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 andthe original in Japanese, the original shall prevail in all respects.

Consolidated Financial Results
for the Six Months Ended September 30, 2022
[Japanese GAAP]
November 1, 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, Executive Officer
Phone: +81-3-6910-6801
Scheduled date of filing quarterly securities report: November 9, 2022
Scheduled date of commencing dividend payments: December 6, 2022
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 Six Months Ended September 30, 2022 (April 1, 2022 – September 30,
2022)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable to
Net sales
Operating profit
Ordinary profit
owners of parent
Six months ended
Million yen%
Million yen%
Million yen%
Million yen%
September 30, 2022
33,134
24.0
2,189
87.5
2,386
81.2
1,600
77.9
September 30, 2021
26,726
23.1
1,167
91.6
1,317
82.5
899
84.1
(Note) Comprehensive income: Six months ended September 30, 2022: ¥1,658 million [82.1%]
Six months ended September 30, 2021: ¥910 million [79.3%]
Basic earnings
Diluted earnings
per shareper share
Six months ended
Yen
Yen
September 30, 2022
114.55–September 30, 2021
64.45–
(2) Consolidated Financial Position
Total assets
Million yen

Net assets

Equity ratio

Net assets per share

Million yen%

Yen

33,135
As of September 30, 2022
17,92432,736
As of March 31, 2022
17,627(Reference) Equity: As of September 30, 2022: ¥17,924 million
As of March 31, 2022: ¥17,627 million

54.1
53.8

1,282.58
1,261.67

2. Dividends
Annual dividends
1st quarter-end

2nd quarter-end

3rd quarter-end

Yen

Yen

Yen

Year-end

Fiscal year ended
–
25.00
–
March 31, 2022
Fiscal year ending–
76.00
March 31, 2023
Fiscal year ending
March 31, 2023–
(Forecast)(Note) Revision to the forecast for dividends announced most recently: None

Total
Yen

Yen

97.00

122.0056.00

132.003. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2023 (April 1, 2022 - March
31, 2023)(% 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%

Full year
62,400
4.5
3,310
8.5
3,610
7.2
(Note) Revision to the financial results forecast announced most recently: None

Million yen

2,300

%

(1.8)

Yen

164.63

* 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):
September 30, 2022:
14,652,600 shares
March 31, 2022:
14,652,600 shares2) Total number of treasury shares at the end of the period:
September 30, 2022:
676,887 shares
March 31, 2022:
681,287 shares
3) Average number of shares during the period:
Six months ended September 30, 2022:
Six months ended September 30, 2021:

13,970,971 shares
13,954,431 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 4 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 .....4
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
Regarding the Group’s operating environment during the six months ended September 30, 2022 (April 1, 2022
- September 30, 2022), although the future economy remains uncertain due to continued price hikes, etc. causedby surging natural resource prices arising from the prolonged situation in Ukraine and sudden depreciation of
the yen, corporate production and capital investment demand has steadily grown recently.
Within this environment, from the perspective of business continuity planning, while taking measures thatprioritize the health and safety of its employees, the Company has made efforts for supplying products in a stablemanner by expanding inventory, enhancing the system to receive and place orders, and maintaining its
distribution system in order to assist manufacturing processes as a “Manufacturing Support Company.”
With regard to the business results of the Group, in the electrical equipment, electronic component, andindustrial machinery industries, the principal markets of the Group, while the impacts of supply concerns causedby shortages in members and supply chain disruptions, etc., remain, the product supply system has been showing
signs of moderate recovery after the end of the first quarter of the current fiscal year, leading to the increase insales. Especially regarding manufacturers related to semiconductor manufacturing equipment, the steadyproduction and growing capital investment demand have continued, significantly contributing to these favorable
results of the Company. In terms of profit, the results in the second quarter of the previous fiscal year were
surpassed as profit increased following the increase in sales.
As a result, for the six months ended September 30, 2022, net sales amounted to ¥33,134 million (up 24.0%
year-on-year), operating profit was ¥2,189 million (up 87.5% year-on-year), ordinary profit was ¥2,386 million(up 81.2% year-on-year), and profit attributable to owners of parent was ¥1,600 million (up 77.9% year-on-year).
As such, both sales and profit increased year-on-year.
Results by segment are as follows.
In order to enhance manufacturing functions and respond to customer request items, the Company added
facilities to Taiwa Plant (Kurokawa County, Miyagi Prefecture), and started assembly of aluminum frames forcustomers related to semiconductor manufacturing equipment from the first quarter of the current fiscal year,
which was segmented as “manufacturing business.”
Accordingly, from the first quarter of the current fiscal year, the Company, which previously had only a single
segment of “electrical and electronic components sales business”, has two segments, “electrical and electronic
components sales business” and “manufacturing business.”(Electrical and electronic components sales business)
Net sales and operating profit of the electrical and electronic components sales business amounted
respectively to ¥33,023 million (up 23.6% year-on-year) and ¥2,240 million (up 91.9% year-on-year).
Net sales by product segment are as follows.
(1) FA equipment
Net sales amounted to ¥19,915 million (up 23.5% year-on-year) with increased sales of RFID equipment,
sensors, control equipment, etc.
(2) Information and communication equipment
Net sales amounted to ¥2,574 million (up 16.1% year-on-year) with increased sales of CPUs, routers,
office automation equipment accessories, etc.
(3) Electronics and devices
Net sales amounted to ¥4,464 million (up 34.6% year-on-year) with increased sales of connectors, EMIprevention products, switching power supplies, etc.
(4) Materials for electric facilities
Net sales amounted to ¥6,068 million (up 19.6% year-on-year) with increased sales of terminal blocks,2

integrating wattmeters, electric cables, etc.
(Manufacturing business)
Net sales and operating loss of the manufacturing business amounted respectively to ¥111 million and¥51 million.

(2) Explanation of Financial Position
1) Assets, liabilities, and net assets(Assets)
Total assets as of September 30, 2022 amounted to ¥33,135 million, up ¥399 million from the end of the previous
fiscal year.
Current assets increased by ¥271 million from the end of the previous fiscal year to ¥27,174 million.
This was primarily due to a ¥910 million increase in inventories and a ¥515 million decrease in cash anddeposits.
Non-current assets increased by ¥127 million from the end of the previous fiscal year to ¥5,961 million.
(Liabilities)
Liabilities as of September 30, 2022 amounted to ¥15,210 million, up ¥101 million from the end of the previous
fiscal year.
Current liabilities decreased by ¥273 million from the end of the previous fiscal year to ¥13,651 million.
This was primarily due to a ¥387 million decrease in accounts payable - other.
Non-current liabilities increased by ¥374 million from the end of the previous fiscal year to ¥1,558 million.
This was primarily due to a ¥375 million increase in long-term borrowings.
(Net assets)
Net assets as of September 30, 2022 amounted to ¥17,924 million, up ¥297 million from the end of theprevious fiscal year.
This was mainly due to the recording of profit attributable to owners of parent for the six months ended
September 30, 2022 of ¥1,600 million and dividend payments of ¥1,365 million. The equity ratio was 54.1%.
2) Cash flow
Cash and cash equivalents (hereinafter referred to as “net cash”) as of September 30, 2022 amounted to ¥5,621
million, down ¥515 million from the end of the previous fiscal year. The status of cash flows and its contributing
factors during the six months ended September 30, 2022 are as follows.
(Cash flows from operating activities)
Due to operating activities, net cash increased by ¥1,015 million. (Net cash increased by ¥34 million in thesame period of the previous year)
This was mainly due to profit before income taxes of ¥2,359 million and income taxes paid of ¥937 million.
(Cash flows from investing activities)
Due to investing activities, net cash decreased by ¥606 million. (Net cash decreased by ¥442 million in thesame period of the previous year)
This was mainly due to purchase of property, plant and equipment of ¥533 million.
(Cash flows from financing activities)
Due to financing activities, net cash decreased by ¥949 million. (Net cash decreased by ¥1,008 million in thesame period of the previous year)
This was mainly due to proceeds from long-term borrowings of ¥500 million and dividends paid of ¥1,366
million.

3

(3) Explanation of Consolidated Financial Results Forecast and Other Forward-looking Information
In and after the third quarter of the fiscal year ending March 31, 2023, the production and capital investment
demand of manufacturers related to semiconductor manufacturing equipment, the principal markets of theCompany, are expected to keep growing steadily for the time being. However, the capital investment demand of
end-user semiconductor manufacturers is partly in a correction phase due to fears over deceleration in demand
for semiconductors arising from the global business recession, and thus, the outlook is expected to be uncertain.
With the above factors, in relation to the full-year financial results forecasts for the fiscal year ending March
31, 2023, there is no amendment to predicted values announced in the “Notice Regarding Revision to Financial
Results Forecast and Dividend Forecast” (available only in Japanese) on September 22, 2022. The forecasts andother forward-looking information are based on information currently available to the Company, and actual
performance, etc. may vary due to a variety of factors.
With regard to the situation of the Company, please refer to “preliminary report on changes in net sales” which
discloses monthly net sales (on a non-consolidated basis). 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, 2022
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Electronically recorded monetary claims - operating
Merchandise
Inventories
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
Current portion of long-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 September 30, 2022

6,148,188
12,073,314
4,585,551
3,657,056–
441,830(3,326)
26,902,616

5,632,483
11,211,833
5,365,130–
4,567,300
400,839(3,326)27,174,260

2,450,474
1,909,493
11,000103,569
4,474,538
113,7672,364,434
1,909,493
132,000
120,320
4,526,248
140,579

1,279,858(34,592)
1,245,265
5,833,572
32,736,188

1,328,383(34,062)
1,294,320
5,961,148
33,135,409

6,198,414
3,077,472
2,000,000
41,544
1,002,683
459,936

6,156,937
3,285,258
2,000,000
100,000
837,407598,576

211,000

116,000

933,987
13,925,038

557,441
13,651,619–

375,000

57,01059,626

927,843
199,115
1,183,969
15,109,008

925,761
198,444
1,558,832
15,210,452

(Thousand yen)
As of March 31, 2022
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 September 30, 2022

1,819,230
1,558,048
14,761,556(586,718)
17,552,116

1,819,230
1,558,048
14,996,324(581,934)
17,791,668

36,91531,757
6,391
75,063
17,627,179
32,736,188

71,912
58,182
3,193
133,288
17,924,957
33,135,409

(2) Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income
Six Months Ended September 30(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
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of investment securities
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to owners of parent

For the six months ended
September 30, 2021
26,726,982
22,655,520
4,071,461

For the six months ended
September 30, 2022
33,134,658
27,885,358
5,249,299

272,870
1,048,236
17,247
203,411
70,137
246,701
114,953
360,227
61,650508,152
2,903,587
1,167,873

265,484
1,031,773
22,669184,751
67,333
162,079
98,786592,850
116,000
518,283
3,060,012
2,189,287

441
10,585
123,996
11,892
10,825
157,741587
15,592
143,818
43,471
10,317
213,787

4,427
1,110
1,968
1,074
8,580
1,317,035

7,142
979
366
7,769
16,257
2,386,818

609
609

–
–

239
239
1,317,404
476,058(58,026)
418,031
899,373
899,373

26,932
26,932
2,359,885
779,868(20,398)
759,469
1,600,416
1,600,416

7

Quarterly Consolidated Statements of Comprehensive Income
Six Months Ended September 30(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 six months ended
September 30, 2021
899,373

For the six months ended
September 30, 2022
1,600,416(1,059)14,555(2,183)
11,312910,686

34,997
26,424(3,197)58,225
1,658,641

910,686–

1,658,641–

8

(3) Quarterly Consolidated Statements of Cash Flows(Thousand yen)
For the six months
ended September 30, 2021

For the six months
ended September 30, 2022

1,317,404
114,953
116,094

2,359,885
116,085
138,640(9,050)(95,000)

7,830

7,399

1,887
(408)
(11,027)
4,427
(609)
(1,101,264)(360,750)
340,943(88,032)
332,399
10,910(4,389)(304,446)
34,473(2,081)(530)(16,180)
7,142–
92,578(902,903)
161,484
77,7591,944,279
16,061(7,133)(937,832)
1,015,374(447,827)(12,015)–(17,982)
32,733(938)
3,986(442,043)(533,800)(36,095)(26,855)(16,284)
–
(422)
6,865
(606,593)–(229,068)(19,341)(759,884)(1,008,293)
11,967(1,403,895)
5,886,920
4,483,025

500,000(66,544)(15,946)(1,366,947)(949,438)
24,951(515,705)
6,137,188
5,621,483

Cash flows from operating activities
Profit before income taxes
Depreciation
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
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
Payments for retirement of property, plant and equipment
Purchase of investment securities
Proceeds from sale of investment securities
Payments of leasehold and guarantee deposits
Proceeds from refund of leasehold and guarantee deposits
Net cash provided by (used in) investing activities
Cash flows from financing activities
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 period9(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)
The Company has applied the “Implementation Guidance on Accounting Standard for Fair Value Measurement”(ASBJ Guidance No. 31, June 17, 2021, hereinafter “Implementation Guidance on Fair Value Measurement
Standard”) from the beginning of the first quarter of the current fiscal year, and plans to prospectively apply the
new accounting policy determined by the Implementation Guidance on Fair Value Measurement Standard inaccordance with the transitional treatment set forth in Paragraph 27-2 of the Implementation Guidance on Fair
Value Measurement Standard. The change has no impact on the quarterly consolidated financial statements.
(Additional information)(Commencement of new business)
In order to enhance manufacturing functions and respond to customer request items, the Company started
business related to assembly of aluminum frames for semiconductor manufacturing equipment at Taiwa Plant(Kurokawa County, Miyagi Prefecture) from the first quarter of the current fiscal year. Accordingly,
merchandise in Consolidated Balance Sheets became included in and presented as inventory from the firstquarter of the current fiscal year.
(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 theprevious fiscal year.

103. Others
Purchases and Sales(1) Purchases
Electrical and electronic
components sales business

Manufacturing business

Total

Item nameAmount(Thousandyen)
FA equipment
Information andcommunicationequipment
Electronics anddevicesMaterials for electricfacilities

Year-on-yearchange (%)

Amount(Thousand yen)

Year-on-yearchange (%)

Amount(Thousand yen)

Year-on-yearchange (%)

18,207,662

26.7

－

－

18,207,662

26.7

1,928,412

3.5

－

－

1,928,412

3.5

3,522,759

31.6

－

－

3,522,759

31.6

5,008,171

22.1

－

－

5,008,171

22.1

－

－

79,890－79,890－28,667,005

24.5

79,890－28,746,896

24.9

Other
Total

Notes: 1. Amounts of less than one thousand yen are rounded down.
2. As the manufacturing business started from the first quarter of the current fiscal year, its year-on-yearchange is not provided.

(2) Sales
Electrical and electronic
components sales business

Total

Manufacturing business

Item nameAmount(Thousandyen)
FA equipment
Information andcommunicationequipment
Electronics anddevicesMaterials for electricfacilities
Other
Total

Year-on-yearchange (%)

Amount(Thousand yen)

Year-on-yearchange (%)

Amount(Thousand yen)

Year-on-yearchange (%)

19,915,704

23.5

－

－

19,915,704

23.5

2,574,712

16.1

－

－

2,574,712

16.1

4,464,700

34.6

－

－

4,464,700

34.6

6,068,155

19.6

－

－

6,068,155

19.6

－

－

111,384－

111,384－

33,023,273

23.6

111,384－

33,134,658

24.0

Notes: 1. Amounts of less than one thousand yen are rounded down.
2. As the manufacturing business started from the first quarter of the current fiscal year, its year-on-yearchange is not provided.

11