T Hasegawa : Summary of Consolidated Financial Results for the Six Months Ended March 31, 2021

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 Six Months Ended March 31, 2021 (Based on Japanese GAAP)

May 7, 2021

Company name:

T. HASEGAWA CO., LTD.

Stock exchange listing:

Tokyo

Stock code:

4958

URL https://www.t-hasegawa.co.jp/

Representative:

President & COO

Takao Umino

Inquiries:

Director & Senior Executive Vice President

Minoru Nakamura

TEL

03-3241-1151

Scheduled date to file Quarterly Securities Report:

May 14, 2021

Scheduled date to commence dividend payments:

June 1, 2021

Preparation of supplementary material on quarterly financial results:

Yes

Holding of quarterly financial results meeting:

Yes

(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the six months ended March 31, 2021 (from October 1, 2020 to March 31, 2021)

(1) Consolidated operating results (cumulative)

Percentages indicate year-on-year changes

Net sales

Operating profit

Ordinary profit

Profit attributable to

owners of parent

Millions of yen

%

Millions of yen

%

Millions of yen

% Millions of yen

%

Six months ended March 31, 2021

26,135

6.8

2,968

20.2

3,304

22.9

3,138

49.9

Six months ended March 31, 2020

24,462

(0.0)

2,469

11.2

2,688

10.3

2,092

18.8

Note: Comprehensive income

Six months ended March 31, 2021

¥5,413 million

[288.6%]

Six months ended March 31, 2020

¥1,393 million

[317.2%]

Earnings per share

Diluted earnings per share

Yen

Yen

Six months ended March 31, 2021

75.65

75.37

Six months ended March 31, 2020

50.49

50.31

(2) Consolidated financial position

Total assets

Net assets

Equity ratio

Millions of yen

Millions of yen

%

As of March 31, 2021

117,907

96,755

81.9

As of September 30, 2020

113,445

92,218

81.1

Reference: Equity

As of March 31, 2021

¥96,510 million

As of September 30, 2020

¥91,990 million

2. Cash dividends

Annual dividends per share

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Total

Yen

Yen

Yen

Yen

Yen

Year ended September 30, 2020

-

18.00

-

22.00

40.00

Year ending September 30, 2021

-

22.00

Year ending September 30, 2021

-

22.00

44.00

(Forecast)

Note: Revision of cash dividend forecast most recently announced: Yes

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3. Forecast of consolidated financial results for the year ending September 30, 2021 (from October 1, 2020 to September 30, 2021)

Percentages indicate year-on-year changes

	Net sales		Operating profit		Ordinary profit		Profit attributable to	Earnings per share
				owners of parent
	Millions of yen	%	Millions of yen		%	Millions of yen		%	Millions of yen	%	Yen
Full year	53,700	3.1	5,230		1.4	5,700		2.3	5,350	13.1	129.40

Note: Revision of consolidated financial results forecast most recently announced: Yes

4. Notes

1. Changes in significant subsidiaries during the six months ended March 31, 2021 (changes in specified subsidiaries resulting in the change in scope of consolidation):
2. Application of special accounting methods for preparing quarterly consolidated financial statements:

No

Yes

(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:	No
Changes in accounting policies due to other reasons:	No
Changes in accounting estimates:	No
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 March 31, 2021	42,708,154	shares	As of September 30, 2020	42,708,154	shares
Number of treasury shares at the end of the period
	As of March 31, 2021	1,222,044	shares	As of September 30, 2020	1,233,044	shares
Average number of shares during the period (cumulative from the beginning of the fiscal year)
	Six months ended March 31, 2021	41,481,396	shares	Six months ended March 31, 2020	41,450,911	shares

• Quarterly financial results reports are exempt from quarterly review conducted by certified public accountants or an audit corporation.
• Proper use of forecasts of financial results, and other special matters

The forward-looking statements, including the earnings forecasts, shown in this document are based on information currently available to the Company and on certain assumptions deemed to be reasonable. These statements do not purport that the Company pledges to realize such statements. Actual results may differ substantially due to various factors.

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Quarterly consolidated financial statements

Consolidated balance sheets

			(Millions of yen)
		As of September 30, 2020	As of March 31, 2021
Assets
Current assets
Cash and deposits	16,584	17,416
Notes and accounts receivable - trade	15,471	15,729
Securities	12,000	1,999
Merchandise and finished goods	7,161	7,574
Work in process	170	123
Raw materials and supplies	6,901	6,682
Other	737	730
Allowance for doubtful accounts	(13)	(15)
Total current assets	59,013	50,241
Non-current assets
Property, plant and equipment
Buildings and structures, net	15,915	16,190
Other, net	13,429	13,851
Total property, plant and equipment	29,345	30,041
Intangible assets
Goodwill	572	6,351
Other	3,266	10,766
Total intangible assets	3,839	17,118
Investments and other assets
Investment securities	19,838	19,466
Retirement benefit asset	17	17
Other	1,443	1,081
Allowance for doubtful accounts	(51)	(60)
Total investments and other assets	21,246	20,505
Total non-current assets	54,431	67,665
Total assets	113,445	117,907
Liabilities
Current liabilities
Notes and accounts payable - trade	4,743	4,987
Income taxes payable	630	1,089
Provision for bonuses	1,431	907
Provision for bonuses for directors (and other officers)	74	-
Other	3,381	2,702
Total current liabilities	10,261	9,686
Non-current liabilities
Deferred tax liabilities	2,992	3,048
Retirement benefit liability	7,121	7,305
Asset retirement obligations	69	63
Long-term accounts payable - other	648	638
Other	131	408
Total non-current liabilities	10,965	11,465
Total liabilities		21,226	21,151

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			(Millions of yen)
		As of September 30, 2020	As of March 31, 2021
Net assets
Shareholders' equity
Share capital	5,364	5,364
Capital surplus	7,298	7,301
Retained earnings	71,169	73,394
Treasury shares	(1,820)	(1,804)
Total shareholders' equity	82,012	84,256
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	11,551	11,315
Foreign currency translation adjustment	(1,316)	1,169
Remeasurements of defined benefit plans	(256)	(230)
Total accumulated other comprehensive income	9,978	12,253
Share acquisition rights	228	245
Total net assets	92,218	96,755
Total liabilities and net assets		113,445	117,907

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Consolidated statements of income (cumulative) and consolidated statements of comprehensive income (cumulative)

Consolidated statements of income (cumulative)

			(Millions of yen)
		Six months ended	Six months ended
		March 31, 2020	March 31, 2021
Net sales	24,462	26,135
Cost of sales	15,114	15,582
Gross profit	9,348	10,553
Selling, general and administrative expenses	6,878	7,584
Operating profit	2,469	2,968
Non-operating income
Interest income	49	55
Dividend income	147	123
Foreign exchange gains	-	111
Other	70	60
Total non-operating income	267	351
Non-operating expenses
Interest expenses	0	3
Foreign exchange losses	31	-
Other	15	11
Total non-operating expenses	48	15
Ordinary profit	2,688	3,304
Extraordinary income
Gain on sales of non-current assets	320	-
Gain on sales of investment securities	-	1,137
Total extraordinary income	320	1,137
Extraordinary losses
Loss on abandonment of non-current assets	-	7
Total extraordinary losses	-	7
Profit before income taxes	3,008	4,435
Income taxes	916	1,297
Profit	2,092	3,138
Profit attributable to owners of parent		2,092	3,138

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