Summary of Consolidated Financial Results for the Year Ended March 31,2021

May 20, 2021 at 6:01 AM UTC · Issued by Tanabe Engineering Corporation

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:	TANABE ENGINEERING CORPORATION
Stock exchange listing:	Tokyo
Stock code:	1828	URL https://www.tanabe-ind.co.jp/
Representative:	President and Representative Director	Yoshio Watanuki
	Director, Senior Executive officer and
Inquiries:	General Manager of Corporate		Yuichi Gommori	TEL 025-545-6500
	Administration Division
Scheduled date of ordinary general meeting of shareholders:	June 25, 2021
Scheduled date to file Securities Report:		June 28, 2021
Scheduled date to commence dividend payments:		June 28, 2021
Preparation of supplementary material on financial results:		No
Holding of financial results meeting:					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
		Net sales		Operating profit	Ordinary profit		Profit attributable to
				owners of parent

		Millions of yen		%	Millions of yen		%	Millions of yen		%	Millions of yen		%
Year ended March 31, 2021	38,123		1.1	2,653		1.1		2,742		2.1	1,754		(6.7)
Year ended March 31, 2020	37,708		0.6	2,623		7.3		2,685		7.6	1,880		22.8

		Earnings per share	Diluted earnings per	Profit attributable to		Ordinary profit/total	Operating profit/net
			share			owners of				assets				sales
							parent/equity

			Yen		Yen			%						%				%
Year ended March 31, 2021	163.92			-			10.3						8.6				7.0
Year ended March 31, 2020	175.74			-			12.2						9.0				7.0
(2) Consolidated financial position
		Total assets		Net assets		Equity ratio		Net assets per share
		Millions of yen	Millions of yen						%						Yen
As of March 31, 2021		33,307					17,816						53.5			1,664.94
As of March 31, 2020		30,530					16,272						53.3			1,520.67
(3) Consolidated cash flows
		Cash flows from	Cash flows from	Cash flows from	Cash and cash equivalents
		operating activities	investing activities	financing activities		at end of period
		Millions of yen	Millions of yen	Millions of yen		Millions of yen
Year ended March 31, 2021	1,632					(1,133)						367					4,525
Year ended March 31, 2020				844					(1,257)						(497)				3,683
2. Cash dividends
					Annual dividends per share					Total cash	Dividend payout		Ratio of dividends
															to net assets
		1st quarter-end	2nd quarter-end	3rd quarter-end	Fiscal year-end	Total			dividends (Total)	ratio (Consolidated)	(Consolidated)


		Yen		Yen	Yen		Yen	Yen	Millions of yen	%				%
Year ended March 31, 2020	-		0.00	-		30.00	30.00			321	17.1				2.1
Year ended March 31, 2021	-		0.00	-		30.00	30.00			321	18.3				1.9
Year ending March 31, 2022	-			0.00	-				27.00	27.00				18.1
(Forecast)

						1

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

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	39,000	2.3	2,300	(13.3)	2,350	(14.3)		1,600	(8.8)	149.52
4. Notes
(1) Changes in significant subsidiaries during the year ended March 31, 2021			No
(changes in specified subsidiaries resulting in the change in scope of consolidation):

(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:					No
Changes in accounting estimates:							No
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, 2021	10,728,000	shares	As of March 31, 2020	10,728,000	shares
Number of treasury shares at the end of the period
	As of March 31, 2021	27,084	shares	As of March 31, 2020	27,084	shares
Average number of shares during the period
	Year ended March 31, 2021	10,700,916	shares	Year ended March 31, 2020	10,700,916	shares

Consolidated financial statements

Consolidated balance sheets

			(Thousands of yen)
		As of March 31, 2020	As of March 31, 2021
Assets
Current assets
Cash and deposits	3,683,160	4,525,013
Notes receivable, accounts receivable from completed	16,373,673	16,902,899
construction contracts and other

Costs on construction contracts in progress	1,187,489	1,737,883
Other inventories	237,813	490,175
Other	166,102	228,874
Allowance for doubtful accounts	(1,595)	(1,672)
Total current assets	21,646,643	23,883,174
Non-current assets
Property, plant and equipment
Buildings and structures	6,642,301	6,712,294
Machinery, vehicles, tools, furniture and fixtures	4,775,553	5,115,905
Land	2,416,216	3,143,837
Leased assets	358,379	358,902
Construction in progress	664,181	339,061
Accumulated depreciation	(7,261,703)	(7,636,796)
Total property, plant and equipment	7,594,930	8,033,204
Intangible assets	117,379	173,342
Investments and other assets
Investment securities	369,367	422,715
Deferred tax assets	664,799	673,806
Other	137,145	121,210
Total investments and other assets	1,171,311	1,217,732
Total non-current assets	8,883,621	9,424,279
Total assets		30,530,265	33,307,454

			(Thousands of yen)
		As of March 31, 2020	As of March 31, 2021
Liabilities
Current liabilities
Notes payable, accounts payable for construction contracts	7,326,232	7,475,744
and other

Short-term borrowings	641,500	912,000
Lease obligations	45,621	40,269
Accounts payable - other	1,382,456	1,428,171
Accrued expenses	351,514	480,375
Income taxes payable	419,400	602,265
Advances received on construction contracts in progress	881,546	821,656
Provision for warranties for completed construction	36,387	36,372
Provision for loss on construction contracts	-	5,600
Provision for bonuses	1,078,892	1,163,017
Provision for bonuses for directors (and other officers)	55,000	60,000
Other	75,694	185,412
Total current liabilities	12,294,245	13,210,884
Non-current liabilities
Long-term borrowings	540,000	1,000,000
Lease obligations	96,426	75,338
Long-term accounts payable - other	130,000	130,000
Retirement benefit liability	1,197,025	1,074,881
Total non-current liabilities	1,963,451	2,280,219
Total liabilities	14,257,696	15,491,104
Net assets
Shareholders' equity
Share capital	885,320	885,320
Capital surplus	1,475,320	1,475,320
Retained earnings	14,172,082	15,605,123
Treasury shares	(7,020)	(7,020)
Total shareholders' equity	16,525,702	17,958,742
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	7,083	107,387
Foreign currency translation adjustment	73,308	(36,323)
Remeasurements of defined benefit plans	(333,525)	(213,457)
Total accumulated other comprehensive income	(253,133)	(142,392)
Total net assets	16,272,568	17,816,349
Total liabilities and net assets		30,530,265	33,307,454

Consolidated statements of income and consolidated statements of comprehensive income Consolidated statements of income

			(Thousands of yen)
		Fiscal year ended	Fiscal year ended
		March 31, 2020	March 31, 2021
Net sales
Net sales of completed construction contracts	37,708,621	38,123,091
Total net sales	37,708,621	38,123,091
Cost of sales
Cost of sales of completed construction contracts	31,102,692	31,547,642
Total cost of sales	31,102,692	31,547,642
Gross profit
Gross profit on completed construction contracts	6,605,929	6,575,448
Total gross profit	6,605,929	6,575,448
Selling, general and administrative expenses
Employees' salaries and allowances	1,227,633	1,244,744
Provision for bonuses	390,068	427,392
Provision for bonuses for directors (and other officers)	55,000	60,000
Retirement benefit expenses	65,430	66,782
Depreciation	183,182	215,563
Enterprise tax	94,995	83,983
Other	1,966,351	1,823,876
Total selling, general and administrative expenses	3,982,661	3,922,342
Operating profit	2,623,267	2,653,106
Non-operating income
Interest income	1,333	940
Dividend income	12,311	11,196
Rental income from land and buildings	38,170	40,897
Receive compensation	14,407	-
dispatching fee	-	18,088
Foreign exchange gains	769	11,495
Other	30,753	39,987
Total non-operating income	97,745	122,605
Non-operating expenses
Interest expenses	12,901	15,729
Loss on sale of receivables	5,243	5,150
Commitment fees	16,899	9,799
Other	740	2,075
Total non-operating expenses	35,785	32,755
Ordinary profit	2,685,227	2,742,956
Extraordinary income
Gain on sale of non-current assets	528	6,000
Compensation income	51,392	-
Insurance claim income	28,822	-
Total extraordinary income		80,743	6,000

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