DISCLAIMER: This document has been translated from a part of the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.
May 13, 2025
Company name: TOKYO RADIATOR MFG. CO.,LTD.
Listing: Tokyo Stock Exchange
Securities code: 7235
URL: https://www.tokyo-radiator.co.jp/ Representative: Hironori Kimura, President
Inquiries: Kazuhiko Yano, Executive Corporate Officer
Telephone: +81-466-87-1231
Scheduled date of annual general meeting of shareholders: June 26, 2025 Scheduled date to commence dividend payments: June 27, 2025
Scheduled date to file annual securities report: June 25, 2025
Preparation of supplementary material on financial results: Yes
Holding of financial results briefing: None
(Yen amounts are rounded down to millions, unless otherwise noted.)
-
Consolidated financial results for the fiscal year ended March 31, 2025 (from April 1, 2024 to March 31, 2025)
-
Consolidated operating results (Percentages indicate year-on-year changes.)
Net sales
Operating profit
Ordinary profit
Profit attributable to owners of parent
Fiscal year ended
Millions of yen
%
Millions of yen
%
Millions of yen
%
Millions of yen
%
March 31, 2025
34,060
2.0
1,714
22.7
1,920
24.0
1,422
(15.4)
March 31, 2024
33,401
5.1
1,397
69.8
1,548
82.4
1,681
-
Note: Comprehensive income For the fiscal year ended March 31, 2025:
¥2,386 million
[(21.2)%]
For the fiscal year ended March 31, 2024:
¥3,028 million
[-%]
Basic earnings per share
Diluted earnings per share
Return on equity
Ratio of ordinary profit to total assets
Ratio of operating profit to net sales
Fiscal year ended
Yen
Yen
%
%
%
March 31, 2025
151.12
-
6.8
6.0
5.0
March 31, 2024
179.07
-
9.0
5.1
4.2
-
Consolidated financial position
Total assets
Net assets
Equity-to-asset ratio
Net assets per share
As of
Millions of yen
Millions of yen
%
Yen
March 31, 2025
32,918
23,950
66.7
2,327.87
March 31, 2024
31,628
21,902
63.1
2,124.29
Reference: Equity
As of March 31, 2025: ¥21,960 million
As of March 31, 2024: ¥19,942 million
- Consolidated cash flows
Cash flows from operating activities
Cash flows from investing activities
Cash flows from financing activities
Cash and cash equivalents at end of period
Fiscal year ended
Millions of yen
Millions of yen
Millions of yen
Millions of yen
March 31, 2025
2,253
(599)
(410)
6,697
March 31, 2024
1,343
(1,261)
(311)
5,176
-
Consolidated operating results (Percentages indicate year-on-year changes.)
-
Cash dividends
Annual dividends per share
Total cash dividends (Total)
Payout ratio (Consolidated)
Ratio of dividends to net assets (Consolidated)
First quarter-end
Second quarter-end
Third quarter-end
Fiscal year-end
Total
Yen
Yen
Yen
Yen
Yen
Millions of yen
%
%
Fiscal year ended
March 31, 2024
-
9.00
-
14.00
23.00
215
12.8
1.2
Fiscal year ended March 31, 2025
-
13.00
-
32.50
45.50
429
30.1
2.0
Fiscal year ending March 31, 2026 (Forecast)
22.50
23.00
45.50
34.3
- Forecast of consolidated financial results for the fiscal year ending March 31, 2026 (from April 1, 2025 to March 31, 2026)
(Percentages indicate year-on-year changes.)
Net sales | Operating profit | Ordinary profit | Profit attributable to owners of parent | Basic earnings per share | |||||
Fiscal year ending March 31, 2026 | Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | Yen |
34,000 | (0.2) | 1,700 | (0.9) | 1,850 | (3.7) | 1,250 | (12.2) | 132.75 | |
Significant changes in the scope of consolidation during the period: None
Changes in accounting policies, changes in accounting estimates, and restatement
Changes in accounting policies due to revisions to accounting standards and other regulations: Yes
Changes in accounting policies due to other reasons: None
Changes in accounting estimates: None
Restatement: None
Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2025
10,400,000 shares
As of March 31, 2024
14,400,000 shares
Number of treasury shares at the end of the period
As of March 31, 2025
966,158 shares
As of March 31, 2024
5,012,108 shares
Average number of shares outstanding during the period
Fiscal year ended March 31, 2025 | 9,416,177 shares |
Fiscal year ended March 31, 2024 | 9,387,893 shares |
(Thousands of yen)
As of March 31, 2024 | As of March 31, 2025 | |
Assets | ||
Current assets | ||
Cash and deposits | 7,088,813 | 8,413,749 |
Notes and accounts receivable - trade, and contract assets | 5,447,168 | 5,940,487 |
Electronically recorded monetary claims - operating | 2,953,812 | 2,845,188 |
Merchandise and finished goods | 1,215,043 | 1,070,357 |
Work in process | 527,506 | 467,540 |
Raw materials and supplies | 2,125,072 | 1,937,245 |
Other | 531,734 | 448,023 |
Allowance for doubtful accounts | - | (485) |
Total current assets | 19,889,152 | 21,122,106 |
Non-current assets | ||
Property, plant and equipment | ||
Buildings and structures | 6,550,926 | 6,708,326 |
Accumulated depreciation | (3,793,373) | (4,028,294) |
Buildings and structures, net | 2,757,553 | 2,680,032 |
Machinery, equipment and vehicles | 17,777,364 | 17,917,880 |
Accumulated depreciation | (13,621,364) | (14,067,867) |
Machinery, equipment and vehicles, net | 4,155,999 | 3,850,013 |
Tools, furniture and fixtures | 7,165,394 | 7,390,738 |
Accumulated depreciation | (6,228,864) | (6,470,543) |
Tools, furniture and fixtures, net | 936,529 | 920,194 |
Land | 1,106,558 | 1,106,558 |
Construction in progress | 264,043 | 197,669 |
Total property, plant and equipment | 9,220,685 | 8,754,467 |
Intangible assets | 153,859 | 184,445 |
Investments and other assets | ||
Investment securities | 1,783,111 | 1,806,728 |
Deferred tax assets | 66,597 | 90,183 |
Retirement benefit asset | 449,884 | 888,113 |
Distressed receivables | - | 22,035 |
Other | 73,721 | 72,184 |
Allowance for doubtful accounts | (8,500) | (22,035) |
Total investments and other assets | 2,364,814 | 2,857,210 |
Total non-current assets | 11,739,359 | 11,796,124 |
Total assets | 31,628,511 | 32,918,230 |
(Thousands of yen)
As of March 31, 2024 | As of March 31, 2025 | |
Liabilities | ||
Current liabilities | ||
Notes and accounts payable - trade | 2,888,852 | 3,127,287 |
Electronically recorded obligations - operating | 2,939,846 | 2,243,235 |
Accrued expenses | 1,397,293 | 1,171,653 |
Income taxes payable | 144,128 | 139,102 |
Provision for product warranties | 39,168 | 30,480 |
Provision for loss on special claims | 119,683 | 76,834 |
Electronically recorded obligations - non-operating | 127,128 | 136,782 |
Accounts payable - facilities | 277,940 | 339,983 |
Other | 556,822 | 421,945 |
Total current liabilities | 8,490,865 | 7,687,305 |
Non-current liabilities | ||
Retirement benefit liability | 22,621 | 24,608 |
Deferred tax liabilities | 885,528 | 995,966 |
Other | 326,614 | 259,455 |
Total non-current liabilities | 1,234,764 | 1,280,029 |
Total liabilities | 9,725,629 | 8,967,335 |
Net assets | ||
Shareholders' equity | ||
Share capital | 1,317,600 | 1,317,600 |
Capital surplus | 778,300 | 778,300 |
Retained earnings | 18,363,652 | 16,576,348 |
Treasury shares | (3,704,604) | (714,117) |
Total shareholders' equity | 16,754,947 | 17,958,132 |
Accumulated other comprehensive income | ||
Valuation difference on available-for-sale securities | 892,149 | 900,087 |
Foreign currency translation adjustment | 1,808,945 | 2,426,041 |
Remeasurements of defined benefit plans | 486,582 | 676,495 |
Total accumulated other comprehensive income | 3,187,677 | 4,002,625 |
Non-controlling interests | 1,960,256 | 1,990,138 |
Total net assets | 21,902,882 | 23,950,895 |
Total liabilities and net assets | 31,628,511 | 32,918,230 |
(Thousands of yen)
Fiscal year ended March 31, 2024 | Fiscal year ended March 31, 2025 | |
Net sales | 33,401,003 | 34,060,230 |
Cost of sales | 28,887,959 | 29,368,105 |
Gross profit | 4,513,043 | 4,692,125 |
Selling, general and administrative expenses | 3,115,320 | 2,977,149 |
Operating profit | 1,397,723 | 1,714,975 |
Non-operating income | ||
Interest income | 124,438 | 90,323 |
Dividend income | 69,112 | 78,469 |
Foreign exchange gains | - | 1,734 |
Rental income | 2,415 | 1,610 |
Commission income | 9,901 | 9,531 |
Government grants | 12,819 | 28,384 |
Other | 10,503 | 16,095 |
Total non-operating income | 229,191 | 226,148 |
Non-operating expenses | ||
Interest expenses | 20,080 | 17,630 |
Foreign exchange losses | 47,668 | - |
Vehicle Referral system incentive fee | 227 | 96 |
Other | 10,042 | 2,763 |
Total non-operating expenses | 78,019 | 20,491 |
Ordinary profit | 1,548,895 | 1,920,633 |
Extraordinary income | ||
Gain on sale of non-current assets | 1,509 | 1,917 |
Gain on sale of investment securities | 8,040 | - |
Compensation income | 347,891 | - |
Total extraordinary income | 357,441 | 1,917 |
Extraordinary losses | ||
Loss on sale of non-current assets | 320 | 277 |
Loss on retirement of non-current assets | 134,485 | 3,238 |
Impairment losses | 27,656 | 166,406 |
Total extraordinary losses | 162,462 | 169,922 |
Profit before income taxes | 1,743,874 | 1,752,628 |
Income taxes - current | 276,047 | 364,641 |
Income taxes - deferred | (344,886) | (65,364) |
Total income taxes | (68,839) | 299,277 |
Profit | 1,812,713 | 1,453,351 |
Profit attributable to non-controlling interests | 131,645 | 30,422 |
Profit attributable to owners of parent | 1,681,068 | 1,422,928 |
(Thousands of yen)
Fiscal year ended March 31, 2024 | Fiscal year ended March 31, 2025 | |
Profit | 1,812,713 | 1,453,351 |
Other comprehensive income | ||
Valuation difference on available-for-sale securities | 314,711 | 7,937 |
Foreign currency translation adjustment | 547,945 | 735,331 |
Remeasurements of defined benefit plans, net of tax | 352,705 | 189,899 |
Total other comprehensive income | 1,215,361 | 933,169 |
Comprehensive income | 3,028,075 | 2,386,520 |
Comprehensive income attributable to | ||
Comprehensive income attributable to owners of parent | 2,786,111 | 2,237,876 |
Comprehensive income attributable to non-controlling interests | 241,963 | 148,644 |
(Thousands of yen)
Shareholders' equity | |||||
Share capital | Capital surplus | Retained earnings | Treasury shares | Total shareholders' equity | |
Balance at beginning of period | 1,317,600 | 778,300 | 16,842,178 | (3,704,603) | 15,233,474 |
Dividends of surplus | (159,594) | (159,594) | |||
Profit attributable to owners of parent | 1,681,068 | 1,681,068 | |||
Purchase of treasury shares | (0) | (0) | |||
Disposal of treasury shares | |||||
Cancellation of treasury shares | |||||
Transfer of negative balance in other capital surplus | |||||
Net changes in items other than shareholders' equity | |||||
Total changes during period | - | - | 1,521,474 | (0) | 1,521,473 |
Balance at end of period | 1,317,600 | 778,300 | 18,363,652 | (3,704,604) | 16,754,947 |
Accumulated other comprehensive income | Non-controlling interests | Total net assets | ||||
Valuation difference on available-for-sale securities | Foreign currency translation adjustment | Remeasurements of defined benefit plans | Total accumulated other comprehensive income | |||
Balance at beginning of period | 577,438 | 1,371,318 | 133,877 | 2,082,634 | 1,833,223 | 19,149,332 |
Dividends of surplus | (159,594) | |||||
Profit attributable to owners of parent | 1,681,068 | |||||
Purchase of treasury shares | (0) | |||||
Disposal of treasury shares | ||||||
Cancellation of treasury shares | ||||||
Transfer of negative balance in other capital surplus | ||||||
Net changes in items other than shareholders' equity | 314,711 | 437,626 | 352,705 | 1,105,043 | 127,032 | 1,232,076 |
Total changes during period | 314,711 | 437,626 | 352,705 | 1,105,043 | 127,032 | 2,753,549 |
Balance at end of period | 892,149 | 1,808,945 | 486,582 | 3,187,677 | 1,960,256 | 21,902,882 |
(Thousands of yen)
Shareholders' equity | |||||
Share capital | Capital surplus | Retained earnings | Treasury shares | Total shareholders' equity | |
Balance at beginning of period | 1,317,600 | 778,300 | 18,363,652 | (3,704,604) | 16,754,947 |
Dividends of surplus | (254,071) | (254,071) | |||
Profit attributable to owners of parent | 1,422,928 | 1,422,928 | |||
Purchase of treasury shares | (35) | (35) | |||
Disposal of treasury shares | 361 | 34,000 | 34,362 | ||
Cancellation of treasury shares | (2,956,523) | 2,956,523 | - | ||
Transfer of negative balance in other capital surplus | 2,956,161 | (2,956,161) | - | ||
Net changes in items other than shareholders' equity | |||||
Total changes during period | - | - | (1,787,303) | 2,990,487 | 1,203,184 |
Balance at end of period | 1,317,600 | 778,300 | 16,576,348 | (714,117) | 17,958,132 |
Accumulated other comprehensive income | Non-controlling interests | Total net assets | ||||
Valuation difference on available-for-sale securities | Foreign currency translation adjustment | Remeasurements of defined benefit plans | Total accumulated other comprehensive income | |||
Balance at beginning of period | 892,149 | 1,808,945 | 486,582 | 3,187,677 | 1,960,256 | 21,902,882 |
Dividends of surplus | (254,071) | |||||
Profit attributable to owners of parent | 1,422,928 | |||||
Purchase of treasury shares | (35) | |||||
Disposal of treasury shares | 34,362 | |||||
Cancellation of treasury shares | - | |||||
Transfer of negative balance in other capital surplus | - | |||||
Net changes in items other than shareholders' equity | 7,937 | 617,096 | 189,913 | 814,947 | 29,881 | 844,829 |
Total changes during period | 7,937 | 617,096 | 189,913 | 814,947 | 29,881 | 2,048,013 |
Balance at end of period | 900,087 | 2,426,041 | 676,495 | 4,002,625 | 1,990,138 | 23,950,895 |
(Thousands of yen)
Fiscal year ended March 31, 2024 | Fiscal year ended March 31, 2025 | |
Cash flows from operating activities | ||
Profit before income taxes | 1,743,874 | 1,752,628 |
Depreciation | 1,437,125 | 1,401,208 |
Increase (decrease) in provisions | (332,806) | (38,170) |
Increase (decrease) in retirement benefit liability | 419,597 | 387,974 |
Decrease (increase) in retirement benefit asset | (449,884) | (438,229) |
Interest and dividend income | (193,550) | (168,792) |
Interest expenses | 20,080 | 17,630 |
Foreign exchange losses (gains) | 42,384 | (2,387) |
Loss on retirement of non-current assets | 134,485 | 3,238 |
Loss (gain) on sale of investment securities | (8,040) | - |
Compensation income | (347,891) | - |
Impairment losses | 27,656 | 166,406 |
Decrease (increase) in trade receivables | (1,789,359) | (259,037) |
Decrease (increase) in inventories | 419,947 | 555,847 |
Decrease (increase) in dies for sales | (48,087) | (2,377) |
Increase (decrease) in trade payables | (127,356) | (535,559) |
Increase (decrease) in accrued expenses | (71,163) | (259,030) |
Increase (decrease) in accrued consumption taxes | 121,396 | (95,096) |
Other, net | 55,663 | (33,171) |
Subtotal | 1,054,072 | 2,453,082 |
Interest and dividends received | 194,774 | 191,553 |
Interest paid | (20,080) | (18,335) |
Proceeds from compensation | 300,000 | - |
Income taxes refund (paid) | (185,229) | (372,815) |
Net cash provided by (used in) operating activities | 1,343,536 | 2,253,485 |
Cash flows from investing activities | ||
Payments into time deposits | (177,280) | - |
Proceeds from withdrawal of time deposits | 56,400 | 309,480 |
Purchase of property, plant and equipment | (1,067,948) | (817,570) |
Proceeds from sale of property, plant and equipment | 1,756 | 2,223 |
Purchase of intangible assets | (22,777) | (77,888) |
Purchase of investment securities | (50,431) | (2,575) |
Proceeds from sale of investment securities | 8,500 | - |
Other, net | (9,576) | (13,049) |
Net cash provided by (used in) investing activities | (1,261,357) | (599,381) |
Cash flows from financing activities | ||
Dividends paid | (159,594) | (254,071) |
Dividends paid to non-controlling interests | (114,930) | (118,762) |
Repayments of lease liabilities | (36,923) | (37,948) |
Purchase of treasury shares | - | (35) |
Net cash provided by (used in) financing activities | (311,448) | (410,817) |
Effect of exchange rate change on cash and cash equivalents | 191,815 | 277,088 |
Net increase (decrease) in cash and cash equivalents | (37,453) | 1,520,375 |
Cash and cash equivalents at beginning of period | 5,214,267 | 5,176,813 |
Cash and cash equivalents at end of period | 5,176,813 | 6,697,189 |