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 Year Ended March 31, 2023

(Based on Japanese GAAP)

May 12, 2023

Company name:

TEIKOKU ELECTRIC MFG.CO.,LTD.

Stock exchange listing:

Tokyo

Stock code:

6333

URL https://www.teikokudenki.co.jp/

Representative:

President & CEO

Yoshihiro Koroyasu

Inquiries:

Director, Managing Executive Officer,

Kiyoshi Murata

TEL 0791-75-4160

Chief of Administration H.Q.

Scheduled date of ordinary general meeting of shareholders:

June 28, 2023

Scheduled date to file Securities Report:

June 29, 2023

Scheduled date to commence dividend payments:

June 29, 2023

Preparation of supplementary material on financial results:

Yes

Holding of financial results meeting:

Yes

(for institutional investors and analysts)

(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the year ended March 31, 2023 (from April 1, 2022 to March 31, 2023)

(1) Consolidated operating results

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

%

Year ended March 31, 2023

28,450

27.9

5,023

101.4

5,472

85.3

3,996

101.1

Year ended March 31, 2022

22,244

11.7

2,494

10.2

2,953

17.5

1,987

(14.5)

Earnings per share

Diluted earnings per

Profit attributable to

Ordinary profit/total

Operating profit/net

share

owners of

assets

sales

parent/equity

Yen

Yen

%

%

%

Year ended March 31, 2023

214.95

-

13.1

13.6

17.7

Year ended March 31, 2022

103.29

-

6.8

7.9

11.2

(2) Consolidated financial position

Total assets

Net assets

Equity ratio

Net assets per share

Millions of yen

Millions of yen

%

Yen

As of March 31, 2023

41,596

31,506

74.7

1,716.10

As of March 31, 2022

39,001

30,291

77.0

1,579.60

(3) Consolidated cash flows

Cash flows from

Cash flows from

Cash flows from

Cash and cash equivalents

operating activities

investing activities

financing activities

at end of period

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Year ended March 31, 2023

4,853

281

(3,713)

14,903

Year ended March 31, 2022

3,766

(1,474)

(1,651)

13,036

2. Cash dividends

Annual dividends per share

Total cash

Dividend payout

Ratio of dividends

to net assets

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Total

dividends (Total)

ratio (Consolidated)

(Consolidated)

Yen

Yen

Yen

Yen

Yen

Millions of yen

%

%

Year ended March 31, 2022

-

18.00

-

32.00

50.00

953

48.4

3.3

Year ended March 31, 2023

-

58.00

-

58.00

116.00

2,134

54.0

7.0

Year ending March 31, 2024

-

46.00

-

46.00

92.00

50.8

(Forecast)

1

3. Forecast of consolidated financial results for the year ending March 31, 2024 (from April 1, 2023 to March 31, 2024)

Percentages indicate year-on-year changes

Net sales

Operating profit

Ordinary profit

Profit attributable to

Earnings per share

owners of parent

Millions of yen

%

Millions of yen

%

Millions of yen

%

Millions of yen

%

Yen

Full year

28,190

(0.9)

4,520

(10.0)

4,680

(14.5)

3,280

(17.9)

181.03

4. Notes

(1) Changes in significant subsidiaries during the year ended March 31, 2023

No

(changes in specified subsidiaries resulting in the change in scope of consolidation):

(2) 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

(3) Number of issued shares (common shares)

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

As of March 31, 2023

18,990,038 shares

As of March 31, 2022

20,440,038 shares

Number of treasury shares at the end of the period

As of March 31, 2023

871,399 shares

As of March 31, 2022

1,435,876 shares

Average number of shares during the period

Year ended March 31, 2023

18,593,291 shares

Year ended March 31, 2022

19,244,014 shares

2

Consolidated financial statements

Consolidated balance sheets

(Thousands of yen)

As of March 31, 2022

As of March 31, 2023

Assets

Current assets

Cash and deposits

14,441,811

16,141,306

Notes and accounts receivable - trade, and contract assets

6,604,424

7,689,537

Electronically recorded monetary claims - operating

1,278,989

1,231,831

Finished goods

1,805,280

2,111,222

Work in process

1,846,682

1,959,027

Raw materials and supplies

1,558,859

1,953,954

Other

1,177,334

581,697

Allowance for doubtful accounts

(613,722)

(727,878)

Total current assets

28,099,659

30,940,699

Non-current assets

Property, plant and equipment

Buildings and structures

8,599,440

8,726,595

Accumulated depreciation

(3,976,650)

(4,343,554)

Buildings and structures, net

4,622,790

4,383,040

Machinery, equipment and vehicles

6,496,633

6,785,842

Accumulated depreciation

(4,813,904)

(5,125,974)

Machinery, equipment and vehicles, net

1,682,728

1,659,868

Land

1,837,243

1,860,834

Leased assets

1,635,112

2,369,832

Accumulated depreciation

(1,356,802)

(1,463,814)

Leased assets, net

278,310

906,018

Construction in progress

52,310

20,057

Other

1,655,398

1,720,980

Accumulated depreciation

(1,438,901)

(1,550,488)

Other, net

216,497

170,492

Total property, plant and equipment

8,689,880

9,000,312

Intangible assets

181,692

127,870

Investments and other assets

Investment securities

1,062,830

766,469

Long-term loans receivable

8,842

7,218

Deferred tax assets

348,605

419,076

Retirement benefit asset

170,010

168,661

Other

467,802

194,822

Allowance for doubtful accounts

(28,200)

(28,200)

Total investments and other assets

2,029,891

1,528,048

Total non-current assets

10,901,464

10,656,230

Total assets

39,001,124

41,596,930

3

(Thousands of yen)

As of March 31, 2022

As of March 31, 2023

Liabilities

Current liabilities

Notes and accounts payable - trade

2,110,839

2,006,645

Electronically recorded obligations - operating

635,722

645,198

Short-term borrowings

340,000

320,000

Lease liabilities

97,070

226,227

Income taxes payable

497,494

865,024

Provision for product warranties

35,911

49,584

Provision for bonuses

520,341

653,697

Other

3,130,778

3,455,410

Total current liabilities

7,368,157

8,221,788

Non-current liabilities

Long-term borrowings

79,380

79,870

Lease liabilities

215,351

779,882

Deferred tax liabilities

204,111

383,569

Retirement benefit liability

533,544

608,109

Other

309,512

17,483

Total non-current liabilities

1,341,899

1,868,915

Total liabilities

8,710,057

10,090,703

Net assets

Shareholders' equity

Share capital

3,143,675

3,143,675

Capital surplus

3,331,904

2,931,466

Retained earnings

23,882,434

24,353,090

Treasury shares

(1,864,953)

(1,476,255)

Total shareholders' equity

28,493,060

28,951,976

Accumulated other comprehensive income

Valuation difference on available-for-sale securities

419,567

357,202

Foreign currency translation adjustment

1,110,077

1,827,048

Remeasurements of defined benefit plans

(3,691)

(42,856)

Total accumulated other comprehensive income

1,525,953

2,141,394

Non-controlling interests

272,053

412,855

Total net assets

30,291,067

31,506,226

Total liabilities and net assets

39,001,124

41,596,930

4

Consolidated statements of income and consolidated statements of comprehensive income Consolidated statements of income

(Thousands of yen)

Fiscal year ended

Fiscal year ended

March 31, 2022

March 31, 2023

Net sales

22,244,497

28,450,684

Cost of sales

13,192,206

16,377,558

Gross profit

9,052,290

12,073,125

Selling, general and administrative expenses

Selling expenses

3,013,858

3,252,758

General and administrative expenses

3,543,736

3,796,979

Total selling, general and administrative expenses

6,557,594

7,049,738

Operating profit

2,494,696

5,023,387

Non-operating income

Interest income

64,026

115,588

Dividend income

31,149

33,558

Rental income

33,214

31,212

Foreign exchange gains

154,649

170,526

Gain on sale of scraps

82,997

55,734

Subsidies for employment adjustment

52,725

8,954

Sunlight selling income

11,500

11,966

Other

64,339

70,062

Total non-operating income

494,603

497,603

Non-operating expenses

Interest expenses

17,394

35,044

Sunlight selling production cost

7,513

6,621

Other

10,642

6,877

Total non-operating expenses

35,549

48,543

Ordinary profit

2,953,749

5,472,448

Extraordinary income

Gain on sale of investment securities

1,360

204,746

Total extraordinary income

1,360

204,746

Extraordinary losses

Loss on sale of non-current assets

22,206

-

Loss on sale of investment securities

-

10,557

Loss on valuation of investment securities

-

2,141

Total extraordinary losses

22,206

12,699

Profit before income taxes

2,932,903

5,664,495

Income taxes - current

818,411

1,351,767

Income taxes - deferred

39,574

171,828

Total income taxes

857,986

1,523,595

Profit

2,074,917

4,140,899

Profit attributable to non-controlling interests

87,218

144,243

Profit attributable to owners of parent

1,987,699

3,996,655

5

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Teikoku Electric Mfg. Co. Ltd. published this content on 15 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 May 2023 02:36:01 UTC.