August 4, 2021

Osaki Electric Co., Ltd.
Tokyo Stock Exchange 1st Section
Securities code: 6644

FY2021 First Quarter
Summary of Consolidated Financial Results(Three Months ended June 2021)⚫

⚫

⚫

Consolidated sales were down by 8.4% year on year to ¥17.7billion. Operating income
declined by 32.0% to ¥0.46 billion. Profit attributable to owners of parent were ¥0.13
billion in contrast to ¥0.28 billion in loss in the previous first quarter.
In Japan, sales of smart meters were flat from the previous fiscal year while sales of smart
locks, which recorded good shipments in the previous fiscal year, decreased year on year.
Profits decreased year on year, due to sales decrease as well as intensified pricecompetition of smart meters and a rise in raw material prices.
In the overseas, while shipments to Oceania remained flat and shipments to UK
increased from the previous year, orders for Iraq (Kurdistan Regional Government),
which recorded a temporary increase in orders in the same period of the previous fiscal
year, declined, leading to overall sales to decrease year on year. Profits increased withhigher production from increased shipments to UK and decrease in SG&A expenses.

1. Consolidated Financial Results(Millions of yen)
YoY Change

FY2020 1Q

FY2021 1Q

Amount19,347
11,097
7,816
447
138(151)
4,467

17,72010,6147,153
64
138(252)
4,077

Ratio to sales

23.1%

23.0%

3,797

3,622

Ratio to sales

19.6%

20.4%

669

455

Ratio to sales

3.5%

2.6%

Smart meters & solutions in Japan

Adjustment

557
2224
623337163(116)691(220)141(140)7(2)(39.5)%+637.4%－+11.9%(68.5)%

Ordinary income282571

289+102.3%

Profit attributable to owners of parent(284)128412－

Net income per share（yen）(5.81)

2.62

8.43

－

Net sales
Smart meters & solutions in Japan
Smart meters & solutions overseas
Production equipment
Real estate
Adjustment

Gross profit
SG & A expenses
Operating income

Smart meters & solutions overseas
Production equipment
Real estate(1,626)

%

(482)
(662)
(382)
0(100)(389)(8.4)%(4.3)%(8.5)%(85.5)%+0.3%－(8.7)%(0.1)pt

(174)
(214)

(4.6)%+0.8pt(32.0)%(0.9)pt* "Production equipment" and "Real estate" which were previously included in "Others," have been
reclassified as reporting segments due to an increase in their quantitative materiality.

12. Consolidated Sales by Region (Excluding intercompany sales)(Millions of yen)
YoY Change

Japan
Overseas
Oceania
EuropeAsia
Middle East and others

Total
Average exchange rate

FY2020 1Q

FY2021 1Q

11,643
7,703
2,211
2,375
1,336

10,776
6,943
2,186
3,167
1,306

(866)
(760)
(24)
791
(29)

(7.4)%(9.9)%(1.1)%+33.3%(2.2)%

1,780

282(1,497)(84.1)%

19,347

17,720(1,626)(8.4)%\108.86/USD\106.09/USD%

Amount*Calculations are based on the annual securities report.

3. Sales by product and service (Excluding intercompany sales)（1）Smart meters & solutions in Japan(Millions of yen)

MetersMonitor Control(**)
Switchgears
VCTs
Others(including adjustments)

Total

YoY Change

FY2020 1Q

FY2021 1Q

5,232
1,199
1,529
1,124

5,653
629
1,393
982

421
(570)
(136)
(142)

+8.0%
(47.5)%(8.9)%(12.6)%

2,006

1,948(58)(2.9)%

11,09110,608(483)(4.4)%

Amount%*Referential figures based on managerial accounting** Monitor Control: Energy management systems, smart locks, etc.

（2）Smart meters & solutions overseas

MetersMonitor Control(**)
Total

FY2020 1Q

FY2021 1Q

5,325
2,370
7,695

4,374
2,561
6,936

(Millions of yen)
YoY Change
Amount(951)
191(759)%(17.9)%+8.1%(9.9)%*Referential figures based on managerial accounting** Monitor Control: Meter related systems, communications hubs, etc.

4. R&D expenditures, Depreciation, Capital expenditures(Millions of yen)
YoY Change

R&D expenditures
Depreciation
Capital expenditures

FY2020 1Q

FY2021 1Q

787665220741602
224

2Amount(45)(62)4%(5.8)%(9.4)%+2.2%

5. FY2021 Consolidated Forecast
There is no change from the consolidated forecast announced on May 11, 2021.
1H
FY2020Full-year

YoY Change
FY2021
Forecast

Amount%FY2020YoY Change

FY2021
Forecast

Amount%35,73439,000

3,265

+9.1%

76,25583,000

6,744

+8.8%

Operating income

767

800

32+4.2%

2,684

3,500

815

+30.4%

Ordinary income

744700(44)(6.0)%

2,888

3,300

411

+14.3%

Profit attributable toowners of parent(202)100302－482

3,000

2,517

+522.0%Net sales* FY2021 Forecast for “Profit attributable to owners of parent” includes extraordinary gain from thetransfer of shares in a consolidated subsidiary.

⚫ Forward-looking statements made in this material is based on management’s estimates, assumptions and projections

at the time of publication and do not represent a commitment that they will be achieved. A number of factors could cause
actual results to differ materially from expectations.
⚫ All amounts are in millions of yen rounded down unless otherwise stated.

Financial data (Excel/PDF) are available on our website (https://www.osaki.co.jp/en/ir/finance/financialdata.html).

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