Briefing on Results for the First quarter of theFiscal Year ending March 31, 2022

Ⅰ．Overview of Results for
the First quarter of FY2022/3
Ⅱ．Outlook for FY2022/3

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Key points• Both Net sales and incomes decreased year on year.
• The impact of the spread of infection from COVID-19 was limited in Japan. Overseas
demand was also recovering, but the supply side has been affected by the global container
shortage and other factors.
(million yen）

First quarter of
FY2021/3

First quarter ofFY2022/3

Change(YoY)

Rate ofchange(YoY)

Net sales

13,070100％

11,973 100％

△ 1,096△ 8.4％

Operating income

1,095

8.4％

847 7.1％△ 248 △ 22.6％

Ordinary income

1,216

9.3％

857 7.2％△ 358 △ 29.4％

Profit attributableto owners of parent

846

6.5％

581 4.9％△ 265 △ 31.3％

Capital investment

408－

71－

△ 337 △ 82.6％

Depreciation

266－

336－

70

40.60 yen－

27.87 yen－△ 12.73 yen △ 31.4％

Net income per share

26.3％
3

(million yen)First quarter of
FY2021/3

Change(YoY)

Rate ofchange(YoY)

13,070100％ 11,973

100％△ 1,097△ 8.4％

Generators

10,365

79.3％

9,343

78.0％

△ 1,021△ 9.9％

Welders

1,178

9.0％

1,170

9.8％

△7△ 0.7％

Compressors

266

2.0％

221

1.8％

△ 44 △ 16.7％

Others

1,259

9.6％

1,237

10.3％

△ 22Net sales

By productFirst quarter of
FY2022/3△ 1.8％
4(million yen)First quarter of
FY2021/3

Generators

10,365First quarter of
FY2022/3

Rate of change(YoY)

9,343• In Japan, shipment of the medium- and large-type
generators for construction work and theemergency generators remain robust.
• Overseas, shipment to America decreased.

△ 9.9％

70%

Domestic market share of*According to aengine generators (mobile-type) Company survey

Manufacturing engine-driven generators with capacityfrom 1kVA to 1100kVA

Silent generator“Mālie”

Generator with operational
data recording function

Mobile-type generators
Power source on a construction site and for civil engineering workand disaster recovery/restoration, etc.
Stand-by generating sets (stationary type)Back-up power source such as disaster prevention equipment
and offices, etc.
Power-supply vehicles, etc.
5

(million yen)First quarter of
FY2021/3

Welders

First quarter ofFY2022/3

1,178• Shipment to overseas market increased, butshipment to Japan decreased.

Rate of change(YoY)

1,170△ 0.7％

55%

Domestic market share ofengine welders

CO2 welder*According to aCompany survey

The Company developed the first engine-driven welder for outdoor
work in Japan.
Ranging from 135A for welding light-gauge steel to a 500A engine-driven
welder for heavy-gauge steel, a TIG welder and a CO2 welder, etc.
Welding of steel construction for buildings, condominiums and bridges.
Welding of important structures such as petroleum storage tanks andpipelines.
6(million yen)First quarter of
FY2021/3

First quarter of
FY2022/3

266

Compressors

Rate of change(YoY)

221• Shipment to Japan was unchanged from theprevious year but shipment to America decreased.

△ 16.7％15%

Domestic market share ofengine compressors*According to aCompany survey

Manufacturing compressors with air discharge
amounts from 1.7㎥/min to 45.3㎥/min.
 Breaking-up of roads and ground improvement
work of roads
 Mortar spraying work for preventing landslides ofmountain roads.
 For artificial snow machines on ski slopes, etc.
Engine compressor

Motor compressor

7

(million yen)First quarter of
FY2021/3

Others1,259First quarter of
FY2022/3

1,237

Rate of change(YoY)△ 1.8％• Shipment of the self-propelled lifers etc. decreased.

Sales of other products
Self-propelled lifters
Load testing equipment
PartsSecondhand equipment and purchased
merchandiseRepair sales, etc.
Self-propelled lifter

Load testing
equipment8

(million yen)First quarter of
FY2021/3

First quarter of
FY2022/3

Change(YoY)

Rate of change(YoY)

13,070100%

11,973100%△ 1,096△ 8.4%

Domestic sales

7,204

55.1%

7,385

61.7%

181

2.5%

Overseas sales

5,866

44.9%

4,588

38.3%

△ 1,278 △ 21.8%

North/Central
America

4,081

31.2%

2,798

23.4%

△ 1,282 △ 31.4%

Asia

1,250

9.6%

1,077

9.0%

△ 173 △ 13.9%

Others

533

4.1%

712

5.9%

By region

Net salesFirst quarter of FY2021/3

Japan

First quarter of FY2022/3

Japan0

2,000

4,000

North/Central
America
North/Central
America

6,000

8,000

178

33.5%

Asia OthersAsiaOthers

10,00012,00014,000 (million yen)

9Decrease in
Operating income• The operating income decreased due to anincrease in SG&A expenses.
(million yen)First quarter of
FY2021/3

First quarter of
FY2022/3

Operating income

1,095847

Operating income margin

8.4%

7.1% △ 1.3percentage point

Change(YoY)△ 248

First quarter of
FY2021/3

First quarter of
FY2022/3

Gross profit margin

22.4%

23.4%

1.0percentage point

Ratio of SG&A to sales

14.0%

16.3%

2.3percentage point

Ratio of operating income to sales

8.4%

7.1% △ 1.3percentage point••

Rate of change(YoY)

Gross profit margin increased by an increase in the sales ratio of the product with relatively high profitability.
Ratio of SG&A to sales increased due to increases of personnel expenses and Logistics costs.

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Key points• Net sales are expected to be 56.0 billion yen.
• Assumed exchange rate is 105 yen/dollar.
(million yen)

FY2021/3

FY2022/3 (forecast)

Change (YoY)

Rate ofchange(YoY)

Net sales

55,006100%

56,000

100%

994

1.8%

Operating income

5,332

9.7%

4,7008.4%△ 632△ 11.9%Ordinary income
Profit attributable toowners of parent
Capital investment

5,645

10.3%

5,000

8.9%

△ 645

△ 11.4%

3,860

7.0%

3,300

5.9%

△ 560 △ 14.5%

1,918

1,150

Depreciation

1,167

1,400

233

Net income pershare

185.1yen

158.2yen△ 26.9yen

6.7%

*5.6%

47.0yen

47.0yenROE
Cash dividends pershare△ 768 △ 40.0%
20.0%* Equity is calculated by using the amount of money at the end of FY2021/3.

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Overview• Sales to the domestic rental market and overseas are expected to some degree ofrecovery.
• Sales of emergency generators, which were strong in the previous fiscal year are
anticipated to decline in reaction.
(million yen)

FY2021/3

FY2022/3 (forecast)

Change (YoY)

Rate of change(YoY)

55,006100%

56,000

100%

994

1.8%

Generators

44,02080.0%44,700

79.8%

680

1.5%

Welders

4,386

8.0%

4,600

8.2%

214

4.9%

Compressors

755

1.4%

800

1.4%

45

6.0%

Others

5,845

10.6%

5,900

10.5%

55

0.9%

By products

Consolidatedsales

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(million yen)

FY2021/3FY2022/3 (forecast)

Change (YoY)

Rate ofchange(YoY)

55,006100%

56,000

100%

994

1.8%

Domestic sales

37,73768.6%

37,300

66.6%

△ 437

△ 1.2%

Overseas sales

17,26931.4%

18,700

33.4%

1,431

8.3%

North/Central
America

10,89719.8%

12,100

21.6%

1,203

11.0%

Asia

3,948

7.2%

4,100

7.3%

152

3.9%

Others

2,423

4.4%

2,500

4.5%

77

3.2%

By region

Consolidatedsales

FY2021/3Japan

North/Central
America

Asia Others

FY2022/3(forecast)

Japan

North/Central
America

Asia Others

0

5,000

10,00015,00020,00025,000

30,00035,00040,00045,00050,00055,00060,000 (million yen)

14Decrease in operatingincome• With the decrease of the gross profit margin,
operating income is expected to decrease by 632 millionyen.
(million yen)

FY2021/3

FY2022/3(forecast)

Change (YoY)△ 632

Operating income

5,332

4,700

Operating income margin

9.7%

8.4% △ 1.3percentage point

FY2021/3

FY2022/3(forecast)

Change (YoY)

Gross profit margin

24.2%

23.1% △ 0.1percentage point

Ratio of SG&A to sales

14.5%

14.7%

Ratio of operating income to sales

9.7%

8.4% △ 1.3percentage point

0.2percentage point The gross profit margin is expected to be worsened by the shipment of the relatively profitable products areexpected to be decreased.
 The ratio of SG&A to sales are expected to be worsen due to increased expenses associated with the recoveryof sales activities.

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(million yen)

End of March2019

End of March
2020

End of March
2021

End of March2022 (plan)

1,499

1,201

1,918

1,150

・Machinery of Fukui plant,etc.
730
・Nishihatsu
50
・U.S. Plant
670
・Others40

・Machinery of Fukui plant,
etc.
810
・Nishihatsu
20
・U.S. Plant
290
・Vietnam Plant
10・Others
70・Machinery of Fukui plant,
etc.
1,450
・Nishihatsu
110
・U.S. Plant
30
・Vietnam Plant
20・Others
300

・Machinery of Fukui plant,etc.
350
・Nishihatsu
50
・U.S. Plant
50
・Vietnam Plant
100
・Others
600

Cost ofequipment
Main uses

Production Sites:

Amount of capital investment
million yen

2,500
2,000
1,500

・Fukui Plant
・Shiga Sub-Plant
・Nishihatsu

1,000・America Plant

・Vietnam Plant

500

・Indonesia Plant

0
End ofMarch2019End ofMarch
2020

End ofMarch
2021

End ofMarch2022(plan)

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This material contains assumptions and outlooks for the future andforecasts based on plans as of August 5, 2021.
Actual results may differ materially from projected values due tofuture economic changes and competition.
This material is prepared for the purpose of providing informationand is not meant to solicit investment in securities issued by theCompany.
Investors are responsible for making their own final investment
decision.

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