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.
Consolidated Financial Results
for the Three Months Ended January 31, 2022
[Japanese GAAP]
March 16, 2022
Company name: TORQ Inc.
Stock exchange listing: Tokyo
Code number: 8077
URL: https://www.torq.co.jp
Representative: Higaki Toshiyuki , President
Contact: Haruta Hisashi , General Manager, Administration Department
Phone: 06-6535-3690
Scheduled date of filing quarterly securities report: March 17, 2022
Scheduled date of commencing dividend payments: -
Availability of supplementary briefing material on quarterly financial results: No
Schedule of quarterly financial results briefing session: No
(Amounts of less than one million yen are rounded down)
1. Consolidated Financial Results for the Three Months Ended January 31, 2022 (November 01, 2021 to January 31, 2022)
(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 | Million yen | % | Million yen | % | Million yen | % | Million yen | % | ||
January 31, 2022 | 4,948 | 10.1 | 127 | - | 123 | - | 66 | - | ||
January 31, 2021 | 4,493 | (10.9) | (23) | (153.3) | 2 | (97.3) | (10) | (122.9) |
(Note) Comprehensive income: | Three months ended January 31, 2022: |
Three months ended January 31, 2021: |
¥ | 115 million | [ | -%] |
¥ | (11) million | [ | -%] |
Basic earnings | Diluted earnings per | ||||
per share | share | ||||
Three months ended | Yen | Yen | |||
January 31, 2022 | 2.67 | - | |||
January 31, 2021 | (0.42) | - | |||
(2) Consolidated Financial Position | |||||
Total assets | Net assets | Capital adequacy ratio | |||
As of | Million yen | Million yen | % | ||
January 31, 2022 | 29,380 | 10,657 | 36.3 | ||
October 31, 2021 | 28,439 | 10,615 | 37.3 | ||
(Reference) Equity: As of | January 31, 2022: | ¥ | 10,657 million | ||
As of | October 31, 2021: | ¥ | 10,615 million |
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2. Dividends
Annual dividends | |||||||
1st | 2nd | 3rd | Year-end | Total | |||
quarter-end | quarter-end | quarter-end | |||||
Yen | Yen | Yen | Yen | Yen | |||
Fiscal year ended October 31, 2021 | - | 3.00 | - | 3.00 | 6.00 | ||
Fiscal year ending October 31, 2022 | - | ||||||
Fiscal year ending October 31, 2022 | 3.00 | - | 3.00 | 6.00 | |||
(Forecast) | |||||||
(Note) Revision to the forecast for dividends | announced most | recently: | No |
3. Consolidated Financial Results Forecast for the Fiscal Year Ending October 31, 2022(November 01, 2021 to October 31, 2022)
(% indicates changes from the previous corresponding period.)
Profit attributable to | Basic | ||||||||||
Net sales | Operating profit | Ordinary profit | earnings per | ||||||||
owners of parent | share | ||||||||||
Six months ended April 30, | Million yen | % | Million yen | % | Million yen | % | Million yen | % | Yen | ||
10,230 | 10.2 | 98 | - | 191 | 796.1 | 138 | - | 5.57 | |||
2022 | |||||||||||
Full year | 20,793 | 8.0 | 186 | 17.5 | 361 | (8.6) | 255 | (1.5) | 10.30 | ||
(Note) Revision to the financial results forecast announced most recently: | No | ||||||||||
* Notes: | |||||||||||
(1) Changes in significant subsidiaries during the three months ended January 31, 2022 | |||||||||||
(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 |
- Changes in accounting policies, changes in accounting estimates and retrospective restatement
- Changes in accounting policies due to the revision of accounting standards: Yes
- Changes in accounting policies other than 1) above: No
- Changes in accounting estimates: No
- Retrospective restatement: No
- Total number of issued shares (common shares)
- Total number of issued shares at the end of the period (including treasury shares):
January 31, 2022: | 28,007,448 | shares |
October 31, 2021: | 28,007,448 | shares |
2) Total number of treasury shares at the end of the period: | ||
January 31, 2022: | 3,253,232 | shares |
October 31, 2021: | 3,253,212 | shares |
3) Average number of shares during the period: | ||
Three months ended January 31, 2022: | 24,754,227 | shares |
Three months ended January 31, 2021: | 24,754,236 | shares |
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Quarterly Consolidated Financial Statements
Quarterly Consolidated Balance Sheets
(Thousand yen) | ||||
As of October 31,2021 | As of January 31,2022 | |||
Assets | ||||
Current assets | ||||
Cash and deposits | 1,967,621 | 1,693,062 | ||
Notes and accounts receivable - trade | 5,549,822 | 5,201,766 | ||
Electronically recorded monetary claims - | 1,620,603 | 1,805,676 | ||
operating | ||||
Securities | 398,535 | 388,701 | ||
Merchandise | 3,963,875 | 4,368,467 | ||
Other | 46,640 | 109,823 | ||
Allowance for doubtful accounts | (7,845) | (7,404) | ||
Total current assets | 13,539,254 | 13,560,093 | ||
Non-current assets | ||||
Property, plant and equipment | ||||
Buildings and structures, net | 589,818 | 580,533 | ||
Machinery, equipment and vehicles, net | 241,624 | 230,189 | ||
Land | 4,476,806 | 4,476,806 | ||
Construction in progress | 3,168,649 | 3,651,903 | ||
Other, net | 114,422 | 109,656 | ||
Total property, plant and equipment | 8,591,320 | 9,049,089 | ||
Intangible assets | 107,992 | 119,474 | ||
Investments and other assets | ||||
Investment securities | 5,671,255 | 6,130,235 | ||
Distressed receivables | 206 | 633 | ||
Other | 529,752 | 521,724 | ||
Allowance for doubtful accounts | (206) | (633) | ||
Total investments and other assets | 6,201,007 | 6,651,960 | ||
Total non-current assets | 14,900,320 | 15,820,523 | ||
Total assets | 28,439,574 | 29,380,616 |
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(Thousand yen) | ||||
As of October 31,2021 | As of January 31,2022 | |||
Liabilities | ||||
Current liabilities | ||||
Notes and accounts payable - trade | 4,135,353 | 4,231,354 | ||
Short-term borrowings | 4,850,000 | 5,050,000 | ||
Current portion of long-term borrowings | 186,637 | 314,612 | ||
Provision for bonuses | 141,553 | 62,568 | ||
Other | 800,138 | 726,458 | ||
Total current liabilities | 10,113,682 | 10,384,993 | ||
Non-current liabilities | ||||
Long-term borrowings | 6,511,362 | 7,076,387 | ||
Deferred tax liabilities | 1,002,785 | 1,063,739 | ||
Retirement benefit liability | 191,324 | 193,794 | ||
Long-term guarantee deposits | 4,500 | 4,500 | ||
Total non-current liabilities | 7,709,973 | 8,338,421 | ||
Total liabilities | 17,823,655 | 18,723,415 | ||
Net assets | ||||
Shareholders' equity | ||||
Share capital | 2,712,335 | 2,712,335 | ||
Capital surplus | 1,728,146 | 1,728,146 | ||
Retained earnings | 4,612,530 | 4,604,332 | ||
Treasury shares | (956,101) | (956,105) | ||
Total shareholders' equity | 8,096,910 | 8,088,709 | ||
Accumulated other comprehensive income | ||||
Valuation difference on available-for-sale | 2,444,915 | 2,500,814 | ||
securities | ||||
Remeasurements of defined benefit plans | 74,093 | 67,677 | ||
Total accumulated other comprehensive income | 2,519,008 | 2,568,492 | ||
Total net assets | 10,615,919 | 10,657,201 | ||
Total liabilities and net assets | 28,439,574 | 29,380,616 |
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Quarterly Consolidated Statements of Income and Comprehensive Income | ||
Quarterly Consolidated Statements of Income (For the three months) | ||
(Thousand yen) | ||
For the three months | For the three months | |
ended January 31,2021 | ended January 31,2022 | |
Net sales | 4,493,147 | 4,948,435 |
Cost of sales | 3,536,170 | 3,857,261 |
Gross profit | 956,977 | 1,091,173 |
Selling, general and administrative expenses | 980,195 | 964,091 |
Operating profit (loss) | (23,218) | 127,081 |
Non-operating income | ||
Dividend income | 8,239 | 14,564 |
Rental income | 3,340 | 3,612 |
Purchase discounts | 18,828 | 20,642 |
Gain on investments in securities | 13,765 | - |
Other | 4,296 | 4,825 |
Total non-operating income | 48,470 | 43,645 |
Non-operating expenses | ||
Interest expenses | 9,155 | 13,306 |
Sales discounts | 9,139 | - |
Loss on investments in securities | - | 34,004 |
Other | 4,721 | 156 |
Total non-operating expenses | 23,016 | 47,467 |
Ordinary profit | 2,236 | 123,259 |
Extraordinary income | ||
Gain on sale of investment securities | 45 | 1,550 |
Total extraordinary income | 45 | 1,550 |
Profit before income taxes | 2,281 | 124,810 |
Income taxes - current | 18,841 | 16,365 |
Income taxes - deferred | (6,136) | 42,379 |
Total income taxes | 12,704 | 58,745 |
Profit (loss) | (10,422) | 66,065 |
Profit (loss) attributable to owners of parent | (10,422) | 66,065 |
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