TOTO : Summary of Consolidated Financial Results for the Three Months Ended June 30, 2022

July 29, 2022 at 07:48 am EDT

Translation

Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any discrepancy between this translated document and the original Japanese document, the latter shall prevail.

Summary of Consolidated Financial Results for the Three Months Ended June 30, 2022 (Based on Japanese GAAP)

				July 29, 2022
Company name:	TOTO Ltd.
Stock exchange listing: Tokyo, Nagoya, Fukuoka
Stock code:	5332	URL https://jp.toto.com
Representative:	President & Representative Director	Noriaki Kiyota
Inquiries:	General Manager Management Planning	Yasuo Hirai	TEL 03(6836)2024
Dept.

Scheduled date to file Quarterly Securities Report:	August 4, 2022
Scheduled date to commence dividend payments:	-
Preparation of supplementary material on quarterly financial results:	Yes
Holding of quarterly financial results meeting:	No

(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the three months ended June 30, 2022 (from April 1, 2022 to June 30, 2022)
(1) Consolidated operating results (cumulative)						Percentages indicate year-on-year changes
	Net sales		Operating profit	Ordinary profit	Profit attributable to
		owners of parent

	Millions of yen	%		Millions of yen		%	Millions of yen	%	Millions of yen	%
Three months ended June 30, 2022	153,472	5.3		10,206		(15.7)	15,362	18.7	10,538	17.3
Three months ended June 30, 2021	145,729	23.7		12,113		380.1	12,938	373.6	8,985	796.3

	Earnings per share		Diluted earnings per share
			Yen			Yen
Three months ended June 30, 2022		62.16				62.10
Three months ended June 30, 2021		53.02				52.96
(2) Consolidated financial position
	Total assets			Net assets		Equity ratio
	Millions of yen		Millions of yen				%
As of June 30, 2022	676,903	426,426				61.8
As of March 31, 2022	641,025	413,372				63.2

2. Cash dividends

		Annual dividends per share
	1st quarter-end	2nd quarter-end	3rd quarter-end	Fiscal year-end	Total
	Yen	Yen	Yen	Yen	Yen
Year ended March 31, 2022	-	45.00	-	50.00	95.00
Year ending March 31, 2023	-
Year ending March 31, 2023 (Forecast)		50.00	-	50.00	100.00

3. Forecast of consolidated financial results for the year ending March 31, 2023 (from April 1, 2022 to March 31, 2023)

Percentages indicate year-on-year changes

	Net sales		Operating profit	Ordinary profit	Profit attributable to	Earnings per share
		owners of parent

Six months ending	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%	Yen
321,500	3.9	15,000	(43.6)	16,100	(42.8)	10,300	(48.2)	60.75
September 30, 2022

Full year	710,000	10.0	54,000	3.5	55,000	(3.3)	41,500	3.4	244.77

4. Notes

Changes in significant subsidiaries during the three months ended June 30, 2022 (changes in specified subsidiaries resulting in the change in scope of consolidation):
Application of special accounting methods for preparing quarterly consolidated financial statements:

(3) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
Changes in accounting policies due to revisions to accounting standards and other regulations:	Yes
Changes in accounting policies due to other reasons:	No
Changes in accounting estimates:	No
Restatement of prior period financial statements:	No

(4) Number of issued shares (common shares)

Total number of issued shares at the end of the period (including treasury shares)

	As of June 30, 2022	176,981,297	shares	As of March 31, 2022	176,981,297	shares
Number of treasury shares at the end of the period
	As of June 30, 2022	7,434,219	shares	As of March 31, 2022	7,434,187	shares
Average number of shares during the period (cumulative from the beginning of the fiscal year)
	Three months ended June 30, 2022	169,547,078	shares	Three months ended June 30, 2021	169,475,559	shares

Quarterly consolidated financial statements

Consolidated balance sheets

			(Millions of yen)
		As of March 31, 2022	As of June 30, 2022
Assets
Current assets
Cash and deposits	90,536	100,759
Notes and accounts receivable - trade, and contract assets	94,802	92,772
Merchandise and finished goods	73,440	83,930
Work in process	14,167	16,122
Raw materials and supplies	21,847	24,653
Other	13,043	12,564
Allowance for doubtful accounts	(213)	(221)
Total current assets	307,623	330,581
Non-current assets
Property, plant and equipment
Buildings and structures, net	90,759	94,278
Machinery, equipment and vehicles, net	79,727	82,323
Land	26,918	27,026
Other, net	34,412	35,683
Total property, plant and equipment	231,818	239,312
Intangible assets	24,043	25,880
Investments and other assets
Investment securities	54,384	56,118
Other	23,367	25,213
Allowance for doubtful accounts	(211)	(203)
Total investments and other assets	77,539	81,129
Total non-current assets	333,401	346,322
Total assets		641,025	676,903

			(Millions of yen)
		As of March 31, 2022	As of June 30, 2022
Liabilities
Current liabilities
Notes and accounts payable - trade	78,521	72,167
Short-term borrowings	23,714	23,829
Income taxes payable	5,533	2,154
Provision for bonuses for directors (and other officers)	290	-
Accrual for loss on inspection and repair of products	224	422
Provision for loss on business restructuring	189	189
Other	90,997	118,289
Total current liabilities	199,471	217,052
Non-current liabilities
Long-term borrowings	1,124	1,117
Retirement benefit liability	21,734	21,935
Other	5,322	10,372
Total non-current liabilities	28,181	33,424
Total liabilities	227,652	250,477
Net assets
Shareholders' equity
Share capital	35,579	35,579
Capital surplus	29,381	29,381
Retained earnings	322,980	325,041
Treasury shares	(13,793)	(13,793)
Total shareholders' equity	374,147	376,208
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	13,675	14,726
Foreign currency translation adjustment	15,735	25,203
Remeasurements of defined benefit plans	1,888	1,988
Total accumulated other comprehensive income	31,299	41,918
Share acquisition rights	287	287
Non-controlling interests	7,637	8,011
Total net assets	413,372	426,426
Total liabilities and net assets		641,025	676,903

Consolidated statements of income (cumulative) and consolidated statements of comprehensive income (cumulative)

Consolidated statements of income (cumulative)

			(Millions of yen)
		Three months ended	Three months ended
		June 30, 2021	June 30, 2022
Net sales	145,729	153,472
Cost of sales	91,627	98,260
Gross profit	54,102	55,211
Selling, general and administrative expenses	41,989	45,005
Operating profit	12,113	10,206
Non-operating income
Interest income	200	194
Dividend income	751	887
Share of profit of entities accounted for using equity method	-	149
Foreign exchange gains	121	4,389
Other	198	174
Total non-operating income	1,272	5,796
Non-operating expenses
Interest expenses	33	32
Loss on retirement of non-current assets	179	159
Share of loss of entities accounted for using equity method	63	-
Loss on inspection and repair of products	-	200
Other	171	249
Total non-operating expenses	447	640
Ordinary profit	12,938	15,362
Extraordinary income
Gain on sales of land and others	17	-
Gain on sale of investment securities	854	48
Total extraordinary income	871	48
Extraordinary losses
Loss on sales of land and others	0	-
Loss on valuation of investment securities	13	-
Total extraordinary losses	14	-
Profit before income taxes	13,795	15,410
Income taxes - current	3,198	1,767
Income taxes - deferred	1,461	2,986
Total income taxes	4,660	4,753
Profit	9,135	10,657
Profit attributable to non-controlling interests	149	119
Profit attributable to owners of parent		8,985	10,538

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TOTO Ltd. published this content on 29 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2022 11:47:04 UTC.

	1st Jan change	Capi.
TOTO LTD	+9.37%	4.42B
SAINT-GOBAIN	+21.12%	43.66B
ASSA ABLOY AB	+8.65%	32.33B
BUILDERS FIRSTSOURCE, INC.	+0.01%	20.38B
CARLISLE COMPANIES INCORPORATED	+33.35%	19.78B
MASCO CORPORATION	+7.96%	15.93B
TREX COMPANY, INC.	+5.54%	9.5B
FORTUNE BRANDS INNOVATIONS, INC.	-1.08%	9.42B
BEIJING NEW BUILDING MATERIALS PUBLIC LIMITED COMPANY	+44.61%	7.9B
SIMPSON MANUFACTURING CO., INC.	-11.10%	7.42B

1st Jan change

Capi.

TOTO LTD

+9.37%

4.42B

SAINT-GOBAIN

+21.12%

43.66B

ASSA ABLOY AB

+8.65%

32.33B

BUILDERS FIRSTSOURCE, INC.

+0.01%

20.38B

CARLISLE COMPANIES INCORPORATED

+33.35%

19.78B

MASCO CORPORATION

+7.96%

15.93B

TREX COMPANY, INC.

+5.54%

9.5B

FORTUNE BRANDS INNOVATIONS, INC.

-1.08%

9.42B

BEIJING NEW BUILDING MATERIALS PUBLIC LIMITED COMPANY

+44.61%

7.9B

SIMPSON MANUFACTURING CO., INC.

-11.10%

7.42B

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-10 am EDT			5-day change	1st Jan Change
4,061 ^JPY	-0.10%		-1.36%	+9.37%

2023	Jefferies Adjusts Toto’s Price Target to 4,000 Yen From 4,400 Yen, Keeps at Hold	MT
2023	Toto Ltd.(TSE:5332) added to S&P Japan Mid Cap 100	CI

Jefferies Adjusts Toto’s Price Target to 4,000 Yen From 4,400 Yen, Keeps at Hold	23-10-31	MT
Toto Ltd.(TSE:5332) added to S&P Japan Mid Cap 100	23-09-19	CI
Toto Ltd.(TSE:5332) dropped from S&P TOPIX	23-09-19	CI
Toto Ltd.(TSE:5332) dropped from S&P Global 1200	23-09-18	CI
Toto Ltd.(TSE:5332) dropped from S&P International 700	23-09-18	CI
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Jefferies Adjusts Toto’s Price Target to 4,400 Yen From 4,700 Yen, Keeps at Hold	23-05-22	MT
Toto Ltd. Provides Dividend Guidance for the Fiscal Year 2023	23-04-28	CI
Toto Ltd. Provides Earnings Guidance for the Fiscal Year 2023	23-04-28	CI
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Jefferies Downgrades Toto to Hold From Buy, Adjusts Price Target to 4,700 Yen From 5,300 Yen	23-02-01	MT
Caution Ahead of Fed Decision Limits Tokyo Shares	23-02-01	MT
Nikkei ends flat as Fed nerves snuff out early rally	23-02-01	RE
Nikkei hits 1-1/2-month high, Fed nerves cap gains	23-01-31	RE
Wall Street Cues, Central Bank Outlooks Lift Tokyo Shares	23-01-10	MT
Jefferies Adjusts Toto's Price Target to 5,300 Yen From 5,400 Yen, Keeps at Buy	23-01-09	MT
Japan's Nikkei slides from 2-month highs; SoftBank drags	22-11-14	RE
Japan's Nikkei falls from 2-month high as SoftBank tumbles	22-11-13	RE
Toto Ltd. Revises Earnings Guidance for the Fiscal Year Ending March 2023	22-10-28	CI
Toto Ltd. Announces Interim Dividend for the Year 2023; Provides Year End Dividend Guidance for the Year Ending March 2023	22-10-28	CI
Nikkei 225 Down 0.6% Ahead of US CPI Report	22-10-13	MT
Nikkei 225 Up 1.2%, Tops 29,000 at Seven-Month High	22-08-17	MT
Nikkei 225 Up 0.7% on Earnings, Wall Street Cues	22-08-01	MT
Japanese shares jump most in nearly two weeks on positive earnings	22-08-01	RE
Japanese shares edge higher with focus on earnings, global growth	22-07-31	RE

TOTO LTD

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5332

JP3596200000

Construction Supplies & Fixtures

TOTO : Summary of Consolidated Financial Results for the Three Months Ended June 30, 2022

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