Yamaichi Electronics :

SUMMARY OF FINANCIAL STATEMENTS [Japan GAAP] (CONSOLIDATED)

Financial Results for the First Three Quarters (April 1 to December 31, 2021) of the Fiscal Year

Ending March 31, 2022

February 4, 2022

Company Name: Yamaichi Electronics Co., Ltd.

Code: 6941 Tokyo Stock Exchange 1st section		URL: http://www.yamaichi.co.jp
President:	Junichi Kameya
Managing Director :	Kazuhiro Matsuda	Tel: [phone]
Scheduled date of securities report submission:		February 10, 2022
Scheduled date of dividend payment commencement:	―

Supplementary materials for the quarterly financial statements: Yes

Presentation to explain for the quarterly financial statement: Yes (for institutional Investors and analysts)

1. Consolidated Financial Results for the First Three Quarters (April 1 to December 31, 2021) of the Fiscal Year Ending March 31, 2022

(1) Consolidated Operating Results (aggregated)

(Percentage figures represent changes from the same period of the previous year.)

	Net Sales	Operating income	Ordinary income	Profit Attributable to
	owners of parent
First three quarters ended	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%
December 31, 2021	28,712	38.1	5,995	126.1	6,164	138.0	4,847	149.3
December 31, 2020	20,794	1.7	2,652	3.7	2,590	2.2	1,944	△9.4

Note: Comprehensive income	First three quarters ended December 31, 2021	¥5,105 million (161.1%)
	First three quarters ended December 31, 2020	¥1,955 million (0.3%)
	Net profit per share	Diluted net profit per share
First three quarters ended	Yen		Yen
228.32		―
December 31, 2021
December 31, 2020	90.83		―

Note: The "Accounting Standard for Revenue Recognition (ASRR)" (ASBJ Statement No. 29, March 31, 2020), etc. has been applied since the beginning of the first quarter of the current consolidated fiscal year. Figures for the first three quarters ended December 31, 2021 are after applying the ASRR, etc.

(2) Consolidated Financial Positions

	Total assets	Net assets	Equity ratio	Net assets per share
As of December 31, 2021	Millions of yen	Millions of yen	%	Yen
40,864	29,388	71.2	1,376.15
As of March 31, 2021	35,463	25,655	71.5	1,183.69
Reference: Shareholders' equity as of December 31, 2021: ¥29,085 million; as of March 31, 2021: ¥25,343 million.

2. Dividends

			Dividends per share
	1Q	2Q		3Q		4Q	Total
	Yen	Yen		Yen		Yen	Yen
Year ended March 31, 2021	―	10.00		―		27.00	37.00
Year ending March 31, 2022		15.00
―		―
Forecast: Year ending March 31, 2022						65.00	80.00

Note: Modifications in the dividend projection from the latest announcement: Yes

ENGLISH TRANSLATION OF JAPANESE－LANGUAGE DOCUMENT.

This is a translation of the original Japanese-language document and is provided for convenience only. In all cases, the Japanese-language original shall take precedence.

3. Forecast of Consolidated Operating Results for the year ending March 31, 2022

(Percentage figures represent changes from the same period of previous year.)

	Net Sales	Operating income	Ordinary income	Profit Attributable	Net profit
	to owners of parent	per share
	Millions of yen %	Millions of yen %	Millions of yen %	Millions of yen %	Yen
Year ending March 31, 2022	38,500 39.1	7,500	134.9	7,700	144.9	5,600 116.0	264.04

Note: Modifications in forecasts of consolidated operating results from the latest announcement : Yes

We purchase treasury shares and dispose of treasury shares as remuneration for restricted stock transfers based on resolutions by the Board of Directors. Net profit per share in the Forecast of Consolidated Operating Results considers the impact of this purchase and disposal of treasury shares.

4. Other

1. Changes in significant subsidiaries during current quarter consolidated period

(changes in specified subsidiaries with change in scope of consolidation) ; No

1. Adoption of special accounting treatments for quarterly consolidated financial statements : No
2. Changes in accounting policies, changes in accounting estimates and restatements
3. 1. Changes in accounting policies due to revisions of accounting standards etc. : Yes
   2. Changes in accounting policies other than 1) : No
   3. Changes in accounting estimates : No
   4. Restatements : No
4. Number of outstanding shares (common stock)
5. 1. Number of outstanding shares (including treasury shares) at term end :

December 31, 2021	23,329,775 shares
March 31, 2021	23,329,775 shares

2) Number of treasury shares at term end:

December 31, 2021	2,194,085 shares
March 31, 2021	1,910,540 shares

3) Average number of outstanding shares (during the first three quarters ended December 31):

December 31, 2021	21,233,380 shares
December 31, 2020	21,410,322 shares

• This summary of quarterly consolidated financial results falls outside the scope of quarterly review procedures to be performed by certified public accountants or an audit firm.
• Explanation of the appropriate use of performance forecasts and other related items

All forecasts in this presentation are based on information currently available to the management and on assumptions judged to be reasonable. The Company's actual results may differ substantially from such statements due to various risks and uncertainties.

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ENGLISH TRANSLATION OF JAPANESE－LANGUAGE DOCUMENT.

This is a translation of the original Japanese-language document and is provided for convenience only. In all cases, the Japanese-language original shall take precedence.

1. Qualitative Information on Quarterly Financial Results

(1) Explanation for Business Performance

During the third quarter of the current consolidated cumulative period, the global economy showed signs of recovery with the gradual resumption of economic activities in each country, where novel coronavirus (COVID-19) vaccinations comparatively progressed. However, the outlook for the future remains uncertain due to the re-emergence of infections caused by coronary mutant strains worldwide, as well as a global shortage in semiconductors, the slowdown of the Chinese economy, and rising prices of goods and energy caused by soaring crude oil prices.

Under these circumstances, in the electronic components industry where the Yamaichi Electronics Group operates, demand for various semiconductors and electronic components increased in line with the increasing functionality of smartphones and other mobile devices and a capacity expansion of data centers. Also, demand for semiconductors and various electronic components for automotive use increased to enhance the functionality of automobiles, including driving safety and automatic driving.

The Group aims to respond quickly to diversifying market needs, including the growing demand for semiconductors resulting from a global shortage in semiconductors and the recovery of investment in the industrial equipment market in Europe, which is the Group's major market. Accordingly, the Group has made efforts to minimize the impact of cost increases in raw material and transportation costs by strengthening its production system, reducing costs, and improving product quality.

As a result, our business performance in the third quarter of the current consolidated cumulative period marked net sales of 28,712 million yen (an increase of 38.1% year on year), operating profit of 5,995 million yen (an increase of 126.1% year on year), ordinary profit of 6,164 million yen (an increase of 138.0% year on year), and profit attributable to owners of parent of 4,847 million yen (an increase of 149.3% year on year).

We have applied the Accounting Standard for Revenue Recognition under Statement No. 29, March 31, 2020, of the Accounting Standards Board of Japan (ASBJ) since the beginning of the first quarter of the current fiscal year. Our net sales for the third quarter of the current consolidated cumulative period increased by 9 million yen, and operating profit, ordinary profit, and profit before income taxes increased by 7 million yen each.

Our business performance on a segment-by-segment basis is shown below.

[Test Solutions Business]

Our sales of automotive products, PC and server products, and burn-in socket products for memory devices were strong, in addition to our sales of products for smartphones.

As a result, our business performance resulted in net sales of 14,835 million yen (an increase of 46.6% year on year), and operating profit amounted to 4,961 million yen (an increase of 129.1% year on year).

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ENGLISH TRANSLATION OF JAPANESE－LANGUAGE DOCUMENT.

This is a translation of the original Japanese-language document and is provided for convenience only. In all cases, the Japanese-language original shall take precedence.

[Connector Solutions Business]

Our sales of products for automotive and industrial equipment were strong due to demand recovery. Although the impact of the economic friction between the U.S. and China continues, the sales of products for telecommunication equipment turned to increase against the backdrop of expanding demand for high-speed,high-capacity transmission, mainly in the U.S. and Europe.

As a result, our business performance resulted in net sales of 12,593 million yen (an increase of 33.6% year on year), and the operating profit was 951 million yen (an increase of 127.4% year on year).

[Optics-related Business]

In addition to steady sales of high value-added filter products for medical and industrial equipment, our progress in productivity improvement led to a profit increase.

As a result, our business performance resulted in net sales of 1,283 million yen (an increase of

3.0% year on year), and the operating profit was 185 million yen (an increase of 93.4% year on year)．

1. Explanation of Financial Conditions (Assets)
   At the end of the third quarter of the current consolidated cumulative period, our current assets were 26,312million yen, increasing 5,667 million yen from the end of the previous consolidated fiscal year. This was mainly due to an increase of 2,143 million yen in cash and deposits resulting from an increase in orders and net sales, an increase of 2,070 million yen in trade receivables, and an increase of 1,647 million yen in inventories Our non-current assets amounted to 14,551 million yen, a decrease of 266 million yen from the end of the previous consolidated fiscal year.
   As a result, our total assets amounted to 40,864 million yen, an increase of 5,400 million yen from the end of the previous consolidated fiscal year.

(Liabilities)

At the end of the third quarter of the current consolidated cumulative period, our current liabilities were 8,688 million yen, increasing 1,443 million yen from the end of the previous consolidated fiscal year. This was mainly due to an increase of 457 million yen in notes and accounts payable resulting from increased purchases accompanying an increase in orders and net sales, an increase of 452 million yen in income taxes payable, and an increase of 288 million yen in provision for bonuses. Our non-current liabilities amounted to 2,786 million yen, an increase of 223 million yen from the end of the previous consolidated fiscal year, mainly due to an increase of 290 million yen in long-term borrowings.

As a result, our total liabilities amounted to 11,475 million yen, an increase of 1,667 million yen from the end of the previous consolidated fiscal year.

(Net Assets)

At the end of the third quarter of the consolidated cumulative period, our total net assets were

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ENGLISH TRANSLATION OF JAPANESE－LANGUAGE DOCUMENT.

This is a translation of the original Japanese-language document and is provided for convenience only. In all cases, the Japanese-language original shall take precedence.

29,388 million yen, increasing 3,733 million yen from the end of the previous consolidated fiscal year.

This was mainly due to profit attributable to owners of parent of 4,847 million yen, despite 895 million yen for dividends of surplus and 500 million yen for the acquisition of treasury shares. As a result, the equity ratio was 71.2 % (71.5% at the end of the previous fiscal year).

(３) Risk Information on the COVID-19 Pandemic

To prevent the spread of infection, the Group continues to improve the work system and environment, making telework possible. However, if the infectious disease spreads further and prolongs, it may further affect the Group's business performance and financial condition. The suspension of factory operations and refraining from business activities might be considered.

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