TAC : Consolidated Financial Results for the Fiscal Year Ended March 31, 2021 (JGAAP) (summary)

TAC CO.,Ltd Consolidated Financial Results for the FY2020(April 1, 2020 - March 31, 2021)

Summary	Consolidated Financial Results
	for the Fiscal Year Ended March 31, 2021

Company name: TAC CO., Ltd.	May 14, 2021
Listing: Tokyo Stock Exchange
Company code number: 4319
URL: http://www.tac-school.co.jp
Representative: Toshio Tada, Representative Director
Contact: Shoji Nonaka, Manager of IR department	Tel: [phone]

Scheduled date of ordinary general meeting of shareholders: June 25, 2021

Scheduled date to commence dividend payments: June 28, 2021

Scheduled date to submit the annual securities report: June 28, 2021

Supplemental information for financial statements: Yes

Results briefing session: Yes (for investors and analysts)

(Amounts rounded down to the nearest million yen)

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

(1) Consolidated financial results

(% indicates changes from the previous corresponding period)

	Net sales		Operating profit	Ordinary profit	Profit attributable to
			owners of parent
	Yen in Millions		%	Yen in Millions		%	Yen in Millions	%		Yen in Millions		%
FY2020	19,749		-2.9	404		149.5	646	147.9			405		292.7
(Apr.1,2020-Mar.31,2021)
FY2019	20,331		-0.7	162		-52.4	260	-36.4			103		-66.6
(Apr.1,2019-Mar.31,2020)
(Note) Comprehensive income: FY 2020(2021/3) 430million yen (372.3%), FY 2019(2020/3) 91 million yen (-72.9%)
			Fully diluted profit	Ratio of return on	Ratio of ordinary	Ratio of operating
	Profit per share		profit to total
				per share	equity		assets			profit to net sales
FY2020		Yen		Yen		%				%			%
21.92		-			7.2			3.2			2.0
(Apr.1,2020-Mar.31,2021)
FY2019	5.58		-			1.9			1.2			0.8
(Apr.1,2019-Mar.31,2020)

(Note) Share of profit of entities accounted for using equity method: FY2020 (2021/3) 7 million yen, FY2019 (2020/3) 7 million yen

(2) Consolidated financial position

	Total assets	Net assets	Equity ratio	Net assets per share
FY2020	Yen in Millions	Yen in Millions	%	Yen
20,417	5,815	28.4	313.88
(As of Mar.31,2021)
FY2019	20,253	5,478	27.0	295.67
(As of Mar.31,2020)
(Note) Equity: FY 2020 (2021/3) 5,808 million yen, FY2019 (2020/3) 5,471 million yen
(3) Consolidated statement of cash flow
	Net cash provided by	Net cash provided by	Net cash provided by	Cash and cash
	(used in)	(used in)	(used in)	equivalents at end of
	operating activities	investing activities	financing activities	period
FY2020	Yen in Millions	Yen in Millions	Yen in Millions	Yen in Millions
1,443	270	-864	5,118
(Apr.1,2020-Mar.31,2021)
FY2019	586	-153	-1,334	4,257
(Apr.1,2019-Mar.31,2020)

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TAC CO.,Ltd Consolidated Financial Results for the FY2020(April 1, 2020 - March 31, 2021)

2. Dividends

		Annual dividends per share		Total amount		Ratio of
						Payout ratio	dividends to
	1st	2nd	3rd	4th	Total	of dividends	(consolidated)	net assets
	quarter	quarter	quarter	quarter		(annual)		(consolidated)
	Yen	Yen	Yen	Yen	Yen	Yen in Millions	%	%
FY2019	-	2.00	-	3.00	5.00	92	89.5	1.7
(Apr.1,2019-Mar.31,2020)
FY2020	-	2.00	-	3.00	5.00	92	22.8	1.6
(Apr.1,2020-Mar.31,2021)
FY 2021 (Forecast)	-	3.00	-	3.00	6.00		29.2

3. Forecasts of consolidated financial results for the fiscal year ending March 2022 (From April 1, 2021 to March 31, 2022)

(% indicates changes from the previous corresponding period)

	Net sales		Operating profit	Ordinary profit	Profit attributable to	Profit per share
		owners of parent
	Yen in Millions	%	Yen in Millions	%	Yen in Millions	%	Yen in Millions	%	Yen
Half year	10,940	7.8	1,000	10.2	989	-6.9	659	-10.2	35.61
Full year	20,500	3.8	600	48.3	578	-10.6	380	-6.3	20.54

• Notes
• 1. Significant changes in scope of consolidation (Changes in consolidated subsidiaries): None
  2. Changes in accounting policies, changes in accounting estimates, and restatements
     (2)-1 Changes in accounting policies due to the revision of accounting standards: None
     (2)-2 Changes in accounting policies other than (2)-1: None
     (2)-3 Changes in accounting estimates: Yes
     (2)-4 Restatements: None

(3) Number of shares issued (common stocks)
(3)-1	Number of shares issued at the end
	of the fiscal year		FY2020	18,504,000 shares	FY2019	18,504,000 shares
	(including treasury shares)
(3)-2	Number of treasury shares	at the
	end of the fiscal year		FY2020	68 shares	FY2019	68 shares
(3)-3	Average number of shares during
	the period		FY2020	18,503,932 shares	FY2019	18,503,932 shares

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TAC CO.,Ltd Consolidated Financial Results for the FY2020(April 1, 2020 - March 31, 2021)

(Reference) Summary of the non-consolidated financial results

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

(1) Non-consolidated financial results

(% indicates changes from the previous corresponding period)

	Net sales			Operating profit		Ordinary profit		Profit
FY2020	Yen in Millions	%	Yen in Millions	%	Yen in Millions	%	Yen in Millions	%
19,058	-2.7		223	451.9		484	62.3		301	68.0
(Apr.1,2020-Mar.31,2021)
FY2019	19,577	-0.0		40	-60.0		298	50.9		179	20.0
(Apr.1,2019-Mar.31,2020)
	Profit per share		Fully diluted profit per share
FY2020				Yen					Yen
			16.30				-
(Apr.1,2020-Mar.31,2021)
FY2019				9.70				-
(Apr.1,2019-Mar.31,2020)
(2) Non-consolidated financial position
	Total assets	Net assets	Equity ratio	Net assets per share
FY2020	Yen in Millions			Yen in Millions		%		Yen
18,838				4,418			23.5			238.76
(As of Mar.31,2021)
FY2019	18,774				4,197			22.4			226.86
(As of Mar.31,2020)

(Note) Shareholders' equity: FY 2020 (2021/3) 4,418 million yen, FY 2019 (2020/3) 4,197 million yen

2. Forecasts of non-consolidated financial results for the fiscal year ending March 2022 (From April 1, 2021 to March 31, 2022)

(% indicates changes from the previous corresponding period)

	Net sales		Operating profit	Ordinary profit		Profit		Profit per share
	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%	Yen
Half year	10,600	8.2	960	32.5	983	9.3	659	4.2	35.61
Full year	19,800	3.9	500	123.8	514	6.2	340	12.7	18.37

• This "Consolidated Financial Results" are outside the scope of the audit.
• Explanation of proper use of financial forecasts and other special notes:

The above forecasts are based on the information available at this time and on assumptions deemed to be reasonable. Therefore, the actual financial results may differ significantly from the forcasts due to various factors.

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TAC CO.,Ltd Consolidated Financial Results for the FY2020(April 1, 2020 - March 31, 2021)

Consolidated financial statements and notes
(1) Consolidated balance sheet		(Yen in Thousands)
			FY2019	FY2020
			(As of Mar.31,2020)	(As of Mar.31,2021)
	Assets
	Current assets
	Cash and deposits	4,287,322	5,149,331
	Notes and accounts receivable - trade	3,860,003	3,792,077
	Securities	200,085	200,011
	Merchandise and Finished goods	514,042	541,892
	Work in process	10,116	1,898
	Raw materials and supplies	341,476	350,485
	Other	511,232	473,062
	Allowance for doubtful accounts	-7,310	-6,793
	Total current assets	9,716,969	10,501,967
	Non-current assets
	Property, plant and equipment
	Buildings and structures, net	1,813,021	1,825,773
	Machinery, equipment and vehicles, net	7,878	5,459
	Tools, furniture and fixtures, net	136,342	142,629
	Land	2,744,159	2,744,159
	Leased assets, net	45,435	42,105
	Total property, plant and equipment	4,746,837	4,760,127
	Intangible assets
	Other	300,168	233,301
	Total intangible assets
	300,168	233,301
	Investments and other assets
	Investment securities	1,349,053	965,555
	Investments in capital of subsidiaries and associates	6,385	6,385
	Deferred tax assets	455,211	370,032
	Long-term time deposits	100,000	－
	Guarantee deposits	2,806,899	2,790,446
	Insurance funds	604,882	617,056
	Other	199,070	205,241
	Allowance for doubtful accounts	-32,277	-32,272
	Total Investments and other assets
	5,489,224	4,922,446
	Total non-current assets	10,536,230	9,915,875
	Total assets	20,253,199	20,417,842

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TAC CO.,Ltd Consolidated Financial Results for the FY2020(April 1, 2020 - March 31, 2021)

			(Yen in Thousands)
		FY2019	FY2020
		(As of Mar.31,2020)	(As of Mar.31,2021)
Liabilities
Current Liabilities
Notes and accounts payable - trade	495,222	633,888
Short-term loans payable	790,000	1,190,000
Current portion of long-term loans payable	1,141,360	720,558
Income taxes payable	18,783	133,345
Provision for sales returns	499,824	458,892
Provision for loss on abandonment of sales return	313,257	269,052
Provision for bonuses	192,146	198,633
Asset retirement obligations	78,762	106,489
Advances received	6,176,689	6,294,969
Other	1,019,461	1,293,127
Total current liabilities	10,725,508	11,298,957
Non-current liabilities
Long-term loans payable	3,256,063	2,535,505
Long-term accounts payable - directors' retirement benefits	25,077	25,077
Provision for repairs	37,300	37,300
Asset retirement obligations	693,765	679,168
Other	37,353	26,193
Total non-current liabilities
4,049,559	3,303,244
Total liabilities	14,775,067	14,602,201
Net assets
Shareholders' equity
Capital stock	940,200	940,200
Capital surplus	790,547	790,547
Retained earnings	3,764,284	4,077,451
Treasury shares	-25	-25
Total shareholders' equity
5,495,006	5,808,173
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	-30,666	-19,388
Foreign currency translation adjustment	6,685	19,288
Total accumulated other comprehensive income
-23,980	-100
Non-controlling interests	7,105	7,567
Total net assets	5,478,131	5,815,641
Total liabilities and net assets	20,253,199	20,417,842

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