Teno.holdings Co., Ltd.TSE: 7037

Summary of Consolidated Financial Results for Three Months Ended March 31,2021

May 12, 2021 at 1:01 PM UTC · Issued by teno.Holdings Co., Ltd.

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

				May 11, 2021
Company name:	teno.Holdings Company Limited
Stock exchange listing: Tokyo, Fukuoka
Stock code:	7037	URL https://www.teno.co.jp/
Representative:	President & CEO	Hiroko Ikeuchi
Inquiries:	Director,GM of Administrative Headquarter	Haruhiko Yoshino	TEL 092 (263) 3550
Scheduled date to file Quarterly Securities Report:	May 12, 2021
Scheduled date to commence dividend payments:	-
Preparation of supplementary material on quarterly financial results:	Yes
Holding of quarterly financial results meeting:	No

(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the three months ended March 31, 2021 (from January 1, 2021 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		%
Three months ended March 31, 2021	2,965	12.5		220	16.2		236		26.2			147		24.7
Three months ended March 31, 2020	2,634	3.1		189	21.8		186		24.8			118		20.8

	Earnings per share	Diluted earnings per share
			Yen					Yen
Three months ended March 31, 2021		31.59					31.31
Three months ended March 31, 2020		25.41					25.14
(2) Consolidated financial position
	Total assets		Net assets		Equity ratio
	Millions of yen		Millions of yen				%
As of March 31, 2021		7,998					2,239				28.0
As of December 31, 2020		7,419					2,127				28.7
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 December 31, 2020		-		0.00			-				8.20			8.20
Year ending December 31, 2021		-
Year ending December 31, 2021 (Forecast)					0.00			-				8.40			8.40

3. Forecast of consolidated financial results for the year ending December 31, 2021 (from January 1, 2021 to December 31, 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	12,000	11.3	620		1.3	594		-	364	7.3	78.16

4. Notes

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

(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	4,673,100	shares	As of December 31, 2020	4,657,500	shares
Number of treasury shares at the end of the period
	As of March 31, 2021	183	shares	As of December 31, 2020	183	shares
Average number of shares during the period (cumulative from the beginning of the fiscal year)
	Three months ended March 31, 2021	4,667,830	shares	Three months ended March 31, 2020	4,654,093	shares

Quarterly consolidated financial statements

Consolidated balance sheets

			(Thousands of yen)
		As of December 31, 2020	As of March 31, 2021
Assets
Current assets
Cash and deposits	1,895,696	1,885,683
Accounts receivable - trade	955,655	982,009
Other	356,148	500,978
Allowance for doubtful accounts	(1,028)	(971)
Total current assets	3,206,472	3,367,699
Non-current assets
Property, plant and equipment
Buildings and structures	2,376,863	2,376,863
Accumulated depreciation	(723,967)	(760,841)
Buildings and structures, net	1,652,896	1,616,022
Leased assets	15,633	15,633
Accumulated depreciation	(10,770)	(11,477)
Leased assets, net	4,863	4,156
Construction in progress	81,040	517,964
Other	341,161	347,119
Accumulated depreciation	(291,906)	(295,426)
Other, net	49,254	51,692
Total property, plant and equipment	1,788,055	2,189,836
Intangible assets
Goodwill	710,548	695,357
Other	110,618	132,361
Total intangible assets	821,167	827,718
Investments and other assets
Long-term loans receivable	818,039	808,043
Long-term prepaid expenses	355,249	348,132
Deferred tax assets	58,681	82,733
Leasehold and guarantee deposits	371,501	374,659
Other	581	673
Allowance for doubtful accounts	(581)	(673)
Total investments and other assets	1,603,471	1,613,567
Total non-current assets	4,212,694	4,631,122
Total assets	7,419,167	7,998,822
Liabilities
Current liabilities
Accounts payable - trade	24,001	27,899
Short-term borrowings	300,000	1,200,000
Current portion of long-term borrowings	441,312	441,312
Accounts payable - other	795,981	726,922
Income taxes payable	185,859	114,331
Provision for bonuses	47,924	150,093
Other	600,794	329,737
Total current liabilities		2,395,874	2,990,296

			(Thousands of yen)
		As of December 31, 2020	As of March 31, 2021
Non-current liabilities
Long-term borrowings	2,767,782	2,643,219
Deferred tax liabilities	2,764	-
Provision for retirement benefits for directors (and other	16,513	17,409
officers)

Asset retirement obligations	92,197	92,288
Other	16,369	15,796
Total non-current liabilities	2,895,627	2,768,713
Total liabilities	5,291,501	5,759,009
Net assets
Shareholders' equity
Share capital	451,141	452,576
Capital surplus	528,641	530,076
Retained earnings	1,148,074	1,257,351
Treasury shares	(191)	(191)
Total shareholders' equity	2,127,665	2,239,813
Total net assets	2,127,665	2,239,813
Total liabilities and net assets		7,419,167	7,998,822

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

Consolidated statements of income (cumulative)

			(Thousands of yen)
		Three months ended	Three months ended
		March 31, 2020	March 31, 2021
Net sales	2,634,619	2,965,103
Cost of sales	2,171,114	2,449,817
Gross profit	463,504	515,286
Selling, general and administrative expenses	274,101	295,166
Operating profit	189,403	220,120
Non-operating income
Interest income	1,372	1,338
Subsidy income	150	18,181
Other	500	1,472
Total non-operating income	2,023	20,992
Non-operating expenses
Interest expenses	3,926	4,221
Other	513	862
Total non-operating expenses	4,440	5,083
Ordinary profit	186,986	236,029
Extraordinary income
Subsidy income	-	27,955
Total extraordinary income	-	27,955
Extraordinary losses
Loss on tax purpose reduction entry of non-current assets	-	26,301
subsidies return loss	-	4,444
Total extraordinary losses	-	30,745
Profit before income taxes	186,986	233,239
Income taxes - current	99,179	82,558
Income taxes - deferred	(30,468)	3,213
Total income taxes	68,710	85,772
Profit	118,276	147,467
Profit attributable to owners of parent		118,276	147,467

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