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.

Consolidated Financial Results
for the Nine Months Ended December 31, 2023
[Japanese GAAP]
February 6, 2024
Company name: Osaki Electric Co., Ltd.
Stock exchange listing: Tokyo
Code number: 6644
URL: https://www.osaki.co.jp
Representative: Chairman and CEO
Yoshihide Watanabe
Director and Managing Executive OfficerContact:Ryuichi Ueno
Head of Corporate Strategy DivisionPhone: +81-3-3443-7171
Scheduled date of filing quarterly securities report: February 14, 2024
Scheduled date of commencing dividend payments: 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 Nine Months Ended December 31, 2023 (April 1, 2023 to December 31, 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%
Nine months ended
December 31, 2023
68,392
12.8
4,362
310.4
4,360
847.6
2,184
302.1
December 31, 2022
60,642
12.8
1,063
34.4
460
(43.1)
543(Note) Comprehensive income:Nine months ended December 31, 2023: ¥4,453 million [41.4%]
Nine months ended December 31, 2022: ¥3,150 million [773.6%]
Basic earnings
per share
Nine months ended
December 31, 2023
December 31, 2022

Diluted earnings pershare
Yen

Yen

46.62
11.43

45.88
11.24

(2) Consolidated Financial Position
Total assets
Millions of yen
As ofDecember 31, 2023
94,151March 31, 2023
93,268(Reference) Equity: As of December 31, 2023:
As of March 31, 2023:

Net assets

Capital adequacy ratio

Millions of yen

¥
¥

―1―

61,592
58,62948,929 million
45,933 million

%

52.0
49.2

2. Dividends
Annual dividends
1stquarter-end

2ndquarter-end

3rdquarter-end

Yen

Yen

Yen

Yen

Yen

Fiscal year ended March 31, 2023

-10.00-10.00

20.00

Fiscal year ending March 31, 2024

-10.00

10.00

20.00

Year-end

Fiscal year ending March 31, 2024
(Forecast)

Total(Note) Revision to the forecast for dividends announced most recently:
No(Note) Breakdown of the 3rd quarter dividend for the fiscal year ending March 31, 2024 :Commemorative dividend- yenSpecial dividend- yen
3. Consolidated Financial Forecast for the Fiscal Year Ending March 31, 2024(April 1, 2023 to March 31, 2024)(% indicates changes from the previous corresponding period.)
Profit attributable to Basic earnings
Net sales
Operating profit
Ordinary profit
owners of parent
per share
Millions ofyen%Millions ofyen%

Full year
94,2005.5
5,400 142.5(Note) Revision to the financial results forecast announced most recently:

Millions ofyen%Millions ofyen%

Yen

2,000

51.5

42.68

5,000 165.2
Yes* Notes:(1) Changes in significant subsidiaries during the nine months ended December 31, 2023
(changes in specified subsidiaries resulting in changes in scope of consolidation):
NoNew(Company name:(Company name:
Exclusion:(2) Accounting policies adopted specially for the preparation of quarterly consolidated financial statements:))
No(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(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, 2023:
49,267,180 shares
March 31, 2023:
49,267,180 shares
2) Number of treasury shares at the end of the period:
December 31, 2023:
2,353,409 shares
March 31, 2023:
2,464,755 shares
3) Average number of shares outstanding during the period:
Nine months ended December 31, 2023:
Nine months ended December 31, 2022:

46,863,572 shares
47,551,002 shares*Quarterly financial results are exempt from the audit conducted by certificated public accountants or an audit firm.
*Proper use of business forecasts and other special notes.
The descriptions of the future such as business outlook made in this statement are based on the information we currently have and thecertain assumptions that we consider reasonable. The actual performance may significantly vary due to the various factors.
Regarding business forecasts, please refer to the page 5 “1.3 Statements for Financial Forecasts and Business Outlook”.

―2―

[APPENDIX]
1.

2.

Business Results
1.1
Highlight of Operating Results of Nine Months ended December
31,2023
1.2
Consolidated Financial Condition
1.3
Statements for Financial Forecasts and Business Outlook
Consolidated Financial Statements
2.1
Consolidated Balance Sheets
2.2
Consolidated Statements of Income andConsolidated Statements of Comprehensive Income
2.3Notes to Consolidated Financial Statements(Notes Regarding Going Concern Assumption)(Notes in the Event of Significant Changes inShareholders’Capital)(Business Segments)―3―445566810101010

1. Business Results
1.1 Highlight of Operating Results of Nine Months ended December 31, 2023⚫

Consolidated net sales: 68.4 billion yen (YoY +12.8%), Operating income: 4.4 billion yen (+310.4%), Profit
attributable to owners of parent: 2.2 billion yen (+302.1%)⚫

Net sales for Smart meters & solutions in Japan increased year on year with higher sales in the Smart Meter
Business and Switchgear Business. Operating income increased with temporary changes in the product mix, etc.

⚫

For Smart meters & solutions overseas, sales increased year on year with an increase in shipments to UK enabled
by an upturn in the electronic materials procurement environment and an increase in shipments to Oceania.
Operating income increased with the higher sales and setting of electronic materials prices, which had soared
previously.
Summary of Consolidated Financial Results for the Nine Months ended December 31, 2023
(Millions of yen)

Nine Months
ended
December ‘22
60,64237,517
22,699761
427(762)1,063
2,186(1,343)
9218
(7)

Nine Months
ended
December ‘23
68,39238,89730,138－
226
(11)

7,750
1,380
7,439(761)
4(312)
3,299
1,179
2,126(9)7(4)

Ordinary income

460

4,360

3,900－+847.6%

Profit attributable to owners of parent

543

2,184

1,641

+302.1%

Net sales
Smart meters & solutions in Japan
Smart meters & solutions overseas
Production equipment
Real estate
Adjustment
Operating income
Smart meters & solutions in JapanSmart meters & solutions overseas
Production equipment
Real estate
Adjustment―4―－431(1,075)
4,362
3,365
782

YoY Change
Amount%+12.8%+3.7%+32.8%－+1.0%－+310.4%+53.9%－－+3.7%

1.2 Consolidated Financial Condition
Total assets at December 31, 2023 were 94,151 million yen, a 882 million yen increase from March 31,2023. This was mainly due to a increase in inventory and investment securities by 5,826 million yen and
1,191 million yen respectively, while cash and deposits, and notes and accounts receivable decreased by
3,537 million yen and 2,489 million yen respectively.
Total liabilities were 32,558 million yen, a 2,080 million yen decrease from March 31, 2023. This was
mainly due to a decrease in notes and accounts payable – trade and electronically recorded obligations– operating by 1,382 million yen and short-term and long-term borrowings in overseas subsidiaries by
705 million yen.
Net assets were 61,592 million yen, a 2,963 million yen increase from March 31, 2023. This was mainly
due to a increase retained earnings, foreign currency translation adjustment and valuation difference on
available-for-sale securities by 1,247 million yen, 890 million yen and 864 million yen respectively.

1.3 Statements for Financial Forecasts and Business Outlook
The Company revised the forecast for full-year for the fiscal year ending March 31, 2024, previously announced
on November 7, 2023. Please refer to “Notice Concerning Revision of Financial Forecasts for the Fiscal Yearending March 2024” for more details.

―5―2. Consolidated Financial Statements
2.1 Consolidated Balance Sheets(Millions of yen)
As of March 31, 2023

As of December 31, 2023

AssetsCurrent assets
Cash and deposits
Deposits paid
Notes and accounts receivable - trade, and contract
assetsMerchandise and finished goods

9,171
4,611

5,633
3,295

20,49518,006

7,775

10,771Work in process
Raw materials and supplies

2,673
8,626

3,672
10,458

Other
Allowance for doubtful accounts

3,778
(514)

4,407
(470)

Total current assets

56,61855,777

Buildings and structures, net
Land

8,339
12,0908,055
12,099Other, net

5,072

4,786

Total property, plant and equipmentNon-current assets
Property, plant and equipment

25,502

24,941Intangible assets
Investments and other assets

735

709

Investment securities
Retirement benefit asset

5,660
1,571

6,851
1,564

OtherAllowance for doubtful accounts

3,183
(3)

4,310
(3)

Total investments and other assets

10,412

12,72236,64938,373

93,26894,151

Total non-current assets
Total assets―6―

(Millions of yen)
As of March 31, 2023

As of December 31, 2023

Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating

8,172
3,799

7,331
3,258

Short-term borrowings
Income taxes payable

2,864
904

1,823
238

Provision for bonuses
Provision for bonuses for directors (and otherofficers)
Provision for loss on liquidation of subsidiaries
and associates
Provision for product warranties

1,543

1,085

39

73

14-576

410

Other

7,092

7,644

Total current liabilities

25,00821,865Long-term borrowings
Provision for retirement benefits for directors (andother officers)
Provision for repairs
Retirement benefit liability

2,642

2,978

47

50

28
2,404

33
2,409Deferred tax liabilities
Other

2,209
2,298

2,671
2,549

Non-current liabilities

Total non-current liabilities

9,630

10,692

34,63832,558

Shareholders' equity
Share capital

7,965

7,965

Capital surplus
Retained earnings

8,759
26,033

8,762
27,281

Total liabilities
Net assets

Treasury shares(1,254)(1,198)

Total shareholders' equity

41,50342,811

Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Foreign currency translation adjustment

1,423

2,287

2,510

3,401

Remeasurements of defined benefit plans

496

428

4,430

6,117

Share acquisition rights

Total accumulated other comprehensive income

466

466

Non-controlling interests

12,22812,196

Total net assets

58,62961,592

93,26894,151

Total liabilities and net assets―7―2.2 Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income (For the nine months)(Millions of yen)
For the nine months
ended December 31, 2022

For the nine months
ended December 31, 2023

Net sales
Cost of sales

60,64248,04568,392
51,950Gross profit

12,597

16,442

Selling, general and administrative expenses

11,53412,080Operating profit

1,063

4,362

Non-operating income
Interest income

1529

Dividend income
Other

193
125

266
141

Total non-operating income

334

437

Non-operating expenses
Interest expenses

100131

Foreign exchange losses
Other796
40

257
51

Total non-operating expenses

937

439

460

4,360

Gain on sale of non-current assets
Gain on sale of shares of subsidiaries and associates

319
1,907

-

Total extraordinary income

2,226

-

Impairment losses
Loss on sale of shares of subsidiaries and associates

580

200
197

Total extraordinary losses

580

397

Ordinary profit
Extraordinary income

Extraordinary losses

Profit before income taxes

2,106

3,962

Income taxes - current

816

1,017

Income taxes - deferred

262

179

Total income taxes

1,079

1,196

Profit

1,027

2,765

Profit attributable to non-controlling interests

483

581

Profit attributable to owners of parent

543

2,184

―8―

Quarterly Consolidated Statements of Comprehensive Income (For the nine months)(Millions of yen)
For the nine months
ended December 31, 2022
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax

For the nine months
ended December 31, 2023

1,027

2,765

291
1,909

864890

(77)

(67)

2,123

1,687

Comprehensive income

3,150

4,453

Comprehensive income attributable toComprehensive income attributable to owners ofparent
Comprehensive income attributable to non-controllinginterests

2,666

3,872

483

581

Total other comprehensive income―9―2.3 Notes to Consolidated Financial Statements(Notes Regarding Going Concern Assumption)
There are no applicable matters.
(Notes in the Event of Significant Changes in Shareholders’ Capital)
There are no applicable matters.
(Business Segments)
I Fiscal year ended 31 Dec 2022
1. Sales, Profits or Losses by Reporting Segments(Millions of yen)
Reporting Segments
Total

Adjustment(Remark)

Consolidated

Smart meters &solutions in Japan

Smart meters &solutions overseas

Production
equipment

Real estate

Sales to Customers
Intersegment Sales

37,50016

22,034
665

759
1348
79

60,642
762

―
(762)

60,642―

Total Sales

37,517

22,699761

427

61,405(762)

60,642

Operating Income

2,186(1,343)

9218

1,070(7)1,063(Remark) 1 “Production equipment” have indicated the business performances during the fiscal year ended 30 Sep2022.
(Remark) 2 The operating income is adjusted by the elimination of the intersegment transactions.
2. Impairment loss of Fixed Asset and Goodwill by Reporting Segments
There are no applicable matters.
II Fiscal year ended 31 Dec 2023
1. Sales, Profits or Losses by Reporting Segments(Millions of yen)
Reporting Segments

Sales to Customers
Intersegment Sales
Total Sales
Operating Income

Smart meters &solutions in Japan

Smart meters &solutions overseas

Real estate38,881
15
38,8973,365

29,158980
30,138
782

352
79
431
226

Adjustment(Remark)

Consolidated―(1,075)(1,075)(11)

68,392―
68,392
4,362

Total

68,392
1,075
69,468
4,374(Remark) The operating income is adjusted by the elimination of the intersegment transactions.
2. Changes in Reporting Segments
We have sold Osaki Engineering Co., Ltd. on 30 Sep 2022 that had been classified into the “Productionequipment” of the Reporting Segments in the previous fiscal year and have excluded from the scope ofconsolidation.
As a result, we have discontinued the “Production equipment” from the fiscal year ended 30 Jun 2023.
3. Impairment loss of Fixed Asset and Goodwill by Reporting Segments(Important impairment loss of fixed asset)
In the “Smart meters & solutions overseas” of the Reporting Segments, we have recognized the impairment
loss on fixed assets of 200 million of yen and recorded it as extraordinary loss.

―10―