Financial Results Briefing
for the Fiscal Year Ended
May 31, 2023

July 14, 2023

Toyo Denki Seizo K.K.

Program◼ Briefing on Financial Results: 40 minutes
1. Overview of Financial Results for the Fiscal Year
Ended May 31, 2023
2. Financial Results Forecast for the Fiscal YearEnding May 31, 2024
3. Medium-Term Management Plan

◼ Q&A: 20 minutes

11. Overview of Financial Results for
the Fiscal Year Ended May 31, 2023
(From June 1, 2022 to May 31, 2023)

2

1-1.

Overview of Consolidated Financial Results

Orders received increased significantly and the business is on a recovery trend. Both net sales
and profit increased from a year earlier thanks to efforts to improve profitability despite ongoingdifficulties in procuring parts and materials
100 million yen
FYE May2022

FYE May2023

FYE May2023
Forecast

YoY Change%

Change vs. Forecast%

Orders received

304.4

332.4

＋27.9

+9.2%

346.0

-13.5

96.0%

Net sales

301.5

310.2

＋8.6

+2.9%

340.0

-29.7

91.3%

Operating profit

1.7

5.1

＋3.4

+201.1%4.5＋0.6

115.0%(0.6%)(1.7%)(+1.1pt)-(1.3%)(+0.4pt)-

Ordinary profit

7.6

9.8

＋2.2

+28.8%

7.0＋2.8

141.0%

Profit

-9.3

8.2

＋17.5

-

8.0

＋0.2

103.1%[Net income per share (yen)]-104.02

91.85+195.87

-

89.48

+2.37

-

ROE

-4.0%

3.5%

+7.5pt-Ratio of overseas
sales to net sales

14.5%

19.7%

+5.2pt-(%)

3

<Reference> Review of the Business Environment for the Fiscal Year
Ended May 31, 2023

Transportation
Business• Demand for new rolling stock production and equipment upgrades, which
had been suppressed, is increasing as restrictions on activities due to
COVID-19 are eased and the business performance of domestic railway
operators has been recovering.
• Overseas, economies are gradually recovering in many countries, and in
China, orders for maintenance parts and new projects also increased.

Industry
Business• There is strong activity related to capital investment in many industries,
and inquiries to Toyo Denki Seizo K.K. (the “Company”) are increasing.
On the other hand, as a result of the rapid shift toward electrification,some companies have been reconsidering capital investment in testingmachines for automobile development.
• Prolonged difficulties in procuring parts and materials continue to impact
the Company’s production processes.

ICT Solution
Business• Software improvements for station equipment increased as a result of
the opening of new lines and fare/tariff revisions including barrier-free
fares.
• Railway operators continue their initiatives to improve passenger
convenience, handle inbound traffic, and improve operational efficiency.

4

1-2.

Factors for Increase and Decrease in Operating Profit (YoY change)

Operating profit recovered due to such factors as an increase in net sales, improved profitability
and reduced depreciation burden from the impairment of non-current assets in the Industry
Business in the previous fiscal year
*2

*1

Increase/decre
ase in sales(nonconsolidated)

Change ingross margin(nonconsolidated)+260 million
yen-150 million
yen

170 million
yen

Plant profit/loss(nonconsolidated)+190 millionyen*1 Depreciation+300 million yen

SG&A expenses
Subsidiary(nonprofits, etc.
consolidated)-30 million +70 million
yenyen
510 million*2Depreciation+60 million yen

yen+340 million yen

0.0

FYE May 2022

FYE May 2023

5

1-3.

Breakdown of Non-Operating Income/Expenses andExtraordinary Income/Loss
Non-operating
income/expenses+460 million yen

Extraordinary
income/loss+160 million yen

Dividend income+190 million yen
Share of profit ofentities accounted forusing the equity
method+220 million yen
Foreign exchange gains+100 million yen
Interest expenses-50 million yen

Gain on sale ofinvestment securities+530 million yen
Gain on sale of noncurrent assets+150 million yen
Business structuralreform expenses-510 million yen

980 million
yenIncome taxes

1,150 million
yen
820 millionyen

510 million
yen

0.0

Operating profit

Ordinary profit

Profit before
income taxes

Profit6

1-4.

Segment Performance: Transportation BusinessTransportationAs the business performance of domestic railway operators has been recovering, orders
increased significantly. Net sales and segment profit increased from a year earlier◼ Orders received and order backlog

Orders received

188.1

Order backlog
100(100 million yen)

Net sales

Segment profit

300

300

200

◼ Net sales and segment income

214.6

209.6

215.2

188.0

60

Net
sales

194.5

198.5

200

208.0

219.1

40

Segment profit
100

22.1

21.9

22.5

0

0

FYE May 2021FYE May 2022FYE May 2023

20

0

FYE May 2021FYE May 2022FYE May 2023

• Orders received from JR companies, private railway companies and China increased• Net sales increased thanks to an increase in sales to China, despite lower sales to private railway
companies due to a reactionary fall
• Segment profit increased due to improved profitability
7

1-5.

Transportation Business: Factors for Increase andDecrease in Segment Income

TransportationProfit increased due to efforts to improve profitability, including cost reductions
Increase/decrease Change in grossin salesmargin(non(nonconsolidated)consolidated)
2,190 million +60 million yen -170 million yen

Plant profit/loss(nonconsolidated)+100 million
yen

yen

SG&A expenses(nonSubsidiaryconsolidated)
profits, etc. 2,250 million+40 million yen +30 million yen
yen+60 million yen

0.0

FYE May 2022

FYE May 2023

8

1-6.

Segment Performance: Industry BusinessIndustry

Orders received increased. Both net sales and segment profit remained at the same level as theprevious year as prolonged difficulties in procuring parts and materials continued to impact the
production processes◼

Orders received and order backlog

150◼ Net sales and segment income(100 million yen)

Net sales

Segment profit

150

Orders received

105.9

106.8

30
Net sales

108.5

105.4

100

99.0

99.0

100

20

Order backlog
50

50

54.1

62.0

71.5

10

Segment profit

7.1
4.7

0

4.7

0

FYE May 2021FYE May 2022FYE May 2023

0

FYE May 2021FYE May 2022FYE May 2023

• Orders for processing equipment also increased thanks to an order for large-scale testing equipment• Net sales were unchanged from the previous fiscal year as sales for testing equipment and processing
equipment increased but those for power supplies dropped• Segment profit also remained at the same level as the previous fiscal year
9

1-7.

Industry Business: Factors for Increase andDecrease in Segment Income

Industry

Segment profit was unchanged from the previous fiscal year as the burden of depreciation
reduced as a result of the impairment of non-current assets recorded in the previous fiscal year
but gross profit margin worsened

SG&A expenses*1(nonPlant profitability(non-consolidated) consolidated)
Change in gross +60 million yen -50 million yen
Increase/decrease
marginin sales(non*1 Depreciation(non-consolidated) consolidated)+150 million
470 million yen +30 million yen -50 million yen
yen

Subsidiary
profits, etc.
+20 millionyen

470 million yen

Unchanged

0.0

FYE May 2022

FYE May 2023

10

1-8.

Segment Performance: ICT Solution Business

ICT

Orders received along with net sales and profit grew due to an increase insoftware improvements for station equipment.
◼ Orders received and order backlog
20◼ Net sales and segment income(100 million yen)

Net sales

Segment profit

20

20

14.2
Net sales

12.5

10.6

9.4
10

10 Orders received

10

7.9

6.3
Segment profit

4.2
Order backlog

2.6

2.6

1.0

4.1
1.4

0

0

FYE May 2021FYE May 2022FYE May 2023

0

FYE May 2021FYE May 2022FYE May 2023

• Orders received increased due to software improvements as a result of the opening of new lines andfare/tariff revisions including barrier-free fares• Net sales increased for the same reasons why orders received increased• Segment profit also grew thanks to an increase in sales
111-9. Consolidated Financial Position(100 million yen)

May 31, 2022

May 31, 2023

469.1

496.8

+27.6

Current assets

241.8

267.3

+25.4 Cash and deposits: +10.7 billion yen

Non-current assets

227.2

229.4

+2.1

249.0

250.9

+1.9

73.0

56.5

-16.5

220.1

245.8

+25.7 securities: +14.5 billion yen

46.9%

49.5%

+2.6ptTotal assets

Total liabilities
Of which, net interestbearing debt
Net assets
Equity-to-asset ratio

ChangeRemarks

Trade receivables: +11.4 billion yen

Valuation difference on available-for-sale12

1-10. Trends in Consolidated Cash Flows(100 million yen)FYE May 2019 FYE May 2020 FYE May 2021 FYE May 2022 FYE May 2023

Cash flows from operating activities

37.2

21.4

17.7

25.0

8.1

Cash flows from investing activities
Purchases of property, plant andequipment
Cash flows from financing activities

-10.1

0.4

-1.5

2.8

6.3

-22.7

-6.4

-5.4

-3.5

-3.2

-20.1

-11.2

-9.7

-23.5

-3.9

Free cash flow

27.0

21.8

16.2

27.9

14.5

Cash at the end of the period

22.4

32.9

39.6

44.4

55.2

Interest-bearing debt

154.2

145.5

138.4

117.5

111.7

Net interest-bearing debt

131.8

112.5

98.8

73.0

56.5

◆ Cash flows fromoperating activities

Cash flows provided by operating activities of 810 million yen due toan increase in trade payable◆ Cash flows frominvesting activities

Cash flows provided by investing activities of 630 million yen due toproceeds from sales of investment securities◆ Free cash flow

Free cash flow has remained positive in recent years◆ Net interest-bearingdebt

Net interest-bearing debt decreased to 5,600 million yen (down1,600 million yen year-on-year)132. Financial Results Forecast for the
Fiscal Year Ending May 31, 2024

14

2-1.

Outlook for Financial Results for Fiscal Year Ending May 31, 2024
(Consolidated)

Orders received of 37.2 billion yen, net sales of 34.5 billion yen, and operating profit of
600 million yen

FYE May 2023 (Results)(100 million yen)

2Q

FYE May 2024 (Forecast)

Full year

2Q

Full year

YoY Change
Full year

Orders received

170.7

332.4

173.0

372.0

＋39.5

Net sales

138.2

310.2

159.0

345.0

＋34.7

Operating profit

-0.8

5.1

-1.2

6.0

＋0.8

(%)

(-%)

(1.7%)(-%)(1.7%)(+0.0pt)

Ordinary profit

1.9

9.8

0.5

9.5

-0.3

Profit

0.2

8.2

1.8

8.0

-0.2

[Net income per share (yen)]

2.98

91.85

19.08

84.81

-7.04

Dividend per share
(yen)

30.0

30.0

15

2-2.

Outlook for Financial Results (by Segment)
Transportation
Business(100 million yen)FYE May 2024
(Forecast)YoY Change

Industry Business

ICT Solution
Business*

Orders received

231.0

125.0

16.0

Net sales

218.0

116.0

11.0

Segment profit

24.5

9.5

2.5

Orders received

＋21.4

＋16.5

＋1.8

Net sales

＋19.5

＋17.0

-1.5

Segment profit

＋2.0

＋4.8

-1.6

* In the fiscal year ended May 31 2023, the reporting segment was changed from “Information
Equipment Systems” to “ICT Solution Business”

16

<Reference> Assumptions for Outlook for Financial Results
The business environment assumed in the outlook for the financial results for the fiscal
year ending May 31, 2024

Transportation
Business• Domestic railway operators plan to invest in sustainability initiatives.
Introduction of new rolling stock and equipment replacement for energy saving is
expected.
• In China, demand for the production of new rolling stock is expected to increase inaddition to demand for the maintenance of existing rolling stock. Elsewhere overseas,
there are also signs of strong activity backed by demand for infrastructure in Southeast
Asian countries.
• Demand for capital investment, mainly in the manufacturing industry, has increased,
and orders for production and processing equipment can be expected, including
customized system products with different specifications for each customer.

Industry
Business

ICT Solution
Business• In the testing system for automobiles, a rapid shift to electrification of automobiles willlead to an active investment review.
• We expect to see an increase in demand for test equipment and power supply
equipment compatible with electrification as well as power generation equipment for
distributed power sources that utilize renewable energy, in preparation for the arrival ofa sustainable society, and we are therefore promoting technological development aimed
at increasing orders.
• In addition to systems for cashless station operating equipment, we are working to
expand the scope of the business to cover all aspects of ICT, including cloud-based
remote monitoring systems that enable monitoring and control of mobile devices,
equipment and facilities.
173. Medium-Term Management Plan
2026
(From June 1, 2022 to May 31, 2026)

18

Announcement of Management Targets under Medium-Term
Management Plan 2026
Previous Medium-Term
Management Plan

Revitalize
2020/2022◼ Significant failure to meet sales targets
Initial plan
Revised plan
Reasons
for failure(Announced in July
2018)

Over 47FYE May 2022 (final year)

billion yen(Announced in
January 2021)

36 billion yen

Actual results: 30.1
billion yen

The Group was not able to secure sufficient profitability to respond to majorchanges in the business environment• Decrease in the number of railway passengers due to the COVID-19 pandemic• Review of test equipment for the electrification of automobiles, etc.

FYE May 2022

◼ Recognized an impairment loss of approximately 2.2 billion yen after
reviewing the future recoverability of the Industrial BusinessMedium-Term
Management
Plan 2026

July 2022

By positioning FYE May 2023 as “a year to thoroughly take initiatives instructural reforms to increase profitability,” promoting initiatives toachieve “revitalization and transformation of Toyo Denki” based on
three basic policies
Postponed the announcement of the numerical targets of theMedium-Term Management Plan (to be announced in July 2023)
The single-year (FYE May 2023) plan was generally achieved
July 2023

FYE May 2026

Announced numerical targets for the fiscal year ending
May 31, 2026 (final year)
19Achievements of “a year to thoroughly take initiatives in structural reforms
to increase profitability”
Achievements of the “three basic policies” set for structural reform◼ Expansion of new businesses and products
Delivery of real-time state monitoring system for railways
Added an “IORemorter” in the VVVF inverter of railway stock, capableof real-time condition monitoring via the public cloud.

Delivery of an in-car replenishment ticket processor using asmartphone
Crews need not carry a conventional dedicated terminal by making its
functions an app for a business smartphone they carry around, and thisimproves safety and services, and helps reduce their workload.

◼ Thorough improvement in earnings structure of existing businesses
Improvement in plant profitability
Review of appropriate selling prices in response to cost increases◼ Improvement in asset efficiency with awareness of capital cost
Continued curtailment of cross-shareholdings
Sale of the vacant lot of company housing
20

Business Environment◼ There remain concerns about factors such as a slowdown in economic recovery overseas, supply constraints for parts andmaterials, and unclear monetary and foreign exchange trends◼ Expects increased demand for social and industrial infrastructure products to reduce environmental burden in response toincreasing environmental awarenessTransportation
BusinessJapan

Railway operators are expected to further introduce new rolling stock and replaceequipment in order to improve profits and due to increasing trend of energy saving

China

Demand for the maintenance of existing rolling stock and an increase in the
production of new rolling stock are expected though there remain concerns about aslowdown in the Chinese economic recovery and price competition due to a shift todomestic production

Overseas

IndustriyBusiness

ICT Solution
Business(excluding China)

Backed by strong infrastructure demand in Southeast Asian countries, delivery of
new rolling stock is expected for the opening of new lines

Testing system for
automobiles

Customers have actively re-examined investment due to a rapid shift to electrificationof automobiles

Production andprocessing
equipment system

Orders received are expected to grow, backed by an increase in demand forequipment, mainly in the manufacturing industry

Power generation andsocial infrastructure
systemOrders for power supply equipment for distributed power sources andemergency/regular power generation equipment are expected to increase due to theutilization of renewable energy and rising demand for a stable energy supply

System for station
operating equipment

As a result of improved profits of railway operators through the recovery in thenumber of railway passengers, orders for systems to enhance services for railway
users are expected to recover

IoT Solutions

Orders received are expected to increase for cloud-type remote monitoring control
systems that realize monitoring and control of mobile devices and remote facilities

21Medium-Term Management Plan 2026
Medium-Term Management Plan 2026

Core Value and Strengths[Group Business Principles]

Prioritize ethics and contribute to the prosperity ofcustomers and society as a whole● Encourage creativity and an enterprising spirit to meet thechallenges of the future● Build trust by focusing on quality first●

Planning, development
and design
Understanding
needs andissues • Achievements and trust in 100 years
in business• Endless challenge for technologicalimprovement[Slogan]Achieve “revitalization andtransformation of Toyo Denki”
in order to “restore andimprove the corporate value”

Procurement[Three Basic Policies]• Thorough attitude toward customers• Close network with business partners

After-sales
service• Development of humanresources for manufacturing

Production

Sales

1. Expansion of new businesses andproducts
2. Thorough improvement in earnings
structure of existing businesses
3. Improvement in asset efficiency withawareness of capital cost22Medium-Term Management Plan 2026
◼ Consolidated financial targets for FYE May 2026
Net sales 40 billion yen

Operating margin 5%

ROE 8%(FYE May 2023: 31 billion yen)

(FYE May 2023: 1.7%)(FYE May 2023: 3.5%)◼ Three basic policies
Expansion of new
businesses and products

Strengthen and expedite development of new business areas
across the Company, and respond to electrification, DX, anddecarbonization

Thorough improvement inearnings structure ofexisting businesses

Radical strengthening of profitability with plants and marketingin unison from both aspects of improving production efficiency
and securing appropriate sales prices

Improvement in asset
efficiency with awarenessof capital cost

Continue to reduce cross-shareholdings, review capitalefficiency of each business and consider reallocation ofmanagement resources

23

Consolidated financial targets⚫ Return sales to the pre-COVID level of 40 billion yen through “expansion of new
businesses and products”⚫ Improve operating profit and ROE significantly by “thorough improvement inearnings structure of existing businesses” and “improvement in asset efficiency withawareness of capital cost”

Net sales

Operating profit and ROE(100 million yen)(100 million yen)
OperatingprofitOperatingmarginROE

Medium-Term Management Plan
2026

“Revitalization andtransformation of Toyo
Denki”

26.5

26.5

24

Segment Initiatives
Transportation BusinessNet sales(100 million yen)

300

200

250
198

218

Main products●●●

Transportation system products
Railway power storage systems
Door operating equipment for buses

PantographTransportation systemproducts

100

Door operating equipment

0
23.5
Result

24.5
Plan

26.5
TargetDroving gear units

Passenger information display system

Traction motors

Major initiatives
Twin disk couplings

Auxiliary power supply (static inverter or SIV)

Master controllers
Total train communication system
Propulsion inverters (VVVF inverters)●

In order to reduce environmental burden (cut power consumption), demand for railway power storage
systems, which store regenerative power during braking, has increased. So, we will expand testing
facilities to strengthen the production system.

●

Promoting development of environmentally friendly products for energy saving, saving of maintenance,and noise reduction25

Segment Initiatives

Industry BusinessNet sales(100 million yen)

150

130
116

100

Main products
●
●

99

●
●
●

Testing system for automobiles
Production and processing equipment system
Power generation and social infrastructure system
Automotive electrical equipment
Other (cableway electrical products, etc.)

50

0
23.5
Result

24.5
Plan

26.5
TargetMajor initiatives●

Advancing improvements to “in-tire house dynamo” and aiming

to use it in EV-compatible vehicle tests and ADAS tests

In-tire house dynamo●

Responding to a recovery in investment demand for energy-saving equipment and expanding the supplyof energy-saving equipment●

Aiming to expand the use of renewable energy by engaging in small hydroelectric power generation andwave power generation
26

Segment Initiatives

ICT Solution BusinessNet sales(100 million yen)

20
20
12

Main products●●

System for station operating equipment
IoT solutions (cloud-type remote monitoring control systems)

11

IoT solutions

10
System for station
operating equipment

0
23.5
Result

24.5
Plan

26.5
TargetMajor initiatives●

The system for station operating equipment improve convenience for railway users and saves labor for
railway operators●

IoT solutions provide cloud- and mobile-based solution services that improve operational efficiency andoptimize maintenance by monitoring and controlling mobile and remote facilities

27

Initiatives to “expand new businesses and products”

New business development
Promote development of company-wide new business areas with a development centeras its core
Case example
Transportation Business×

ICT Solution Business×

Development center

Real-time state monitoring system for railway

Image installed in VVVF inverter

Developed and supplied an “IORemorter” in a VVVF inverter of railway stock,capable of real-time condition monitoring via the public cloud. It is a system to realize
the IoT for railway-vehicle-mounted equipment by making a simple additional
modification.
We are working to realize a more energy-saving and maintenance-saving railway
system by collecting data to improve maintenance performance in the railway field
and helping to reduce power consumption through data analysis.
Control unit

ICT Solution Business× Transportation Business ×

IORemorter Ⅱ

Development center

Cashless payment terminal solution
We provide a terminal with various payment methods such as touch payment, code payment, andelectronic money.
Since it is a portable terminal with an integrated printer, it can be used in any place or scene.
It can be used for variable purposes other than the conventional in-car replenishment ticket processor.
We can offer it as a backward system using a cloud server. We will build applications for business use
according to your request.

28

Initiatives to “expand new businesses and products”
New business development
Promote development of company-wide new business areas with a development centeras its core.
Case example
Industry Business×

Development center

Evaluation facility compliant with automated driving assistancesystems (ADAS)
Utilizing the “in-tire house dynamo” developed in 2020, we are working to further develop thenext-generation vehicle testing equipment for testing autonomous driving and advanced driving
assistance systems.
We have collected opinions of users who have already introduced them and those who areinterested in them at exhibitions and other events, and we will reflect their opinions and future
market trends in new functions for further improvement and support automobile development. As
such, we will contribute to the realization of a sustainable society, including decarbonization.
Industry Business×

Development center

Controller-integrated motor (motor + controller)

Development and mass production of on-demand motors
Utilizing the power electronics technology and production technology that we have cultivated forrailway rolling stock and general industry, we are promoting the development of on-demand
motors to meet customer needs, such as the dedicated development of electric motors andinverters for mobile devices, and the optimal built-in design (integration of machine andelectrical devices) for prime movers, pumps, and production machinery.
We will develop products with higher added value by providing one-stop support from trial
production to mass production of small lots with custom features such as miniaturization, weight
reduction, inverter/converter control, environmental resistance, optimum high efficiency, andhigh functionality.

Inverter

Raising andlowering circuit

Mover
Prime mover
Speed
reducer

Motor

Converter

Built-in motor(machine + motor)

Inverter-integrated motor (motor +inverter)

Mechanical and electrical integrated motor (machine + motor +controller)

29

Initiatives for Sustainability
Implement initiatives to achieve the numerical targets released in February 2023
◆ Sustainability policy
Threeperspectives

Initiative in Products andServices

PolicyWe will provide products andservices that contribute to therealization of a sustainable society
using our group’s outstanding
technologies.

◆ Numerical targets
Environment

CO2 emissions(Scope 1 & 2, compared with
FY2018)

Employment rate for
persons with disabilities
Ratio of female employees
Humancapital(Administration divisions/ chieflevel)

Ratio of female employees(Administration divisions/management level)

Ratio of male employees
taking childcare leave

Initiative in Production Activities
We will reduce the environmental
burden of our production activities
and continue to enhance the local
environment.

Initiatives to Value People andLocal Communities
We will care about our employees
and local communities and deliver
our vitality to the future.

FY2026

FY2030…

10% reduction

30% reduction…

2.9% or more

3.0% or more

25% or more

30% or more

8% or more

15% or more

FY2050100% reduction

For details, please visit our website.
https://www.toyodenki.co.jp/
esg_csr/pdf/2022/p19-27.pdf

50% or more

70% or more
30

Initiatives for Sustainability
Expression of Support for TCFD Recommendations and Information Disclosure
Recognizing that responding to climate change is an important management issue, the Company expressed its
support for the TCFD recommendations and disclosed information.
TCFD (Task Force on Climate-Related Financial Disclosures):Established by the Financial Stability Board in 2015 to study how to disclose climate-related information.

For details, please visit our website
https://www.toyodenki.co.jp/esg_csr/tcfd.php

31

<Reference> Our company profile and business overview(1) Establishment: June 20, 1918 (104 years since establishment)(2) Capital stock：4.9 billion yen(consolidated: fiscal year ended May 31, 2023)(3) Net Sales：310 billion yen (ditto)(4) Number of employees：1,149 (ditto)(5) Business lines: Transportation
Business
Industry Business
ICT Solution
Business(6) Production base

<Yokohama Plant>: Yokohama Plant
Shiga Ryuo Plant<Shiga Ryuo Plant>32

<Reference> Our company profile and business overview
We are contributing to the development of the railway and industrial
fields as a heavy electric machinery manufacturer with threebusinesses: Transportation Business, Industry Business, and ICT
Solution Business.
Transportation Business: products and systems for moving trains

Pantograph

Variable Voltage Variable Frequency(VVVF) Inverter Controller

Industry Business: production, infrastructure facilities,
etc.

Automobile test system

Inverter

ED motor

Motor

Gear units

ICT Solution Business: station service equipment,
etc.

Portable terminal for
conductor

Cloud-type remotemonitoring control system
33

Disclaimer• Statements concerning financial results forecasts are based on data
available as of the date of publication of this material andassumptions concerning the elements of uncertainty that will affectfuture business performance as of the date of publication of thismaterial. Actual financial results may differ depending on a variety
of factors.
• Forward-looking statements contained in this material are thejudgments of the Toyo Denki Group based on data available at thetime of publication of this material. Such statements anddescriptions are by no means comprehensive.
<Inquiries on this presentation>
Toyo Denki Seizo K.K.
PR, IR, and CSR Department, Management Planning Division
TEL:03-5202-8122
Inquiry form:https://www.toyodenki.co.jp/inquiry/inquiry.php
34