鶴見製作所（6351） – [Delayed][Summary] Consolidated Financial Results for the Fiscal Year Ended March 31, 2022［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, 2022 ［Under Japanese GAAP］ May 12, 2022 s: Tsurumi Manufacturing Co.,Ltd. : Tokyo Stock Exchange : 6351 : https://www.tsurumipump.co.jp : Osamu Tsujimoto, President : Keiichiro Tsuruga, Executive Officer, Administration Division : +81-6-6911-2351 C o m p a n y n a m e L ii n g tS e c u r i t i e s c o d e L RUR e p r e s e n t a t i v e I n q u i r i e s T e l e p h o n e Scheduled date of annual general meeting of shareholders : : Scheduled date to commence dividend payments : Scheduled date to file annual securities report : None Preparation of supplementary material on financial results 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 June 24, 2022 June 27, 2022 June 27, 2022 1. Consolidated financial results for the fiscal year ended March 31, 2022(from April 1, 2021 to March 31, 2022 ) (1) Consolidated operating results (Percentages indicate year-on-year changes.) Net sales Operating profit Ordinary profit Profit attributable to owners of parent (Yen amounts are rounded down to millions, unless otherwise noted.) Fiscal year ended Millions of yen 51,214 March 31,2022 45,325 March 31,2021 （Note）Comprehensive income % 13.0 (0.6) Millions of yen 5,508 5,549 % (0.7) 7.4 Millions of yen 7,368 6,404 % 15.0 17.0 Millions of yen 4,817 4,156 % 15.9 5.2 For the fiscal year ended March 31, 2022 : ¥6,217 million [ 7.8%] For the fiscal year ended March 31, 2021 : ¥5,765 million [ 67.3%] Basic earnings per share Diluted earnings per share Return on equity Ratio of ordinary profit to total assets Ratio of operating profit to net sales Fiscal year ended March 31,2022 March 31,2021 （Reference）Share of profit (loss) of entities accounted for using equity method For the fiscal year ended March 31, 2022 : ― For the fiscal year ended March 31, 2021 : ― Yen ― ― % 7.0 6.5 Yen 192.50 166.00 % 8.7 8.1 % 10.8 12.2 (2) Consolidated financial position Total assets As of March 31,2022 March 31,2021 （Reference）Equity As of March 31, 2022 : ¥70,833 million As of March 31, 2021 : ¥65,980 million Net assets Equity-to-asset ratio Net assets per share Millions of yen 87,299 81,487 Millions of yen 71,848 66,874 % 81.1 81.0 Yen 2,841.77 2,635.21 (3) Consolidated cash flows Fiscal year ended March 31,2022 March 31,2021 2. Cash dividends Fiscal year ended March 31,2021 Fiscal year ended March 31,2022 Fiscal year ending March 31,2023 (Forecast) Cash flows from operating activities Cash flows from investing activities Cash flows from financing activities Cash and cash equivalents at end of period Millions of yen 2,003 4,866 Millions of yen (2,508) (3,357) Millions of yen (1,964) (233) Millions of yen 14,288 15,696 Annual dividends per share First quarter-end Second quarter-end Third quarter-end Fiscal year-end Total Total cash dividends (Total) Payout ratio (Consolidated) Ratio of dividends to net assets (Consolidated) Yen ― ― Yen 14.00 17.00 Yen ― ― ― Yen 22.00 23.00 Yen 36.00 40.00 Millions of yen 901 998 % 21.7 20.8 24.3 % 1.4 1.5 ― 20.00 22.00 42.00 （Note）Breakdown of the second quarter-end dividend forecast for the fiscal year ending March 31, 2023 : ¥18.00 per share Ordinary dividend Commemorative dividend * : ¥ 2.00 per share * Commemorative dividend will be implemented for the 25th anniversary of foundation of our Taiwan plant and its annual production volume exceeding 400,000 units. 3. Consolidated financial results forecast for the fiscal year ending March 31, 2023(from April 1, 2022 to March 31, 2023 ) (Percentages indicate changes from the previous corresponding period.) Net sales Operating profit Ordinary profit Profit attributable to owners of parent Basic earnings per share % (10.5) (10.7) Yen 74.22 172.51 % 0.7 2.5 % 0.4 1.7 % (8.8) (15.9) Millions of yen 1,850 4,300 Millions of yen 2,660 6,200 Millions of yen 2,430 5,600 Millions of yen 22,300 52,500 Six months ending September 30, 2022 Fiscal year ending March 31,2023 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: Yes 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, 2022: 27,500,000 shares As of March 31, 2021: 27,500,000 shares ⅱ. Number of treasury shares at the end of the period As of March 31, 2022: 2,574,311 shares As of March 31, 2021: 2,461,871 shares ⅲ. Average number of shares outstanding during the period Fiscal year ended March 31, 2022: 25,025,067 shares Fiscal year ended March 31, 2021: 25,038,129 shares * The consolidated financial results are exempt from audit conducted by certified public accountants or an audit corporation. * 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 guarantee the achievement of these forecasting numbers. Actual results may differ from these forecasts by a variety of reasons. Index of the Appendix1. 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－As of March 31, 2021As of March 31, 2022(Millions of yen)Consolidated Financial Statements and Primary Notes1. Consolidated Balance SheetAs of March 31, 2021 and March 31, 2022AssetsCurrent assetsCash and depositsNotes and accounts receivable – tradeNotes and accounts receivable – trade, and contract assetsSecuritiesMerchandiseFinished goodsSemi-finished goodsWork in processRaw materials and suppliesOtherAllowance for doubtful accountsTotal current assetsNon-current assetsProperty, plant and equipmentBuildings and structuresAccumulated depreciationBuildings and structures, netMachinery, equipment and vehiclesAccumulated depreciationMachinery, equipment and vehicles, netTools, furniture and fixturesAccumulated depreciationTools, furniture and fixtures, netLandLeased assetsAccumulated depreciationLeased assets, netConstruction in progressTotal property, plant and equipmentIntangible assetsInvestments and other assetsInvestment securitiesRetirement benefit assetDeferred tax assetsOtherAllowance for doubtful accountsAllowance for investment lossTotal investments and other assetsTotal non-current assetsTotal assets15,70718,505－1,3081,3074,1801,5501,0252,4293,034(40)49,0109,444(4,970)4,4733,400(2,652)7482,498(2,158)3398,189116(56)5960414,4151,43514,368465341,833(2)(154)16,62632,47781,48714,484－20,6971,7011,6755,4561,7641,0473,1872,962(37)52,94011,508(5,358)6,1493,768(2,832)9352,595(2,270)3248,302127(77)4910515,8681,48113,893534632,754(2)(154)17,00934,35987,299－2－LiabilitiesCurrent liabilitiesAccounts payable – tradeCurrent portion of long-term borrowingsCurrent portion of bonds payableIncome taxes payableProvision for bonusesOtherTotal current liabilitiesNon-current liabilitiesLong-term borrowingsDeferred tax liabilitiesProvision for retirement benefits for directorsRetirement benefit liabilityOtherTotal non-current liabilitiesTotal liabilitiesNet assetsShareholders’ equityShare capitalCapital surplusRetained earningsTreasury sharesTotal shareholders’ equityAccumulated other comprehensive incomeValuation difference on available-for-sale securitiesForeign currency translation adjustmentRemeasurements of defined benefit plansTotal accumulated other comprehensive incomeNon-controlling interestsTotal net assetsTotal liabilities and net assetsAs of March 31, 2021As of March 31, 2022(Millions of yen)6,5193007001,1649532,47212,1091,8001591951402072,50214,6125,1887,81052,133(2,119)63,0122,078834542,96889466,87481,4877,168－－1,2741,1293,14512,7172,1001232101271722,73315,4515,1887,81055,957(2,321)66,6341,6522,482634,1981,01571,84887,299－3－2. Consolidated Statement of Income and Comprehensive IncomeFrom April 1 to March 31, 2021 and 2022(Consolidated Statement of Income (Year ended))Year endedMarch 31, 202145,32530,22515,100(Millions of yen)Year endedMarch 31, 202251,21434,54316,671Net salesCost of salesGross profitSelling, general and administrative expensesFreight costsAdvertising expensesSalaries and allowancesProvision for bonusesRetirement benefit expensesProvision for retirement benefits for directorsRent expensesDepreciationOtherTotal selling, general and administrative expensesOperating profitNon-operating incomeInterest incomeDividend incomeGain on investments in securitiesForeign exchange gainsOtherTotal non-operating incomeNon-operating expensesInterest expensesLoss on investments in securitiesLoss on swap valuationOtherTotal non-operating expensesOrdinary profitExtraordinary incomeGain on sale of investment securitiesTotal extraordinary incomeExtraordinary lossesLoss on valuation of investments in capital ofsubsidiaries and associatesTotal extraordinary lossesProfit before income taxesIncome taxes – currentIncome taxes – deferredIncome taxesProfitProfit attributable to non-controlling interestsProfit attributable to owners of parent5521543,79961496131902733,8569,5515,5492561991752521771,06122－108752066,4041061067437435,7681,818(271)1,5464,221654,1561,2492244,18573174151782924,21111,1625,508266262－1,1532151,8971015－12377,368－－－－7,3682,2702302,5014,867494,817－4－(Consolidated Statement of Comprehensive Income (Year ended))ProfitOther comprehensive incomeValuation difference on available-for-sale securitiesForeign currency translation adjustmentRemeasurements of defined benefit plansTotal other comprehensive incomeComprehensive incomeComprehensive income attributable toComprehensive income attributable to owners of parentComprehensive income attributable to non-controllinginterestsYear endedMarch 31, 20214,221(Millions of yen)Year endedMarch 31, 20224,8677485602341,5435,7655,68481(426)1,76881,3506,2176,047170－5－3. Consolidated Statements of Changes in EquityPrevious consolidated fiscal year (April 1, 2020 – March 31, 2021)Share capitalCapital surplusRetained earningsTreasury sharesShareholders’ equity(Millions of yen)Total shareholders’equity5,1887,81048,828(2,119)59,707Restated balance5,1887,81048,828(2,119)59,707(851)4,156－ 5,188－ 7,8103,30452,133－ (2,119)Other accumulated comprehensive incomeValuationdifference onavailable-for-sale securitiesForeign currencytranslationadjustmentRemeasurementsof defined benefitplansTotal otheraccumulatedcomprehensiveincomeNon- controllinginterestsTotal net assets1,329290(179)1,44086262,010Restated balance1,329290(179)1,44086262,010Balance at the beginning of theperiodCumulative effects of changes inaccounting policiesChanges during periodDividends of surplusProfit attributable to owners ofparentPurchase of treasury sharesNet changes of items other thanshareholders’ equityTotal changes during periodBalance at the end of the periodBalance at the beginning of theperiodCumulative effects of changes inaccounting policiesChanges during periodDividends of surplusProfit attributable to owners ofparentPurchase of treasury sharesNet changes of items other thanshareholders’ equityTotal changes during periodBalance at the end of the period2,078748748544544834234234541,5271,5272,9683131894－ (851)4,156－ 3,30463,012－ (851)4,156－ 1,5594,86466,874－6－Current consolidated fiscal year (April 1, 2021 – March 31, 2022)Share capitalCapital surplusRetained earningsTreasury sharesShareholders’ equity(Millions of yen)Total shareholders’equity5,1887,81052,133(2,119)63,012(16)(16)Restated balance5,1887,81052,116(2,119)62,996(976)4,817(202)(202)(2,321)－5,188－7,8103,84055,957Other accumulated comprehensive incomeValuationdifference onavailable-for-sale securitiesForeign currencytranslationadjustmentRemeasurementsof defined benefitplansTotal otheraccumulatedcomprehensiveincomeNon- controllinginterestsTotal net assets2,0788342,96889466,874Restated balance2,0788342,96889466,858Balance at the beginning of theperiodCumulative effects of changes inaccounting policiesChanges during periodDividends of surplusProfit attributable to owners ofparentPurchase of treasury sharesNet changes of items other thanshareholders’ equityTotal changes during periodBalance at the end of the periodBalance at the beginning of theperiodCumulative effects of changes inaccounting policiesChanges during periodDividends of surplusProfit attributable to owners ofparentPurchase of treasury sharesNet changes of items other thanshareholders’ equityTotal changes during periodBalance at the end of the period1,6521,01571,848(426)(426)1,6471,6472,4821201201,2301,2304,198(976)4,817(202)3,63866,634(16)(976)4,817(202)1,3514,98954548863－7－4. Consolidated Statement of Cash flowsFrom April 1 to March 31, 2021 and 2022Year endedMarch 31, 2021(Millions of yen)Year endedMarch 31, 2022Cash flows from operating activitiesProfit (loss) before income taxesDepreciationIncrease (decrease) in allowance for doubtful accountsIncrease (decrease) in provision for bonusesIncrease (decrease) in retirement benefit liabilityInterest and dividend incomeInterest expensesLoss (gain) on investments in securitiesLoss (gain) on swap valuationLoss (gain) on sale of investment securitiesLoss on valuation of investments in capitalDecrease (increase) in trade receivablesDecrease (increase) in inventoriesIncrease (decrease) in trade payablesOther, netSubtotalInterest and dividends receivedInterest paidIncome taxes paidNet cash provided by (used in) operating activitiesCash flows from investing activitiesPurchase of securitiesProceeds from sale and redemption of securitiesPurchase of property, plant and equipmentPurchase of intangible assetsPurchase of investment securitiesProceeds from sale and redemption of investment securitiesloan advancesProceeds from collection of loans receivableOther, netNet cash provided by (used in) investing activitiesCash flows from financing activitiesProceeds from long-term borrowingsRepayments of long-term borrowingsRedemption of bondsPurchase of treasury sharesDividends paidDividends paid to non-controlling interestsOther, netNet cash provided by (used in) financing activitiesEffect of exchange rate change on cash and cashequivalentsNet increase (decrease) in cash and cash equivalentsCash and cash equivalents at beginning of periodCash and cash equivalents at end of period5,768903(8)(42)(276)(456)22(175)108(106)743(160)615(385)(587)5,962407(12)(1,491)4,866(330)575(1,669)(864)(698)1,063(2,195)609152(3,357)1,200(500)－－(851)(49)(32)(233)3361,61114,08415,6967,3681,009(6)175(13)(529)1015(21)－－(1,884)(2,142)286(643)3,625583(22)(2,183)2,003(327)265(1,815)(233)(1,100)947(2,546)2,464(161)(2,508)300(300)(700)(202)(976)(49)(35)(1,964)1,060(1,407)15,69614,288－8－ 5. Note to Consolidated Financial Statements (Segment Information) Previous consolidated fiscal year (April 1, 2020 – March 31, 2021) Reportable segments Japan North America China Total Other Total Adjustments 34,744 6,211 1,553 42,508 2,817 45,325 (Millions of yen) Amount in consolidated financial statements － 45,325 Net sales Sales to external customers Intersegment sales or transfers 5,589 － 1,801 7,391 3,354 10,745 (10,745) － Total 40,334 6,211 3,354 49,899 6,171 56,071 (10,745) 45,325 Segment profit 4,868 758 387 6,014 419 6,434 (884) 5,549 Segment assets 46,614 7,548 4,575 58,738 7,922 66,661 14,826 81,487 Other items Depreciation Increase in property, plant and equipment, and intangible assets 636 1,625 37 36 82 15 756 1,677 126 554 883 2,232 20 － 903 2,232 Current consolidated fiscal year (April 1, 2021 – March 31, 2022) Reportable segments Japan China Total North America Other Total Adjustments Net sales 31,057 9,444 1,922 42,424 3,934 46,358 4,856 － － 4,856 － 4,856 35,913 9,444 1,922 47,280 3,934 51,214 － － － － － － Goods and services transferred at a point in time Goods and services transferred over time Revenue from contracts with customers Other income Sales to external customers Intersegment sales or transfers 35,913 9,444 1,922 47,280 3,934 51,214 － 51,214 8,685 － 2,459 11,144 5,405 16,549 (16,549) － Total 44,599 9,444 4,381 58,425 9,339 67,764 (16,549) 51,214 Segment profit 4,420 914 435 5,770 801 6,572 (1,064) 5,508 Segment assets 51,775 10,022 5,639 67,437 9,823 77,260 10,038 87,299 Other items Depreciation Increase in property, plant and equipment, and intangible assets 702 47 1,890 128 95 29 845 2,048 143 36 988 2,084 20 － 1,009 2,084 (Millions of yen) Amount in consolidated financial statements － － － － 46,358 4,856 51,214 － －9－