Toho : (Delayed)Consolidated Financial Results for the Second Quarter of FY2021

株式会社トーホー

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 Six Months Ended July 31, 2021

[Japanese GAAP]

Company name: TOHO Co.,Ltd.	September 9, 2021
Stock exchange listing: Tokyo
Code number: 8142
URL: https://www.to-ho.co.jp
Representative: Hiroyuki Koga	Representative Director & President
Contact: Toshiaki Sato	Executive Director

Phone: [phone]

Scheduled date of filing quarterly securities report: September 10, 2021

Scheduled date of commencing dividend payments: -

Availability of supplementary briefing material on quarterly financial results: Yes

Schedule of quarterly financial results briefing session: No

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

1. Consolidated Financial Results for the Six Months Ended July 31, 2021 (February 01, 2021 to July 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
Six months ended	Million yen		%	Million yen	%	Million yen		%	Million yen		%
July 31, 2021	89,786		2.4	(1,113)	-	(734)		-	(770)		-
July 31, 2020	87,703		(21.6)	(2,890)	-	(2,347)		-	(2,698)		-

(Note) Comprehensive income:	Six months ended July 31, 2021:
	Six months ended July 31, 2020:

¥	(391)	million	[	-%]
¥	(3,445)	million	[	-%]

	Basic earnings	Diluted earnings per
	per share		share
Six months ended	Yen			Yen
July 31, 2021	(71.61)			-
July 31, 2020	(250.82)			-
(2) Consolidated Financial Position
	Total assets		Net assets	Capital adequacy ratio
As of	Million yen			Million yen	%
July 31, 2021	84,448			18,967	21.7
January 31, 2021	83,162			19,384	22.6
(Reference) Equity: As of	July 31, 2021:	¥	18,350 million
As of	January 31, 2021:	¥	18,794 million

						株式会社トーホー
2. Dividends
				Annual dividends
	1st	2nd		3rd		Year-end	Total
	quarter-end	quarter-end	quarter-end
	Yen		Yen	Yen		Yen	Yen
Fiscal year ended January 31, 2021	-		0.00	-		0.00	0.00
Fiscal year ending January 31, 2022	-		0.00
Fiscal year ending January 31, 2022				-		-	-
(Forecast)
(Note) Revision to the forecast for dividends	announced most	recently:	No

(Note) For details, please refer to the "Notice of Dividend of Surplus (Interim Dividend)" (available in Japanese only) announced on September 9, 2021.

(Note) For the forecast of dividends per share for the fiscal year ending January 31, 2022, it remains undetermined at this moment.

3. Consolidated Financial Results Forecast for the Fiscal Year Ending January 31, 2022 (February 01, 2021 to January 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			190,000		2.0	(500)		-	100	-	0	-	0.00
(Note) Revision to the financial results forecast announced most recently:	No
* Notes:
(1) Changes in significant subsidiaries during the six months ended July 31, 2021
(changes in specified subsidiaries resulting in changes in scope of consolidation):	No
New	-	(Company name:									)
Exclusion:	-	(Company name:									)
(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: No
   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 (including treasury shares):

	July 31, 2021:	11,012,166	shares
	January 31, 2021:	11,012,166	shares
2)	Total number of treasury shares at :
	July 31, 2021:	255,302	shares
	January 31, 2021:	255,179	shares
3)	Average number of shares during :
	Six months ended July 31, 2021:		10,756,907	shares
	Six months ended July 31, 2020:		10,757,125	shares

* This document is exempt from quarterly review conducted by certified public accountants or an audit corporation.

Quarterly Consolidated Financial Statements

Quarterly Consolidated Balance Sheets

				(Million yen)
			As of January 31,2021	As of July 31,2021
Assets
	Current assets
		Cash and deposits	6,988	7,212
		Notes and accounts receivable - trade	14,643	16,819
		Merchandise and finished goods	10,255	10,578
		Raw materials and supplies	33	25
		Other	3,387	3,159
		Allowance for doubtful accounts	(61)	(71)
		Total current assets	35,246	37,724
	Non-current assets
		Property, plant and equipment
		Buildings and structures, net	9,507	9,349
		Land	15,738	15,584
		Other, net	4,389	4,108
		Total property, plant and equipment	29,635	29,041
		Intangible assets
		Goodwill	6,654	6,434
		Other	897	791
		Total intangible assets	7,551	7,225
		Investments and other assets
		Investment securities	2,028	1,779
		Shares of subsidiaries and associates	434	422
		Leasehold deposits	3,807	3,756
		Retirement benefit asset	3,263	3,352
		Other	1,367	1,301
		Allowance for doubtful accounts	(172)	(154)
		Total investments and other assets	10,728	10,456
		Total non-current assets	47,915	46,724
	Total assets	83,162	84,448

				(Million yen)
			As of January 31,2021	As of July 31,2021
Liabilities
	Current liabilities
		Notes and accounts payable - trade	20,857	22,550
		Short-term borrowings	11,771	12,609
		Income taxes payable	408	246
		Provision for bonuses	418	426
		Other provisions	251	316
		Asset retirement obligations	20	15
		Other	4,153	4,256
		Total current liabilities	37,882	40,423
	Non-current liabilities
		Long-term borrowings	22,159	21,458
		Provisions	4	3
		Retirement benefit liability	431	430
		Asset retirement obligations	848	854
		Other	2,450	2,310
		Total non-current liabilities	25,895	25,057
	Total liabilities	63,777	65,480
Net assets
	Shareholders' equity
		Share capital	5,344	5,344
		Capital surplus	5,089	5,089
		Retained earnings	8,863	8,092
		Treasury shares	(639)	(639)
		Total shareholders' equity	18,657	17,887
	Accumulated other comprehensive income
		Valuation difference on available-for-sale	417	375
		securities
		Deferred gains or losses on hedges	-	(0)
		Foreign currency translation adjustment	(543)	(124)
		Remeasurements of defined benefit plans	262	212
		Total accumulated other comprehensive income	136	463
	Non-controlling interests	589	617
	Total net assets	19,384	18,967
Total liabilities and net assets	83,162	84,448

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 July 31,2020	ended July 31,2021
Net sales	87,703	89,786
Cost of sales	70,454	72,166
Gross profit	17,248	17,619
Selling, general and administrative expenses	20,139	18,733
Operating loss	(2,890)	(1,113)
Non-operating income
	Interest income	4	0
	Dividend income	21	15
	Subsidies for employment adjustment	411	278
	Other financial revenue	-	8
	Other	215	168
	Total non-operating income	652	471
Non-operating expenses
	Interest expenses	56	65
	Share of loss of entities accounted for using equity	12	10
	method
	Other financial expenses	7	-
	Other	34	16
	Total non-operating expenses	110	91
Ordinary loss	(2,347)	(734)
Extraordinary income
	Gain on sales of non-current assets	6	15
	Gain on sales of investment securities	-	216
	Total extraordinary income	6	231
Extraordinary losses
	Loss on sales of non-current assets	-	30
	Impairment loss	596	89
	Loss on retirement of non-current assets	38	20
	Loss on valuation of investment securities	179	-
	Loss related to COVID	44	-
	Other	23	17
	Total extraordinary losses	882	158
Loss before income taxes	(3,224)	(661)
Income taxes	(536)	61
Loss	(2,687)	(722)
Profit attributable to non-controlling interests	10	47
Loss attributable to owners of parent	(2,698)	(770)