Note:This document is a translation of a part of the original Japanese version and provided for reference purposes only. In the event of any discrepancy between the Japanese original and this English translation, the Japanese original shall prevail.
Company name: TORQ Inc.
Consolidated Financial Results for the Three Months Ended January 31, 2021
[Japanese GAAP]
Stock exchange listing: Tokyo Code number: 8077
URL:https://www.torq.co.jpRepresentative: Higaki Toshiyuki, President
Contact: Haruta Hisashi , General Manager, Administration Department Phone: 06-6535-3690
Scheduled date of filing quarterly securities report: March 17, 2021 Scheduled date of commencing dividend payments: -
Availability of supplementary briefing material on quarterly financial results: No Schedule of quarterly financial results briefing session: No
March 16, 2021
(Amounts of less than one million yen are rounded down)
1. Consolidated Financial Results for the Three Months Ended January 31, 2021 (November 01, 2020 to January 31, 2021)
(1) Consolidated Operating Results
(% indicates changes from the previous corresponding period.)
Net sales | Operating profit | Ordinary profit | Profit attributable to owners of parent | |||||
Three months ended January 31, 2021 January 31, 2020 | Million yen 4,493 5,042 | % (10.9) (9.6) | Million yen (23) 43 | % (153.3) (72.1) | Million yen 2 82 | % (97.3) (53.5) | Million yen (10) 45 | % (122.9) (62.0) |
(Note) Comprehensive income:
Three months ended January 31, 2021:
Three months ended January 31, 2020:
¥ ¥
Basic earnings per share | Diluted earnings per share | |
Three months ended January 31, 2021 January 31, 2020 | Yen (0.42) 1.80 | Yen - - |
(2) Consolidated Financial Position
(11) million (177) million
Total assets | Net assets | Capital adequacy ratio | |
As of January 31, 2021 October 31, 2020 | Million yen 26,151 24,299 | Million yen 10,523 10,607 | % 40.2 43.7 |
(Reference) Equity:
As of As ofJanuary 31, 2021:
October 31, 2020:
¥ 10,523 million
¥ 10,607 million
[ [
-%] -%]
2. Dividends
Annual dividends | |||||
1st quarter-end | 2nd quarter-end | 3rd quarter-end | Year-end | Total | |
Fiscal year ended October 31, 2020 Fiscal year ending October 31, 2021 | Yen - - | Yen 3.00 | Yen - | Yen 3.00 | Yen 6.00 |
Fiscal year ending October 31, 2021 (Forecast) | 3.00 | - | 3.00 | 6.00 |
(Note) Revision to the forecast for dividends announced most recently: No
3. Consolidated Financial Results Forecast for the Fiscal Year Ending October 31, 2021(November 01, 2020 to October 31, 2021)
(% indicates changes from the previous corresponding period.)
Net sales | Operating profit | Ordinary profit | Profit attributable to owners of parent | Basic earnings per share | |||||
Six months ended April 30, 2021 Full year | Million yen - - | % - - | Million yen - - | % - - | Million yen - - | % - - | Million yen - - | % - - | Yen - - |
(Note) Revision to the financial results forecast announced most recently: No
* Notes:
(1) Changes in significant subsidiaries during the three months ended January 31, 2021 (changes in specified subsidiaries resulting in changes in scope of consolidation):No
(2) Accounting policies adopted specially for the preparation of quarterly consolidated financial statements:No
(3) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards: No
2) Changes in accounting policies other than 1) above: No
3) Changes in accounting estimates: No
4) Retrospective restatement: No
(4) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):
January 31, 2021:
October 31, 2020:
28,007,448 shares 28,007,448 shares
2) Total number of treasury shares at the end of the period:January 31, 2021:
October 31, 2020:
3,253,212 shares 3,253,212 shares
3) Average number of shares during the period:
Three months ended January 31, 2021: Three months ended January 31, 2020:
24,754,236 shares 25,247,936 shares
Quarterly Consolidated Financial Statements Quarterly Consolidated Balance Sheets
(Thousand yen) | ||
As of October 31,2020 | As of January 31,2021 | |
Assets | ||
Current assets | ||
Cash and deposits | 1,956,474 | 2,587,185 |
Notes and accounts receivable - trade | 6,366,652 | 6,400,000 |
Merchandise | 3,744,172 | 3,925,777 |
Other | 174,836 | 372,058 |
Allowance for doubtful accounts | (10,628) | (7,533) |
Total current assets | 12,231,507 | 13,277,488 |
Non-current assets | ||
Property, plant and equipment | ||
Buildings and structures, net | 618,632 | 617,490 |
Machinery, equipment and vehicles, net | 225,304 | 213,769 |
Land | 4,476,806 | 4,476,806 |
Construction in progress | 723,379 | 1,372,111 |
Other, net | 138,397 | 131,407 |
Total property, plant and equipment | 6,182,520 | 6,811,585 |
Intangible assets | 102,600 | 105,831 |
Investments and other assets | ||
Investment securities | 5,096,086 | 5,489,920 |
Distressed receivables | 10,288 | 8,998 |
Other | 686,539 | 466,359 |
Allowance for doubtful accounts | (10,288) | (8,998) |
Total investments and other assets | 5,782,626 | 5,956,279 |
Total non-current assets | 12,067,747 | 12,873,696 |
Total assets | 24,299,254 | 26,151,185 |
(Thousand yen)As of October 31,2020
As of January 31,2021
Liabilities
Current liabilities
Notes and accounts payable - trade Short-term borrowings
Current portion of long-term borrowings Provision for bonuses
Other
Total current liabilities Non-current liabilities
Long-term borrowings Deferred tax liabilities Retirement benefit liability Long-term guarantee deposits Other
Total non-current liabilities Total liabilities
Net assets
Shareholders' equity
Share capital Capital surplus Retained earnings Treasury shares
Total shareholders' equity Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Remeasurements of defined benefit plans
Total accumulated other comprehensive income Total net assets
Total liabilities and net assets
3,645,801 3,777,643
6,900,000 4,880,000
200,000
-121,122 59,240
475,312 569,213
11,342,236
9,286,097
1,100,000 5,112,000
1,044,278 1,022,819
198,114 200,375
6,500 6,500
610 244
2,349,503 13,691,739
6,341,939 15,628,036
2,712,335 2,712,335
1,728,146 1,728,146
4,500,948 4,417,422
(956,101) 7,985,329
(956,101) 7,901,802
2,581,848
2,583,199
40,337
38,146
2,622,186
2,621,345
10,607,515
10,523,148
24,299,254
26,151,185
Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income (For the three months)
(Thousand yen)For the three months ended January 31,2020
For the three months ended January 31,2021
Net sales | 5,042,703 | 4,493,147 |
Cost of sales | 4,011,462 | 3,536,170 |
Gross profit | 1,031,240 | 956,977 |
Selling, general and administrative expenses | 987,700 | 980,195 |
Operating profit (loss) | 43,540 | (23,218) |
Non-operating income | ||
Dividend income | 11,009 | 8,239 |
Rental income | 3,652 | 3,340 |
Purchase discounts | 21,571 | 18,828 |
Gain on valuation of securities | 12,986 | 15,041 |
Other | 6,988 | 8,281 |
Total non-operating income | 56,208 | 53,731 |
Non-operating expenses | ||
Interest expenses | 7,194 | 9,155 |
Sales discounts | 9,437 | 9,139 |
Other | 1,090 | 9,982 |
Total non-operating expenses | 17,721 | 28,277 |
Ordinary profit | 82,027 | 2,236 |
Extraordinary income | ||
Gain on sales of investment securities | - | 45 |
Total extraordinary income | - | 45 |
Profit before income taxes | 82,027 | 2,281 |
Income taxes - current | 19,873 | 18,841 |
Income taxes - deferred | 16,714 | (6,136) |
Total income taxes | 36,588 | 12,704 |
Profit (loss) | 45,439 | (10,422) |
Profit (loss) attributable to owners of parent | 45,439 | (10,422) |
Quarterly Consolidated Statements of Comprehensive Income (For the three months)
(Thousand yen)For the three months ended January 31,2020
For the three months ended January 31,2021
Profit (loss)
Other comprehensive income
Valuation difference on available-for-sale securities Remeasurements of defined benefit plans, net of tax Total other comprehensive income
Comprehensive income Comprehensive income attributable to
Comprehensive income attributable to owners of parent
45,439
(10,422)
(219,845)
(3,340)
1,262 (2,191)
(223,186)
(928)
(177,746) (11,351)
(177,746) (11,351)