TAC : Consolidated Financial Results for the Three Months Ended June 30, 2023

TAC CO.,LTD Consolidated Financial Results for the Three Months Ended June 30, 2023

Summary

Consolidated Financial Results

for the Three Months Ended June 30, 2023

Company name: TAC CO., LTD.								August	4, 2023
Listing: Tokyo Stock Exchange
Company code number: 4319	URL: https://www.tac-school.co.jp
Representative: Toshio Tada, Representative Director
Contact: Shoji Nonaka, Manager of IR department	Tel: [phone]
Scheduled date to commence dividend payments: -
Scheduled date to submit the annual securities report of the 1st quarter: August 10, 2023
Supplemental information for financial statements: Yes
Results briefing session: No			(Amounts rounded down to the nearest million yen)
1. Consolidated 1st quarter results for the fiscal year ending March 2024
							(From April 1, 2023 to June 30, 2023)
(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)	％
FY2023	5,206		-6.6	123	-77.6		106	-80.1	83	-76.3
(Apr.1,2023-Jun.30,2023)
FY2022	5,575		-2.8	549	-11.7		534	-15.0	351	-18.8
(Apr.1,2022-Jun.30,2022)
(Notes)Comprehensive income：FY 2023 (2023/6) 93 million yen (-73.5%) FY 2022 (2022/6) 352 million yen (-22.5%)
	Profit per share	Fully diluted profit
	per share
			(Yen)		(Yen)
FY2023		4.59	－
(Apr.1,2023-Jun.30,2023)
FY2022	18.98	－
(Apr.1,2022-Jun.30,2022)

1. Consolidated financial position

		Total assets		Net assets	Equity Ratio
		(Yen in millions)		(Yen in millions)	％
FY2023		19,594		6,241	31.8
(As of Jun. 30, 2023)
FY2022		20,795		6,203	29.8
(As of Mar. 31,	2023)
（Notes）Equity	FY2023 (2023/6) 6,232 million yen	FY2022 (2023/3) 6,194 million yen

2．Dividends

		Annual dividends Per Share
	1st quarter	2nd quarter	3rd quarter	4th quarter	Total
FY2022	(Yen)	(Yen)	(Yen)	(Yen)	(Yen)
(Apr.1,2022-Mar.31,2023)	－	3.00	－	3.00	6.00
FY2023	－
(Apr.1,2023-Mar.31,2024)

FY2023 (Forecast)

3.00

－

3.00

6.00

(Note) Revision of dividend forecasts in the current quarter: None

3．Consolidated forecasts for March 2024 term (From April 1, 2023 to March 31, 2024)

(% 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	10,652	-1.0	951	1.0	926	0.1	602	-2.1	33.20
Full year	19,620	-0.5	380	19.1	330	1.7	210	-2.2	11.58

(Note) Revision of consolidated financial results forecasts: None

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TAC CO.,LTD Consolidated Financial Results for the Three Months Ended June 30, 2023

• Notes
• 1. Significant changes in scope of consolidation (Changes in consolidated subsidiaries): None
  2. Application of the simplified accounting method and/or the special accounting method for quarterly consolidated financial statements: None
  3. Changes in accounting policies, changes in accounting estimates, and restatements

(3)-1 Changes in accounting policies due to the revision of accounting standards: None

(3)-2 Changes in accounting policies other than (3)-1: None

(3)-3 Changes in accounting estimates: None

(3)-4 Restatements: None

1. Number of shares issued (common stocks)
   (4)-1 Number of shares issued at the end of the period (including treasury shares)
   (4)-2 Number of treasury shares at the end of the period
   (4)-3 Average number of shares during the period

FY2023	18,504,000	shares	FY2022	18,504,000	shares
1st quarter
FY2023	370,168	shares	FY2022	370,168	shares
1st quarter
FY2023	18,133,832	shares	FY2022	18,503,932	shares
1st quarter	1st quarter

• 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 Three Months Ended June 30, 2023

Quarterly consolidated financial statements and notes

(1) Quarterly consolidated balance sheet

		(Yen in thousands)
	FY2022	FY2023
	(as of March 31, 2023)	(as of June 30, 2023)
Assets
Current assets
Cash and deposits	6,103,857	5,389,961
Notes and accounts receivable - trade	3,835,409	3,603,811
Securities	200,000	－
Merchandise and finished goods	467,535	467,118
Work in process	38,993	6,008
Raw materials and supplies	372,397	384,682
Accounts receivable - other	7,210	86,597
Prepaid expenses	293,230	276,958
Other	288,280	273,811
Allowance for doubtful accounts	-2,672	-2,509
Total current assets	11,604,241	10,486,440
Non-current assets
Property, plant and equipment
Land	2,744,159	2,744,159
Other, net	2,228,862	2,159,512
Total property, plant and equipment	4,973,022	4,903,671
Intangible assets	231,137	231,041
Investments and other assets
Investment securities	579,264	580,780
Investments in capital of subsidiaries and associates	0	－
Deferred tax assets	424,711	430,861
Long-term time deposits	100,000	100,000
Guarantee deposits	2,133,262	2,115,055
Insurance funds	626,382	630,491
Other	148,981	142,228
Allowance for doubtful accounts	-25,782	-25,781
Total Investments and other assets	3,986,819	3,973,635
Total non-current assets	9,190,978	9,108,349
Total assets	20,795,219	19,594,789

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TAC CO.,LTD Consolidated Financial Results for the Three Months Ended June 30, 2023

		(Yen in thousands)
	FY2022	FY2023
	(as of March 31, 2023)	(as of June 30, 2023)
Liabilities
Current Liabilities
Notes and accounts payable - trade	495,021	469,337
Short-term loans payable	1,400,000	1,400,000
Current portion of long-term loans payable	828,645	782,343
Accounts payable - other	465,199	439,215
Accrued expenses	565,561	539,412
Income taxes payable	40,962	53,661
Provision for loss on abandonment of sales return	333,995	299,703
Provision for bonuses	202,241	71,879
Advances received	5,483,604	4,744,780
Asset retirement obligations	67,381	42,911
Other	863,655	859,448
Total current liabilities	10,746,269	9,702,694
Non-current liabilities
Long-term loans payable	3,069,926	2,879,872
Long-term accounts payable - directors' retirement	25,077	25,077
benefits
Asset retirement obligations	658,138	658,204
Provision for repairs	37,300	37,300
Other	55,183	50,371
Total non-current liabilities	3,845,626	3,650,824
Total liabilities	14,591,895	13,353,519
Net assets
Shareholders' equity
Capital stock	940,200	940,200
Capital surplus	790,547	790,547
Retained earnings	4,515,132	4,543,996
Treasury shares	-75,155	-75,155
Total shareholders' equity	6,170,725	6,199,588
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	-17,487	-12,551
Foreign currency translation adjustment	40,918	45,590
Total accumulated other comprehensive income	23,431	33,039
Non-controlling interests	9,167	8,642
Total net assets	6,203,324	6,241,270
Total liabilities and net assets	20,795,219	19,594,789

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TAC CO.,LTD Consolidated Financial Results for the Three Months Ended June 30, 2023

1. Quartely consolidated statement of income and quartely consolidated statement of comprehensive income
   Quarterly consolidated statement of income

			(Yen in thousands)
		FY2022	FY2023
		(Apr. 1, 2022-Jun. 30, 2022)	(Apr. 1, 2023-Jun. 30, 2023)
Net sales	5,575,768	5,206,671
Cost of sales	3,144,710	3,155,749
Gross profit	2,431,058	2,050,922
Selling, general and administrative expenses	1,881,214	1,927,513
Operating profit	549,843	123,409
Non-operating income
Interest income	2,186	1,989
Gain on sale of investment securities	－	3,499
Other	2,949	2,662
Total non-operating income	5,136	8,152
Non-operating expenses
Interest expenses	8,608	8,249
Commission expenses	2,301	2,301
Share of loss of entities accounted for using equity	5,342	5,161
method
Foreign exchange losses	3,895	3,372
Other	1	6,128
Total non-operating expenses	20,149	25,212
Ordinary profit	534,830	106,348
Extraordinary losses
Loss on sales and retirement of non-current assets	2,299	－
Total extraordinary losses	2,299	－
Profit before income taxes	532,530	106,348
Income taxes - current	89,367	31,079
Income taxes - deferred	91,602	-8,329
Total income taxes	180,969	22,750
Profit	351,560	83,597
Profit attributable to non-controlling interests	301	332
Profit attributable to owners of parent		351,258	83,265

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