Summary Report on Financial Results for the First Quarter of the Year Ending March 31st, 2023
(Japan GAAP)
July 29th, 2022
Stock Listing: TSE-Standard Market
Company name:
Fukuda Denshi Co., Ltd.
Code No.:
6960 (https://www.fukuda.co.jp)
Representative:
Daijiro Shirai, President & COO
Inquiries:
Haruhiko Honbu, Senior Manager of Accounting & Finance DepartmentTel:+81-3-5684-1558 (main)
Scheduled date for filing the quarterly report:
August 5th, 2022
Scheduled date for commencement of dividend payment:
Supplementary material development:
None
Financial results meeting:None(Amounts less than one million yen are rounded down)(The number with parenthesis shows negative figure)1. Consolidated financial results for the First quarter of the year ending March 31st, 2023 (April 1st, 2022 throughJune 30th, 2022)(1) Consolidated operating results (cumulative)(% represents increases or decreases from the previous year)
Ordinary
Profit attributable to
Net sales
Operating Profit
Profitowners of parent
millionmillionmillionmillion
%
%
%
%
yen
yen
yen
yen
First quarter of the year
27,690
0.4
4,033
(3.9)
4,414
2.2
2,851
2.9
ending March 31st, 2023
First quarter of the year
27,587
4,195
79.5
4,317
77.6
2,771
58.5
ended March 31st, 2022
(Note) Comprehensive income
First quarter of the year ending March 31st, 2023: 3,060 million yen / 18.2 %First quarter of the year ended March 31st, 2022: 2,589 million yen / 16.2 %The “Accounting Standards for Revenue Recognition” (ASBJ Statement No. 29, March 31st, 2020), etc. has
been applied since the previous fiscal year. For this reason, the percentage of year-on-year change of “Net sales”
for the first quarter of the fiscal year ended March 31st, 2022 is not indicated.
Earnings
per shareyen

Diluted earnings
per shareyen

188.54―183.31―First quarter of the year
ending March 31st, 2023
First quarter of the year
ended March 31st, 2022
(2) Consolidated financial situation

million yen

million yen

Shareholders'equity ratio%

191,721

149,79878.1

9,904.85

195,495

149,857

76.7

9,909.40

Total assets
First quarter of the year
ending March 31st, 2023
Year ended March 31st,2022

Net assets(Reference) Shareholders' equity:
First quarter of the year ending March 31st, 2023: 149,798 million yen
Fiscal year ended March 31st, 2022: 149,857 million yen- 1 -Net assets
per shareyen2. Dividends
End of thefirst quarteryen

Annual Dividends per share
End of the
End of the
End of the term
second quarter
third quarter
yen
yen
yen

Annualyen
Year ended
March 31st,―
100.00―205.00305.002022
Year ending
March 31st,―
2023
Year ending
March 31st,
100.00―115.00215.002023 (forecast)(Note) Revisions to recent dividend forecast: None
The detail of second quarter dividend of Year ended March 31st, 2022; ordinary dividend 80.00 yen, extra
dividend 20.00 yen
The detail of year-end dividend of Year ended March 31st, 2022; ordinary dividend 80.00 yen, extra dividend
125.00 yen
The detail of second quarter dividend of Year ending March 31st, 2023 (forecast); ordinary dividend 80.00 yen,
extra dividend 20.00 yen
The detail of year-end dividend of Year ending March 31st, 2023 (forecast); ordinary dividend 90.00 yen, extra
dividend 25.00 yen
3. Forecast of consolidated financial results for fiscal year ending March 31st, 2023 (April 1st, 2022 throughMarch 31st, 2023)(% represents increase or decrease from the previous year)

Net sales

Full-year

Operating Profit

Ordinary Profit

millionyen%

millionyen%

millionyen%

120,000(9.2)

16,000(29.5)

16,000(31.7)

Profit attributable toowners of parent
million%yen
11,000Earnings
per share(32.2)

yen
727.34(Note) Revisions to recent business forecast: None
Since operating results of Fukuda Denshi (hereinafter, “the Group”) tends to take a peak at the fourth quarterand it is difficult to give a forecast every six months based on rational calculation, the consolidated forecast at
the second quarter is not disclosed.
*Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries involving changes inthe scope of consolidation): None
(2) Application of special accounting methods for the preparation of the consolidated quarterly financial
statements: None
(3) Changes in accounting policies, accounting projections and restatement(i) Changes in accounting policies associated with revision of accounting standards: Yes(ii) Changes other than (i) above: None(iii) Changes in accounting projections: None(iv) Restatement: None

- 2 -(4) Number of outstanding shares (common shares)(i) Number of outstanding shares at the end of the period (including treasury shares)
First quarter of the year ending March 31st, 2023: 19,588,000 sharesYear ended March 31st, 2022: 19,588,000 shares(ii) Number of shares of treasury shares at the end of the period:First quarter of the year ending March 31st, 2023: 4,464,276 sharesYear ended March 31st, 2022: 4,465,240 shares(iii) Average number of shares during the period (accumulated consolidated quarter)
First quarter of the year ending March 31st, 2023: 15,123,276 sharesFirst quarter of the year ended March 31st, 2022: 15,119,815 shares* This summary is not subject to audit procedure.
* Explanation about the appropriate use of the forecasts of financial results, and other noteworthy matters
The projections and other statements with respect to the future included in this material are based on currently
available information and certain assumptions that are judged reasonable by the Group. Please be advised that
the Group does not guarantee in any way the achievement of the projections and other goals in this material
and that cases may occur where the actual results and other situations differ materially from the projections
due to various factors. With respect to the preconditions for the forecast of financial results, please refer to “(3)Explanation about consolidated earnings forecast” under the “1. Qualitative information about consolidated
earnings results for the quarter under review" section on page 5.

- 3 -Contents of the Attached Materials
1. Qualitative information about consolidated earnings results for the quarter under review --------

P.05(1) Explanation about consolidated operating results -----------------------------------------------------

P.05(2) Explanation about consolidated financial situation ---------------------------------------------------

P.05(3) Explanation about consolidated earnings forecast ----------------------------------------------------

P.05

2. Consolidated quarterly financial statements and Notes -------------------------------------------------

P.06(1) Consolidated quarterly balance sheets ------------------------------------------------------------------

P.06(2) Consolidated quarterly income statements and consolidated quarterly comprehensive income
statements

P.08

Consolidated quarterly income statements
First quarter of the consolidated term ----------------------------------------------------------------

P.08

Consolidated quarterly comprehensive income statements
First quarter of the consolidated term ----------------------------------------------------------------

P.09(3) Notes to consolidated quarterly financial statement --------------------------------------------------

P.09(Notes regarding the premise for going concern) --------------------------------------------------------

P.09(Notes when there is a significant fluctuation in the amount of shareholders’ equity) -------------

P.09(Changes in Accounting Policy) ---------------------------------------------------------------------------

P.09

- 4 -

1. Qualitative information about consolidated earnings results for the quarter under review(1) Explanation about consolidated operating results
The Japanese economy during the consolidated cumulative first quarter of this fiscal year (April 1st,
2022 through March 31st, 2023), confirmed cases and death of COVID-19 decreased. But on the other
hand, the economic prospects remain uncertain for the time being due to the re-spread of COVID-19 andthe higher prices of resources affected by international situations.
In the medical industry, it is now required to strengthen the efforts to COVID-19 pandemic and toconstruct an efficient framework to provide healthcare services reflecting the regional medical plan
through the differentiation and strengthening of medical institutions’ functions encouraging the regional
healthcare network.
In such an environment, the Group posted consolidated “Net sales” of 27,690 million yen (up 0.4%
year-on-year basis), “Operating profit” of 4,033 million yen (down 3.9% year-on-year basis), “Ordinary
profit” of 4,414 million yen (up 2.2% year-on-year basis), and “Profit attributable to owners of parent” of
2,851 million yen (up 2.9% year-on-year basis) in the first quarter.
A. Physiological diagnostic equipment segment
The sales of vascular screening systems increased.
As a result, consolidated “Net sales” were 5,075 million yen (up 1.2% year-on-year basis).
B. Patient monitoring equipment segment
Consolidated “Net sales” of patient monitoring equipment were 2,131 million yen (down 16.5% yearon-year basis).
C.

Medical treatment equipment segment
While the business of renting medical equipment for home treatment increased, the sales of AEDs
and ventilators decreased.
As a result, consolidated “Net sales” were 12,653 million yen (down 0.1% year-on-year basis).

D.

Consumables and other products segment
Consumables and other products segment includes the sales of recording paper, disposable
electrodes, and consumables used for devices handled in the above segments, as well as maintenanceand repair services.
Consolidated “Net sales” for this segment were 7,829 million yen (up 6.4% year-on-year basis).

(2) Explanation about consolidated financial situation“Total assets” decreased 3,774 million yen from the end of previous fiscal year to reach 191,721 million
yen. The main factors are the decrease of 8,397 million yen in “Notes and accounts receivable - trade”
despite the increase of 1,685 million yen in “Merchandise and finished goods”.
“Total liabilities” decreased 3,714 million yen from the end of the previous fiscal year to reach 41,923
million yen. The main factor is the decrease of 2,125 million yen in “Notes and accounts payable - trade”
and 2,642 million yen in “Income taxes payable”.
“Net assets” decreased 59 million yen from the end of the previous fiscal year to reach 149,798 million
yen. The main factor is the decrease of 272 million yen in “Retained earnings” despite the increase of 264
million yen in “Foreign currency translation adjustment”.
(3) Explanation about consolidated earnings forecast
Due to the steady sales achievement until the first quarter, there is no change at this moment in the forecastof the financial results for the full fiscal year which we announced on May 13th, 2022.
The forecasted financial results described in this material are based on information available at the time ofannouncement. Actual results may differ from the results projected and presented hereby for a variety ofreasons.

- 5 -2. Consolidated quarterly financial statements and Notes(1) Consolidated quarterly balance sheets
Previous fiscal year
(as of March 31st, 2022)
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Electronically recorded monetaryclaims - operating
Securities
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
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
Income taxes payable
Provision for bonuses
Provision for product warranties
Other provisions
Other
Total current liabilities
Non-current liabilities
Retirement benefit liability
Other provisions
Other
Total non-current liabilities
Total liabilities- 6 -(Million yen)
End of the First quarter
under review(as of June 30th, 2022)

64,05736,54364,01028,145

2,908

3,195

497
9,391
205
3,940
2,217
(23)
119,736496
11,076
249
4,508
2,428
(5)
114,106

45,264
1,538

45,833
1,531

9,671
19,293(8)
28,95675,759195,495

10,46819,790(8)30,24977,614
191,721

15,501

13,376

6,648

5,829

1,750
3,451
3,439
117
579
7,339
38,829

1,750
808
1,481
122
153
11,68335,206

3,137
752
2,918
6,809
45,638

3,158
649
2,909
6,716
41,923

Previous fiscal year
(as of March 31st, 2022)
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive
incomeValuation difference on
available-for-sale securities
Foreign currency translation
adjustment
Remeasurements of defined benefit
plans
Total accumulated othercomprehensive income
Total net assets
Total liabilities and net assets- 7 -(Million yen)
End of the First quarter
under review(as of June 30th, 2022)

4,621
21,841
142,135(20,362)
148,236

4,621
21,841
141,862(20,357)
147,967

1,836

1,771

(11)

252

(204)

(193)

1,621

1,830

149,857
195,495

149,798
191,721

(2) Consolidated quarterly income statements and consolidated quarterly comprehensive income statements
Consolidated quarterly income statements(First quarter of the consolidated term)

Net sales
Cost of sales
Gross profit
Selling, general and administrative
expenses
Operating profit
Non-operating income
Interest income
Dividend income
Foreign exchange gains
Gain on investments in investment
partnership
Other
Total non-operating income
Non-operating expenses
Interest expenses
Loss on investments in investment
partnership
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sales of non-current assets
Gain on sales of investment securities
Gain on extinguishment of tie-insharesTotal extraordinary income
Extraordinary losses
Loss on sales of non-current assets
Impairment losses
Office relocation expenses
Loss on cancellation of insurance
policies
Other
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to owners of parent

First quarter of theprevious consolidated term(from April 1st, 2021
to June 30th, 2021)
27,587
13,244
14,343(Million yen)First quarter of theconsolidated term(from April 1st, 2022
to June 30th, 2022)
27,69012,82814,861

10,147

10,828

4,195

4,033

17
54
6

16
69
263

78

-

22
178

43
392

9

8

42

-

5
57
4,317

2
11
4,414

1
60

4
-

-

67

62

72

6
0

0
57
-

24

-

31
4,347
1,475
101
1,576
2,771
2,771

0
58
4,428
1,655
(78)
1,576
2,851
2,851

- 8 -

Consolidated quarterly comprehensive income statements(First quarter of the consolidated term)

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 toComprehensive income attributable toowners of parent

First quarter of theprevious consolidated term(from April 1st, 2021
to June 30th, 2021)
2,771(Million yen)First quarter of theconsolidated term(from April 1st, 2022
to June 30th, 2022)
2,851

(226)

(65)

33

264

10

10

(182)
2,589

209
3,060

2,589

3,060

(3) Notes to consolidated quarterly financial statement(Notes regarding the premise for going concern)
Not applicable.
(Notes when there is a significant fluctuation in the amount of shareholders’ equity)
Not applicable.
(Changes in Accounting Policy)
Application of Implementation Guidance on Accounting Standard for Fair Value Measurement:
The “Implementation Guidance on Accounting Standard for Fair Value Measurement” (ASBJ Guidance No.
31, June 17th, 2021) has been applied since the beginning of the first quarter of the current consolidated fiscal
year. In accordance with the transitional treatment prescribed in Paragraph 27–2 of the “Implementation
Guidance on Accounting Standard for Fair Value Measurement”, the Group has decided to apply the new
accounting policies set forth by the Implementation Guidance on Accounting Standard for Fair Value
Measurement in the future.
The change had no impact on the Group’s consolidated financial statements.
* This English translation is for reference purposes only. The original Japanese version will prevail as the official
authoritative version.

- 9 -