Tsurumi Manufacturing : Consolidated Financial Results for the Fiscal Year Ended March 31, 2021［Under Japanese GAAP］

Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.

								Consolidated Financial Results
								for the Fiscal Year Ended March 31, 2021
								［Under Japanese GAAP］
									May 21, 2021
C o m p a n y	n a m e :	Tsurumi Manufacturing Co.,Ltd.
L	i	s	t	i	n	g	:	Tokyo Stock Exchange
S e c u r i t i e s	c o d e :	6351
U		R			L		:	https://www.tsurumipump.co.jp
R e p r e s e n t a t i v e : Osamu Tsujimoto, President
I	n q	u	i	r	i	e s	:	KeiichiroTsuruga, Executive Officer, Administration Division
T e l e p h o n e :	[phone]
Scheduled date of annual general meeting of shareholders:	June 25，2021
S c h e d u l e d	d a t e	t o c o m m e n c e d i v i d e n d p a y m e n t s :	June 28，2021
S c h e d u l e d	d a t e	t o f i l e	a n n u a l s e c u r i t i e s r e p o r t :	June 28，2021
Preparation of supplementary material on financial results:	None
H o l d i n g	o f	f i n a n c i a l r e s u l t s b r i e f i n g :	None

(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the fiscal year ended March 31, 2021(from April 1, 2020 to March 31, 2021 )

(1) Consolidated operating results						（Percentages indicate year-on-year changes.）
	Net sales		Operating profit		Ordinary profit	Profit attributable to
			owners of parent
Fiscal year ended	Millions of yen		%	Millions of yen		%	Millions of yen		%	Millions of yen		%
March 31,2021	45,325		(0.6)	5,549		7.4	6,404		17.0	4,156		5.2
March 31,2020	45,604		4.9	5,166		4.5	5,475		(4.5)	3,952		(1.5)

（Note）Comprehensive income
For the fiscal year ended March 31, 2021	:	¥5,765 million (67.3%)
For the fiscal year ended March 31, 2020	:	¥3,446 million ( 0.5%)

	Basic earnings		Diluted earnings		Return on equity	Ratio of ordinary	Ratio of operating
	per share			per share			profit to total assets	profit to net sales
Fiscal year ended	Yen				Yen			%		%	%
March 31,2021	166.00				―			6.5		8.1	12.2
March 31,2020	157.84				―			6.6		7.3	11.3
（Reference）Share of profit (loss) of entities accounted for using equity method
	For the fiscal year ended March 31, 2021	:	―
	For the fiscal year ended March 31, 2020	:	―
(2) Consolidated financial position
	Total assets			Net assets	Equity-to-asset ratio	Net assets per share
As of	Millions of yen		Millions of yen			%		Yen
March 31,2021	81,487			66,874			81.0		2,635.21
March 31,2020	76,939			62,010			79.5		2,442.19
（Reference）Equity
	As of March 31, 2021	:	¥65,980 million
	As of March 31, 2020	:	¥61,147 million

(3) Consolidated cash flows

Cash flows from

Cash flows from

Cash flows from

Cash and cash

equivalents at end of

operating activities

investing activities

financing activities

period

Fiscal year ended

Millions of yen

Millions of yen

Millions of yen

Millions of yen

March 31,2021

4,866

(3,357)

(233)

15,696

March 31,2020

4,369

(3,206)

(272)

14,084

2. Cash dividends

Annual dividends per share

Total cash

Ratio of

Payout ratio

dividends to

First

Second

Third

Fiscal

dividends

Total

(Consolidated)

net assets

(Total)

quarter-endquarter-end

quarter-end

year-end

(Consolidated)

Fiscal year ended

Yen

Yen

Yen

Yen

Yen

Millions of yen

%

%

March 31,2020

―

14.00

―

20.00

34.00

851

21.5

1.4

March 31,2021

―

14.00

―

22.00

36.00

901

21.7

1.4

Fiscal year ending

March 31,2022

―

15.00

―

21.00

36.00

22.2

(Forecast)

3. Consolidated financial results forecast for the fiscal year ending March 31, 2022(from April 1, 2021 to March 31, 2022 )

（Percentages indicate changes from the previous corresponding period.）

								Profit attributable to	Basic
	Net sales		Operating profit	Ordinary profit	earnings
		owners of parent
								per share
	Millions of yen		%	Millions of yen	%	Millions of yen	%	Millions of yen	%	Yen
Six months ending	20,800		2.8	2,200	(0.2)	2,400	(5.8)	1,660	(8.1)	66.30
September 30, 2021
Fiscal year ending	47,000		3.7	5,600	0.9	5,800	(9.4)	4,060	(2.3)	162.15
March 31,2022

Notes

1. Changes in significant subsidiaries during the period
   (Changes in specified subsidiaries resulting in the change in scope of consolidation): None
2. Changes in accounting policies, changes in accounting estimates, and restatement

ⅰ. Changes in accounting policies due to revisions to accounting standards and other regulations: None

ⅱ. Changes in accounting policies due to other reasons: None

ⅲ. Changes in accounting estimates: None

ⅳ. Restatement: None

(3) Number of issued shares (common shares)

ⅰ. Number of issued shares at the end of the period (including treasury shares)

As of March 31, 2021:	27,500,000	shares
As of March 31, 2020:	27,500,000	shares
ⅱ. Number of treasury shares at the end of the period
As of March 31, 2021:	2,461,871	shares
As of March 31, 2020:	2,461,871	shares

ⅲ. Average number of shares outstanding during the period
Fiscal year ended March 31, 2021:	25,038,129	shares
Fiscal year ended March 31, 2020:	25,038,193	shares

• The consolidated financial results are exempt from audit conducted by certified public accountants or an audit firm.
• Explanations of the appropriate use of financial forecasts and other special notes

The forecasts, including financial results forecast, given in this document are based on information available to the Company and on certain assumptions deemed to be reasonable at the time of the issuance of this document. And the Company does not commit to achieve these forecasting numbers. Actual results may differ from these forecasts by a variety of reasons.

Index of the Appendix
1.	Consolidated Balance Sheet...............................................................................................................................	2
2.	Consolidated Statement of Income and Comprehensive Income.......................................................................	4
	(Consolidated Statement of Income) .................................................................................................................	4
	(Consolidated Statement of Comprehensive Income) .......................................................................................	5
3.	Consolidated Statements of Changes in Equity .................................................................................................	6
4.	Consolidated Statement of Cash Flows .............................................................................................................	8
5.	Note to Consolidated Financial Statements .......................................................................................................	9
	(Segment Information) ......................................................................................................................................	9

－1－

1. Consolidated Balance Sheet

		(Millions of yen)
	As of March 31, 2020	As of March 31, 2021
Assets
Current assets
Cash and deposits	14,095	15,707
Notes and accounts receivable - trade	18,245	18,505
Securities	1,436	1,308
Merchandise	1,298	1,307
Finished goods	4,337	4,180
Semi-finished goods	1,734	1,550
Work in process	1,105	1,025
Raw materials and supplies	2,503	2,429
Other	1,201	3,034
Allowance for doubtful accounts	(48)	(40)
Total current assets	45,908	49,010
Non-current assets
Property, plant and equipment
Buildings and structures	8,741	9,444
Accumulated depreciation	(4,848)	(4,970)
Buildings and structures, net	3,893	4,473
Machinery, equipment and vehicles	3,325	3,400
Accumulated depreciation	(2,496)	(2,652)
Machinery, equipment and vehicles, net	829	748
Tools, furniture and fixtures	2,349	2,498
Accumulated depreciation	(1,986)	(2,158)
Tools, furniture and fixtures, net	362	339
Land	8,244	8,189
Leased assets	104	116
Accumulated depreciation	(31)	(56)
Leased assets, net	73	59
Construction in progress	282	604
Total property, plant and equipment	13,685	14,415
Intangible assets	834	1,435
Investments and other assets
Investment securities	13,324	14,368
Retirement benefit asset	－	46
Deferred tax assets	632	534
Other	2,708	1,833
Allowance for doubtful accounts	(2)	(2)
Allowance for investment loss	(154)	(154)
Total investments and other assets	16,509	16,626
Total non-current assets	31,030	32,477
Total assets	76,939	81,487

－2－

		(Millions of yen)
	As of March 31, 2020	As of March 31, 2021
Liabilities
Current liabilities
Notes and accounts payable - trade	6,813	6,519
Current portion of long-term borrowings	500	300
Current portion of bonds payable	－	700
Income taxes payable	835	1,164
Provision for bonuses	996	953
Other	3,361	2,472
Total current liabilities	12,506	12,109
Non-current liabilities
Bonds payable	700	－
Long-term borrowings	900	1,800
Deferred tax liabilities	97	159
Provision for retirement benefits for directors	182	195
Retirement benefit liability	417	140
Other	124	207
Total non-current liabilities	2,422	2,502
Total liabilities	14,928	14,612
Net assets
Shareholders' equity
Share capital	5,188	5,188
Capital surplus	7,810	7,810
Retained earnings	48,828	52,133
Treasury shares	(2,119)	(2,119)
Total shareholders' equity	59,707	63,012
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	1,329	2,078
Foreign currency translation adjustment	290	834
Remeasurements of defined benefit plans	(179)	54
Total Accumulated other comprehensive income	1,440	2,968
Non-controlling interests	862	894
Total net assets	62,010	66,874
Total liabilities and net assets	76,939	81,487

－3－