Tsuzuki Denki Co., Ltd
Financial Results for the Year Ended
March 31, 2022
May 25, 2022
Stock code: 8157
URL https://www.tsuzuki.co.jp

Copyright © 2022 Tsuzuki Denki Co., Ltd.

Medium-term
Progress

FY03/22 Results

FY03/23
Forecast

Shareholder
ReturnSustainability

Agenda1

FY03/22 Results

2

Progress of Medium-termManagement Plan

3

FY03/23 Forecast

4

Shareholder Return５

Activities Targeting Sustainability
1

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Medium-term
Progress

FY03/22 Results

1

FY03/23
Forecast

Shareholder
ReturnSustainability

FY03/22 Results

2

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Medium-term
Progress

FY03/22 Results

FY03/23
Forecast

Shareholder
ReturnSustainability

Highlights
Although net sales were flat YoY, profit rose dramatically thanks tosteady growth in the service business and contributions from theElectronic Devices segment

Information Network Solutions（＋）Growth in service business, network expansion projects,
innovation / modernization (digital transformation [DX] business)（－）Absence of major projects seen in FY03/21, impact from scheduling delays
resulting from semiconductor shortages

Electronic Devices（＋） Special demand arising from global shortage of semiconductors
3

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Medium-term
Progress

FY03/22 Results

FY03/23
Forecast

Shareholder
ReturnStatement of Income
FY03/21

Sustainability(Millions of yen)

FY03/22

Change(amount)

Change (YoY)

Net sales

120,004

119,316

-688

99.4%

Gross profit

21,46522,511

1,045

104.9%（82.1％）（81.1%）（-1.0pt）－

SG&A expenses

18,263

18,498235

101.3%

Operating income

3,202

4,012

810

125.3%(Operating margin)（2.7%）（3.4%）（0.7pt）

－

2,346

2,798

451

119.2%

Orders121,655

130,5598,903

107.3%

Order backlog

22,46733,710

11,243150.0%(Cost ratio)

Profit attributable toowners of parent

4

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Medium-term
Progress

FY03/22 Results

FY03/23
Forecast

Shareholder
ReturnFactors Affecting Sales
4.8
120

Sustainability（単位：億円）(Billionsof yen)

2.0

119.3

1.5

（-0.7 YoY）

-7.0

FY03/21 Growth of service Special
businesses
demand for
Sales
Electronic
Devices-2.0

Growth in
Absence of Delivery delays
innovations/ major projects
caused bymodernization*1*2
semiconductor
shortage

FY03/22
Sales*1 Increased activity in cloud services (backbone systems and PBX shifting to the cloud), etc.
*2 Absence of individual large-scale deals; decrease in PC installation deals owing to remote
work support demand running its course,
Decline due to absence of special demand from GIGA School Concept projects* 3*3 An initiative by Ministry of Education, Culture, Sports, Science and Technology to develop an educational ICT environment
including high-speed and high-capacity networks and ensuring that every primary and secondary school student has acomputer or tablet
5

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FY03/22 Results

FY03/23
Forecast

Shareholder
ReturnSustainability

Factors Affecting Operating Income(Millions of yen)

-122

-58

25.3%
YoY
＋810

-235

Increase in gross profit: ＋1,045

FY03/21
OperatingincomeImproved
cost ratio

Lower sales

Unprofitableprojects*

Higher
SG&A
expenses

Positive factors

Negative factors➢ Improved cost ratio: ＋JPY1.25bn➢ Lower sales: -JPY122mn➢ Unprofitable projects: -JPY58mn••

Growth of service businesses
Improved cost ratio for development
and construction projects

FY03/22
Operatingincome*There was a slight decline in unprofitable projects in FY03/22, but webooked a gain of JPY59mn on reversal of allowances in FY03/21, which
had a negative YoY impact on operating income➢ Higher SG&A expenses: -JPY235mn• Increase in consolidated subsidiaries
6

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Medium-term
Progress

FY03/22 Results

FY03/23
Forecast

Shareholder
ReturnSustainability

Results by Segment(Millions of yen)

Net sales

Operating income

Change Change(amount)(YoY)

FY03/21

FY03/22

Information
Network
Solutions

97,84892,319-5,528

Electronic
Devices

22,155

Consolidated
Total

120,004

Change Change(amount)(YoY)

FY03/21

FY03/22

94.3％

2,960

3,400

440

114.9%

26,996

4,840 121.8％

242

592

350

244.8%

119,316

-688

3,202

4,012

809

125.3%

99.4％*Operating income adjustments are excluded.
7

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Medium-term
Progress

FY03/22 Results

FY03/23
Forecast

Shareholder
ReturnSales by Business Model
125,366
Equipment

44,790（35.7%）(Millions of yen)
Ratios in parentheses

YoY

120,004

119,316

99.4％

44,207（36.8%）

37,127（31.1%）

84.0％

Development&
Construction

19,668（15.7%）

14,518（12.1%）

Service

37,645（30.0%）

39,122（32.6%）

23,261（18.6%）

FY03/20

Electronic
Devices

Sustainability

14,501（12.2%）

99.9％

40,690（34.1%）

104.0％

22,155（18.5%）

26,996（22.6%）

121.8％

FY03/21

FY03/228

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Medium-term
Progress

FY03/22 Results

FY03/23
Forecast

Shareholder
ReturnSustainability

Orders and Backlogs by Business Model(Millions of yen)OrdersOrder backlog
130,559

121,226

121,655(+7.3% YoY)

33,710(+50.0％ YoY)

38,620Equipment

44,55743,733
10,31815,342Development &Construction 17,995

20,815

14,296
41,046

ServiceElectronic
Devices

37,145

39,104

21,52824,521

FY03/20

FY03/2135,550FY03/22
9

9,299
3,853
2,146

22,467
8,825

4,472
2,484

3,630
2,128

16,436

5,516

7,882

FY03/20

FY03/21

FY03/22

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Medium-term
Progress

FY03/22 Results2

FY03/23
Forecast

Shareholder
ReturnSustainability

Progress of Medium-termManagement Plan

10

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Medium-term
Progress

FY03/22 Results

FY03/23
Forecast

Shareholder
ReturnSustainability

Overview of Medium-term Management Plan (FY03/21 to FY03/23)
Medium-term Management Plan "Innovation 2023”
Help customers achieve digital transformation andboost competitiveness＝

VisionCreate a prosperous
societyInnovation Service Provider

Key priorities
1. Reforming our business structure by
expanding the service we offer
2. Promoting data-driven businesses
3. Strengthening our management base

FY03/23
Targets

Sales
JPY120bn

Operating income
JPY4bn11

ESG Activities
SDGs

ROE
8%
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Medium-term
Progress

FY03/22 Results

FY03/23
Forecast

Shareholder
ReturnSustainability

Progress of Key Priorities in the Medium-termManagement Plan (Overview)
1. Reforming our business structure by expanding the service we offer
The service ratio increased further as we released new services and steadily strengthened thefunctions of existing services
Service sales composition

30.0%
FY03/20

32.6%

34.1% （+1.5pt YoY）

FY03/21

FY03/22(Ref.) Component ratio of “Services” in Information Network Solutions: FY03/20 37.0%, FY03/21 40.0%, FY03/22 44.1%

2. Promoting data-driven businesses
We focused on business design creation, and the Innovation/Modernization (DX) business steadily increased
Release new services Co-creation/manpower exchanges with other companies Verification through PoC

3. Strengthening our management base
We executed various measures to strengthen governance
Secondary offering of shares
Promoted sustainability

Changed the configuration of the Board of Directors and Board of Corporate Auditors
12

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Medium-term
Progress

FY03/22 Results

FY03/23
Forecast

Shareholder
ReturnSustainability

Enhance New Service Framework Lineup (Ref: About TSF)
➢ Oct. 2021: Released “Total SolutionService Framework (TSF)➢ Covers all services provided by our company
Subsequent services developed and added based on TSF
Total SolutionService Framework（TSF）
Implementation
support service
D-VUE
DX implementation
supportCyber security
management support

Services
Customersystems

Tsuzukiservices

Common services
D-VUE
Cloud Data Lake Platform
Integrated managed service

Platforms
Onpremises

Cloud

Zero trust security service
IoT connectivity service

Partner companies

Point

Support for a variety of customer environments (cloud-based and on-premises)
Optimal combination of in-house services and collaboration with partners
13

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Medium-term
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FY03/22 Results

FY03/23
Forecast

Shareholder
ReturnSustainability

Enhance New Service Framework Lineup➢ Strengthen SaaS services on TSF, and respond to customers’ diverse cloud-related needs
Addition of functions

CT-e1: Cloud-based contact center services- Amid a favorable environment with continued special demand related to COVID-19, the addition ofvarious functions served to increase the number of seats for installation
FY03/22 results: 27,214 seats; +20％ YoY- Added “Voice recognition IVR” function (in addition to voice-activated dialing, enables call flow in keepingwith the user’s speech content)

TCloud for Voice (TVC): Cloud-based Private Branch Exchange (PBX) services- Strong start since release in October 2021 (FY03/22 results: approx. 3,300 IDs introduced; 61 sales
consultations)- Development of new functions began (release scheduled for 1H FY03/23)

DagreeX: Integrated management service for electronic contracts/vouchers- Applied for in-house use and at model companies. To expand sales, studies ongoing to strengthen
competitiveness by improving functions.

New releases

D-VUE: DX services using AI- DX implementation support services (Advisory Service, Design Workshops)- Cloud Data Lake Platform (Leverages AI to provide a "data lake*" in the Cloud to gather, store,
analyze, visualize, and utilize data. Uses Microsoft Azure as a platform.)*A centralized repository that stores large volumes of diverse data in their original format.
14

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Medium-term
Progress

FY03/22 Results

FY03/23
Forecast

Shareholder
ReturnSustainability

Accelerating the Shift to the Cloud to Meet Customer Needs➢ Two years from the start of the current Medium-term Management Plan, "Cloud Service" sales inthe service business have grown by 2.8x
Start of current Medium-term Management Plan (Apr. 2020~)
Revamped “IntrameriT” (Cloud-based groupware)“Cloud Service”
sales: 280%
(vs. end of March
2020)

Made ComDesign Inc. a subsidiary (Cloud-based contact center service: CT-e1)

New “Total SolutionService Framework” released
TCloud for Voice released (Cloud-based PBX service)“DagreeX” released (Cloud-based electronic contract service)“D-VUE Cloud Data Lake Platform” released (AI-based DX service)

15

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Medium-term
Progress

FY03/22 Results

FY03/23
Forecast

Shareholder
ReturnSustainability

Co-creation for Strengthening Services➢ Completed a capital and business tie-up agreement with Nextgen, Inc. (Dec. 2021)➢ Along with Nextgen and ComDesign Inc., providing Japan’s first Cloud services thatcombine Unified Communications (UC) and Contact Centers (CC)Tsuzuki Robust customer base andmanaged services
Denki (operation/maintenance)

VoIP andother
telecom
technologies

ComDesign Cloud CTI
development
technologies

Nextgen16

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Medium-term
Progress

FY03/22 Results

FY03/23
Forecast

Shareholder
ReturnSustainability

Co-creation in the IoT Business➢ Since alliance with JIG-SAW (November 2021), jointly executed numerous
PoCs; taking concrete steps toward implementation of new services➢ Tsuzuki certified as a “Hardware Partner” in the Partnership Program
Tech for detecting
differences in
information impacting
the environment (e.g.,
images, weight, temp)

All things shifting to IoT (examples of PoC)
IoT garbage
pails

Lost keydetection“Crowding”
detection

Loading volume
detection’s technologies are combined
to improve new and existing services
Certified as a “Hardware Partner”
Leveraging IoT expertise accumulated
through co-creation, with a view toward
device development

Currently preparing for implementationin supply chain
Loading volume
detection
services
17

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Medium-term
Progress

FY03/22 Results

FY03/23
Forecast

Shareholder
ReturnSustainability

Rolling out AI Business Targeting Diverse Industries➢ As the role of ICT changes (efficiency ➡ data applications), expectations for AI technologies
increase even further→ The scope of customers hoping to use AI expands, and projects become more diverse➢ FY03/22: 53 new contracts (72 consultations)

The pottery market is shrinking, but the e-commerce market is growing amid the pandemic
Business matching with the Tableware Sommelier Association aimed at strengthening webbased sales strategies
Regular consumers: I go out shopping with an image in my mind, but I can't find what I want
Corporate customers: We want to choose dishes from a tableware professional's perspective

Upload a photo or
drawing of a dishclose to the desired
image (shape, pattern,color)

Tableware sommelier's
knowledge of dishselection incorporated
into AI18

Display dishes(products) similar to
the uploaded image,and link to thepurchase site

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FY03/23
Forecast

Medium-term
Progress

FY03/22 Results

Shareholder
ReturnSustainability

Progress and Future of the Electronic Devices Business➢ The semiconductor market is growing rapidly amid the pandemic and a digital revolution
The spin-off has demonstrated impact, in accurately capturing market needs[Trend in the business environment and the Tsuzuki Group’s Electronic Devices segment results]
Source: WSTS semiconductor market forecast(out Nov. 2021)*Show index

GlobalSpin-off
16年度
FY03/16

17年度
FY03/17

Japan

Aim to maximize
profits in line withmarket growth

Tsuzuki Embedded Solutions
(TES)

18年度
19年度
20年度
21年度
FY03/18
FY03/19
FY03/20
FY03/21

Tech capabilities HR Products
Organizations/frameworks Employee awareness

Strategies moving forward : Build in TES’s strengths

Build a “Rapid cycle” framework

Evolve from a device
trading company into atech trading company

Quickly pick up on market needs and reflect them inproducts
19

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Medium-term
Progress

FY03/22 Results

FY03/23
Forecast

Shareholder
ReturnSustainability

Progress and Future of the Electronic Device Business(Co-creation with Other Companies)➢ Completed a partnership agreement with NVIDIA, a top global manufacturer of GPUs**GPU: Graphics Processing Unit; a high-speed image processor➢ Demand is expected to continue growing among manufacturing and data center customers
A semiconductor manufacturer that specializes in the design of GPGPUs*,
which expand CPUs in particular, to general-purpose computation
applications*General Purpose GPU

Company name: NVIDIA Corp.

│

Established: April 1993

Advantages of becoming a partner│

Employees: 18,975

Business growth- Expand business in edge computing(IoT) fields- Enables direct sales- Obtain the latest technical informationfrom NVIDIA

Gather data using edge
computing technologies

High-speed
processing using
GPUs

By leveraging the latest products (GPUs), aim to provide total solutions that range from edge
computing to high-speed data processing.
Strengthen structures for both sales and technologies, to break away from the image ofa device trading company into a tech trading company.
20

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Medium-term
Progress

FY03/22 Results

FY03/23
Forecast

Shareholder
ReturnSustainability

Activities Aimed at Increasing Share Liquidity➢ Secondary offering of Tsuzuki Denki shares(conditions decided Feb. 15, 2022; delivery date: Feb. 22, 2022)

Goal is to expand the shareholder base, improve share distribution, andincrease liquidity[Outline of offering]
No. of shares offered(Offering by way of overallotment )Sellers and number of shares soldTsuzuki Denki common shares

936,000 shares(138,000 shares)

MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Sumitomo Mitsui Banking Corporation
Sumitomo Mitsui Trust Bank, Ltd.

249,000 shares
249,000 shares
249,000 shares
189,000 shares

Increase liquidity (e.g., share distribution ratio [+4%] and volume)
Sold to more than 1,300 individual investors; 10% allocated to institutional investors➢ Sold off 16 brands of cross-held shares
21

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Medium-term
Progress

FY03/22 Results

FY03/23
Forecast

Shareholder
ReturnSustainability

Strengthening Governance (Corporate Officers)➢ Independent outside directors to account for more than 1/3rd of directors➢ Board of Directors reorganized into a management structure thatconcentrates on supervisory functions*[Makeup of Board of Directors]
After General Meeting ofCurrent
Shareholders-Total: 12 members- 2 independent
outside directors-Total: 10 members- 4 independent outside
directors- 1 female outside director

Independent
outsideIndependent
outsideOutsideOutsideIn-house

In-house*1 director holds a concurrent post
as executive officer
22

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Medium-term
Progress

FY03/22 Results

3

FY03/23
Forecast

Shareholder
ReturnSustainability

FY03/23 Forecast

23

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Medium-term
Progress

FY03/22 Results

FY03/23
Forecast

Shareholder
ReturnSustainability

FY03/23 Forecast
Although we expect to see continued strong demand for ICT and electronic devices, which haveseen rapid growth due to the trend toward digitalization amid the pandemic, the future remains
uncertain (e.g., due to the impact on customers from the deterioration of conditions in Ukraine),
so we have set forecasts at levels similar to FY03/22.
(Millions of yen)

FY03/22

FY03/23
Forecast

Change(amount)

Change(YoY)

Net sales

119,316

120,000

684

+0.6%

Operatingincome

4,012

4,000

-12

-0.3%

(Operating
margin)（3.4%）（3.3％）（-0.0pt）

－

2,798

2,760

-38

-1.4%

Profit attributableto owners ofparent24

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Medium-term
Progress

FY03/22 Results

４

FY03/23
Forecast

Shareholder
ReturnSustainability

Shareholder Return25

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Medium-term
Progress

FY03/22 Results

FY03/23
Forecast

Shareholder
ReturnSustainability

dividend at JPY48; Payout ratio at 30.3%
Shareholder FY03/22
FY03/23 dividend at JPY50; (JPY2 commemorative dividend scheduled to mark90 anniversary of establishment)
ReturnAiming to maintain stable dividends with a payout ratio of around 30%th

Dividend per share and payout ratio

40.0%

IPO
commemorative
dividend JPY5

34.3%

35.0%

30.3% 30.2%

Dividend yield
Year-end
price
JPY1,10090th anniversarycommemorative
dividend of JPY2
scheduled

30.3% 32.1%

4.6%

80.09

Year-end
price
JPY1,657

Year-end
price
JPY1,480

5.0%

3.3%

2.8%

70.09

3.2%

30.0%

JPY55
55円

60.09

25.0%

JPY46
46円
20.0%

48円
JPY48

JPY50
50円
50.09

FY03/18
18/3期

39円
JPY39

FY03/19
19/3期

FY03/20
20/3期

FY03/21
21/3期

FY03/22
22/3期

40.09

*Dividend yield = Dividend per share / Share price at theend of the period (final record date)

15.0%

30.09

10.0%

20.09

Shareholder benefits
5.0%

10.09

0.09

0.0%

FY03/19
19/3期

FY03/20
20/3期

Dividend per share

FY03/21
21/3期

FY03/22
22/3期

Payout ratio

FY03/23
23/3期
Forecast

Number of shares held

Products

100 shares to less than
1,000 shares

JPY1,000 worth offood items
JPY3,000 worth offood items

1,000 shares or more
26

Donation
JPY1,000

JPY3,000

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Medium-term
Progress

FY03/22 Results

５

FY03/23
Forecast

Shareholder
ReturnSustainability

Activities Targeting Sustainability

27

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FY03/23
Forecast

Medium-term
Progress

FY03/22 Results

Shareholder
ReturnSustainability

The Tsuzuki Group’s Sustainability➢ Established the Sustainability Management Committee and the Sustainability Promotion
Committee to strengthen the structure➢ Expressed approval for TCFD recommendations[Target (Scope 1+2)]: FY2030 50% reduction in GHG emissions (vs. FY2013): FY2050 Net zero GHG emissions[Structure]

Board of Directors

Management meetings

Sustainability Management Committee
Sustainability Promotion Committee

Three key issues in sustainability (providing value to society)
Develop people and teams
that are healthy and loved,
both physically and mentally
Build a foundation to
support ourendeavors

Activities supported
by diverse
individuals

Contribute to harmonious coexistenceby capturing changes in people, society,and the global environment
Reduceenvironmental
impactPromotecommunication withstakeholders

Provide reliable and innovative
services through information andcommunication technology
Provide safe andsecure services

Take on thechallenge of solvingsocial issues

Activities targeting Tsuzuki Denki’s growth
Corporate governanceRisk management

Compliance
28

Information security
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Reference

Press Releases
No.

Date

Content

1

2022/05/13 Notice of commemorative dividend celebrating 90th year since Tsuzuki's establishment22022/05/13 Expression of approval for TFCD recommendations, and notice of information disclosure

3

2022/03/10

42022/02/17 Began providing “D-VUE® Cloud Data Lake Platform”

5

2022/02/17 Began providing “D-VUE® DX implementation support” service

6

Recognized as a Sports Yell Company by Japan Sports Agency and a Tokyo
2022/02/10 Metropolitan Sports Promotion Company by Tokyo Metropolitan Government for threeconsecutive years

72022/02/08 Recognized as a “certified DX provider” by the Ministry of Economy, Trade and Industry

82022/02/04 Notice of secondary offering of Tsuzuki Denki shares

92021/12/24 Notice of completion of capital and business tie-up agreement with Nextgen, Inc.

10

2021/12/15 Began providing “Voice recognition IVR,” with automated response through “CT-e1/SaaS”

11

2021/12/14 Released “TCLoud for Smart Fruits,” a sales management system for fruit wholesalers

12

2021/11/11 Tsuzuki Denki and JIG-SAW completed a tie-up agreement

Recognized as one of the Health and Productivity Corporations (White 500) by Ministryof Economy, Trade and Industry for the fifth consecutive year

29

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Reference

Stock Price History (as of May 22, 2022)(Stock price: Yen)

Secondary offering of Tsuzuki
Denki sharesFeb. 4: Notice of decisionFeb. 15: Conditions decided(Volume: Shares)
1,800,000

2,500

1,600,000

2,000

1,400,000

1,200,000
1,500
1,000,000

800,000
1,000
600,000

400,000

Share volume (avg.):
Before secondary offering: Apr. 1, 2021 – Feb. 3, 2022; 19,922 shares
After secondary offering: Feb. 4 – May 22, 2022; 127,641 shares

500

200,000

02021/4/1

02021/5/1

2021/6/1

2021/7/1

2021/8/1

2021/9/1 2021/10/1 2021/11/1 2021/12/1 2022/1/1
30

2022/2/1 2022/3/1

2022/4/1

2022/5/1

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Contact
Contact

Tsuzuki Denki Co., Ltd.
Management Planning Office

Address

6-19-15 Shinbashi, Minato-ku, Tokyo 105-8665, Japan (Tokyo Art Club Building)

Phone: 050-3684-7780
ir-tantou@tsuzuki.co.jp
https://www.tsuzuki.co.jp/
Disclaimer
The forward-looking statements, including earnings forecasts, contained in this document are based on
information available to the company at the time of this document's release and are subject to a number of
uncertainties. Please note that actual results may differ significantly due to various factors. Although every
effort has been made to ensure the accuracy of the information contained in this document, please note thatthe accuracy and certainty of its content is not guaranteed. The names of companies, products, and services
mentioned in this document are registered trademarks or trademarks of their respective owners.
31

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Copyright © 2022 Tsuzuki Denki Co., Ltd.