February 7, 2023
Name of Company
Representative

K A G A E L E C T R O N I C S C O . , LT D .
Ryoichi Kado,
Representative Director, President & COO(Stock Code: 8154 Tokyo Stock Exchange, Prime Market)
Eiji Kawamura,Contact
Director, Managing Executive Officer
Head of Administration Headquarters
Tel: +81-(0)3-5657-0111

Notice regarding upward revision to forecasts for full-year
earnings and dividends (dividend increase)
In light of recent earnings trends, KAGA ELECTRONICS CO., LTD. (hereinafter “the Company”)
hereby announces that, at a Board of Directors meeting held today, a resolution was passed to
upwardly revise the consolidated earnings forecasts announced on November 8, 2022, for thefiscal year ending March 31, 2023, and the year-end dividend forecast, as shown below.
1. Revision of earnings forecast
Revision to consolidated earnings forecast for the fiscal year ending March 31, 2023
(April 1, 2022 - March 31, 2023)
Profitattributable Net income
to owners of per shareparentNet sales

OperatingincomeOrdinary
incomeMillion yen

Million yen

Million yen

Million yenyen

570,000

28,00029,00020,000761.70Revised forecast (B)585,000

29,50030,00021,000799.78Difference (B) – (A)

15,000

1,500

1,000

1,000

Percent change (%)

2.6

5.4

3.4

5.0

495,827

20,915

21,456

15,401

Previous forecast (A)(Announced on November 8, 2022)(Reference)
Results for the fiscal year
ended March 31, 2022

576.46< Reasons for revision >In the first nine months of the fiscal year ending March 31, 2023, the mainstay electronics
component business recorded high sales in the automotive and medical equipment
industries, thanks to the gradual easing of supply/demand conditions for semiconductors andelectronic components, which had been tight. As a result, net sales, operating income,ordinary income, and profit attributable to owners of parent all exceeded internal forecasts,and achieved record highs for the first nine months of a consolidated fiscal year.
Since supply/demand trends for semiconductors and electronic components, conflict in
Ukraine, and exchange rate fluctuations, make it difficult to predict the outlook, the Company
only took earnings trends during the first three quarters of this fiscal year into account inrevising the full-year earnings forecasts announced on November 8, 2022 (shown in the tableabove).

-1-2. Revision of dividend forecast
Annual dividends
End of 1st halfPrevious forecast

Year-endTotal

100.00 yen

200.00 yen(Ordinary dividend 70 yen) (Ordinary dividend 140yen)(Commemorative dividend 10 yen) (Commemorative dividend 10yen)(Extraordinary dividend 20yen) (Extraordinary dividend 50yen)(Announced November 8, 2022)

120.00 yen
Revised forecast

Dividends for thecurrent fiscal year

(Reference)
Dividends for theprevious fiscal year

220.00 yen(Ordinary dividend 70yen) (Ordinary dividend 140yen)(Commemorative dividend 10yen) (Commemorative dividend 10yen）(Extraordinary dividend 40yen) (Extraordinary dividend 70yen)

100.00 yen(Ordinary dividend 70yen)(Extraordinary dividend 30yen)

45.00 yen

75.00 yen

120.00 yen(Ordinary dividend 40yen) (Ordinary dividend 40yen) (Ordinary dividend 80yen)5yen) (Extraordinary dividend 35yen) (Extraordinary dividend 40yen)(Fiscal year ended March 31, 2022) (Extraordinary dividend＜Reasons for revision＞
The Company considers the return of profit to shareholders to be one of its most importantmanagement policies, and in addition to endeavoring to strengthen its financial position andmanagement foundation from a long-tern perspective, has a basic policy of maintaining
stable and ongoing dividends commensurate with consolidated results, with the goal ofmaintaining a consolidated payout ratio of 25%–35%.
As explained above, the Company expects consolidated performance in the fiscal year
ending March 31, 2023, to exceed our previous forecasts, and has thus added another 20
yen in extraordinary dividend to its previous forecast of 100 yen per share for year-end
dividends, for a revised forecast of 120 yen per share.
As a result, annual dividends, including the 100-yen interim dividend already paid out, willamount to 220 yen per share, an increase of 100 yen from the previous year. The Company
also expects the consolidated payout ratio to be 27.5%.
(Note) The above forecasts are based on the information currently available to the Company on the date of the releaseand certain assumptions deemed reasonable. Actual results may vary from the forecast for a variety of reasons.

-2-