May 13, 2024

Summary of Consolidated Financial Results for the Fiscal Year Ended March 31, 2024
[Japanese GAAP]IWAKI CO.,LTD.
Listing: Tokyo Stock Exchange
6237
URL: https://www.iwakipumps.co.jp/
Shigeru Fujinaka, President
Kiichiro Otsuka, Executive Officer,
Senior General Manager of General Affairs Head OfficeTel: (81)3-3254-2931
Scheduled date of Annual General Meeting of Shareholders: June 27, 2024
Scheduled date of payment of dividend:
June 28, 2024
Scheduled date of filing of Annual Securities Report:
June 28, 2024
Preparation of supplementary materials for financial results: Yes
Holding of financial results meeting:Yes (for institutional investors and analysts)
Company name:
Stock code:
Representative:
Contact:(All amounts are rounded down to the nearest million yen)

1. Consolidated Financial Results for the Fiscal Year Ended March 31, 2024 (April 1, 2023 – March 31, 2024)(1) Consolidated results of operations(Percentages represent year-on-year changes)
Profit attributable
Net sales
Operating profit
Ordinary profit
to owners of parent
Million yen% Million yen% Million yen% Million yen%
Fiscal year ended Mar. 31, 2024
44,539 18.0
5,465
142.4
6,222
66.1
4,459
4.7
Fiscal year ended Mar. 31, 2023
37,730 16.3
2,254
5.4
3,745
25.2
4,257 77.7
Note: Comprehensive income (million yen) Fiscal year ended Mar. 31, 2024:
5,777 (up 26.7%)
Fiscal year ended Mar. 31, 2023:
4,561 (up 26.6%)
Net income per
Diluted net
Ordinary profit Operating profit
Return on equity
share
income per shareon total assets
to net sales
Yen

Yen

%

%

%

Fiscal year ended Mar. 31, 2024
202.32
Fiscal year ended Mar. 31, 2023
193.94
Reference: Equity in earnings of affiliates (million yen)

14.4
13.2
12.3
15.8
9.0
6.0
Fiscal year ended Mar. 31, 2024: 536
Fiscal year ended Mar. 31, 2023: 1,020
Note: The provisional accounting treatment for a business combination has been finalized in the second quarter of the fiscal year
ended March 31, 2024. All figures for the fiscal year ended March 31, 2023 reflect the finalized figures.
(2) Consolidated financial position
Total assets
Net assets
Capital adequacy ratio Net assets per share
Million yen
Million yen%
Yen
As of Mar. 31, 2024
49,09833,52167.8
1,507.33
As of Mar. 31, 2023
45,251
28,86963.4
1,306.53
Reference: Owner’s equity (million yen)
As of Mar. 31, 2024: 33,282
As of Mar. 31, 2023: 28,706
Note: The provisional accounting treatment for a business combination has been finalized in the second quarter of the fiscal year
ended March 31, 2024. All figures as of March 31, 2023 reflect the finalized figures.
(3) Consolidated cash flows
Cash flows from
Cash flows from
Cash flows from Cash and cash equivalents
operating activities investing activities financing activities
at end of period
Million yen
Million yen
Million yen
Million yen
Fiscal year ended Mar. 31, 20242,564
(2,487)(1,854)
6,773
Fiscal year ended Mar. 31, 2023
1,914
(1,518)
(419)
8,692

2. Dividends
Dividend per share
1Q-end2Q-endYen

Yen

3Q-end Year-end
Yen

Yen

Total

Total
dividends

Yen

Million yen

Dividend
Dividend on
payout ratio
equity(consolidated) (consolidated)%%

Fiscal year ended Mar. 31, 2023
27.00
34.00
61.00
1,340
31.5
5.0
Fiscal year ended Mar. 31, 2024
21.00
41.00
62.00
1,368
30.6
4.4
Fiscal year ending Mar. 31, 2025
25.00
33.00
58.00
30.5
(forecast)
Note: The provisional accounting treatment for a business combination has been finalized in the second quarter of the fiscal year
ended March 31, 2024. All figures for the fiscal year ended March 31, 2023 reflect the finalized figures.

3. Consolidated Earnings Forecasts for the Fiscal Year Ending March 31, 2025 (April 1, 2024 – March 31, 2025)
Net salesFirst half
Full year

Million yen
23,26947,575

Operating profit
%
3.7
6.8

Million yen
2,371
5,367

%
(15.5)(1.8)(Percentages represent year-on-year changes)
Profit attributable to Net income per
Ordinary profit
owners of parent
shareMillion yen% Million yen
%
Yen
2,594
(20.7)
1,767 (19.3)
80.04
5,821
(6.4)
4,193
(6.0)
189.92

* Notes(1) Changes in consolidated subsidiaries during the period (changes in scope of consolidation): None
(2) Changes in accounting policies and accounting-based estimates, and restatements
1) Changes in accounting policies due to revisions in accounting standards, others:None2) Changes in accounting policies other than 1) above:Yes3) Changes in accounting-based estimates:

None4) Restatements:

None

Note: Please refer to page 13 “3. Consolidated Financial Statements and Notes, (5) Notes to Consolidated Financial
Statements, Changes in Accounting Policies” for details.

(3) Number of outstanding shares (common shares)
1) Number of shares outstanding at the end of the period (including treasury shares)
As of Mar. 31, 2024:

22,490,910 shares

As of Mar. 31, 2023:

22,490,910 shares

As of Mar. 31, 2023:

519,393 shares

2) Number of treasury shares at the end of the period
As of Mar. 31, 2024:

410,809 shares

3) Average number of shares outstanding during the period
Fiscal year ended Mar. 31, 2024:

22,043,933 sharesFiscal year ended Mar. 31, 2023:

21,954,774 shares

Reference: Summary of Non-consolidated Financial Results
Non-consolidated Financial Results for the Fiscal Year Ended March 31, 2024 (April 1, 2023 – March 31, 2024)(1) Non-consolidated results of operations(Percentages represent year-on-year changes)

Fiscal year ended Mar. 31, 2024
Fiscal year ended Mar. 31, 2023

Net sales
Million yen
27,97327,902

Fiscal year ended Mar. 31, 2024
Fiscal year ended Mar. 31, 2023

Net income per shareYen
152.67130.35%0.3
8.9

Operating profit
Million yen
%
2,418
45.3
1,664 (16.8)

Ordinary profit
Million yen
%
4,195
24.2
3,379
27.6

ProfitMillion yen
3,365
2,861

%
17.6
28.5

Diluted net income per share
Yen-(2) Non-consolidated financial position
Total assets
Net assets
Equity ratio
Net assets per share
Million yen
Million yen%
Yen
As of Mar. 31, 2024
36,356
23,62965.0
1,070.17
As of Mar. 31, 2023
33,942
21,32562.8
970.61
Reference: Shareholders’ equity (million yen):
As of Mar. 31, 2024: 23,629
As of Mar. 31, 2023: 21,325* The current financial report is not subject to audit by certified public accountants or auditing firms.
* Cautionary statement with respect to forward-looking statements
Note concerning forward-looking statements
Forecasts of future performance in these materials are based on assumption judged to be valid and information available to
Iwaki’s management at the time the materials were prepared, but are not promises by Iwaki regarding future performance.
Actual results may differ materially from the forecasts. Please refer to “1. Overview of Results of Operations, (1) Results o f
Operations, 2) Outlook” on page 2 for forecast assumptions and notes of caution for usage.
How to view supplementary materials for the financial results
Iwaki plans to hold a financial results meeting for institutional investors and analysts on May 2 9, 2024. Materials to be
distributed at this event will be available on the Company’s website in advance.

IWAKI CO.,LTD. (6237) Financial Results for FY3/24

Contents of Attachments
1. Overview of Results of Operations

2(1) Results of Operations

2(2) Financial Position

3

2. Basic Approach to the Selection of Accounting Standards

4

3. Consolidated Financial Statements and Notes

5(1) Consolidated Balance Sheet

5(2) Consolidated Statements of Income and Comprehensive Income

7

Consolidated Statement of Income

7

Consolidated Statement of Comprehensive Income

8(3) Consolidated Statement of Changes in Equity

9(4) Consolidated Statement of Cash Flows

11(5) Notes to Consolidated Financial Statements

13

Going Concern Assumption

13

Changes in Accounting Policies

13

Additional Information

13

Segment and Other Information

13

Per Share Information

15

Business Combinations

15

Subsequent Events

15

1

IWAKI CO.,LTD. (6237) Financial Results for FY3/24

1. Overview of Results of Operations(1) Results of Operations
1) Operating results for the current fiscal year
During the fiscal year ended March 31, 2024, the Japanese economy experienced a gradual recovery, withsigns of rejuvenation in capital investment. However, the economic outlook remains uncertain due to concerns
about the Chinese economy, ongoing depreciation of the yen, inflation driven by the situation in Ukraine, andtensions in the Middle East.
Iwaki has been taking many actions in Japan to improve its corporate value based on the core policy of“winning by creating solutions.” Overseas, there were act ivities encompassing 21 affiliated companies in 15
countries to increase sales. The Iwaki Group continued to speed up various measures for achieving the Iwaki
Group 10-year vision of net sales of 40 billion yen and an operating margin of 10% in the fiscal year ending on
March 31, 2025 based on the policy of “supplying the world’s best products as All Iwaki.”
As a result of these activities, sales in the medical equipment category increased 47.2% to 8,168 million yen
due to a big increase in sales primarily to customers in China. This was a major source of growth of
consolidated sales. In other priority growth markets, sales in the water treatment category increased 9.6% to10,098 million yen, sales in the semiconductor/liquid crystal category incre ased 8.7% to 7,843 million yen,and sales in the new energy category increased 32.3% to 1,121 million yen.
In Japan, sales declined in the semiconductor/liquid crystal categories, which are currently sluggish. However,this was offset by higher sales in all other categories, notably in medical equipment. As a result, sales
increased 6.3% to 20,649 million yen. Overseas, sales in the United States rose 15.4% to 7,041 million yen as aresult of the strong performance of the core water treatment category and strong sales in the medical
equipment category. In Europe, sales increased 22.0% to 5,700 million yen mainly because of higher sales in
the chemicals category. In Asia, sales decreased 19.9% to 2,574 million yen mainly because of sluggish sales
remained in the semiconductor/liquid crystal and surface treatment equipment categories in South Korea andTaiwan. Sales in China increased 157.0% to 6,625 million yen due mainly to the inclusion of the newly
consolidated subsidiaries in China for a full fiscal year and higher sales in the semiconductor/liquid crystal andmedical equipment categories.
Sales in the core magnetic drive pump and metering pump categories remained s trong with double-digit sales
growth and rotary displacement pumps, used mainly in medical equipment, were up 49.1% to 3,000 million
yen.
As a result, consolidated net sales increased 18.0% to 44,539 million yen.
Operating profit increased 142.4% from one year earlier to 5,465 million yen. This was the result of the
inclusion of the newly consolidated subsidiaries in China for a full fiscal year, higher sales at subsidiaries
other than the newly consolidated subsidiaries in China, and a decline in the cost of sales ratio. Ordinary profit
was up 66.1% to 6,222 million yen. This smaller increase was mainly due to a decrease in share of profit ofentities accounted for using the equity method in non -operating income and one-time non-operating income in
the previous fiscal year because a U.S. subsidiary received a tax refund. Profit attributable to owners of parent
increased 4.7% to 4,459 million yen despite extraordinary income for a gain on step acquisitions raisedearnings in the previous fiscal year.
There is no business segment information because chemical pumps ar e the only business of the Iwaki Group.
2) Outlook
In Japan, there will be many activities based on the theme of “ winning by creating solutions” that target pump
replacement demand and maintenance services. In addition, we will strive to further expand sales bystrengthening solution sales, earning customer trust and improving customer satisfaction . Overseas, we will
create even closer ties with affiliated companies with the goal of more growth in overseas markets.
Based on this outlook, we forecast a 6.8% increase in net sales to 47,575 million yen. We anticipate increases
in procurement prices and transportation costs, higher expenses for large-scale exhibitions, and a decrease inincome from equity method investments, considering that the slump in the semiconductor/liquid crystal

2

IWAKI CO.,LTD. (6237) Financial Results for FY3/24

markets for Asia will continue for the foreseeable future. As a result, we forecast. a 1.8% decrease in operating
profit to 5,367 million yen, a 6.4% decrease in ordinary profit to 5,821 million yen, and a 6.0% decrease inprofit attributable to owners of parent to 4,193 million yen in the fiscal year ending on March 31, 2025.
These projections are based on information available at the time this report was released. Actual results may
differ from projections due to a variety of factors.
(2) Financial Position
1) Assets, liabilities and net assets
AssetsCurrent assets at the end of the current fiscal year were 35,465 million yen, up 3,277 million yen from the endof the previous fiscal year. This was mainly due to increases of 1,040 million yen in merchandise and finishedgoods and 2,479 million yen in work in process. Non-current assets were 13,633 million yen at the end of thecurrent fiscal year, up 568 million yen from the end of the previous fiscal year. This was mainly because of a n
increase of 539 million yen in retirement benefit asset.
As a result, total assets increased 3,846 million yen from the end of the previous fiscal year to 49,098 million
yen.
Liabilities
Current liabilities at the end of the current fiscal year were 12,814 million yen, down 903 million yen from theend of the previous fiscal year. This was mainly due to increases of 553 million yen in electronically recorded
obligations-operating and 446 million yen in income taxes payable, and a decrease of 1,801 million yen innotes and accounts payable-trade. Non-current liabilities were 2,762 million yen at the end of the current fiscal
year, up 97 million yen from the end of the previous fiscal year. This was mainly due to a decrease of 155
million yen in long-term borrowings and an increase of 260 million yen in lease liabilities.
As a result, total liabilities decreased 805 million yen from the end of the previous fiscal year to 15,576
million yen.
Net assets
Net assets at the end of the current fiscal year were 33,521 million yen, up 4,652 million yen from the end of
the previous fiscal year. There were increases of 3,249 million yen in retained earnings and 915 million yen inforeign currency translation adjustment.
Consequently, the capital adequacy ratio was 67.8% (63.4% at the end of the previous fiscal year).
The provisional accounting treatment for a business combination has been finalized i n the second quarter ofthe current fiscal year. Comparisons with the end of the previous fiscal year and analysis use figures that havebeen revised to reflect the changes due to the finalization of the provisional accounting treatment.
2) Cash flows
Cash and cash equivalents (hereinafter, “net cash”) at the end of the current fiscal year was 6,773 million yen,down 1,918 million yen over the end of the previous fiscal year (an increase of 118 million yen in the previous
fiscal year).
The cash flow components during the current fiscal year and the main reasons for changes are as described
below.
Cash flows from operating activities
Net cash provided by operating activities was 2,564 million yen (1,914 million yen provided in the previous
fiscal year). Positive factors include profit before income taxes of 6,176 million yen, which offset negative
factors including income taxes paid of 1,281 million yen.

3

IWAKI CO.,LTD. (6237) Financial Results for FY3/24

Cash flows from investing activities
Net cash used in investing activities was 2,487 million yen (1,518 million yen used in the previous fiscal year).
Negative factors include payments into time deposits of 1,118 million yen and purchase of property, plant andequipment and intangible assets of 1,085 million yen, which offset positive factors including proceeds fromwithdrawal of time deposits of 91 million yen.
Cash flows from financing activities
Net cash used in financing activities was 1,854 million yen (419 million yen used in the previous fiscal year).
Negative factors include dividends paid of 1,211 million yen.
2. Basic Approach to the Selection of Accounting Standards
The Iwaki Group will continue to prepare consolidated financial statements using Japanese accounting
standards for the time being to permit comparisons with prior years and with the financial data of othercompanies.
We will take suitable actions with regard to the application of International Financial Reporting Standards(IFRS) by taking into account associated factors in Japan and other countries.

4

IWAKI CO.,LTD. (6237) Financial Results for FY3/24

3. Consolidated Financial Statements and Notes(1) Consolidated Balance Sheet(Thousands of yen)
FY3/24(As of Mar. 31, 2024)

FY3/23(As of Mar. 31, 2023)
AssetsCurrent assets
Cash and deposits

8,927,985

Notes receivable-trade
Accounts receivable-trade
Contract assets
Electronically recorded monetary claims-operating
Securities
Merchandise and finished goods
Work in process
Raw materials and supplies

8,061,103

588,980434,617

6,421,063

6,887,232-

167,189

4,497,381

5,055,261-

326,566

5,650,511

6,690,541

141,3972,620,728

5,228,772

4,344,508

Other

798,971934,462

Allowance for doubtful accounts(67,781)(57,069)

32,187,283

35,465,142

Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation and impairment
Buildings and structures, net
Machinery, equipment and vehicles
Accumulated depreciation and impairment
Machinery, equipment and vehicles, net
Tools, furniture and fixtures
Accumulated depreciation and impairment
Tools, furniture and fixtures, net
Land
Leased assets

8,144,787

8,349,260(4,202,592)(4,487,271)

3,942,195

3,861,988

3,496,770

3,832,670(2,997,027)(3,240,837)

499,743591,832

2,276,945

2,519,547(1,902,462)(2,014,604)

374,483

504,942

1,049,205

1,057,080

346,955

336,316(199,803)(186,790)

Leased assets, net

147,151

149,525

Construction in progress

42,148108,343

Accumulated depreciation

Other
Accumulated depreciation
Other, net
Total property, plant and equipment

760,975

920,883(379,543)(358,150)

381,432

562,733

6,436,360

6,836,447

2,345,822

2,241,223

19,672

9,017

Intangible assets
Goodwill
Trademark rightOther

1,084,045

765,852

Total intangible assets

3,449,539

3,016,093

Investment securities

1,397,352

1,396,436

Deferred tax assets

615,044575,028Retirement benefit asset

789,245

1,328,313

Investments and other assets

Other
Total investments and other assets
Total non-current assets
Total assets

5376,774

480,776

3,178,417

3,780,555

13,064,318

13,633,096

45,251,601

49,098,238

IWAKI CO.,LTD. (6237) Financial Results for FY3/24

FY3/23(As of Mar. 31, 2023)(Thousands of yen)
FY3/24(As of Mar. 31, 2024)

Liabilities
Current liabilities
Notes and accounts payable-trade

3,687,101

1,885,279

Electronically recorded obligations-operating

4,307,453

4,861,171

Short-term borrowings

1,170,500

1,055,960

155,000

155,000

Current portion of long-term borrowings
Lease liabilities

116,468

115,175

Income taxes payable

331,446

777,937

Contract liabilities

652,603

529,095

Provision for bonuses

1,203,618

1,168,151

325,307

343,038

Provision for bonuses for directors (and other officers)
Provision for product warranties

100,995

91,529Other

1,666,901

1,831,846

Total current liabilities

13,717,396

12,814,186

1,167,500

1,012,500

Lease liabilities

118,987379,703

Deferred tax liabilities

56,5599,184

Non-current liabilities
Long-term borrowings

Retirement benefit liability

82,552

92,823

Asset retirement obligations

222,551

223,631

1,016,606

1,044,538

Other
Total non-current liabilities
Total liabilities

2,664,758

2,762,380

16,382,155

15,576,566

1,044,691

1,044,691

Net assets
Shareholders’ equity
Share capital
Capital surplus

674,127

713,604

Retained earnings

25,531,082

28,780,249

Treasury shares(519,765)(411,211)

Total shareholders’ equity

26,730,134

30,127,333

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
Non-controlling interests
Total net assets
Total liabilities and net assets

6

530

3,319

1,157,911

2,073,255

817,833

1,078,125

1,976,275

3,154,700

163,036

239,636

28,869,446

33,521,671

45,251,601

49,098,238

IWAKI CO.,LTD. (6237) Financial Results for FY3/24(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statement of Income(Thousands of yen)
FY3/23(Apr. 1, 2022 – Mar. 31, 2023)

FY3/24(Apr. 1, 2023 – Mar. 31, 2024)

Net sales

37,730,407

44,539,188

Cost of sales

24,806,951

26,211,115

Gross profit

12,923,455

18,328,073

Selling, general and administrative expenses

10,668,683

12,862,873

Operating profit

2,254,772

5,465,200

Interest income

15,871

65,399Dividend income
Share of profit of entities accounted for using
equity method
Foreign exchange gains

32,46447,326

1,020,793

536,993

Non-operating income

77,05257,200

Income from refund

334,115-

Other

62,924177,005

1,543,223

883,925

Interest expenses

38,70879,889Commission expenses
Loss on amortization of restricted stock
remuneration
Expenses related to deferred compensation plan

8,346

18,876406--

22,833

Other

5,248

5,296

Total non-operating expenses

52,710126,895

3,745,285

6,222,230

1,318

1,276

7,592

4,672

1,227,206-

Total non-operating income
Non-operating expenses

Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Gain on step acquisitions
Other
Total extraordinary income

232

924

1,236,349

6,873

2,418

4,099

270

55

Extraordinary losses
Loss on retirement of non-current assets
Loss on sale of non-current assets
Impairment losses-

48,871

Other

1,103

-

Total extraordinary losses

3,792

53,026

Profit before income taxes

4,977,842

6,176,077

Income taxes - current

922,146

1,701,758

Income taxes - deferred(234,727)(118,916)

687,419

1,582,841

4,290,422

4,593,235

32,449133,353

4,257,973

4,459,881

Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

7

IWAKI CO.,LTD. (6237) Financial Results for FY3/24

Consolidated Statement of Comprehensive Income(Thousands of yen)
FY3/23
FY3/24(Apr. 1, 2022 – Mar. 31, 2023) (Apr. 1, 2023 – Mar. 31, 2024)
Profit4,290,422

4,593,235

Other comprehensive income
Valuation difference on available-for-sale securities(1,121)

2,637

Foreign currency translation adjustment

472,147

836,399(215,600)

260,291

15,167

85,125

270,592

1,184,453

4,561,015

5,777,688

4,529,483

5,638,307

31,532

139,381

Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to:Comprehensive income attributable to owners ofparentComprehensive income attributable tonon-controlling interests

8

IWAKI CO.,LTD. (6237) Financial Results for FY3/24(3) Consolidated Statement of Changes in Equity
FY3/23 (Apr. 1, 2022 – Mar. 31, 2023)(Thousands of yen)
Shareholders’ equity
Share capital
Balance at beginningof period

1,044,691

Capital surplus

Retained earnings

Treasury shares

Total shareholders’equity674,127

22,341,167(586,764)

23,473,221

Changes during period
Dividends of surplus
Profit attributable toowners of parent
Change in scope of
consolidation
Purchase of treasury
shares
Disposal of treasury
sharesNet changes in items
other thanshareholders’ equity
Total changes during
periodBalance at end of
period

(1,064,190)(1,064,190)

4,257,973

4,257,973

(90)

(90)

(3,867)67,08863,220--3,189,915

66,9983,256,913

1,044,691

674,127

25,531,082(519,765)

26,730,134(Thousands of yen)

Accumulated other comprehensive income

Balance at beginningof period

Valuationdifference on
available-for-salesecurities

Foreigncurrencytranslation
adjustment

1,460

669,870

Total
Remeasurements accumulated Non-controllinginterestsof definedotherbenefit plans comprehensive
income1,033,434

1,704,765

73,554

Total net
assets25,251,541

Changes during period
Dividends of surplus
Profit attributable toowners of parent
Change in scope of
consolidation
Purchase of treasury
shares
Disposal of treasury
sharesNet changes in items
other thanshareholders’ equity
Total changes during
periodBalance at end of
period

(1,064,190)
4,257,973(259,919)(259,919)(259,919)(90)
63,220(930)

747,960(215,600)

531,429

89,481

620,911(930)

488,040(215,600)

271,51089,481

3,617,905

530

1,157,911

817,833

1,976,275

163,036

28,869,446

9IWAKI CO.,LTD. (6237) Financial Results for FY3/24

FY3/24 (Apr. 1, 2023 – Mar. 31, 2024)(Thousands of yen)
Shareholders’ equity
Share capital
Balance at beginningof period

1,044,691

Capital surplus

Retained earnings

Treasury shares

Total shareholders’equity674,127

25,531,082(519,765)

26,730,134

Changes during period
Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesNet changes in items
other thanshareholders’ equity
Total changes during
periodBalance at end of
period

(1,210,714)(1,210,714)

4,459,881

4,459,881

39,477

(192)

(192)

108,747

148,224-

39,4773,249,167

108,554

3,397,199

1,044,691

713,604

28,780,249(411,211)

30,127,333(Thousands of yen)

Accumulated other comprehensive income

Balance at beginningof period

Valuationdifference on
available-for-salesecurities

Foreigncurrencytranslation
adjustment

530

1,157,911

Total
Remeasurements accumulated Non-controllinginterestsof definedotherbenefit plans comprehensive
income817,833

1,976,275

163,036

Total net
assets28,869,446

Changes during period
Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesNet changes in items
other thanshareholders’ equity
Total changes during
periodBalance at end of
period

(1,210,714)
4,459,881(192)
148,224
2,789

915,343

260,291

1,178,425

76,6001,255,026

2,789

915,343

260,291

1,178,425

76,6004,652,225

3,319

2,073,255

1,078,125

3,154,700

239,636

33,521,671

10

IWAKI CO.,LTD. (6237) Financial Results for FY3/24(4) Consolidated Statement of Cash Flows(Thousands of yen)
FY3/23
FY3/24(Apr. 1, 2022 – Mar. 31, 2023) (Apr. 1, 2023 – Mar. 31, 2024)
Cash flows from operating activities
Profit before income taxes

4,977,842

6,176,077

Depreciation

1,124,263

1,423,250

Amortization of goodwill

133,303

277,144

Increase (decrease) in allowance for doubtful accounts

16,837(25,233)

Increase (decrease) in provision for bonuses
Increase (decrease) in provision for bonuses for directors(and other officers)
Increase (decrease) in retirement benefit liability

2,769(52,154)

193,230

13,860(169,020)(160,282)

Interest and dividend income(48,336)(112,726)

Income from refund(334,115)-Interest expenses

38,70879,889Loss (gain) on sales of investment securities(7,592)(4,672)(212,911)

124,576(1,020,793)(536,993)(1,227,206)-

Foreign exchange losses (gains)Share of loss (profit) of entities accounted for using
equity method
Loss (gain) on step acquisitions
Decrease (increase) in trade receivables(125,730)(653,319)(2,361,103)(2,274,173)

Increase (decrease) in trade payables

688,098(1,417,101)

Increase (decrease) in accounts payable-other

210,919(38,035)

Decrease (increase) in inventories

Increase (decrease) in accrued expenses
Increase (decrease) in accrued consumption taxes(243)

112,066(14,120)(11,477)

Other, net

158,350

294,790

Subtotal

2,023,150

3,215,486

Interest and dividends received

1,234,910

704,673

Proceeds from refund
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities

45,904-(33,853)(74,055)(1,355,183)(1,281,969)

1,914,928

2,564,134(89,402)(1,118,375)

86,65091,703-(281,320)(1,294,649)(1,085,615)

1,047

1,695

138,227

11,072(318,534)-

Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of securities
Purchase of property, plant and equipment and intangible
assetsProceeds from sale of property, plant and equipment andintangible assets
Proceeds from sale of investment securities
Purchase of shares of subsidiaries resulting in change inscope of consolidation
Other, net
Net cash provided by (used in) investing activities

11(42,193)(106,248)(1,518,854)(2,487,088)

IWAKI CO.,LTD. (6237) Financial Results for FY3/24

FY3/23(Apr. 1, 2022 – Mar. 31, 2023)(Thousands of yen)
FY3/24(Apr. 1, 2023 – Mar. 31, 2024)

Net increase (decrease) in short-term borrowings

48,771(275,907)

Proceeds from long-term borrowings

800,000-

Repayments of long-term borrowings(116,215)(155,000)

Repayments of lease liabilities(70,430)(149,496)

Cash flows from financing activities

Purchase of treasury shares

(90)

(192)

(1,062,472)(1,211,069)

Dividends paid to non-controlling interests(18,598)(62,781)

Net cash provided by (used in) financing activities

Dividends paid

(419,036)(1,854,445)

Effect of exchange rate change on cash and cash
equivalents

141,073(141,166)

Net increase (decrease) in cash and cash equivalents

118,111(1,918,566)

Cash and cash equivalents at beginning of period

8,573,897

8,692,008

Cash and cash equivalents at end of period

8,692,008

6,773,441

12

IWAKI CO.,LTD. (6237) Financial Results for FY3/24(5) Notes to Consolidated Financial Statements
Going Concern Assumption
Not applicable.
Changes in Accounting Policies
Changes in valuation of inventories
In prior years, Iwaki used primarily the moving-average cost method to determine the valuations of inventories
of products manufactured by Iwaki, products purchased from other companies and raw materials. Valuations
on the balance sheet are written down to reflect declines in profitability. Beginning with the third quarter of thecurrent fiscal year, the method used to determine the valuations of products purchased from other companies
and raw materials was changed to primarily the monthly -average cost method with balance sheet valuations
written down to reflect declines in profitability. The method used to determine the valuations of products
manufactured by Iwaki was changed to primarily the first -in first-out cost method with balance sheet
valuations written down to reflect declines in profitability.
Iwaki used the start of a new IT system for business operations on October 1, 2023, as an opportunity to begin
using these new inventory valuation methods. The purpose is to increase the accuracy o f cost management.
The retrospective application of the new valuation methods in previous fiscal years is impossible and thecumulative monetary effect of the retrospective application cannot be calculated. Consequently, calculations
were made by assuming that book values of inventories at the end of the previous fiscal year are also thevalues at the beginning of the current fiscal year.
The effect of these changes on the consolidated financial statements for the current fiscal year is insignificant.
Additional Information
Reclassifications
Notes to Consolidated Balance Sheet
In conjunction with the activation of the new IT system for business operations, inventory categories havebeen revised to permit managing inventories with greater accuracy. As a resu lt, some items that were included
mainly in “raw materials and supplies” in the previous fiscal year are included in “work in process” in thequarterly consolidated balance sheet for the third quarter of the current fiscal year.
In accordance with the principle-based treatment for reclassifications, no reclassifications have been made to
the consolidated financial statements for the previous fiscal year to reflect these changes in the presentation of
inventory items because it is impossible to determine pre cise information involving prior years in accordancewith the revised inventory categories.
Segment and Other Information
Segment information
Omitted because chemical pumps are the only business of the Iwaki Group.
Related information
FY3/23 (Apr. 1, 2022 – Mar. 31, 2023)
1. Information by product or service

External sales

Magnetic drive
pumps
11,988,379
Air pumps
1,870,536

Metering pumps
6,416,349
System products
1,951,083

Pneumatic drivepumps
5,135,913
Purchased products
2,811,215

13(Thousands of yen)
Rotary displacementpumps
2,012,269
Other
5,544,660

Total
37,730,407

IWAKI CO.,LTD. (6237) Financial Results for FY3/24

2. Information by region(1) Net sales(Thousands of yen)Japan
EuropeAmericas
Asia
China
Other
Total
19,419,737
4,671,588
6,100,975
3,213,210
2,578,515
1,746,379
37,730,407
Note: Classification of net sales is based on the location of the client and categorized by country or region.

(2) Property, plant and equipment(Thousands of yen)Japan
EuropeGermany
Americas
Asia
China
Total
5,005,187
46,019706,259
541,874
56,09780,9236,436,360
Note: Classification of property, plant and equipment is based on the location of the client and categorized by country
or region.

3. Information by major client
Omitted because no specific external client accounts for 10% or more of net sales in the consolidated statementof income.
FY3/24 (Apr. 1, 2023 – Mar. 31, 2024)
1. Information by product or service

External sales

Magnetic drive
pumps
14,337,522
Air pumps
2,458,995

Metering pumps
7,166,450
System products
2,549,482

Pneumatic drivepumps
5,721,036
Purchased products
2,951,908(Thousands of yen)
Rotary displacement
pumps
3,000,503
Other
6,353,288

Total
44,539,188

2. Information by region(1) Net sales(Thousands of yen)Japan
EuropeAmericas
Asia
China
Other
Total
20,649,232
5,700,885
7,041,623
2,574,857
6,625,621
1,946,966
44,539,188
Note: Classification of net sales is based on the location of the client and categorized by country or region.

(2) Property, plant and equipment(Thousands of yen)Japan
EuropeGermany
Americas
Asia
China
Total
5,040,377
69,834
750,111473,637
60,707441,778
6,836,447
Note: Classification of property, plant and equipment is based on the location of the client and categorized by country
or region.

3. Information by major client
Omitted because no specific external client accounts for 10% or more of net sales in the consolidated statementof income.
Information related to impairment losses on non-current assets for each reportable segment
Omitted because chemical pumps are the only business of the Iwaki Group.
Information related to goodwill amortization and the unamortized balance for each reportable segment
Omitted because chemical pumps are the only business of the Iwaki Group.
Information related to gain on bargain purchase for each reportable segment
Not applicable.

14

IWAKI CO.,LTD. (6237) Financial Results for FY3/24

Per Share Information
FY3/23(Apr. 1, 2022 – Mar. 31, 2023)(Yen)
FY3/24(Apr. 1, 2023 – Mar. 31, 2024)

Net assets per share

1,306.53

1,507.33

Net income per share

193.94202.32

Notes: 1. Diluted net income per share is not presented because there are no latent shares.
2. The provisional accounting treatment for a business combination has been finalized in the second quarter of the
fiscal year ended March 31, 2024. All figures for FY3/23 reflect the finalized figures.
3. The basis of calculating the net income per share is as follows:
FY3/23
FY3/24(Apr. 1, 2022 – Mar. 31, 2023) (Apr. 1, 2023 – Mar. 31, 2024)
Profit attributable to owners of parent
4,257,973
4,459,881(Thousands of yen)Amount not attributable to common shareholders(Thousands of yen)
Profit attributable to owners of parent applicable to4,257,973
4,459,881
common shares (Thousands of yen)
Average number of shares outstanding (Shares)

21,954,774

22,043,933

Note: The provisional accounting treatment for a business combination has been finalized in the second quarter of the
fiscal year ended March 31, 2024. All figures for FY3/23 reflect the finalized figures.

Business Combination
Finalization of provisional accounting treatment of business combination
In the previous fiscal year, a provisional accounting treatment was used for the acquisition of IWAKI Pumps
Co., Ltd. and IWAKI Pumps (Shanghai) Co., Ltd. on September 30, 2022. This treatment was finalized in thesecond quarter of the current fiscal year.
Due to the finalization of the provisional accounting treatment, comparative inf ormation included in the
consolidated financial statements for the FY3/24 reflects a significant revision of the initial acquisition costallocation.
As a result, provisional goodwill of 2,365,446 thousand yen decreased 515,141 thousand yen to 1,850,305
thousand yen due to the finalized accounting treatment. This decrease in goodwill was due to increases of
687,421 thousand yen in other under intangible assets, 146,460 thousand yen in deferred tax liabilities and25,818 thousand yen in non-controlling interests.
The result was decreases of 466,017 thousand yen in goodwill, 40,110 thousand yen in deferred tax assets and140,689 thousand yen in retained earnings, and increases of 447,563 thousand yen in other under intangible
assets, 56,559 thousand yen in deferred tax liabilities, 7,425 thousand yen in foreign currency translation
adjustment and 18,140 thousand yen in non-controlling interests at the end of the previous fiscal year.
In the consolidated statement of income for FY3/2 3, operating profit, ordinary profit and profit before income
taxes decreased by 188,451 thousand yen each, and profit decreased by 146,919 thousand yen and profit
attributable to owners of parent decreased by 140,689 thousand yen each.
Subsequent Events
Not applicable.

This financial report is solely a translation of “Kessan Tanshin” (in Japanese, including attachments), which has been
prepared in accordance with accounting principles and practices generally accepted in Japan, for the convenience ofreaders who prefer an English translation.

15