Note: This document is a translation of a part of the original Japanese version and provided for reference purposes only. In the event of any discrepancy
between the Japanese original and this English translation, the Japanese original shall prevail.

Summly of Consolidated Financial Results
for the Six Months Ended June 30, 2023
[Japanese GAAP]
July 26, 2023
Company name: SEIKO ELECTRIC CO., LTD.
Stock exchange listing: Tokyo, Fukuoka
Code number: 6653
URL: https://www.seiko-denki.co.jp/
Representative: Hidetoshi Soeda

President and Representative Director
Managing Director, General Manager of Corporate Planning andDevelopment Division

Contact: Tsutomu Tanaka

Phone: +81-92-473-8831
Scheduled date of filing quarterly securities report: August 7, 2023
Scheduled date of commencing dividend payments: August 25, 2023
Availability of supplementary briefing material on quarterly financial results: Yes
Schedule of quarterly financial results briefing session: No(Amounts of less than one million yen are rounded down.)
1. Consolidated Financial Results for the Six Months Ended June 30, 2023 (January 1, 2023 to June 30, 2023)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable toNet sales
Operating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Six months ended
June 30, 2023
12,556
(2.1)
842
20.2
948
15.9
618
17.9
June 30, 2023
12,822
10.7
700
3.0
818
12.3
524
11.3
(Note) Comprehensive income:Six months ended June 30, 2023:¥944 million [266.8%]
Six months ended June 30, 2023:¥257 million [(49.9) %]Basic earnings
per share
Six months ended
June 30, 2023June 30, 2023

Diluted earnings pershareYen

Yen

50.93
43.28

-

(2) Consolidated Financial Position
Total assets
Millions of yen
As ofJune 30, 2023
24,761
December 31, 2022
28,055(Reference) Equity: As of June 30, 2023:
As of December 31, 2022:

Net assets

Capital adequacy ratio

Millions of yen¥¥

12,354
11,565
12,354 million
11,565 million

%

49.9
41.2

2. Dividends
Annual dividends
1stquarter-end

2ndquarter-end

3rdquarter-end

Yen

Yen

Yen

Yen

Yen

Fiscal year ended December 31, 2022-

15.00-15.0030.00

Fiscal year ending December 31, 2023

-17.50
-

17.50

35.00

Fiscal year ending December 31, 2023
(Forecast)(Note) Revision to the forecast for dividends announced most recently:
No(Note) Breakdown of the 2nd quarter dividend for the fiscal year ending December 31, 2023 :Commemorative dividend- yenSpecial dividend- yenYear-endTotal

3. Consolidated Financial Results Forecast for the Fiscal Year Ending December 31, 2023(January 1, 2023 to December 31, 2023)(% indicates changes from the previous corresponding period.)
Profit attributable to Basic earnings
Net sales
Operating profit
Ordinary profit
owners of parent
per share
Millions of yen% Millions of yen% Millions of yen

Full year
30,000
20.0
2,000
38.8
(Note) Revision to the financial results forecast announced most recently:

2,050
No

* Notes:(1) Changes in significant subsidiaries during the six months ended June 30, 2023
(changes in specified subsidiaries resulting in changes in scope of consolidation):
New(Company name:
Exclusion:(Company name:% Millions of yen

27.2

1,370

(3) 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: No4) Retrospective restatement: No

2) Number of treasury shares at the end of the period:
June 30, 2023:
437,305 shares
December 31, 2022:
462,384 shares
3) Average number of shares outstanding during the period:
Six months ended June 30, 2023:
Six months ended June 30, 2023:

12,148,368 shares
12,125,840 shares

Yen112.84

No(2) Accounting policies adopted specially for the preparation of quarterly consolidated financial statements:(4) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):
June 30, 2023:
12,603,595 shares
December 31, 2022:
12,603,595 shares%26.5))
No

Quarterly Consolidated Financial Statements
Quarterly Consolidated Balance Sheets(Millions of yen)
As of December 31, 2022
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract
assetsMerchandise and finished goods
Work in process
Raw materials
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets
Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating
Short-term borrowings
Income taxes payable
Provision for bonusesProvision for loss on construction contracts
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Retirement benefit liability
Other
Total non-current liabilities
Total liabilities

As of June 30, 2023

2,327

1,852

13,965

10,747

535
1,727
403
423
(16)
19,365

423
1,774
495
361
(16)
15,637

3,928
1,347
5,276
232

3,892
1,401
5,293
213

3,047
142
(8)
3,181
8,689
28,055

3,493
132
(8)
3,616
9,123
24,761

4,484
1,322
4,253
404
1
2,700
13,167

3,815
1,640
1,199
227
422
151,765
9,085

1,009
1,935
377
3,322
16,490

895
1,866
559
3,321
12,407

(Millions of yen)
As of December 31, 2022
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Total net assets
Total liabilities and net assets

As of June 30, 2023

2,607
1,974
6,229(215)10,594

2,607
1,988
6,665
(203)
11,057

1,107

1,418

(78)
(58)
970
11,56528,055

(72)
(49)
1,296
12,354
24,761

Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income (For the six months)(Millions of yen)
For the six months
ended June 30, 2022
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Subsidy income
Gain on sale of investment securities
Gain on sale of non-current assets
OtherTotal non-operating income
Non-operating expenses
Interest expenses
Guarantee commission
Other
Total non-operating expenses
Ordinary profit
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to owners of parent

For the six months
ended June 30, 2023

12,822
10,603
2,218
1,517
700

12,556
10,164
2,392
1,549
842

0
39
22
50
31
143

0
44
70
22
138

16
6
3
26
818
818
166
127
293
524
524

19
48
32
948
948
212
117
330
618
618

Quarterly Consolidated Statements of Comprehensive Income (For the six months)(Millions of yen)
For the six months
ended June 30, 2022
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners ofparent

For the six months
ended June 30, 2023
524

618(288)1011(267)
257

310
68325
944

257944