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 Year Ended October 31, 2021
[Japanese GAAP]
December 14, 2021
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 Annual General Meeting of Shareholders: January 25, 2022
Scheduled date of commencing dividend payments: January 26, 2022
Scheduled date of filing annual securities report: January 26, 2022
Availability of supplementary briefing material on annual financial results: No
Schedule of annual financial results briefing session: No
(Amounts of less than one million yen are rounded down)
1. Consolidated Financial Results for the Fiscal Year Ended October 31, 2021 (November 01, 2020 to October 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 | ||||||||||||
Fiscal year ended | Million yen | % | Million yen | % | Million yen | % | Million yen | % | ||||
October 31, 2021 | 19,252 | 1.6 | 158 | - | 395 | - | 258 | - | ||||
October 31, 2020 | 18,950 | (14.1) | (57) | - | 18 | (97.3) | (132) | - |
(Note) Comprehensive income: | Fiscal year ended October 31, 2021: |
Fiscal year ended October 31, 2020: |
¥ | 151 million | [ | -%] |
¥ | (723) million | [ | -%] |
Basic earnings per | Diluted earnings per | Rate of return on | Ordinary profit to | Operating profit to | ||||
share | share | equity | total assets ratio | net sales ratio | ||||
Fiscal year ended | Yen | Yen | % | % | % | |||
October 31, 2021 | 10.46 | - | 2.4 | 1.5 | 0.8 | |||
October 31, 2020 | (5.28) | - | (1.2) | 0.1 | (0.3) | |||
(2) Consolidated Financial Position | ||||||||
Total assets | Net assets | Capital adequacy ratio | Net assets per share | |||||
As of | Million yen | Million yen | % | Yen | ||||
October 31, 2021 | 28,439 | 10,615 | 37.3 | 428.85 | ||||
October 31, 2020 | 24,299 | 10,607 | 43.7 | 428.51 | ||||
(Reference) Equity: As of | October 31, 2021: | ¥ | 10,615 million | |||||
As of | October 31, 2020: | ¥ | 10,607 million | |||||
(3) Consolidated Cash Flows | ||||||||
Cash flows from | Cash flows from | Cash flows from | Cash and cash | |||||
equivalents at the end | ||||||||
operating activities | investing activities | financing activities | ||||||
of period | ||||||||
Fiscal year ended | Million yen | Million yen | Million yen | Million yen | ||||
October 31, 2021 | (28) | (3,170) | 3,196 | 1,967 | ||||
October 31, 2020 | 601 | (1,115) | 221 | 1,956 |
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2. Dividends
Annual dividends | Payout | Dividends | ||||||||
Total | to net | |||||||||
ratio | ||||||||||
1st | 2nd | 3rd | Year-end | Total | dividends | assets | ||||
(consolidated) | ||||||||||
quarter-end | quarter-end | quarter-end | (consolidated) | |||||||
Fiscal year ended | Yen | Yen | Yen | Yen | Yen | Million yen | % | % | ||
October 31, 2020 | - | 3.00 | - | 3.00 | 6.00 | 151 | - | 1.3 | ||
October 31, 2021 | - | 3.00 | - | 3.00 | 6.00 | 148 | 57.4 | 1.4 | ||
Fiscal year ending | ||||||||||
October 31, 2022 | - | 3.00 | - | 3.00 | 6.00 | 58.2 | ||||
(Forecast) |
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.)
Net sales | Operating profit | Ordinary profit | Profit attributable | Basic earnings per | ||||||
to 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 |
* Notes:
- Changes in significant subsidiaries during the period under review (changes in specified subsidiaries resulting in changes in scope of consolidation): No
- Changes in accounting policies, changes in accounting estimates and retrospective restatement
- Changes in accounting policies due to the revision of accounting standards: No
- 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):
October 31, 2021: | 28,007,448 | shares |
October 31, 2020: | 28,007,448 | shares |
2) Total number of treasury shares at the end of the period: | ||
October 31, 2021: | 3,253,212 | shares |
October 31, 2020: | 3,253,212 | shares |
3) Average number of shares during the period: | ||
Fiscal Year ended October 31, 2021: | 24,754,236 | shares |
Fiscal Year ended October 31, 2020: | 25,033,677 | shares |
2
Consolidated Financial Statements
Consolidated Balance Sheets
(Thousand yen) | ||||
As of October 31,2020 | As of October 31,2021 | |||
Assets | ||||
Current assets | ||||
Cash and deposits | 1,956,474 | 1,967,621 | ||
Notes and accounts receivable - trade | 5,345,370 | 5,549,822 | ||
Electronically recorded monetary claims - | 1,021,282 | 1,620,603 | ||
operating | ||||
Securities | 86,248 | 398,535 | ||
Merchandise | 3,744,172 | 3,963,875 | ||
Other | 88,587 | 46,640 | ||
Allowance for doubtful accounts | (10,628) | (7,845) | ||
Total current assets | 12,231,507 | 13,539,254 | ||
Non-current assets | ||||
Property, plant and equipment | ||||
Buildings and structures | 2,505,148 | 2,513,506 | ||
Accumulated depreciation | (1,886,516) | (1,923,687) | ||
Buildings and structures, net | 618,632 | 589,818 | ||
Machinery, equipment and vehicles | 468,590 | 525,841 | ||
Accumulated depreciation | (243,285) | (284,217) | ||
Machinery, equipment and vehicles, net | 225,304 | 241,624 | ||
Land | 4,476,806 | 4,476,806 | ||
Construction in progress | 723,379 | 3,168,649 | ||
Other | 400,355 | 401,104 | ||
Accumulated depreciation | (261,957) | (286,682) | ||
Other, net | 138,397 | 114,422 | ||
Total property, plant and equipment | 6,182,520 | 8,591,320 | ||
Intangible assets | ||||
Software | 49,365 | 89,642 | ||
Right to use water facilities | 8 | - | ||
Telephone subscription right | 14,485 | 14,485 | ||
Other | 38,741 | 3,865 | ||
Total intangible assets | 102,600 | 107,992 | ||
Investments and other assets | ||||
Investment securities | 5,096,086 | 5,671,255 | ||
Distressed receivables | 10,288 | 206 | ||
Deferred tax assets | 44,688 | 55,329 | ||
Retirement benefit asset | 94,779 | 167,673 | ||
Other | 547,072 | 306,749 | ||
Allowance for doubtful accounts | (10,288) | (206) | ||
Total investments and other assets | 5,782,626 | 6,201,007 | ||
Total non-current assets | 12,067,747 | 14,900,320 | ||
Total assets | 24,299,254 | 28,439,574 |
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(Thousand yen) | ||||
As of October 31,2020 | As of October 31,2021 | |||
Liabilities | ||||
Current liabilities | ||||
Notes and accounts payable - trade | 3,645,801 | 4,135,353 | ||
Short-term borrowings | 6,900,000 | 4,850,000 | ||
Current portion of long-term borrowings | 200,000 | 186,637 | ||
Accounts payable - other | 357,111 | 548,314 | ||
Accrued expenses | 55,882 | 60,330 | ||
Income taxes payable | 21,784 | 103,404 | ||
Provision for bonuses | 121,122 | 141,553 | ||
Other | 40,533 | 88,089 | ||
Total current liabilities | 11,342,236 | 10,113,682 | ||
Non-current liabilities | ||||
Long-term borrowings | 1,100,000 | 6,511,362 | ||
Deferred tax liabilities | 1,044,278 | 1,002,785 | ||
Retirement benefit liability | 198,114 | 191,324 | ||
Long-term guarantee deposits | 6,500 | 4,500 | ||
Other | 610 | - | ||
Total non-current liabilities | 2,349,503 | 7,709,973 | ||
Total liabilities | 13,691,739 | 17,823,655 | ||
Net assets | ||||
Shareholders' equity | ||||
Share capital | 2,712,335 | 2,712,335 | ||
Capital surplus | 1,728,146 | 1,728,146 | ||
Retained earnings | 4,500,948 | 4,612,530 | ||
Treasury shares | (956,101) | (956,101) | ||
Total shareholders' equity | 7,985,329 | 8,096,910 | ||
Accumulated other comprehensive income | ||||
Valuation difference on available-for-sale | 2,581,848 | 2,444,915 | ||
securities | ||||
Remeasurements of defined benefit plans | 40,337 | 74,093 | ||
Total accumulated other comprehensive income | 2,622,186 | 2,519,008 | ||
Total net assets | 10,607,515 | 10,615,919 | ||
Total liabilities and net assets | 24,299,254 | 28,439,574 |
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Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income
(Thousand yen) | ||
For the fiscal year | For the fiscal year | |
ended October 31,2020 | ended October 31,2021 | |
Net sales | 18,950,541 | 19,252,955 |
Cost of sales | 15,019,970 | 15,230,348 |
Gross profit | 3,930,571 | 4,022,606 |
Selling, general and administrative expenses | 3,988,212 | 3,864,290 |
Operating profit (loss) | (57,641) | 158,316 |
Non-operating income | ||
Interest income | 409 | 47 |
Dividend income | 148,947 | 188,604 |
Rental income | 14,354 | 14,178 |
Purchase discounts | 77,412 | 75,034 |
Gain on investments in securities | 3,064 | 38,861 |
Other | 18,775 | 17,392 |
Total non-operating income | 262,962 | 334,118 |
Non-operating expenses | ||
Interest expenses | 29,354 | 44,924 |
Sales discounts | 34,676 | 38,151 |
Other | 123,087 | 14,271 |
Total non-operating expenses | 187,118 | 97,347 |
Ordinary profit | 18,202 | 395,087 |
Extraordinary income | ||
Gain on sale of investment securities | 4,821 | 45 |
Total extraordinary income | 4,821 | 45 |
Extraordinary losses | ||
Impairment losses | 147,699 | - |
Loss on valuation of investment securities | 28,014 | - |
Loss on sale of investment securities | 89 | - |
Total extraordinary losses | 175,803 | - |
Profit (loss) before income taxes | (152,779) | 395,133 |
Income taxes - current | 70,701 | 124,898 |
Income taxes - deferred | (91,236) | 11,286 |
Total income taxes | (20,534) | 136,185 |
Profit (loss) | (132,244) | 258,947 |
Profit (loss) attributable to owners of parent | (132,244) | 258,947 |
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