トリケミカル研究所（4369） – [Delayed] Summary of Consolidated Financial Results for the Fiscal Year Ended January 31, 2022 [Japanese GAAP]

Consolidated Financial Results for the Fiscal Year Ended January 31, 2022 [Japanese GAAP] March 15, 2022 Company name: Tri Chemical Laboratories Inc. Stock exchange listing: Tokyo Stock Exchange Code number: 4369 URL: http://www.trichemical.com Representative: Kiyoshi Tazuke, President Contact: Yoshihide Suzuki, Director Phone: +81-554-63-6600 Scheduled date of Annual General Meeting of Shareholders: April 27, 2022 Scheduled date of filing annual securities report: April 28, 2022 Scheduled date of commencing dividend payments: April 28, 2022 Availability of supplementary briefing material on annual financial results: Not available Scheduled date of annual financial results briefing session: Scheduled (for institutional investors and analysts) (Amounts of less than one million yen are rounded down.) 1. Consolidated Financial Results for the Fiscal Year Ended January 31, 2022 (February 1, 2021 to January 31, 2022) (1) Consolidated Operating Results (cumulative) (% indicates changes from the previous corresponding period.) Net sales Operating profit Ordinary profit Fiscal year ended Million yen 11,574 January 31, 2022 9,801 January 31, 2021 (Note) Comprehensive income: Fiscal year ended January 31, 2022: ¥4,310 million (24.1%) Fiscal year ended January 31, 2021: ¥3,473 million (19.4%) % Million yen 2,976 2,691 % Million yen 5,294 4,323 10.6 15.7 18.1 18.6 Profit attributable to owners of parent % Million yen 4,095 3,377 22.5 15.5 % 21.3 14.9 Basic earnings per share Diluted earnings per share Rate of return on equity Ordinary profit to total assets Operating profit to net sales Fiscal year ended January 31, 2022 Yen 126.33 Yen – % 24.1 % 22.0 January 31, 2021 (Reference) Equity in earnings of affiliated companies: Fiscal year ended January 31, 2022: ¥1,936 million Fiscal year ended January 31, 2021: ¥1,540 million 108.08 30.4 24.7 – % 25.7 27.5 (Note) The Company executed a four-for-one stock split for each common share on February 1, 2021. Accordingly, the figures for basic earnings per share have been calculated assuming that the stock split was executed at the beginning of the fiscal year ended January 31, 2021. Diluted earnings per share for the fiscal year ended January 31, 2022, are not presented as there were no dilutive shares. Total assets (2) Consolidated Financial Position As of January 31, 2022 As of January 31, 2021 (Reference) Equity: As of January 31, 2022: ¥21,320 million As of January 31, 2021: ¥12,601 million Million yen 28,288 19,867 Million yen 21,320 12,601 Net assets Equity ratio Net assets per share Yen 656.07 403.28 % 75.4 63.4 (Note) The Company executed a four-for-one stock split for each common share on February 1, 2021. Accordingly, the figures for net assets per share have been calculated assuming that the stock split was executed at the beginning of the fiscal year ended January 31, 2021. (3) Consolidated Cash Flows Fiscal year ended January 31, 2022 January 31, 2021 2. Dividends Cash flows from operating activities Cash flows from investing activities Cash flows from financing activities Cash and cash equivalents at end of period Million yen 3,638 2,090 Million yen (932) (2,963) Million yen 3,594 948 Million yen 8,034 1,698 Annual dividends 1st quarter-end 2nd quarter-end 3rd quarter-end Year-end Total Total dividends Payout ratio (consolidated) Dividends to net assets (consolidated) Yen – – Fiscal year ended January 31, 2021 January 31, 2022 Fiscal year ending January 31, 2023 (Forecast) (Note) The Company executed a four-for-one stock split for each common share on February 1, 2021. For the fiscal year ended Million yen 531 649 Yen 68.00 20.00 Yen 68.00 20.00 % 15.7 15.8 Yen 0.00 0.00 22.00 22.00 Yen – – % 4.8 3.8 0.00 15.9 – – January 31, 2021, the figures for dividends are presented in amounts of the actual dividends paid, and the figures for dividends for the fiscal year ended January 31, 2022 and the fiscal year ending January 31, 2023 (forecast) are presented in amounts after the said stock split. 3. Consolidated Financial Results Forecast for the Fiscal Year Ending January 31, 2023 (February 1, 2022 to January 31, 2023) Net sales Operating profit Ordinary profit (% indicates changes from the previous corresponding period.) Basic earnings per share Profit attributable to owners of parent % 6.8 9.9 % Million yen 2,010 4,500 5.8 8.2 Yen 61.85 138.47 First half Full year Million yen 6,590 13,600 22.8 17.5 % Million yen 1,690 15.9 3,400 14.2 % Million yen 2,590 5,730 * Notes: (1) Changes in significant subsidiaries during the period under review: No (Changes in specific subsidiaries due to changes in the scope of consolidation) New: – companies (company name) , excluded: – companies (company name) (2) Changes in accounting policies, changes in accounting estimates and retrospective restatement 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) 1) Total number of issued shares at the end of the period (including treasury shares): January 31, 2022: 32,498,640 shares January 31, 2021: 31,248,640 shares 2) Total number of treasury shares at the end of the period: January 31, 2022: 1,580 shares January 31, 2021: 1,580 shares 3) Average number of shares during the period: Fiscal year ended January 31, 2022: 32,414,868 shares Fiscal year ended January 31, 2021: 31,247,189 shares (Note) The Company executed a four-for-one stock split for each common share on February 1, 2021. Accordingly, the total number of issued shares at the end of the period, the total number of treasury shares at the end of the period, and the average number of shares during the period have been calculated assuming that the stock split was executed at the beginning of the fiscal year ended January 31, 2021. (Reference) Overview of Non-consolidated Financial Results 1. Non-consolidated Financial Results for the Fiscal Year Ended January 31, 2022 (February 1, 2021 to January 31, 2022) (1) Non-consolidated Operating Results (cumulative) (% indicates changes from the previous corresponding period.) Net sales Operating profit Ordinary profit Profit Fiscal year ended Million yen 11,542 January 31, 2022 9,887 January 31, 2021 % Million yen 3,272 2,809 16.7 19.3 % Million yen 4,369 3,223 16.5 20.5 % Million yen 3,186 2,331 35.6 32.4 % 36.7 36.2 Basic earnings per share Diluted earnings per share Fiscal year ended January 31, 2022 January 31, 2021 Yen 98.31 74.61 Yen – – (Note) The Company executed a four-for-one stock split for each common share on February 1, 2021. Accordingly, the figures for basic earnings per share have been calculated assuming that the stock split was executed at the beginning of the fiscal year ended January 31, 2021. Diluted earnings per share for the fiscal year ended January 31, 2022, are not presented as there were no dilutive shares. (2) Non-consolidated Financial Position Total assets As of January 31, 2022 As of January 31, 2021 (Reference) Equity: As of January 31, 2022: ¥17,229 million Million yen 23,692 16,396 Million yen 17,229 9,632 As of January 31, 2021: ¥9,632 million Net assets Equity ratio Net assets per share % 72.7 58.7 Yen 530.20 308.28 (Note) The Company executed a four-for-one stock split for each common share on February 1, 2021. Accordingly, the figures for net assets per share have been calculated assuming that the stock split was executed at the beginning of the fiscal year ended January 31, 2021. * These financial results are outside the scope of audit by certified public accountants or an audit firm. * Explanation of the proper use of financial results forecast and other notes The earnings forecasts and other forward-looking statements herein are based on information currently available to the Company and certain assumptions deemed reasonable, and do not represent a commitment by the Company that they will be achieved. Actual results may differ significantly from these forecasts due to a wide range of factors. The Company plans to hold a financial results briefing for institutional investors and analysts on March 17, 2022. Financial results materials to be used at the briefing will be available on the Company’s website immediately after the session. Consolidated Financial Statements (1) Consolidated Balance Sheets Assets Current assets As of January 31, 2021 As of January 31, 2022 (Thousand yen) Cash and deposits Notes and accounts receivable – trade Electronically recorded monetary claims – operating Merchandise and finished goods Work in process Raw materials and supplies Other Total current assets Non-current assets Property, plant and equipment Buildings and structures Accumulated depreciation Buildings and structures, net Machinery, equipment and vehicles Accumulated depreciation Machinery, equipment and vehicles, net Tools, furniture and fixtures Accumulated depreciation Tools, furniture and fixtures, net Land Leased assets Accumulated depreciation Leased assets, net Construction in progress Other Accumulated depreciation Other, net Total property, plant and equipment Intangible assets Investments and other assets Investment securities Deferred tax assets Other Total investments and other assets Total non-current assets Total assets 1,698,612 2,783,207 1,119,212 13,422 713,613 881,878 374,759 7,584,706 5,020,683 (1,233,191) 3,787,491 2,669,674 (1,429,693) 1,239,980 2,195,213 (1,452,432) 742,780 714,933 548,961 (132,268) 416,692 759,476 248,499 (30,348) 218,151 7,879,507 208,508 4,147,328 22,189 25,518 4,195,036 12,283,053 19,867,759 8,034,494 3,058,124 838,248 79,197 749,403 1,321,772 305,191 14,386,432 5,319,866 (1,500,630) 3,819,235 3,119,985 (1,708,130) 1,411,854 2,616,297 (1,630,985) 985,312 714,933 548,961 (202,019) 346,941 515,516 265,008 (44,729) 220,279 8,014,073 181,431 5,535,422 82,908 88,668 5,706,999 13,902,504 28,288,937 1 As of January 31, 2021 As of January 31, 2022 (Thousand yen) Liabilities Current liabilities Accounts payable – trade Short-term loans payable Current portion of long-term loans payable Lease obligations Income taxes payable Provision for bonuses Other Total current liabilities Non-current liabilities Long-term loans payable Lease obligations Deferred tax liabilities Net defined benefit liability Total non-current liabilities Total liabilities Net assets Shareholders’ equity Capital stock Capital surplus Retained earnings Treasury shares Total shareholders’ equity Accumulated other comprehensive income Valuation difference on available-for-sale securities Foreign currency translation adjustments Remeasurements of defined benefit plans Total accumulated other comprehensive income Total net assets Total liabilities and net assets 525,821 580,000 615,547 88,307 593,172 76,084 811,527 3,290,460 3,160,646 601,566 111,368 102,327 3,975,908 7,266,369 808,912 709,912 11,062,738 (1,720) 12,579,843 (168) 38,500 (16,785) 21,545 12,601,389 19,867,759 613,784 – 961,417 90,428 800,361 113,242 886,210 3,465,445 2,699,229 532,436 152,763 118,662 3,503,092 6,968,537 3,278,912 3,179,912 14,626,625 (1,720) 21,083,730 1,473 254,279 (19,083) 236,669 21,320,399 28,288,937 2 (2) Consolidated Statements of Income and Comprehensive Income Consolidated Statements of Income (Thousand yen) For the fiscal year ended January 31, 2021 For the fiscal year ended January 31, 2022 Net sales Cost of sales Gross profit Selling, general and administrative expenses Operating profit Non-operating income Interest income Dividend income Foreign exchange gains Share of profit of entities accounted for using equity method Other Total non-operating income Non-operating expenses Interest expenses Share issuance costs Loss on retirement of non-current assets Loss on valuation of investment securities Other Total non-operating expenses Ordinary profit Profit before income taxes Income taxes – current Income taxes – deferred Total income taxes Profit Profit attributable to owners of parent 9,801,982 5,420,934 4,381,047 1,689,666 2,691,380 158 355 9,996 1,540,068 137,240 1,687,821 34,448 – 9,725 9,772 1,924 55,871 4,323,329 4,323,329 902,154 43,893 946,048 3,377,281 3,377,281 11,574,455 6,739,426 4,835,029 1,858,955 2,976,074 201 406 300,482 1,936,039 162,800 2,399,929 31,966 30,545 16,603 – 2,025 81,141 5,294,861 5,294,861 1,213,149 (13,374) 1,199,774 4,095,086 4,095,086 3 Consolidated Statements of Comprehensive Income Profit Other comprehensive income Valuation difference on available-for-sale securities Foreign currency translation adjustments Remeasurements of defined benefit plans, net of tax Share of other comprehensive income of entities accounted for using equity method Total other comprehensive income Comprehensive income Comprehensive income attributable to Comprehensive income attributable to owners of parent Comprehensive income attributable to non-controlling interests (Thousand yen) For the fiscal year ended January 31, 2021 For the fiscal year ended January 31, 2022 3,377,281 7,698 16,135 7,333 64,664 95,831 3,473,113 3,473,113 – 4,095,086 1,642 74,523 (2,298) 141,255 215,123 4,310,209 4,310,209 – 4 (3) Consolidated Statements of Changes in Net Assets For the fiscal year ended January 31, 2021 Capital stock Capital surplus Treasury shares Shareholders’ equity Retained earnings 808,912 709,912 8,138,541 (1,150) 9,656,216 Issuance of new shares – – (453,084) 3,377,281 (Thousand yen) Total shareholders’ equity – (453,084) 3,377,281 (569) (569) – (453,084) 3,377,281 (569) – – 2,924,197 (569) 2,923,627 808,912 709,912 11,062,738 (1,720) 12,579,843 Accumulated other comprehensive income Valuation difference on available-for-sale securities Foreign currency translation adjustments Remeasurements of defined benefit plans Total accumulated other comprehensive income Total net assets (7,867) (42,299) (24,119) (74,285) 9,581,930 Balance at beginning of current period Changes of items during period Dividends of surplus Profit attributable to owners of parent Purchase of treasury shares Net changes of items other than shareholders’ equity Total changes of items during period Balance at end of current period Balance at beginning of current period Changes of items during period Issuance of new shares Dividends of surplus Profit attributable to owners of parent Purchase of treasury shares Net changes of items other than shareholders’ equity Total changes of items during period Balance at end of current period 5 7,698 80,799 7,333 95,831 95,831 7,698 (168) 80,799 38,500 7,333 95,831 3,019,459 (16,785) 21,545 12,601,389 For the fiscal year ended January 31, 2022 Capital stock Capital surplus Treasury shares Shareholders’ equity Retained earnings 808,912 709,912 11,062,738 (1,720) 12,579,843 Issuance of new shares 2,470,000 2,470,000 (531,200) 4,095,086 (Thousand yen) Total shareholders’ equity 4,940,000 (531,200) 4,095,086 – – 4,940,000 (531,200) 4,095,086 – 2,470,000 2,470,000 3,563,886 – 8,503,886 3,278,912 3,179,912 14,626,625 (1,720) 21,083,730 Accumulated other comprehensive income Valuation difference on available-for-sale securities Foreign currency translation adjustments Remeasurements of defined benefit plans Total accumulated other comprehensive income Total net assets (168) 38,500 (16,785) 21,545 12,601,389 Balance at beginning of current period Changes of items during period Dividends of surplus Profit attributable to owners of parent Purchase of treasury shares Net changes of items other than shareholders’ equity Total changes of items during period Balance at end of current period Balance at beginning of current period Changes of items during period Issuance of new shares Dividends of surplus Profit attributable to owners of parent Purchase of treasury shares Net changes of items other than shareholders’ equity Total changes of items during period Balance at end of current period 1,642 215,778 (2,298) 215,123 215,123 1,642 1,473 215,778 254,279 (2,298) 215,123 8,719,009 (19,083) 236,669 21,320,399 6 (4) Consolidated Statements of Cash Flows Cash flows from operating activities Profit before income taxes Depreciation Increase (decrease) in provision for bonuses Interest and dividend income Interest expenses Share issuance costs Share of loss (profit) of entities accounted for using equity method Loss (gain) on valuation of investment securities Decrease (increase) in notes and accounts receivable – trade Decrease (increase) in inventories Increase (decrease) in notes and accounts payable – trade Decrease/increase in consumption taxes receivable/payable Increase (decrease) in accounts payable – other Decrease (increase) in other current assets Increase (decrease) in other current liabilities Increase (decrease) in other non-current liabilities Other, net Subtotal Interest and dividend income received Interest expenses paid Income taxes paid Net cash provided by (used in) operating activities Cash flows from investing activities Purchase of investment securities Purchase of property, plant and equipment Purchase of intangible assets Net cash provided by (used in) investing activities Cash flows from financing activities Net increase (decrease) of short-term loans payable Proceeds from long-term loans payable Repayments of long-term loans payable Repayments of lease obligations Proceeds from issuance of shares Purchase of treasury shares Cash dividends paid Net cash provided by (used in) financing activities Effect of exchange rate change on cash and cash equivalents Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period For the fiscal year ended January 31, 2021 For the fiscal year ended January 31, 2022 (Thousand yen) 4,323,329 814,438 6,600 (514) 34,448 – (1,540,068) 9,772 (843,028) (378,187) 120,660 (88,654) 112,202 (35,707) 61,938 (1,196) (15,437) 2,580,596 308,298 (34,049) (764,461) 2,090,384 (1,200) (2,925,335) (37,291) (2,963,827) – 2,070,000 (583,309) (83,786) – (569) (453,992) 948,342 5,220 80,121 1,618,491 1,698,612 5,294,861 1,019,283 36,738 (607) 31,966 30,545 (1,936,039) – 23,344 (533,916) 68,019 118,245 55,124 (39,963) 19,456 16,335 (169,733) 4,033,662 678,343 (32,373) (1,041,006) 3,638,626 (1,200) (881,387) (50,292) (932,880) (580,000) 500,000 (615,547) (88,420) 4,909,454 – (531,058) 3,594,427 35,709 6,335,882 1,698,612 8,034,494 7