January 11, 2013

Summary of Consolidated Financial Results for the First Half of Fiscal 2012(English translation from the original Japanese document)
For the fiscal year ending May 31, 2013
Toyo Denki Seizo K.K.
Stock Code: 6505
Representative:
Inquiries:

Stock Exchange: 1st Section of the Tokyo Stock Exchange
URL http://www.toyodenki.co.jp
Hiroshi Tsuchida, President
Yoshifumi Otsubo, Operating Officer and General Manager, Management Planning
Division
TEL +81-3-5202-8122
Scheduled date of submission of quarterly securities report:
January 11, 2013
Scheduled date of commencement of dividend payments:—
Preparation of quarterly financial results supplemental explanatory materials: Yes
Holding of quarterly financial results briefing:
Yes (Analysts)
Note: Amounts in financial statements and the supplementary data are rounded down.

1. Consolidated Business Results for the First Half of Fiscal 2012
(June 1, 2012 to November 30, 2012)(1) Consolidated Operating Results(In millions of yen, except where noted; percentage figures show year-on-year increase or decrease.)

Net Sales
13,566 (28.0)%
18,830(0.5)%

Operating Income
First half, FY2012(515)－
First half, FY2011
515 (19.8)%(Note) Comprehensive income: 1H FY2012: 155 million yen [(55.4)%]
1H FY2011: 349 million yen [－%]First half, FY2012First half, FY2011

Net Income
per Share (Yen)(8.32)
6.29

Ordinary Income
(283)
－
525
(8.6)%Net Income
(401)
－
303
54.5

Diluted Net Income
per Share (Yen)－－(2) Consolidated Financial Position(In millions of yen, except where noted)

Total Assets
As of November 30, 2012
As of May 31, 2012
(Reference) Shareholders’ equity:

38,56738,086

Net Assets
14,914
15,049

Shareholders’Equity Ratio (%)
38.7
39.5

Net Assets per
Share (Yen)309.35312.12As of November 30, 2012: 14,914 million yen
As of May 31, 2012: 15,049 million yen

2. Dividend Information
Annual Dividend (Yen)
Fiscal Year1Q
Interim
3Q
End
FY2011
－
0.00
－
6.00
FY2012－0.00
FY2012 (Forecast)－
6.00(Note) Revisions to the most recently announced dividend forecasts: No

Total
6.00
6.00

3. Consolidated Performance Forecast for Fiscal 2012 (June 1, 2012 to May 31, 2013)(In millions of yen, except where noted; percentage figures show year-on-year increase or decrease.)

Net Sales

Operating Income

Ordinary Income

Net Income

Net Income
per Share
(Yen)
7.26

Full fiscal year 33,000 (14.4)%700 (58.8)%750 (58.1)%
350 (55.5)%(Note) Revisions to the most recently announced performance forecast: No
We revised the “Performance Forecast for Fiscal 2012” announced on July 11, 2012. For details, please refer to the“Toyo Denki Seizo Revises Earnings Forecast for Fiscal 2012” disclosed on December 12, 2012.

Notes:(1) Transfers of major subsidiaries during the period (transfers of specified subsidiaries accompanied by changes
in the scope of consolidation): No(2) Application of Special Accounting Practices for the Preparation of Quarterly Consolidated Financial
Statements: No(3) Changes in accounting policies, changes in accounting estimates, and restatement(a) Changes in accounting policies in accordance with revisions to accounting standards and related practices: Yes(b) Any changes other than (a) above: No(c) Changes in accounting estimates: Yes(d) Restatement: No(4) Shares outstanding (common stock)(a) Number of shares outstanding as of the end of the period (including treasury stock):
November 30, 2012: 48,675,000 shares May 31, 2012: 48,675,000 shares(b) Number of shares of treasury stock as of the end of the period:
November 30, 2012: 460,565 shares
May 31, 2012: 458,570 shares(c) Average number of shares for the period (fiscal year-to-date):
First half, FY2012: 48,215,544 sharesFirst half, FY2011: 48,220,740 shares
Statements Regarding the Implementation Status of Quarterly Review Procedure
This quarterly financial report is not subject to quarterly review procedures as prescribed under the Financial
Instruments and Exchange Act. As of the date of quarterly financial report disclosure, however, a report on thereview of this quarterly financial report has been received.
Disclaimer concerning the Proper Use of Business Results Forecasts and Other Relevant Specific Items
The forecasts of business results presented in this document are based on management’s assumptions and beliefs inlight of currently available information. Toyo Denki Seizo K.K. cautions readers that due to a variety of factors
actual results may differ materially from forecasts. Please refer to “Qualitative Information regarding Consolidated
Performance Forecast” in Accompanying Materials on page 3 for details relating to operating results forecasts.

Accompanying Materials Contents
1.

Qualitative Information regarding Quarterly Consolidated Financial Results ................................................ 2(1) Qualitative Information regarding Consolidated Business Results ................................................................. 2(2) Qualitative Information regarding Consolidated Financial Position ............................................................... 2(3) Qualitative Information regarding Consolidated Performance Forecast ......................................................... 3
2.
Items regarding Summary Information (Notes) .............................................................................................. 3(1) Outline of the Transfer of Major Subsidiaries during the Period .................................................................... 3(2) Application of Special Accounting Practices for the Preparation of
Quarterly Consolidated Financial Statements ................................................................................................. 3(3) Changes in Accounting Principles, Changes in Accounting Estimates, and Retrospective Restatements...... 3
3.
Quarterly Consolidated Financial Statements ................................................................................................. 4(1) Quarterly Consolidated Balance Sheets .......................................................................................................... 4(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Comprehensive Income ............ 6(Quarterly Consolidated Statements of Income for the First Half of Fiscal 2012) ....................................... 6(Quarterly Consolidated Statements of Comprehensive Income for the First Half of Fiscal 2012) ............. 7(3) Quarterly Consolidated Statements of Cash Flows ......................................................................................... 8(4) Notes on Going Concern Assumptions ........................................................................................................... 9(5) Segment Information ...................................................................................................................................... 9(6) Notes on Significant Fluctuations in Shareholders' Equity ........................................................................... 10
4.
Supporting Materials ..................................................................................................................................... 11(1) The Status of Production, Orders, and Sales ................................................................................................. 11-1-

1. Qualitative Information regarding Quarterly Consolidated Financial Results(1) Qualitative Information regarding Consolidated Business Results
During the first half (June 1, 2012 to November 30, 2012) of fiscal 2012, the fiscal year ending May 31, 2013,
economic conditions in Japan remained harsh. Despite steady demand for earthquake recovery and restoration,
exports decreased due to a slowdown in overseas economies in Europe and other emerging countries, and personal
consumption and capital investment were weak.
Under these circumstances, the Toyo Denki Group has been working in unison to thoroughly strengthen its
management foundation and drastically improve its corporate value in the first year of “Dash 2015,” the Group’s
medium-term management plan launched in June 2012, in accordance with the plan.
The Toyo Denki Group's performance in the first half of fiscal 2012, the first fiscal year of the medium-term
management plan, was as follows.
Orders received decreased 9.5% compared with the corresponding period of the previous fiscal year to 15,278
million yen. This overall result reflected decreases in orders received in all three segments, namely, theTransportation Systems segment, Industrial Systems segment, and Information Equipment Systems segment.
Net sales decreased 28.0% year on year to 13,566 million yen. There was an increase in the Information
Equipment Systems segment, but the overall result reflected decreases in the Transportation Systems segment andIndustrial Systems segment.
From a profit perspective, Toyo Denki incurred an operating loss of 515 million yen. This represented anegative year-on-year turnaround of 1,030 million mainly attributable to the decrease in net sales. The Company
also incurred an ordinary loss of 283 million yen. This represented a negative year-on-year turnaround of 809
million yen. The Company reports a net loss of 401 million yen. This represented a negative year-on-year
turnaround of 704 million yen.
Looking at the overall nature and structure of the Group's business activities, sales are generally concentrated in
the fourth quarter of each fiscal year. As a result, consolidated operating results are impacted by seasonal factors.
Information by business segment is presented as follows.
(a) Transportation Systems
Orders received decreased 9.4% compared with the corresponding period of the previous fiscal year to 7,958
million yen due to decreases in orders overseas. Net sales significantly decreased, especially overseas. In
overall terms, net sales in this segment decreased 36.4% year on year to 7,657 million yen. Segment profit
totaled 565 million yen.
(b) Industrial Systems
Orders received decreased 3.4% compared with the corresponding period of the previous fiscal year to 6,348
million yen. Net sales decreased 17.2% year on year to 5,236 million yen due to decreases in and outside Japan.
In the period under review, Toyo Denki recorded a loss of 45 million yen in this segment.
(c) Information Equipment Systems
Orders received in this segment decreased due to a decrease in orders for IC card-compatible equipment
relating particularly to railway station operations. In overall terms, orders received decreased 36.3% comparedwith the corresponding period of the previous fiscal year to 967 million yen. Net sales in this segment,
however, increased 43.8% year on year to 669 million yen due to an upswing in sales of the same equipment. In
the first half of fiscal 2012, this segment recorded an income of 54 million yen.
Note 1: Effective from the first quarter of fiscal 2012 in the reporting of reportable segments, the “Information
Systems” segment was renamed the “Information Equipment Systems” segment.
Note 2: Net sales data by business segment represents sales to third parties and is exclusive of inter-segment sales
and transfers.

(2) Qualitative Information regarding Consolidated Financial Position
Total assets as of November 30, 2012 stood at 38,567 million yen, an increase of 481 million yen compared withthe end of the previous fiscal year. Despite a decrease in trade notes and accounts receivable of 1,906 million yen,
this increase was largely attributable to increases in investment securities of 817 million yen and inventories of 946
million yen.
Total liabilities amounted to 23,652 million yen, an increase of 615 million yen compared with the previous
fiscal year end. This was largely attributable to a 1,861 million yen increase in borrowings.
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Net assets stood at 14,914 million yen, 134 million yen lower than the balance as of the previous fiscal yearend. Major movements were a 690 million yen decrease in retained earnings and a 549 million yen increase inunrealized holding gain on securities.
(3) Qualitative Information regarding Consolidated Performance Forecast
At the time of the compilation of this material, the earnings forecast for the fiscal year ending May 31, 2013 is thesame as its press release titled “Toyo Denki Seizo Revises Earnings Forecast for Fiscal 2012” released on
December 12, 2012.
Note: The aforementioned forecasts of business results are based on management assumptions and beliefs in lightof currently available information. Toyo Denki cautions readers that actual results could differ from forecasts due
to a variety of factors.

2. Items regarding Summary Information (Notes)(1) Outline of the Transfer of Major Subsidiaries during the Period
Not applicable.
(2) Application of Special Accounting Practices for the Preparation of Quarterly Consolidated Financial Statements
Not applicable.
(3) Changes in Accounting Principles, Changes in Accounting Estimates, and Retrospective Restatements(Changes in accounting principles difficult to distinguish from changes in accounting estimates)
Effective from the first quarter of fiscal 2012, Toyo Denki and its domestic consolidated subsidiaries have changed
the depreciation method for property, plant and equipment acquired on or after June 1, 2012 under the revised
Corporation Tax Act, in connection with the revision of the Act.
The change in this method had no significant impact on operating loss, ordinary loss, or loss before income taxes
and minority interests for the first half of fiscal 2012.

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3. Quarterly Consolidated Financial Statements(1) Quarterly Consolidated Balance Sheets(Millions of yen)
As of May 31, 2012

End of the First Half of Fiscal
2012 (November 30, 2012)

AssetsCurrent assets
Cash and cash equivalents

1,489

1,789

Trade notes and accounts receivable

13,728

11,822

Products and finished goods

1,598

1,678

Work in process

2,242

2,873

Raw materials and stored goods

1,690

1,926

Other

694

848

Allowance for doubtful accounts

(28)

－

21,41520,937

6,279

6,826

Accumulated depreciation(3,905)(3,869)Buildings and structures, net

2,373

2,957

Total current assets
Fixed assets
Property, plant and equipment
Buildings and structures

6,404

6,713

(5,174)(5,380)

1,229

1,333

Land

289

289

Construction in progress

495

38

Machinery and equipment
Accumulated depreciation
Machinery and equipment, net

Other
Accumulated depreciation

2,714

2,903

(2,242)(2,341)

472

562

4,861

5,180

Software

279

280

Other

66

55

Total intangible assets

346

335

Investment securities

8,929

9,747

Other

2,550

2,406

Allowance for doubtful accounts

(16)

(40)

Total investments and other assets

11,463

12,113

16,67017,62938,086

38,567

Other, net
Total property, plant and equipment
Intangible assets

Investments and other assets

Total fixed assets
Total assets-4-

(Millions of yen)
As of May 31, 2012

End of the First Half of Fiscal 2012
(November 30, 2012)

Liabilities
Current liabilities
Trade notes and accounts payable

4,544

4,180

Short-term borrowings

6,376

8,795

Current portion of corporate bonds

160

120

Income taxes payable

473

128

Consumption and other taxes payable

185

20

Accrued expenses

2,909

2,728

Advances received

182

113

Deposits received

213

224

Reserve for employees’ bonuses

891

925

Reserve for directors’ bonuses

46

23

Reserve for order losses

197

190

540

562

16,72018,014

120

60

Long-term borrowings

2,729

2,171

Reserve for employees’ retirement benefits

3,136

3,135

Other
Total current liabilities
Long-term liabilities
Corporate bonds

Allowance for environmental development

43

43

Long-term payables

251

187

Other

35

40

6,316

5,637

23,03623,652

Common stock

4,998

4,998

Capital surplus

3,177

3,177

Retained earnings

6,722

6,031

Treasury stock

(162)

(163)

Total shareholders' equity

14,735

14,044

415

965

(102)

(95)

313

870

15,04914,91438,086

38,567

Total long-term liabilities
Total liabilities
Net assets
Shareholders' equity

Accumulated other comprehensive income
Unrealized holding gain on securities
Foreign currency translation adjustments
Total accumulated other comprehensive income
Total net assets
Total liabilities and net assets-5-(2) Quarterly Consolidated Statements of Income and Quarterly Comprehensive Income(Quarterly Consolidated Statements of Income for the First Half of Fiscal 2012)(Millions of yen)
1H FY2011(June 1, 2011 to November 30,
2011)

1H FY2012(June 1, 2012 to November 30,
2012)

Net sales

18,83013,566

Cost of sales

14,703

10,466Gross profit

4,126

3,100

Selling, general and administrative expenses

3,611

3,615

515

(515)

Operating income (loss)
Non-operating income
Interest income

00Dividend income
Equity in earnings of unconsolidated subsidiaries andaffiliates
Life insurance dividend income

68

103

10

43

45

85

Foreign exchange gains－

91

Miscellaneous income

1323

Total non-operating income

138

347

72

86

Non-operating expenses
Interest expense
Loss on disposal of property, plant and equipment37Foreign exchange loss

40－

Miscellaneous loss

11

21

Total non-operating expenses

128

115

525

(283)

Loss on devaluation of investment securities

21－

Office transfer expenses－

15

Loss on disaster7－

Ordinary income (loss)
Special losses

Total special losses
Income (loss) before income taxes and minority interests

28

15

496

(299)

116

86

Income taxes:
Current

77

15

193

102

Income (loss) before minority interests

303

(401)

Net income (loss)

303

(401)

Deferred-6-

(Quarterly Consolidated Statements of Comprehensive Income for the First Half of Fiscal 2012)(Millions of yen)
1H FY2011(June 1, 2011 to November 30, 2011)

1H FY2012(June 1, 2012 to November 30,
2012)

303

(401)

53

549

Foreign currency translation adjustments
Share of other comprehensive income of affiliates
accounted for by the equity method
Total other comprehensive income

(12)

(2)

4

9

46

556

Comprehensive income

349

155

Owners of the parent

349

155

Minority interests－－

Income (loss) before minority interests
Other comprehensive income
Unrealized holding gain (loss) on securities

Comprehensive income attributable to:-7-(4) Quarterly Consolidated Statements of Cash Flows(Millions of yen)
1H FY2011(June 1, 2011 to November 30,
2011)

1H FY2012(June 1, 2012 to November 30,
2012)

Cash flows from operating activities
Income (loss) before income taxes and minority
interests
Depreciation and amortization

496

(299)

532

537

Reversal of allowance for doubtful accounts

(12)

(4)

(Reversal of) provision for accrued employees’ bonuses

(22)

34

Reversal of provision for accrued retirement benefits

(77)

(1)

Interest and dividends income

(68)

(103)

Interest expenses

72

86

Loss on devaluation of investment securities

21－(2,465)

1,899

597

(949)

(839)

(357)

Change in operating assets and liabilities:
Trade notes and accounts receivable
Inventories
Trade notes and accounts payable

16

(3)

Advances received

(194)

(68)

Accrued expenses

(301)

(176)

Reserve for ecological countermeasures

(89)

－

Other

(189)

(374)

Subtotal(2,521)

219

86

114

Reserve for losses on order acknowledgements

Interest and dividends income received
Interest expenses paid

(75)

(94)

Payments for corporate and other taxes

(360)

(448)

(2,870)(208)

Purchases of property, plant and equipment

(523)

(841)

Purchases of investment securities

(910)

(6)

Other

(98)

(177)

(1,533)(1,025)

Increase (decrease) in short-term loans payable

4,599

2,499

Repayment of long-term debt

(370)

(638)

Redemption of bonds payable

(100)

(100)

(1)

(0)

(291)

(223)

－

(0)

Cash provided by financing activities
Effect of exchange rate change on cash and cash
equivalents
Increase (decrease) in cash and cash equivalents

3,837

1,538

(15)

(4)

(581)

299

Cash and cash equivalents at the beginning of the period

2,410

1,489

Cash and cash equivalents at the end of the period

1,829

1,789

Net cash provided by (used in) operating activities
Cash flows from investing activities

Net cash used in investing activities
Cash flows from financing activities

Purchase of treasury stock
Cash dividends paid
Other

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(4) Notes on Going Concern Assumptions
Not applicable.
(5) Segment Information(a) The First Half of Fiscal 2011 (June 1, 2011 to November 30, 2011)
Information regarding Net Sales and Income (Loss) by Reporting Segment
Reporting Segment
Transportation Industrial Information
Systems
Systems
Equipment
Systems

Other1

Total(Millions of yen)AmountRecorded on
Adjustment Quarterly
Amount2 Consolidated
Statement of
Income3

Net sales
Sales to third parties
Inter-segment sales
and transfers

12,033

6,326

465

5

18,830—18,830

13

0

—

436

451

(451)

—

Total
12,0466,327
465
441 19,281(451)
18,830
Segment profit
1,377
52
39
25
1,494
(979)
515
Notes:
1. The “Other” segment includes operations not included in reporting segments such as core corporate systemadministration and the dispatch of temporary staff.
2. The segment profit adjustment amount is a loss of 979 million yen. This is comprised of an elimination ofinter-segment sales and transfer amount of 2 million yen and corporate expenditure (a loss of 977 million yen)that is not allocated to each reporting segment. Corporate expenditure is primarily comprised of selling,
general and administrative as well as research and development costs that are not allocated to each reporting
segment.
3. Segment profit has been adjusted with operating income recorded under the quarterly consolidated
statement of income.

-9-(b) The First Half of Fiscal 2012 (June 1, 2012 to November 30, 2012)
Information regarding Net Sales and Income (Loss) by Reporting Segment
Reporting Segment
Transportation Industrial Information
Systems
Systems
Equipment
Systems

Other1

Total(Millions of yen)AmountRecorded on
Adjustment Quarterly
Amount2
Consolidated
Statement of
Income3

Net sales
Sales to third parties
Inter-segment sales
and transfers

7,657

5,236

669

3

13,566—

13,566

6

1

—

277

285

(285)

—

Total
7,664
5,237
669
281 13,852(285)
13,566
Segment profit (loss)
565
(45)
54
21
596
(1,111)(515)
Notes:
1. The “Other” segment includes operations not included in reporting segments such as the dispatch of temporary
staff.
2. The segment profit (loss) adjustment amount is a loss of 1,111 million yen. This is comprised of anelimination of inter-segment sales and transfer amount of 1 million yen and corporate expenditure (a loss of
1,110 million yen) that is not allocated to each reporting segment. Corporate expenditure is primarily
comprised of selling, general and administrative as well as research and development costs that are notallocated to each reporting segment.
3. Segment profit (loss) has been adjusted with operating loss recorded under the quarterly consolidated
statement of income.
4. Effective from the first quarter of fiscal 2012 in the reporting of reportable segments, the “Information
Systems” segment was renamed the “Information Equipment Systems” segment.
(6) Notes on Significant Fluctuations in Shareholders’ Equity
Not applicable.

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4. Supporting Materials(1) The Status of Production, Orders, and Sales(a) Production Performance
1H FY2011
1H FY2012(June 1, 2011 to November 30, 2011)(June 1, 2012 to November 30, 2012)
Business segment
Millions of yen
Share (%)
Millions of yen
Share (%)
Transportation Systems
11,853
66.5
8,023
60.8
Industrial Systems
5,735
32.2
4,630
35.1
Information Equipment
222
1.3
552
4.2
Systems
Other
—
—
—
—
Total
17,812100.0
13,206100.0
Notes:
1. Amounts are based on sales prices.
2. Amounts are exclusive of consumption and other taxes.
3. Effective from the first quarter of fiscal 2012 in the reporting of reportable segments, the “Information
Systems” segment was renamed the “Information Equipment Systems” segment.
(b) Status of Orders Received
Business segment

1H FY2011(June 1, 2011 to November 30, 2011)
Orders Received
Balance(Millions of yen)
(Millions of yen)
8,786
17,5226,574
4,561

1H FY2012(June 1, 2012 to November 30, 2012)
Orders Received
Balance(Millions of yen)
(Millions of yen)
7,958
14,7406,348
5,953

1H FY2011(June 1, 2011 to November 30, 2011)
Millions of yen
Share (%)
12,033
63.9
6,326
33.6

1H FY2012(June 1, 2012 to November 30, 2012)
Millions of yen
Share (%)
7,657
56.4
5,236
38.6

Transportation Systems
Industrial Systems
Information Equipment
1,518
1,422
967
849
Systems
Other
5
—
3
—
Total
16,88423,505
15,27821,544
Notes:
1. Amounts are based on sales prices.
2. Amounts are exclusive of consumption and other taxes.
3. Effective from the first quarter of fiscal 2012 in the reporting of reportable segments, the “Information
Systems” segment was renamed the “Information Equipment Systems” segment.
(c) Sales Performance
Business segment

Transportation Systems
Industrial Systems
Information Equipment
465
2.5
669
4.9
Systems
Other
5
0.0
3
0.0
Total
18,830100.0
13,566100.0
Notes:
1. Amounts are exclusive of consumption and other taxes.
2. Looking at the overall nature and structure of the Group business activities, sales are generally concentrated in
the fourth quarter of each fiscal year. As a result, consolidated operating results are impacted by seasonal
factors.
3. Effective from the first quarter of fiscal 2012 in the reporting of reportable segments, the “Information
Systems” segment was renamed the “Information Equipment Systems” segment.

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