Summary of Consolidated Financial Results for the Six Months Ended September 30, 2021

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.

Summary of Consolidated Financial Results for the Six Months Ended September 30, 2021 [Japanese GAAP]

Company name: TOA CORPORATION	November 11, 2021
Stock exchange listing: Tokyo,Sapporo
Code number: 1885
URL: https://www.toa-const.co.jp/eng/
Representative: Masaki Akiyama	President and Chief Executive Officer
Contact: Tetsuya Kimura	General Manager, Administration Dept., Administration General H/Q

Phone: [phone]

Scheduled date of filing quarterly securities report: November 12, 2021

Scheduled date of commencing dividend payments: -

Availability of supplementary briefing material on quarterly financial results: Yes

Schedule of quarterly financial results briefing session: Yes

(Amounts of less than one million yen are rounded down)

1. Consolidated Financial Results for the Six Months Ended September 30, 2021 (April 01, 2021 to September 30, 2021)

(1) Consolidated Operating Results			(% indicates changes from the previous corresponding period.)
	Net sales		Operating profit	Ordinary profit	Profit attributable to
		owners of parent
Six months ended	Million yen		%	Million yen	%	Million yen	%	Million yen	%
September 30, 2021	105,818		28.0	5,056	53.5	5,073	34.7	3,536	44.7
September 30, 2020	82,639		(1.5)	3,294	(6.2)	3,765	14.8	2,443	22.0

(Note) Comprehensive income:	Six months ended September 30, 2021:
	Six months ended September 30, 2020:

¥	3,620 million	[	20.7%]
¥	3,000 million	[	28.2%]

	Basic earnings	Diluted earnings per
	per share	share
Six months ended	Yen	Yen
September 30, 2021	187.38	155.93
September 30, 2020	124.63	104.66

(2) Consolidated Financial Position

Total assets

Net assets

Capital adequacy ratio

As of

Million yen

Million yen

%

September 30, 2021

200,543

77,507

38.3

March 31, 2021

204,200

76,175

36.9

(Reference) Equity: As of

September 30, 2021:

¥

76,786 million

As of

March 31, 2021:

¥

75,446 million

2. Dividends

Annual dividends

1st

2nd

3rd

Year-end

Total

quarter-end

quarter-end

quarter-end

Yen

Yen

Yen

Yen

Yen

Fiscal year ended March 31, 2021

-

-

-

80.00

80.00

Fiscal year ending March 31, 2022

-

-

Fiscal year ending March 31, 2022

-

80.00

80.00

(Forecast)

(Note) Revision to the forecast for dividends announced most recently:

No

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2022(April 01, 2021 to March 31, 2022)

(% indicates changes from the previous corresponding period.)

	Net sales		Operating profit	Ordinary profit	Profit attributable to	Basic earnings
		owners of parent	per share
	Million yen		%	Million yen	%	Million yen		%	Million yen	%	Yen
Full year	223,000		17.5	9,000	3.3	8,700		(5.9)	6,000	(12.5)	318.58
(Note) Revision to the financial results forecast announced most recently:	No
* Explanatory Notes:
(1) Changes in significant subsidiaries during the six months ended September 30, 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

1. Changes in accounting policies, changes in accounting estimates and retrospective restatement
2. 1. Changes in accounting policies due to the revision of accounting standards: Yes
   2. Changes in accounting policies other than 1) above: No
   3. Changes in accounting estimates: No
   4. Retrospective restatement: No
3. Total number of issued shares (common shares)
4. 1. Total number of issued shares at the end of the period (including treasury shares):

September 30, 2021:	22,494,629	shares
March 31, 2021:	22,494,629	shares
2) Total number of treasury shares at the end of the period:
September 30, 2021:	3,698,835	shares
March 31, 2021:	3,375,462	shares

3) Average number of shares during the period:
Six months ended September 30, 2021:	18,871,290	shares
Six months ended September 30, 2020:	19,605,499	shares

(Note) Both the number of treasury stock at the end of the period and the number of treasury stock excluded for calculating the

average number of shares during the period include the company's shares held by the Board Benefit Trust (BBT).

• This document is not subject to quarterly review procedures by certified public accountants or audit firms.
• Disclaimer regarding appropriate use of the forecasts and other specific remarks:

The forecasts given above are based on information currently available and certain premises regarded as reasonable. The actual

business results may be materially different from forecasts due to a variety of factors.

Quarterly Consolidated Financial Statements

Quarterly Consolidated Balance Sheets

					(Million yen)
				As of March 31,2021	As of September 30,2021
Assets
	Current assets
		Cash and deposits	32,331	34,401
		Notes receivable, accounts receivable from	87,702	91,963
		completed construction contracts and other
		Costs on construction contracts in progress	5,197	4,195
		Real estate for sale	1,843	1,679
		Advances paid	15,285	8,723
		Other	9,535	7,902
		Allowance for doubtful accounts	(275)	(7)
		Total current assets	151,619	148,857
	Non-current assets
		Property, plant and equipment
			Buildings and structures, net	4,767	4,737
			Machinery, vehicles, tools, furniture and	2,436	3,374
			fixtures, net
			Land	19,050	19,185
			Other	8,490	7,361
			Total property, plant and equipment	34,745	34,658
		Intangible assets	1,050	1,020
		Investments and other assets
			Investment securities	11,324	11,328
			Other	6,007	5,222
			Allowance for doubtful accounts	(546)	(545)
			Total investments and other assets	16,785	16,006
		Total non-current assets	52,580	51,685
	Total assets	204,200	200,543

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				(Million yen)
			As of March 31,2021	As of September 30,2021
Liabilities
	Current liabilities
		Notes payable, accounts payable for construction	32,005	29,492
		contracts and other
		Electronically recorded obligations - operating	11,929	10,868
		Short-term borrowings	9,865	9,214
		Income taxes payable	2,226	1,559
		Advances received on construction contracts in	13,176	19,274
		progress
		Deposits received	23,546	21,688
		Provision for warranties for completed	941	936
		construction
		Provision for loss on construction contracts	1,705	1,872
		Provision for loss on construction defect	192	-
		Other	5,325	4,261
		Total current liabilities	100,914	99,167
	Non-current liabilities
		Convertible-bond-type bonds with share	6,990	6,990
		acquisition rights
		Long-term borrowings	11,885	9,366
		Deferred tax liabilities for land revaluation	2,320	2,320
		Retirement benefit liability	2,504	1,991
		Provision for share awards for directors (and other	72	80
		officers)
		Other	3,337	3,119
		Total non-current liabilities	27,111	23,868
	Total liabilities	128,025	123,036
Net assets
	Shareholders' equity
		Share capital	18,976	18,976
		Capital surplus	18,124	18,124
		Retained earnings	37,647	39,694
		Treasury shares	(5,247)	(6,046)
		Total shareholders' equity	69,500	70,748
	Accumulated other comprehensive income
		Valuation difference on available-for-sale	2,700	2,688
		securities
		Deferred gains or losses on hedges	(8)	(7)
		Revaluation reserve for land	3,659	3,659
		Remeasurements of defined benefit plans	(405)	(302)
		Total accumulated other comprehensive income	5,945	6,038
	Non-controlling interests	728	720
	Total net assets	76,175	77,507
Total liabilities and net assets	204,200	200,543

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Quarterly Consolidated Statements of Income and Comprehensive Income

Quarterly Consolidated Statements of Income (For the six months)

		(Million yen)
	For the six months	For the six months
	ended September 30,2020	ended September 30,2021
Net sales	82,639	105,818
Cost of sales	74,159	95,327
Gross profit	8,480	10,490
Selling, general and administrative expenses	5,186	5,433
Operating profit	3,294	5,056
Non-operating income
Interest income	11	12
Dividend income	214	158
Other	538	77
Total non-operating income	764	248
Non-operating expenses
Interest expenses	135	104
Guarantee fee	91	88
Other	66	38
Total non-operating expenses	293	232
Ordinary profit	3,765	5,073
Extraordinary income
Gain on sale of non-current assets	0	8
Other	23	2
Total extraordinary income	23	11
Extraordinary losses
Loss on sale of non-current assets	2	-
Impairment losses	-	22
Other	21	4
Total extraordinary losses	24	26
Profit before income taxes	3,764	5,058
Income taxes - current	479	836
Income taxes - deferred	808	694
Total income taxes	1,287	1,530
Profit	2,476	3,527
Profit (loss) attributable to non-controlling interests	33	(8)
Profit attributable to owners of parent	2,443	3,536

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