Translation
Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any
discrepancy between this translated document and the original Japanese document, the latter shall prevail.

Summary of Consolidated Financial Results
for the Nine Months Ended December 31, 2022
(Based on Japanese GAAP)
January 31, 2023
Company name:
MEIJI ELECTRIC INDUSTRIES CO.,LTD.
Stock exchange listing: Tokyo
Stock code:
Representative:

3388
URL https://www.meijidenki.co.jp/
President and Representative Director
Hiroki Sugiwaki

Inquiries:
Administration General Manager
Scheduled date to file Quarterly Securities Report:

Yoshihide Atsumi
February 14, 2023

Scheduled date to commence dividend payments:
Preparation of supplementary material on quarterly financial results:–No

Holding of quarterly financial results meeting:

NoTEL 052-451-7661(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the nine months ended December 31, 2022 (from April 1, 2022 to December 31, 2022)(1) Consolidated operating results (cumulative)
Net sales
Nine months ended December 31, 2022
Nine months ended December 31, 2021

Millions of yen
47,79447,664

Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
owners of parent% Millions of yen% Millions of yen% Millions of yen
%
0.3
1,177
1.5
1,395(8.4)
1,015 (14.1)
7.5
1,161
27.2
1,522
39.1
1,181
46.5

Earnings per share

Diluted earnings per share

Yen
80.23
102.85

Nine months ended December 31, 2022
Nine months ended December 31, 2021

Yen––(2) Consolidated financial position
Total assets
As of December 31, 2022
As of March 31, 2022

Net assets

Millions of yen
44,62544,666Equity ratio

Millions of yen
28,17727,328

%
62.6
60.7

2. Cash dividends
Annual dividends per share

Year ended March 31, 2022
Year ending March 31, 2023

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen
––Yen
20.00
20.00

Yen––

Yen
27.00

Yen
47.00

28.00

48.00

Year ending March 31, 2023 (Forecast)Total

3. Forecast of consolidated financial results for the year ending March 31, 2023 (from April 1, 2022 to March 31, 2023)
Percentages indicate year-on-year changes
Profit attributable toNet sales
Operating profit
Ordinary profit
Earnings per shareowners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Yen
Full year
73,500
8.5
2,710
34.9
2,870
17.7
2,000
12.3
173.041

4. Notes(1) Changes in significant subsidiaries during the nine months ended December 31, 2022
(changes in specified subsidiaries resulting in the change in scope of consolidation):No(2) Application of special accounting methods for preparing quarterly consolidated financial statements:

Yes(3) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
Changes in accounting policies due to revisions to accounting standards and other regulations:
Changes in accounting policies due to other reasons:

No
No

Changes in accounting estimates:
Restatement of prior period financial statements:

NoNo(4) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of December 31, 2022

12,717,120 shares As of March 31, 2022

12,717,120 shares

Number of treasury shares at the end of the period
As of December 31, 2022

65,771 shares As of March 31, 2022

65,771 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Nine months ended December 31, 2022

12,651,349 shares Nine months ended December 31, 2021

2

11,487,749 shares

Quarterly consolidated financial statements
Consolidated balance sheets(Thousands of yen)
As of March 31, 2022
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Electronically recorded monetary claims - operating
Merchandise and finished goods
Work in process
Raw materials and supplies
OtherAllowance for doubtful accounts

As of December 31, 2022

7,749,181
16,252,930
8,527,181
4,095,061
342,20946,338509,507(32,235)

4,627,589
14,662,350
9,330,148
6,131,663
969,526
59,417
1,029,443(74,507)37,490,176

36,735,631

Non-current assets
Property, plant and equipment
Intangible assets
Investments and other assets

3,662,614
240,850
3,272,517

4,145,602
555,516
3,189,097

Total non-current assets

7,175,983

7,890,216

44,666,159

44,625,848

8,756,239
5,667,843
225,658
479,206
481,571
2,240
1,344,064

7,139,825
5,666,912
1,267,091
63,654
265,644
56,477
1,625,604

16,956,824

16,085,209

3,550

3,550

377,442359,370

Total 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 bonuses for directors (and other officers)
Other
Total current liabilities
Non-current liabilities
Provision for retirement benefits for directors (and otherofficers)
Other

380,992

362,920

Total liabilities

Total non-current liabilities

17,337,817

16,448,130

Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares

1,624,866
1,957,909
22,204,363(32,756)

1,624,866
1,957,909
22,624,825(32,756)

25,754,383

26,174,845

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans

1,340,636
13,72523,703

1,239,910
476,21757,379Total accumulated other comprehensive income

1,378,066

1,773,507

Total shareholders' equity

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

3

195,892

229,364

27,328,342

28,177,718

44,666,159

44,625,848

Consolidated statements of income (cumulative) and consolidated statements of comprehensive income(cumulative)
Consolidated statements of income (cumulative)(Thousands of yen)
Nine months ended

Nine months ended

December 31, 2021December 31, 2022

Net sales
Cost of sales

47,664,339
41,311,680

47,794,864
41,025,841

Gross profit

6,352,658

6,769,022

Selling, general and administrative expenses

5,191,595

5,591,098

Operating profit

1,161,062

1,177,923

Interest income
Dividend income

1,799
55,7272,156
72,872

Purchase discounts
Subsidy income

94,959114,300

107,119
9,912

Other

102,245

32,526

Total non-operating income

369,032

224,587

Interest expenses
Other

3,660
3,490

6,612
456

Total non-operating expenses

7,150

7,069

1,522,945

1,395,441

Gain on sale of non-current assets
Gain on sale of investment securities

1,005
81,81242,308
–

Other

1,173

1,156

Total extraordinary income

83,991

43,464

14359

Non-operating income

Non-operating expenses

Ordinary profit
Extraordinary income

Extraordinary losses
Loss on retirement of non-current assets
Total extraordinary losses
Profit before income taxes
Income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

4

143

59

1,606,793

1,438,846

408,905

413,205

1,197,887

1,025,641

16,392

10,566

1,181,495

1,015,075

Consolidated statements of comprehensive income (cumulative)(Thousands of yen)

ProfitOther comprehensive income

Nine months ended

Nine months ended

December 31, 2021

December 31, 2022

1,197,887

1,025,641

Valuation difference on available-for-sale securities
Foreign currency translation adjustment

491,240
139,473(100,726)
485,398

Remeasurements of defined benefit plans, net of tax

28,69533,676

659,409418,347

Comprehensive income

Total other comprehensive income

1,857,297

1,443,989

Comprehensive income attributable toComprehensive income attributable to owners of parent

1,848,831

1,410,517

8,465

33,472Comprehensive income attributable to non-controllinginterests

5