Topre : Flash Report of Financial Results for the Year Ended March 31, 2023

Flash Report of Financial Results for the Year Ended March 31, 2023 (Japan Standards)

(Consolidated)

				(May 12, 2023)
Company name Topre Corporation			Listed Tokyo Stock Exchange
Code No 5975	URL https://www.topre.co.jp/
Representative	(Title) President			(Name) Yutaka Yamamoto
Contact person (Title) Executive Officer and General Manager of General Affairs	(Name) Takayuki Noda TEL [phone]
Scheduled date for General Meeting of Shareholders	June 28, 2023 Scheduled date to begin dividend payments June 29, 2023
Scheduled date of submission of annual securities report June 29, 2023
Supplementary materials for financial results	:	Yes
Financial results information meeting held	:	Yes (For analysts and institutional investors)

(Yen amounts are rounded down to the nearest million)

1. Consolidated Operating Results for the Year Ended March 31, 2023 (April 1, 2022 through March 31, 2023)

(1) Consolidated Operating Results

(%, YoY)

Net Sales

Operating Profit

Ordinary Profit

Profit Attributable to Owners of

Parent Company

Millions of Yen

%

Millions of Yen

%

Millions of Yen

%

Millions of Yen

%

Year Ended

290,416

24.3

7,330

7.0

16,518

(2.9)

10,009

(9.0)

March 31, 2023

Year Ended

233,601

8.9

6,853

(36.7)

17,013

3.2

10,998

(12.4)

March 31, 2022

Note: Comprehensive income

Year Ended March 31, 2023: ¥15,234 million (-6.5%)

Year Ended March 31, 2022: ¥16,290 million (-12.4%)

Net Profit per Share

Fully Diluted

Return on Equity

Return on Assets

Operating Profit on

Net Profit per Share

Sales

Yen

Yen

%

%

%

Year Ended

190.70

―

5.4

5.0

2.5

March 31, 2023

Year Ended

209.60

―

6.5

5.4

2.9

March 31, 2022

Ref.: Equity in Net Income of Affiliates

Year Ended March 31, 2023: ¥231 million

Year Ended March 31, 2022: ¥349 million

(2) Consolidated Financial Position

Total Assets

Total Equity

Owned Capital Ratio

Equity per Share

Millions of Yen

Millions of Yen

%

Yen

Year Ended

339,376

194,551

56.3

3,640.37

March 31, 2023

Year Ended

320,013

180,465

55.2

3,368.57

March 31, 2022

Ref.: Equity Capital

Year Ended March 31, 2023: ¥191,097 million

Year Ended March 31, 2022: ¥176,745 million

(3) Consolidated Cash Flow Information

Cash Flows from Operating

Cash Flows from Investing

Cash Flows from Financing

Cash and Cash Equivalents at

Activities

Activities

Activities

the End of the Year

Millions of Yen

Millions of Yen

Millions of Yen

Millions of Yen

Year Ended

25,234

(18,380)

(9,451)

48,955

March 31, 2023

Year Ended

38,604

(18,505)

(12,456)

49,892

March 31, 2022

2. Dividends

Dividend per Share

Amount of

Dividend

Dividend on

Q1

Q2

Q3

Q4

Year

Dividends

Payout Ratio

Equity Ratio

(Total)

(Consolidated)

(Consolidated)

Yen

Yen

Yen

Yen

Yen

Millions of

%

%

Yen

Year Ended March 31, 2022

―

15.00

―

10.00

25.00

1,314

11.9

0.8

Year Ended March 31, 2023

―

10.00

―

20.00

30.00

1,577

15.7

0.8

Year Ending March 31, 2024

―

20.00

―

20.00

40.00

30.0

(Forecast)

3. Forecast of Consolidated Financial Results for the Year Ending March 31, 2024 (April 1, 2023 through March 31, 2024)

(%, YoY)

										Profit		Net Profit
	Net Sales		Operating Profit		Ordinary Profit		Attributable to Owners of
				per Share
										Parent Company
	Millions of Yen		%	Millions of Yen		%	Millions of Yen		%	Millions of Yen		%	Yen
Year	300,000		3.3	10,000		36.4	11,000		(33.4)	7,000		(30.1)	133.36

Notes

1. Changes in Significant Subsidiaries during the Period (Changes in Specified Subsidiaries resulting in Change of Scope of Consolidation): No
2. Changes in Accounting Policies and Changes/Restatements in Accounting Estimates
3. 1. Changes in accounting policies due to amendments of accounting standards: No

(ii) Other changes in accounting policies:	No
(iii) Changes in accounting estimates:	No
(iv) Restatements:	No

1. Number of Shares Issued (Common stock)
2. 1. Total number of shares issued at the end of the period (including treasury shares)
   2. Number of treasury shares at the end of the period
   3. Average number of shares during the period

Year Ended March 31, 2023	54,021,824 shares	Year Ended March 31, 2022	54,021,824 shares
Year Ended March 31, 2023	1,527,923 shares	Year Ended March 31, 2022	1,552,847 shares
Year Ended March 31, 2023	52,487,556 shares	Year Ended March 31, 2022	52,472,606 shares

Beginning from the Q2 accounting period for the Year Ended March 31, 2017, we have adopted a Board Incentive Plan Trust for director compensation. Our company's shares that are held by this trust are included in treasury shares.

Note: This flash report is not subject to audit by certified public accountants or auditing firms.

A Cautionary Note on Forward-looking Statements:

This report contains forward-looking statements including those concerning future performance of Topre Corporation ("Topre"), and those statements are based on information available to Topre and certain assumptions that Topre deems reasonable. Various factors may cause Topre's actual results to be materially different from any future performance expressed or implied by these forward-looking statements.

We will hold an information meeting on financial results for analysts and institutional investors on Tuesday, May 30, 2023. The materials distributed at the meeting will be posted on our website after the meeting.

Topre Corporation (5975) Flash Report of Financial Results for the Year Ended March 31, 2023

○Table of Attached Materials
1. Summary of Operating Results	2
(1)	Summary of Operating Results for the Current Period	2
(2)	Summary of Financial Position for the Current Period	3
(3)	Summary of Cash Flows	3
(4)	Future Outlook	4
2. Basic Approach on Adoption of Accounting Standards	4
3. Consolidated Financial Statements and Notes	5
(1)	Consolidated Balance Sheets	5
(2)	Consolidated Statements of Income and Consolidated Statements of Comprehensive Income	7
	Consolidated Statements of Income	7
	Consolidated Statements of Comprehensive Income	8
(3)	Consolidated Statement of Changes in Equity	9
(4)	Consolidated Statements of Cash Flows	11
(5)	Notes on Consolidated Financial Statements	13
	(Assumptions for Going Concern)	13
	(Notes if there is a significant change in the amount of shareholder equity)	13
	(Change in scope of consolidation or scope of application of the equity method)	13
	(Changes in accounting estimates)	13
	(Additional information)	13
	(Basis of Consolidated Financial Statements)	14
	(Changes in accounting policies)	17
	(Consolidated Balance Sheets related)	17
	(Consolidated Statements of Income related)	18
	(Consolidated Statements of Comprehensive Income related)	18
	(Consolidated Statement of Changes in Equity related)	19
	(Consolidated Statements of Cash Flows related)	20
	(Segment information)	21
	(Per share data)	23
	(Significant Subsequent Events)	23

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Topre Corporation (5975) Flash Report of Financial Results for the Year Ended March 31, 2023

1. Summary of Operating Results

1. Summary of Operating Results for the Current Period

1. Summary of Consolidated Fiscal Year
   In the consolidated fiscal year ended March 31, 2023, the Group's consolidated net sales were ¥290,416 million,

an increase of ¥56,815 million (up 24.3%) year on year, and operating profit was ¥7,330 million, a year-on-year increase of ¥477 million (up 7.0%). Ordinary profit was ¥16,518 million, a year-on-year decrease of ¥494 million (down 2.9%). Profit attributable to owners of parent company was ¥10,009 million, a year-on-year decrease of ¥989 million (down 9.0%).

1. Breakdown by business segment Press-Related Products Businesses
   The Press-Related Products Businesses were affected by a shortage of semiconductors but the volume of materials increased in Japan and North America as compared with the previous fiscal year. As a result, sales for the Press- Related Products Businesses overall were ¥239,555 million, a year-on-year increase of ¥59,085 million (up 32.7%), partly due to the effect of increased sales reflecting the prevailing foreign exchange rates. In terms of profits for the Press-Related Products Businesses overall, segment profit (operating profit) was ¥3,465 million, a year-on-year increase of ¥2,791 million (up 414.5%), due to an increase in the volume of materials, although profits were affected by a shortage of semiconductors, resurgence of COVID-19 infections in China, increased manufacturing cost attributable to a shortage of workers in North America and other factors.

Temperature Controlled Logistics-Related Businesses

With regard to the Temperature Controlled Logistics-Related Businesses, in the service division, sales of repair services, etc. increased year on year. However, in the refrigerator truck division, sales significantly declined year on year due to shortages of materials and parts and stoppage of chassis shipments by our primary client company. As a result, sales for the Temperature Controlled Logistics-Related Businesses overall were ¥40,522 million, a year-on- year decrease of ¥3,196 million (down 7.3%). Profits for this segment (operating profit) decreased by ¥2,465 million (down 46.7%) year on year to ¥2,808 million due to soaring material prices.

Other Businesses

In the air-conditioning equipment division, both sales and operating profit increased year on year because we could shift to high-value-added products in terms of home ventilation systems and we managed to gain a certain level of customer understanding regarding our price pass-through measures to respond to soaring material prices. In the electronic devices division, sales of the REALFORCE keyboard and products utilizing touch panels remained strong, resulting in a year-on-year increase in sales. As a result, sales for Other Businesses overall were ¥10,339 million, a year-on-year increase of ¥926 million (up 9.8%). Profits for this segment (operating profit) increased by ¥151 million (up 16.7%) year on year to ¥1,057 million.

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Topre Corporation (5975) Flash Report of Financial Results for the Year Ended March 31, 2023

(2) Summary of Financial Position for the Current Period

ASSETS

Total assets at the end of the current consolidated fiscal year were ¥339,376 million, a ¥19,362 million increase compared to the end of the previous consolidated fiscal year.

Current assets were ¥147,598 million, up ¥14,179 million from the end of the previous consolidated fiscal year due primarily to an increase in notes and accounts receivable.

Fixed assets were ¥191,777 million, up ¥5,182 million over the end of the previous consolidated fiscal year due mainly to an increase in deferred tax assets.

LIABILITIES

Total liabilities at the end of the current consolidated fiscal year amounted to ¥144,824 million, a ¥5,276 million increase compared to the end of the previous consolidated fiscal year.

Current liabilities amounted to ¥100,318 million due primarily to an increase in notes and accounts payable - trade. Fixed liabilities were ¥44,505 million, primarily due to a decrease in long-term loans payable.

NET ASSETS

Net assets amounted to ¥194,551 million, an increase of ¥14,085 million compared to the end of the previous consolidated fiscal year, due mainly to an increase in retained earnings.

(3) Summary of Cash Flows

Cash and cash equivalents at the end of the current consolidated fiscal year amounted to ¥48,955 million, a decrease of ¥936 million from the end of the previous consolidated fiscal year.

The status of cash flows and the related factors are as follows. Cash Flows from Operating Activities

Cash flows from operating activities increased by ¥25,234 million. Primary factors for the increase were net profit before income taxes of ¥15,504 million, and depreciation expenses of ¥27,264 million. Primary factors for the decrease included an increase in trade receivables of ¥12,574 million.

Cash Flows from Investing Activities

Cash flows from investing activities decreased by ¥18,380 million. Upward factors included income of ¥313 million from sales and redemption of securities. Primary factors for the decrease were expenditures for the acquisition of property, plants, and equipment of ¥17,231 million.

Cash Flows from Financing Activities

Cash flows from financing activities decreased by ¥9,451 million. Upward factors included proceeds of ¥7,900 million from long-term loans. Primary factors for the decrease included expenditures for the repayment of long-term loans of ¥15,237 million.

3