Summary of Consolidated Financial Results for the Year Ended March 31,2022

May 25, 2022 at 4:12 PM 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, 2022

(Based on Japanese GAAP)

																			May 13, 2022
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		Yuichi Gommori	TEL 025-545-6500
	Corporate Administration Division
Scheduled date of ordinary general meeting of shareholders:	June 28, 2022
Scheduled date to file Securities Report:		June 29, 2022
Scheduled date to commence dividend payments:		June 29, 2022
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, 2022 (from April 1, 2021 to March 31, 2022)
(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, 2022		42,526		11.5	2,814		6.1		2,898	5.7	1,872		6.8
Year ended March 31, 2021		38,123		1.1	2,653		1.1		2,742	2.1	1,754		(6.7)

			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, 2022		175.02			-			10.1					8.5					6.6
Year ended March 31, 2021		163.92			-			10.3					8.6					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, 2022			35,093					19,367					55.2				1,809.92
As of March 31, 2021			33,307					17,816					53.5				1,664.94
(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, 2022		3,051					(1,351)					(1,186)						5,124
Year ended March 31, 2021		1,632					(1,133)					367						4,525
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, 2021		-		0.00	-		30.00	30.00		321	18.3				1.9
Year ended March 31, 2022		-		0.00	-		33.00	33.00		353	18.9				1.9
Year ending March 31, 2023		-			0.00	-				33.00	33.00			20.8
(Forecast)

							1

3. Forecast of consolidated financial results for the year ending March 31, 2023 (from April 1, 2022 to March 31, 2023)

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	43,000	1.1	2,500	(11.2)	2,600	(10.3)		1,700	(9.2)	158.86
4. Notes
(1) Changes in significant subsidiaries during the year ended March 31, 2022			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:	Yes
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, 2022	10,728,000	shares	As of March 31, 2021	10,728,000	shares
Number of treasury shares at the end of the period
	As of March 31, 2022	27,084	shares	As of March 31, 2021	27,084	shares
Average number of shares during the period
	Year ended March 31, 2022	10,700,916	shares	Year ended March 31, 2021	10,700,916	shares

Consolidated financial statements

Consolidated balance sheets

			(Thousands of yen)
		As of March 31, 2021	As of March 31, 2022
Assets
Current assets
Cash and deposits	4,525,013	5,124,250
Notes receivable, accounts receivable from completed	16,902,899	19,361,816
construction contracts and other

Costs on construction contracts in progress	1,737,883	61,240
Other inventories	490,175	511,544
Other	228,874	212,506
Allowance for doubtful accounts	(1,672)	(1,882)
Total current assets	23,883,174	25,269,475
Non-current assets
Property, plant and equipment
Buildings and structures	6,712,294	7,318,792
Machinery, vehicles, tools, furniture and fixtures	5,115,905	5,190,539
Land	3,143,837	3,143,599
Leased assets	358,902	361,671
Construction in progress	339,061	193,064
Accumulated depreciation	(7,636,796)	(8,011,106)
Total property, plant and equipment	8,033,204	8,196,561
Intangible assets	173,342	372,156
Investments and other assets
Investment securities	422,715	423,477
Deferred tax assets	673,806	726,267
Other	121,210	106,044
Total investments and other assets	1,217,732	1,255,790
Total non-current assets	9,424,279	9,824,507
Total assets		33,307,454	35,093,983

			(Thousands of yen)
		As of March 31, 2021	As of March 31, 2022
Liabilities
Current liabilities
Notes payable, accounts payable for construction contracts	7,475,744	8,486,076
and other

Short-term borrowings	912,000	500,000
Lease liabilities	40,269	41,361
Accounts payable - other	1,428,171	1,558,172
Accrued expenses	480,375	687,789
Income taxes payable	602,265	537,370
Advances received on construction contracts in progress	821,656	614,340
Provision for warranties for completed construction	36,372	40,328
Provision for loss on construction contracts	5,600	22,150
Provision for bonuses	1,163,017	1,230,395
Provision for bonuses for directors (and other officers)	60,000	60,000
Other	185,412	63,232
Total current liabilities	13,210,884	13,841,217
Non-current liabilities
Long-term borrowings	1,000,000	600,000
Lease liabilities	75,338	45,205
Long-term accounts payable - other	130,000	130,000
Retirement benefit liability	1,074,881	1,109,794
Total non-current liabilities	2,280,219	1,885,000
Total liabilities	15,491,104	15,726,217
Net assets
Shareholders' equity
Share capital	885,320	885,320
Capital surplus	1,475,320	1,475,320
Retained earnings	15,605,123	17,172,165
Treasury shares	(7,020)	(7,020)
Total shareholders' equity	17,958,742	19,525,784
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	107,387	60,413
Foreign currency translation adjustment	(36,323)	(15,680)
Remeasurements of defined benefit plans	(213,457)	(202,752)
Total accumulated other comprehensive income	(142,392)	(158,019)
Total net assets	17,816,349	19,367,765
Total liabilities and net assets		33,307,454	35,093,983

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, 2021	March 31, 2022
Net sales
Net sales of completed construction contracts	38,123,091	42,526,149
Total net sales	38,123,091	42,526,149
Cost of sales
Cost of sales of completed construction contracts	31,547,642	35,588,751
Total cost of sales	31,547,642	35,588,751
Gross profit
Gross profit on completed construction contracts	6,575,448	6,937,398
Total gross profit	6,575,448	6,937,398
Selling, general and administrative expenses
Employees' salaries and allowances	1,244,744	1,306,046
Provision for bonuses	427,392	440,931
Provision for bonuses for directors (and other officers)	60,000	60,000
Retirement benefit expenses	66,782	62,602
Depreciation	215,563	287,755
Enterprise tax	83,983	110,273
Other	1,823,876	1,855,579
Total selling, general and administrative expenses	3,922,342	4,123,188
Operating profit	2,653,106	2,814,210
Non-operating income
Interest income	940	662
Dividend income	11,196	8,870
Rental income from land and buildings	40,897	43,648
dispatching fee	18,088	13,343
Foreign exchange gains	11,495	5,815
Other	39,987	50,100
Total non-operating income	122,605	122,441
Non-operating expenses
Interest expenses	15,729	12,681
Loss on sale of receivables	5,150	4,561
Commitment fees	9,799	19,101
Other	2,075	2,122
Total non-operating expenses	32,755	38,467
Ordinary profit	2,742,956	2,898,184
Extraordinary income
Gain on sale of non-current assets	6,000	471
Insurance claim income	-	26,641
Gain on sale of golf membership	-	1,818
Total extraordinary income		6,000	28,930

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