Disclaimer: This document is an English translation of the original document in Japanese and has been
prepared solely for reference purposes. In the event of any discrepancy between this English
translation and the original in Japanese, the original shall prevail in all respects.

Consolidated Financial Results
for the Nine Months Ended December 31, 2021
[Japanese GAAP]
January 31, 2022
Company name: SUZUDEN CORPORATION
Stock exchange listing: Tokyo Stock Exchange
Securities code: 7480
URL: https://www.suzuden.co.jp/
Representative: Toshio Suzuki, Representative Director, Chairman and President
Contact: Satoshi Nakano, General Manager, Corporate Management Division
Phone: +81-3-6910-6801
Scheduled date of filing quarterly securities report: February 9, 2022
Scheduled date of commencing dividend payments: —Availability of supplementary briefing materials on quarterly financial results: Not available
Schedule of quarterly financial results briefing session: Not scheduled(Amounts of less than one million yen are rounded down.)
1. Consolidated Financial Results for the Nine Months Ended December 31, 2021 (April 1, 2021 – December 31,
2021)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable to
Net sales
Operating profit
Ordinary profit
owners of parent
Nine months ended
Million yen%
Million yen%
Million yen%
Million yen%
December 31, 2021
42,167–
1,927 119.7
2,163 106.0
1,561 171.0
December 31, 2020
32,861
0.8
877
(7.3)
1,050
(6.1)
576 (21.6)(Note) Comprehensive income: Nine months ended December 31, 2021: ¥1,557 million [149.0%]
Nine months ended December 31, 2020: ¥625 million [(19.6)%]
Basic earnings
Diluted earnings
per shareper share
Nine months ended
Yen
Yen
111.90–December 31, 2021
December 31, 2020
41.44–
(Note) The Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29), etc.
from the beginning of the fiscal year ending March 31, 2022. For this reason, the year-on-year change in net
sales before the application of the above accounting standard, etc. is not provided.
(2) Consolidated Financial Position
Total assets
Million yen

Net assets

Equity ratio

Net assets per share

Million yen%

Yen

30,046
As of December 31, 2021
16,85526,441
As of March 31, 2021
16,396(Reference) Equity: As of December 31, 2021: ¥16,855 million
As of March 31, 2021: ¥16,396 million

56.1
62.0

1,207.37
1,175.22

2. Dividends
Annual dividends
1st quarter-end

2nd quarter-end

3rd quarter-end

Yen

Yen

Yen

Yen

Yen

–

54.00

72.00

87.00

112.00Fiscal year ended–
18.00
March 31, 2021
Fiscal year ending–
25.00
March 31, 2022
Fiscal year ending
March 31, 2022
(Forecast)(Note) Revision to the forecast for dividends announced most recently: Yes

Year-endTotal–

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2022 (April 1, 2021 - March
31, 2022)(% indicates changes from the previous corresponding period.)
Profit attributable
Basic earnings
Net sales
Operating profit
Ordinary profit
to owners ofper share
parentMillion yen%

Million yen%

Million yen%

Million yen%

Yen

Full year
57,500–2,730 105.0
3,040 94.6
2,060 131.7
147.61(Note) Revision to the financial results forecast announced most recently: Yes
The Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29), etc.
from the beginning of the fiscal year ending March 31, 2022. The above consolidated financial results forecast
has been obtained after the application of the said accounting standard, etc. For this reason, the year-on-yearchange in net sales is not provided.

* Notes:(1) Changes in significant subsidiaries during the period under review: None
(Changes in specified subsidiaries resulting in changes in scope of consolidation):
Newly included: – (), Excluded: – ()(2) Accounting methods adopted particularly for the preparation of quarterly consolidated financial statements: None
(3) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards and other regulations: Yes
2) Changes in accounting policies other than 1) above: None
3) Changes in accounting estimates: None
4) Retrospective restatement: None
(4) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):December 31, 2021:
14,652,600 shares
March 31, 2021:
14,652,600 shares2) Total number of treasury shares at the end of the period:
December 31, 2021:
692,387 shares
March 31, 2021:
700,987 shares
3) Average number of shares during the period:
Nine months ended December 31, 2021:
Nine months ended December 31, 2020:

13,955,208 shares
13,907,033 shares* These quarterly consolidated financial results are outside the scope of quarterly review by certified public
accountants or an audit firm.
* Explanation on the proper use of financial results forecasts and other special notes
The financial results forecasts and other forward-looking statements herein are based on information currently
available to the Company and certain assumptions that have been deemed reasonable. They do not constitute a
guarantee of future results. Actual performance may differ significantly from these forecasts due to a wide range offactors. For assumptions underlying the financial results forecasts and precautions regarding their use, please refer to“1. Qualitative Information on Quarterly Financial Results, (3) Explanation of Consolidated Financial Results Forecast
and Other Forward-looking Information” on page 3 of the Attachments.

Table of Contents - Attachments
1. Qualitative Information on Quarterly Financial Results ...........................................................................2(1) Explanation of Operating Results..........................................................................................................2(2) Explanation of Financial Position .........................................................................................................3(3) Explanation of Consolidated Financial Results Forecast and Other Forward-looking Information .....3
2. Quarterly Consolidated Financial Statements and Principal Notes ...........................................................5(1) Quarterly Consolidated Balance Sheets ................................................................................................5(2) Quarterly Consolidated Statements of Income and Comprehensive Income ........................................7(3) Quarterly Consolidated Statements of Cash Flows ...............................................................................9(4) Notes to Quarterly Consolidated Financial Statements .....................................................................10(Notes on going concern assumption) ................................................................................................10(Notes in case of significant changes in shareholders’ equity) ..........................................................10(Changes in accounting policies) .......................................................................................................10(Additional information) ....................................................................................................................10
3. Others ...................................................................................................................................................... 11
Purchases and Sales .................................................................................................................................. 111

1. Qualitative Information on Quarterly Financial Results(1) Explanation of Operating Results
The Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March
31, 2020), etc. from the beginning of the first quarter of the current fiscal year. Accordingly, net sales for the ninemonths ended December 31, 2021 are presented without a year-on-year comparison (%) with the corresponding
period of the previous fiscal year. Details are explained in “2. Quarterly Consolidated Financial Statements andPrincipal Notes (4) Notes to Quarterly Consolidated Financial Statements (Changes in accounting policies)”.
Regarding the Group’s operating environment during the nine months ended December 31, 2021 (April 1,
2021 - December 31, 2021), amidst progress with COVID-19 vaccinations and relaxed restrictions on movement,
corporate production and capital investment demand have shown signs of recovery. However, with concerns
about the spread of new COVID-19 variants, as well as the manifestation of the effects of stagnating production
due to shortages in semiconductor, resin material, etc., the outlook remains uncertain.
Within this environment, from the perspective of business continuity planning, the Company has adopted
measures that prioritize the health and safety of its employees, and to assist manufacturing processes as a
“Manufacturing Support Company,” possesses a comprehensive inventory and has strived to provide a stablesupply of products to its customers. This inventory strategy has garnered positive feedback from our customers.
In the electrical equipment, electronic component, and industrial machinery industries, the principal marketsof the Group, formerly stagnant production and capital investment demand have been showing signs of recovery
from the latter half of the previous fiscal year. Moreover, with increased production and orders ahead of scheduledue to shortages in semiconductors and resin materials, etc., performance has been favorable. Especiallyregarding major customers of semiconductor manufacturing equipment, increased production and capital
investment demand owing to the strong demand for semiconductors have fueled these favorable results andsubstantially contributed to sales and profit. In terms of profit, along with the recording of extraordinary income
due to the revision of the period of recognizing lease obligations following an overseas subsidiary’s businesswithdrawal, performance during the nine months ended December 31, 2021 exceeded the full-year consolidated
financial results forecast announced on November 1, 2021.
As a result, for the nine months ended December 31, 2021, net sales amounted to ¥42,167 million (¥32,861
million in the same period of the previous year), operating profit was ¥1,927 million (up 119.7% year-on-year),ordinary profit was ¥2,163 million (up 106.0% year-on-year), and profit attributable to owners of parent was¥1,561 million (up 171.0% year-on-year). As such, both sales and profit increased year-on-year.
Net sales of the Group by product segment are as follows:(1) FA equipment
Net sales of control equipment, power supplies, RFID equipment, etc. amounted to ¥25,058 million.
(2) Information and communication equipment
Net sales of office automation equipment, network equipment, liquid crystal displays, etc. amounted to¥3,508 million.
(3) Electronics and devices
Net sales of connectors, CPUs, switching power supplies, etc. amounted to ¥5,436 million.
(4) Materials for electric facilities
Net sales of terminal blocks, cable accessories, tools, etc. amounted to ¥8,162 million.

2(2) Explanation of Financial Position
1) Assets, liabilities, and net assets(Assets)
Total assets as of December 31, 2021 amounted to ¥30,046 million, up ¥3,604 million from the end of the previous
fiscal year.
Current assets increased by ¥3,189 million from the end of the previous fiscal year to ¥24,573 million.
This was primarily due to a ¥1,769 million increase in notes and accounts receivable - trade, a ¥1,480 million
increase in electronically recorded monetary claims - operating, a ¥1,309 million increase in merchandise, and a¥1,231 million decrease in cash and deposits.
Non-current assets increased by ¥415 million from the end of the previous fiscal year to ¥5,472 million.
This was mainly due to a ¥702 million increase in construction in progress.
(Liabilities)
Liabilities as of December 31, 2021 amounted to ¥13,191 million, up ¥3,145 million from the end of the previous
fiscal year.
Current liabilities increased by ¥3,309 million from the end of the previous fiscal year to ¥11,982 million.
This was primarily due to a ¥1,164 million increase in notes and accounts payable - trade and a ¥1,124 million
increase in electronically recorded obligations - operating.
Non-current liabilities decreased by ¥163 million from the end of the previous fiscal year to ¥1,209 million.
(Net assets)
Net assets as of December 31, 2021 amounted to ¥16,855 million, up ¥458 million from the end of the previous
fiscal year.
This was mainly due to the recording of profit attributable to owners of parent for the nine months ended
December 31, 2021 of ¥1,561 million and dividend payments of ¥1,111 million. The equity ratio was 56.1%.
2) Cash flows
Cash and cash equivalents (hereinafter referred to as “net cash”) as of December 31, 2021 amounted to ¥4,655
million, down ¥1,231 million from the end of the previous fiscal year. The status of cash flows and its
contributing factors during the nine months ended December 31, 2021 are as follows.
(Cash flows from operating activities)
Due to operating activities, net cash decreased by ¥183 million. (Net cash increased by ¥1,257 million in thesame period of the previous year)
This was mainly due to a ¥2,267 million increase in profit before income taxes, a ¥3,245 million increase intrade receivables, and a ¥575 million decrease in income taxes paid.
(Cash flows from investing activities)
Due to investing activities, net cash decreased by ¥632 million. (Net cash increased by ¥689 million in the same
period of the previous year)
This was mainly due to purchase of property, plant and equipment of ¥816 million.
(Cash flows from financing activities)
Due to financing activities, net cash decreased by ¥429 million. (Net cash decreased by ¥1,571 million in thesame period of the previous year)
This was mainly due to dividends paid of ¥1,109 million.

(3) Explanation of Consolidated Financial Results Forecast and Other Forward-looking Information
Regarding the full-year financial results forecast for the fiscal year ending March 31, 2022, in addition to newwaves of infections from COVID-19 variants, etc., shortages of semiconductors and resin materials, etc. have
led to long delivery times for the Company’s products, fueling concerns about supply to customers. Nevertheless,we expect production and capital investment chiefly related to semiconductor manufacturing equipment toremain favorable from the fourth quarter onward. Accordingly, we have decided to revise the full-year financial
results forecast for the fiscal year ending March 31, 2022.
3

For details, please refer to the “Notice Regarding Revision to Financial Results Forecast and Dividend
Forecast” (available only in Japanese) announced today (January 31, 2022).
Forecasts and other forward-looking information are based on information currently available to the Company,
and actual performance, etc. may vary due to a variety of factors. If there are any changes in the future, they will
be disclosed appropriately.

42. Quarterly Consolidated Financial Statements and Principal Notes(1) Quarterly Consolidated Balance Sheets(Thousand yen)
As of March 31, 2021
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Electronically recorded monetary claims - operating
Merchandise
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
LandConstruction in progress
Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets
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 bonuses
Provision for bonuses for directors (and otherofficers)
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Provision for share-based remuneration for directors(and other officers)
Retirement benefit liability
Other
Total non-current liabilities
Total liabilities

5

As of December 31, 2021

5,907,920
9,490,245
3,120,337
2,536,758
331,942(2,515)
21,384,689

4,676,309
11,259,904
4,600,708
3,845,845
194,390(3,163)
24,573,995

1,504,627
1,909,493
9,350
172,0113,595,483
66,266

1,483,846
1,909,493
711,970
103,871
4,209,182
97,261

1,431,235(35,842)
1,395,392
5,057,141
26,441,831

1,201,011(34,922)
1,166,088
5,472,532
30,046,527

4,663,370
2,381,604
354,084
340,109244,133

5,828,302
3,506,207
1,104,052
468,486
265,840

70,700138,750

618,353
8,672,355

670,497
11,982,135

41,544–43,99352,553

957,709329,947
1,373,194
10,045,550

953,879
202,773
1,209,206
13,191,341

(Thousand yen)
As of March 31, 2021
Net assets
Shareholders’ equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Total net assets
Total liabilities and net assets

6

As of December 31, 2021

1,819,230
1,541,190
13,530,310(604,973)
16,285,757

1,819,230
1,545,191
13,980,946(596,410)
16,748,957

98,604
7,549
4,369
110,523
16,396,280
26,441,831

81,352
23,782
1,093
106,228
16,855,185
30,046,527

(2) Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income
Nine Months Ended December 31(Thousand yen)

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Packing and transportation costs
Salaries, allowances and bonuses
Share-based payment expenses
Legal welfare expenses
Retirement benefit expenses
Rent expenses
Depreciation
Provision for bonuses
Provision for bonuses for directors (and other officers)
Other
Total selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividend income
Purchase discounts
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Loss on sale of notes receivable - trade
Loss on cancellation of leases
Foreign exchange losses
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of investment securities
Gain on reversal of lease obligations
Total extraordinary income
Extraordinary losses
Impairment losses
Loss on retirement of non-current assets
Loss on valuation of investment securities
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to owners of parent

For the nine months ended
December 31, 2020
32,861,410
28,174,947
4,686,463

For the nine months ended
December 31, 2021
42,167,192
35,762,383
6,404,808

354,298
1,772,843
19,080268,317
104,967
285,363
122,665
131,533
36,750713,0703,808,890
877,572

418,886
1,907,129
26,158317,117
104,770
345,586
152,282
265,840
138,750
800,530
4,477,052
1,927,755

8,719
14,787
153,365–
20,514
197,387645
16,425
195,131
17,463
18,682
248,348

10,629
2,240
3,526
3,578
4,893
24,8681,050,091

6,799
1,758
2,803
–
1,729
13,0902,163,013

12,503–
12,503

1,418
108,746
110,164

124,84282
327
125,251
937,342294,284
66,719361,003576,338
576,338

5,456
239
–
5,695
2,267,481
701,897
3,927
705,825
1,561,656
1,561,656

7

Quarterly Consolidated Statements of Comprehensive Income
Nine Months Ended December 31(Thousand yen)

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 to
Owners of parent
Non-controlling interests

For the nine months ended
December 31, 2020
576,338

For the nine months ended
December 31, 2021
1,561,656

56,012(3,268)(3,613)49,131
625,470(17,252)
16,233(3,276)(4,295)
1,557,361

625,470–

1,557,361–

8

(3) Quarterly Consolidated Statements of Cash Flows(Thousand yen)
For the nine months
ended December 31, 2020
Cash flows from operating activities
Profit before income taxes
Depreciation
Impairment losses
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for bonuses for directors(and other officers)
Increase (decrease) in provision for share awards for
directors (and other officers)
Increase (decrease) in retirement benefit liability
Increase (decrease) in allowance for doubtful accounts
Interest and dividend income
Interest expenses
Loss (gain) on sale of investment securities
Gain on reversal of lease obligations
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Other
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Purchase of intangible assets
Proceeds from redemption of securities
Purchase of investment securities
Proceeds from sale of investment securities
Payments of leasehold and guarantee deposits
Proceeds from refund of leasehold and guarantee deposits
Payments into time deposits
Proceeds from withdrawal of time deposits
Net cash provided by (used in) investing activities
Cash flows from financing activities
Proceeds from short-term borrowings
Repayments of short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Repayments of finance lease obligations
Dividends paid
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

9

For the nine months
ended December 31, 2021

937,342
122,665
124,842(110,383)

2,267,481
152,282
5,456
21,707(37,250)

68,05014,746

12,7003,007(1,280)(23,507)
10,629(12,503)–
650,373(87,410)(203,306)
307,994
1,695,962
35,421(10,569)(463,545)
1,257,268(3,830)(272)(17,071)
6,799(1,418)(108,746)(3,245,585)(1,308,236)
2,287,428
244,939
381,684
16,794(6,748)(575,035)(183,304)(37,077)(106)
900,000(22,017)46,856(207,250)
9,525(3,000)3,000
689,930(816,671)(14,433)–(22,059)
36,329(3,477)
187,397(3,000)3,000(632,914)–(1,342)2,000,000(2,562,572)(24,930)(982,263)(1,571,108)(3,093)372,996
4,468,262
4,841,259

1,000,000––(291,576)(28,957)(1,109,143)(429,677)
14,285(1,231,611)
5,886,920
4,655,309

(4) Notes to Quarterly Consolidated Financial Statements(Notes on going concern assumption)
Not applicable.
(Notes in case of significant changes in shareholders’ equity)
Not applicable.
(Changes in accounting policies)(Application of Accounting Standard for Revenue Recognition, Etc.)
The Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29,
March 31, 2020, hereinafter “Revenue Recognition Standard”), etc. from the beginning of the first quarter ofthe current fiscal year. Accordingly, revenue is recognized at the point in time at which control of the promised
goods or services is transferred to the customer in an amount that reflects the consideration the Company
expects to receive in exchange for those goods or services. As a result, for some transactions, the Company
had previously recognized revenue on a gross basis, but has changed to a method of recognizing revenue on a
net basis for transactions in which the role of the Company in providing a good or service to the customer isan agent.
The Group primarily sells products related to electrical and electronic components, and the revenue fromthe sale of such products is recognized at the point in time at which the product is delivered to the customer.
The application of the Revenue Recognition Standard, etc. is in accordance with the transitional treatment
set forth in the proviso of Paragraph 84 of the Revenue Recognition Standard, and the aggregate amount of
the impact of retroactively applying the new accounting policy prior to the beginning of the first quarter isadded to or subtracted from retained earnings at the beginning of the first quarter of the current fiscal year. The
new accounting policy is applied from the said beginning balance of retained earnings, but there will be no
impact on such balance.
As a result, net sales and cost of sales for the nine months ended December 31, 2021 each decreased by¥149,192 thousand.
(Application of Accounting Standard for Fair Value Measurement, Etc.)
The Company has applied the “Accounting Standard for Fair Value Measurement” (ASBJ Statement No. 30,
July 4, 2019, hereinafter “Fair Value Measurement Standard”), etc. from the beginning of the first quarter ofthe current fiscal year, and plans to prospectively apply the new accounting policy determined by the Fair Value
Measurement Standard, etc. in accordance with the transitional treatment set forth in Paragraph 19 of the Fair
Value Measurement Standard and Paragraph 44-2 of the “Accounting Standards for Financial Instruments”(ASBJ Statement No. 10, July 4, 2019).” There was no impact on the quarterly consolidated financial
statements.
(Additional information)(Accounting estimate related to the impact of the spread of COVID-19)
There have been no material changes in the assumptions described in “(Additional Information)” under“(Accounting estimate related to the impact of the spread of COVID-19)” in the securities report of the previous
fiscal year.

103. Others
Purchases and Sales(1) Purchases
Item name(Thousand yen)
For the nine months ended
December 31, 2021

Year-on-year change (%)

FA equipment

22,626,324–

Information and communicationequipment

3,426,834–

Electronics and devices

4,378,267–

Materials for electric facilities

6,639,449

–

Total

37,070,875–

Notes: 1. Amounts of less than one thousand yen are rounded down.
2. The Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement
No. 29), etc. from the beginning of the current fiscal year. Accordingly, the year-on-year change
in values before the application of the above accounting standard, etc. is not provided.
(2) Sales(Thousand yen)
Item nameFor the nine months ended
December 31, 2021

Year-on-year change (%)

FA equipment

25,058,528–

Information and communicationequipment

3,508,882–

Electronics and devices

5,436,809–

Materials for electric facilities

8,162,971

–

Total

42,167,192–

Notes: 1. Amounts of less than one thousand yen are rounded down.
2. The Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement
No. 29), etc. from the beginning of the current fiscal year. Accordingly, the year-on-year change
in values before the application of the above accounting standard, etc. is not provided.

11