
Blood and Cell Technologies Company
Total

％

11.5
6.5
1.6
8.4

(Note1) The amount is based on the selling price and before intersegment transfer.
(Note2) For the product of segment, refer to the page 16, “General information on reportable segments”(ii) Orders received
Order status is omitted as the Group mainly engages in prospective production.
(iii) Sales results

Reportable Segments

Cardiac and Vascular Company

Medical Care Solutions Company
Blood and Cell Technologies Company
Adjustments
Total

Sub-segments
Interventional Systems (TIS)
Neurovascular
Cardiovascular
Vascular Graft
Hospital Care Solutions
Life Care Solutions
Pharmaceutical Solutions－

For the fiscal
year ended
March 31,
2022
Millions of yen
263,947
58,15547,35027,677
128,041
26,69030,603
120,586251
703,303Year-to-yearcomparison
％
19.6
29.2
13.9
29.8
6.1
1.9
6.9
10.1
(2.0)
14.6

(Note)¥251 million adjustment is mainly proceeds from outward temporary staffing that is not attributable toreportable segments.

－ 21 －