Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail.

May 10, 2022

Consolidated Financial Results
for the Fiscal Year Ended March 31, 2022
(Under Japanese GAAP)

Company name: SHIMADZU CORPORATION
Listing:
Tokyo Stock Exchange
Securities code:
7701
URL:
https://www.shimadzu.com
Representative:
Yasunori Yamamoto, President and Representative Director
Inquiries:
Koumei Arakane, General Manager, Finance and Accounting Dept.
Telephone:+81-75-823-1128
Scheduled date of annual general meeting of shareholders:June 28, 2022
Scheduled date to commence dividend payments:
June 29, 2022
Scheduled date to file annual securities report:
June 29, 2022
Preparation of supplementary material on financial results:
Yes
Holding of financial results briefing:
Yes (for institutional investors and analysts)(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the fiscal year ended March 31, 2022 (from April 1, 2021 to March 31,
2022)(1) Consolidated operating results(Percentages indicate year-on-year changes.)

Net sales

Operating profit

Profit attributable toowners of parent

Ordinary profit

Fiscal year ended

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

March 31, 2022

428,175

8.8

63,80628.3

65,57735.6

47,28931.0

March 31, 2021

393,499

2.1

49,742

18.9

48,37813.4

36,097

13.6

Note: Comprehensive income

For the fiscal year ended March 31, 2022:
For the fiscal year ended March 31, 2021:

Earnings
per share

Diluted earnings
per share¥57,142 million¥50,982 million

Return on equity[12.1%][110.0%]

Ratio of ordinary
profit to total assets

Ratio of operating
profit to net sales

Fiscal year ended

Yen

March 31, 2022

160.49

–

13.2

12.4

14.9

March 31, 2021

122.52

–

11.3

10.3

12.6

Yen

%

%

%

(2) Consolidated financial position
Total assets
As of

Net assets

Equity-to-asset ratio

Net assets per share

Millions of yen

Millions of yen

March 31, 2022

560,528

381,16468.0

1,293.60

March 31, 2021

497,459

335,504

67.4

1,138.67

Reference:

EquityAs of March 31, 2022:
As of March 31, 2021:¥381,164 million¥335,504 million%

Yen(3) Consolidated cash flows
Cash flows fromoperating activities

Cash flows frominvesting activities

Cash and cash
equivalents at end of
periodCash flows fromfinancing activities

Fiscal year ended

Millions of yen

Millions of yen

Millions of yen

Millions of yen

March 31, 2022

63,367(6,044)(15,658)

155,319

March 31, 2021

63,801(13,860)(13,033)

106,855

2. Cash dividends
Annual dividends per share
First
SecondThird
quarter-end quarter-end quarter-end
Yen
Fiscal year ended

March 31, 2021
Fiscal year ended

March 31, 2022
Fiscal year ending

March 31, 2023
(Forecast)

Yen

Fiscalyear-end

Yen

Total cash
dividends(Total)

Total

Yen

Ratio of
Payout ratio dividends to(Consolidated) net assets(Consolidated)

Yen Millions of yen

%

%

–

15.00

–

19.00

34.00

10,023

27.8

3.1

–

20.00

–

28.00

48.00

14,151

29.9

3.9

–

22.00

–

28.00

50.00

30.1

Note: For dividends, please refer to the “Notice Regarding Dividends of Surplus” announced today (May 10, 2022).

3. Consolidated earnings forecast for the fiscal year ending March 31, 2023 (April 1, 2022 to March 31,
2023)(Percentages indicate year-on-year changes.)
Net sales
Millionsof yen%Operating profit

Ordinary profit

Millionsof yenMillionsof yen%%Profit attributable toowners of parent
Millionsof yenFiscal year ending
455,000
6.3
68,0006.6
68,0003.7
49,000March 31, 2023
Note: For matters related to the above forecast, please refer to page 5, “Consolidated Outlook.”%

3.6

Basic earnings
per shareYen

166.30* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change
in scope of consolidation): None
(2) Changes in accounting policies, changes in accounting estimates, and restatement(i) Changes in accounting policies due to revisions to accounting standards and other regulations: Yes(ii) Changes in accounting policies due to other reasons: None(iii) Changes in accounting estimates: None(iv) Restatement: None
Note: For details, please refer to page 17, “Notes on Consolidated Financial Statements (Accounting Policy Changes).”(3) Number of issued shares (common shares)(i)

Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2022

296,070,227 shares

As of March 31, 2021

296,070,227 shares(ii) Number of treasury shares at the end of the period
As of March 31, 2022

1,416,992 shares

As of March 31, 2021

1,425,134 shares(iii) Average number of shares outstanding during the period
Fiscal year ended March 31, 2022

294,651,283 sharesFiscal year ended March 31, 2021

294,624,177 shares[Reference] Overview of non-consolidated financial results
Non-consolidated financial results for the fiscal year ended March 31, 2022 (from April 1, 2021 to March
31, 2022)(1) Non-consolidated operating results(Percentages indicate year-on-year changes.)

Net sales

Operating profit

Ordinary profit

ProfitFiscal year ended

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

March 31, 2022

224,608

7.8

34,90946.7

45,31145.4

36,065

33.8

March 31, 2021

208,396

1.5

23,79717.8

31,165

8.2

26,962

9.9

Earnings
per share

Diluted earnings
per share

Fiscal year ended

Yen

March 31, 2022

122.40–March 31, 2021

91.52

–

Yen

(2) Non-consolidated financial position
Total assets
As of

Net assets

Equity-to-asset ratio

Net assets per share

Millions of yen

Millions of yen

March 31, 2022

368,433

239,41365.0

812.52

March 31, 2021

318,574

214,96567.5

729.57

Reference:

EquityAs of March 31, 2022:
As of March 31, 2021:¥239,413 million¥214,965 million%

Yen* Financial results reports are exempt from audit conducted by certified public accountants or an audit
corporation.
* Proper use of earnings forecasts, and other special matters
The above forecast was calculated based on information available on the date this report was released. Actual
results may vary from forecast values, due to various factors in the future. For matters related to the above
forecast, please refer to page 5, “Consolidated Outlook.”

SHIMADZU CORPORATION (7701)

Table of Contents
Index
1. Operating Results .......................................................................................................................... 2(1) Consolidated Overview............................................................................................................ 2(2) Overview of Financial Status ................................................................................................... 7(3) Dividend Policy and Dividends for the Fiscal Years Ended March 31, 2022 and 2023 .................. 8
2. Basic Stance on Selecting Accounting Standards ............................................................................. 8
3. Consolidated financial statements and significant notes thereto ......................................................... 9(1) Consolidated balance sheets ..................................................................................................... 9(2) Consolidated statement of income and consolidated statement of comprehensive income ............11(3) Consolidated statement of changes in equity............................................................................ 13(4) Consolidated statement of cash flows...................................................................................... 15(5) Notes on Consolidated Financial Statements............................................................................ 17
Notes on Going-Concern Assumptions .................................................................................... 17
Accounting Policy Changes ................................................................................................... 17
Segment Information ............................................................................................................. 17
Per-Share Information ........................................................................................................... 18
Events after the Reporting Period ........................................................................................... 18
4. Supplemental Information............................................................................................................ 19- 1 -SHIMADZU CORPORATION (7701)

1. Operating Results(1) Consolidated Overview<Overview of FY 2021>
During FY 2021, uncertainty remained in the global economy due to the spread of the COVID-19
pandemic, shortages in semiconductors and other supplies, and a sharp rise in raw material prices, aswell as sudden exchange fluctuations and the Russian invasion of Ukraine that began in the second halfof the fiscal year, while some economic improvement appeared due to economic measures by thegovernments of various countries, and other factors.
Given such a business environment, Shimadzu worked under its medium-term management plan,
aiming to become a “Company That Solves Challenges in Society in Collaboration with Partners All
Around the World,” and strived to strengthen and expand in key businesses, businesses outside Japan,
businesses with recurring revenues and businesses in the four growth fields. In key businesses, sales
were strong mainly for liquid chromatographs and mass spectrometer systems for pharmaceutical andfood safety applications in the healthcare field. In businesses outside Japan, as a result of promoting
solutions for issues together with our partners globally, sales increased in all major regions and theoverseas sales ratio was 53.0% (a year-on-year increase of 2.2 points). For businesses with recurring
revenues, we strengthened aftermarket business and software subscriptions, etc. Among the businesses
in the four growth fields, we promoted business expansion in each field, the healthcare field, theenvironmental/energy field, the materials field and the infrastructure field.
In infectious disease countermeasure projects implemented as important emergency challenges in themedium-term management plan, Shimadzu developed new products such as mutation assay kits, inaddition to novel coronavirus detection kits and fully automatic PCR testing systems. Shimadzu also
focused on “creating systems for fighting infectious diseases,” partnering with companies, academia,
and healthcare institutions, among others.
Shimadzu achieved record consolidated business results in FY 2021, with net sales of 428,175 million
yen (a year-on-year increase of 8.8 %). Due to the increased net sales and improved gross profit
margin, and other factors, operating profit was 63,806 million yen (a year-on-year increase of 28.3 %).
Ordinary income was 65,577 million yen (a year-on-year increase of 35.6 %), and profit attributable toowners of parent was 47,289 million yen (a year-on- year increase of 31.0 %).
The results for reportable business segments were as follows.
To ensure results for each reportable segment are managed more appropriately, the method used toallocate administrative department expenses was changed, beginning with the first quarter of this fiscal
year. Year-on-year comparisons were calculated using the method applicable after the accounting
policy change to recalculate last year’s values.
<Sales by Business Segment>
I. Analytical & Measuring Instruments
In the Analytical & Measuring Instruments segment, sales increased both in Japan and outside Japan.
Looking at each field, in the healthcare field, sales of liquid chromatographs and mass spectrometersystems were strong for pharmaceutical and contract analysis applications. Sales of novel coronavirus
detection kits and fully automatic PCR testing systems also increased due to demand for testingaccompanying the spread of the COVID-19 pandemic. The manufacturing industry was on a recovery
trend due to an increase in sales of testing machines for transport equipment and other factors. In thegovernment/academia field, sales of liquid chromatographs, mass spectrometer systems, and otherproducts increased due to governments in various countries implementing budgets and academic
institutions resuming operations.
As a result, the Analytical & Measuring Instruments segment posted net sales of 277,515 million yen(a year-on-year increase of 11.7 %) for this fiscal year, with operating profit of 52,956 million yen (ayear-on-year increase of 26.6 %) due to increased sales and other factors.
- 2 -SHIMADZU CORPORATION (7701)

Net sales broken down by major regions are indicated below.

Japan

FY 2020(millionsof yen)FY 2021(millionsof yen)Percent
Increase/
Decrease(%)

104,173

113,631

9.1

Overview
Sales of novel coronavirus detection kits and fully automatic PCR
testing systems increased with the spread of COVID-19 infections.
Testing machine sales increased, mainly for use in transport equipment
and government/academia.

North
America

25,97929,465

Sales of liquid chromatographs for pharmaceutical and clinical werestrong. In addition to a recovery in government/academia demand that
13.4 was adversely affected by the COVID-19 crisis in the previous year,
sales of environmental analytical and measuring instruments for water
quality monitoring increased.

Europe25,62628,561

Despite stagnant sales to Russia, demand for food safety and contract
11.4 analysis applications was robust, and sales of liquid chromatographs
and mass spectrometer systems increased.

China

57,56363,248Despite a reversal in strong demand caused by the publication of the2020 Chinese Pharmacopoeia in the previous fiscal year, liquid
9.9chromatograph sales increased for pharmaceuticals and contract
analysis applications.

Other AsianCountries

26,821

31,283

16.6

Sales of liquid chromatographs and mass spectrometer systems
increased for pharmaceuticals.

II. Medical Systems
In the Medical Systems segment, although sales in Japan increased, sales outside Japan decreased. In
Japan, the market recovered on increased capital equipment investments made by healthcare
institutions, funded by supplementary budget appropriations, and sales of fluoroscopy systems
increased. Furthermore, real-time tumor tracking systems for radiation therapy and the aftermarket
business contributed to results. Outside Japan, despite the increase in sales of fluoroscopy systems in
North America where Shimadzu is focusing its efforts, sales of mobile X-ray systems used to diagnose
pneumonia associated with COVID-19 decreased in all but a few regions, after increasing during theprevious year. In addition, production delays due to shortages in semiconductors and other supplies
affected sales.
As a result, the Medical Systems segment posted net sales of 66,894 million yen (a year-on-year
decrease of 0.0 %) and operating profit of 6,083 million yen (a year-on-year increase of 21.8 %) due tostrong aftermarket businesses and other factors.
Net sales broken down by major regions are indicated below.
FY 2020(millionsof yen)FY 2021(millionsof yen)Percent
Increase/
Decrease(%)

Overview

Japan

36,94437,969

Sales of fluoroscopy systems increased due to the market recovery,
backed by supplementary budget appropriations, and sales of real-time
2.8
tumor tracking systems for radiation therapy also contributed toresults. The aftermarket business was also strong.

North
America

8,292

8,495

Capital equipment investments by healthcare institutions were on a
2.5 recovery trend, with an increase in sales of fluoroscopy systems andgeneral radiography systems.

Europe

4,759

3,481

(26.8)

China

5,241

4,674

Investment in capital equipment stalled due to intensifying(10.8) competition with Chinese domestic products, bidding delays, and otherfactors.

Other AsianCountries

5,983

6,230

4.1

Sales decreased due to a significant drop in demand for mobile X-ray
systems and stagnant sales to Russia.

Sales of mobile X-ray systems increased due to a resurgence of the
COVID-19 pandemic in Southeast Asia.

- 3 -SHIMADZU CORPORATION (7701)

III. Industrial Machinery
In the Industrial Machinery segment, sales increased both in Japan and outside Japan. Looking at
results by product, sales of turbomolecular pumps were strong for semiconductor manufacturing
equipment accompanying the increase in semiconductor demand due to the expansion of 5G
communication networks, promotion of DX and other factors. Demand also increased for glass
construction materials and thin-film manufacturing equipment, such as that for thin-film solar cells.
Sales of hydraulic equipment also significantly increased due to increasing demand for industrial
vehicles, construction machinery, and agricultural equipment.
As a result, the Industrial Machinery segment posted net sales of 56,736 million yen (a year-on-yearincrease of 25.8 %) for this fiscal year, with operating profit of 5,978 million yen (a year-on-yearincrease of 78.2 %) due to increased sales and other factors.
Net sales broken down by major regions are indicated below.
FY 2020(millionsof yen)Japan

23,140FY 2021(millionsof yen)Percent
Increase/
Decrease(%)

Overview

26,623

Turbomolecular pump sales were strong for use in semiconductor
manufacturing equipment and hydraulic equipment sales were strong
15.1
for use in industrial vehicles, construction machinery, and agriculturalequipment.

North
America

5,311

7,837

Turbomolecular pump sales were strong for use in semiconductor
manufacturing equipment and hydraulic equipment sales were strong
47.6
for use in industrial vehicles, construction machinery, and agriculturalequipment.

Europe

2,180

3,074

41.0

Turbomolecular pump sales were strong for use in semiconductor
manufacturing equipment.

China

10,05813,536

Turbomolecular pump sales were strong for use in semiconductor
manufacturing equipment, glass construction materials, and thin-film
34.6 solar cell coating applications. In addition to hydraulic equipment forindustrial vehicles and agricultural equipment, glass winder sales also
increased significantly.

Other AsianCountries

4,205

5,531

Demand increased for turbomolecular pumps used in semiconductor
31.5 manufacturing equipment and aftermarket service sales were alsostrong. Glass winder sales also increased significantly.

IV. Aircraft Equipment
In the Aircraft Equipment segment, although sales in Japan decreased, sales outside Japan increased.
Looking at each field, in the defense field, sales decreased due to a reactionary decline after large
projects during the previous year. In the commercial aircraft equipment field, the decrease in demandcaused by the COVID-19 pandemic showed signs of bottoming out.
As a result, the Aircraft Equipment segment posted net sales of 22,301 million yen (a year-on-year
decrease of 21.9%), with operating profit of 118 million yen (a year-on-year decrease of 86.6%),
securing a profit despite the significant decline in sales.
Net sales broken down by major regions are indicated below.
FY 2020(millionsof yen)FY 2021(millionsof yen)Percent
Increase/
Decrease
(%)

Japan

24,764

18,214(26.4)

North
America

3,569

3,822

7.1

Overview
Reactionary decline in the defense field following the large projects inthe previous year.
There are signs of demand for commercial aircraft equipment
bottoming out.

- 4 -

SHIMADZU CORPORATION (7701)

V. Other
Other business segments posted net sales of 4,727 million yen (a year-on-year increase of 7.4 %) andoperating profit of 1,256 million yen (a year-on-year increase of 26.9 %).
<Consolidated Outlook>
1) Business Environment and Medium-Term Growth Strategies
While the effects of the COVID-19 pandemic continue to be felt and countries across the globe haveadapted to the new normal of living with COVID-19 and socioeconomic activities are resuming, thebusiness environment is difficult to predict due to supply chain disruptions, such as those involving
semiconductors, the outbreak of the invasion of Ukraine by Russia, and other factors.
Shimadzu intends to achieve business growth by continuing to capitalize on demand expansion in thehealthcare field, while promoting medium- to long-term initiatives such as capturing demand for carbon
neutrality. We also intend to further increase productivity and profitability by continuing measures torationalize controllable costs and implement digital transformation (DX) measures, and to enhance ourability to respond flexibly to rapidly changing times.
FY 2022 is the final year of our medium-term management plan, and we will strive to achieve its goals
and formulate the next medium-term management plan for new growth.
2) Infectious Disease Countermeasure Projects
Along with sales of novel coronavirus detection kits and fully automatic PCR testing systems for clinics,
we will also promote support for the establishment of PCR testing centers at academic institutions, asewer water virus testing service to prevent infection clusters, among other initiatives. In addition, we
will supply test kits other than for the novel coronavirus to fully automatic PCR testing systems, ofwhich we have delivered more than 1,300 units in Japan, in order to make effective use of the systems.
We will develop a network system for managing testing results and testing histories and partner withgovernments and local authorities to create systems for fighting infectious diseases. AdvanSentinel Inc.,
established with SHIONOGI & CO., LTD., will launch a new wastewater monitoring initiative to combat
infectious diseases.
3) Four Growth Strategies and Strengthening the Foundation for Growth(1) Strengthen Key Businesses
We will expand/improve distinctive product lines, mainly for high-end liquid chromatograph and mass
spectrometer products from the Analytical & Measuring Instruments segment, such as fully automatic
pretreatment systems and compact equipment based on using AI, IoT, or robotics technologies, aiming toincrease our market share in the pharmaceutical and clinical markets, especially in Europe and theUnited States. We will promote joint development with research partners around the world and build
relationships with strategic and business partners who are strategically involved in social
implementation.
(2) Strengthen Businesses outside JapanTo promote business growth outside Japan, we will strengthen the function of Innovation Centers andApplication Labs in the United States and Europe, in order to jointly develop solutions for strong
industries in each region together with strong partners. Then we will achieve a positive cycle of growthby deploying developed solutions globally.
(3) Expand Businesses with Recurring Revenues and DX Initiatives
We intend to achieve steady growth of the aftermarket business by strengthening the reagent businessthat grew as part of COVID-19 countermeasures and investing in the expansion of the consumableproduct lines. Furthermore, we will expand our lineup of new products and services utilizing
subscription and pay-as-you-go systems and continue our efforts to engage in creating new businesses.
- 5 -SHIMADZU CORPORATION (7701)

From the perspective of utilizing data, we aim to improve the quality of our products by visualizing theoperating status of equipment used by our customers around the world.
(4) Expand Businesses in Growth Fields
Among the four growth fields, in the healthcare field, we will focus on expanding our business in theareas of infectious diseases, dementia, and cancer, as well as our cell therapy business such as
regenerative medicine. In the environmental/energy field and the materials field, we will accelerate ourbusiness for electric mobility, batteries, new energy making use of hydrogen, ammonia, etc., andrenewable energy, with a particular focus on carbon neutrality. In addition, in order to develop newmaterials, we will promote commercialization thereof, partnering with external partners, mainly based onmaterials informatics, which combines data from measuring materials with data from component
analysis. Furthermore, we will respond to new regulations in various fields and develop new markets,
including analytical methods that are, or will become international standards.
4) Deal with Risks
Shimadzu’s risk management departments and committees are engaged in promoting specialized risk
management promotion activities. They address such risks as violations of business laws, natural
disasters, and geopolitical risks. In response to recent changes in the international situation, etc., we will
monitor the situation, share and disseminate information within our entire Group, and respond tochanges.
5) Sustainability Initiatives
The Shimadzu Group has established the “Shimadzu Group Sustainability Charter,” which defines issues
and themes to be addressed from the aspects of contribution to human and global health, industry andsociety, and corporate governance.
In particular, we consider the issue of climate change to be of universal importance, and have set a newgoal in 2022 to achieve “net zero GHG emissions from our business activities by 2050.” We will work toachieve these targets through such measures as expanding the introduction of renewable energy. In
addition, we will disclose information on climate change-related risks, opportunities, andcountermeasures in support of the recommendations of the TCFD (Task Force on Climate-Related
Financial Disclosures).
We will also promote diversity and inclusion, in the belief that diverse knowledge and values are asource of innovation and that creating a workplace where a variety of human resources can play an activerole will enhance corporate value. With the following goals in mind, we will make efforts to create newscience and technology and solve social issues through activities such as promoting active participationof women and global human resources.
•Increase the percentage of female workers in management positions to at least 6% (or 60 persons).
•Maintain the percentage of women in full-time employment at 30% or more each year.
•Increase the ratio of male workers taking childcare leave to at least 30%.
(Target period for the above goal: April 1, 2021 to March 31, 2026)- 6 -SHIMADZU CORPORATION (7701)

Based on the above, the consolidated earnings forecast for the fiscal year ending March 2023 is indicatedbelow.
(Millions of yen)
FY 2022
Consolidated Earnings Forecast

Year-on-Year
Percent Increase/Decrease

Net Sales

455,000

6.3%

Operating Profit

68,000

6.6%

Ordinary Income

68,000

3.7%

Profit Attributable to Owners of Parent
49,0003.6%
Note: The forecasted results above were calculated based on information available on the date this report was released. Actual
results may vary from forecast values, due to various factors in the future.

(2) Overview of Financial Status<Assets as of March 31, 2022>
Both cash and time deposits as of March 31, 2022 increased, compared to the end of the previous year,by 45,206 million yen. Consequently, total assets increased by 63,068 million yen to 560,528 million
yen. Net assets increased by 45,659 million yen to 381,164 million yen due to a 35,791 million yen
increase in retained earnings.
<Cash Flows>
Cash and cash equivalents as of March 31, 2022 increased by 48,463 million yen, compared to the endof the previous year, to 155,319 million yen.
The cash flow status for FY 2021 is described below.
I. Cash Flows from Operating Activities
Cash flow from operating activities resulted in an inflow of 63,367 million yen, which is a 433 million
yen decrease from the previous year. Primary cash flows include a 16,129 million yen increase fromchanges in income before income taxes, an 8,378 million yen decrease from changes in inventory
assets, a 6,649 million yen decrease from an increase of income taxes paid, and a 2,858 million yen
decrease from changes in contract liabilities.
II. Cash Flows from Investing Activities
Cash flow from investing activities resulted in an outflow of 6,044 million yen, which is a 7,815
million yen decrease from the previous year. The primary cash flows include a 10,131 million yen
outflow from capital equipment investment and an inflow of 3,562 million yen from net decrease(increase) in time deposits.
III. Cash Flows from Financing Activities
Cash flow from financing activities resulted in an outflow of 15,658 million yen, which is a 2,624
million yen increase from the previous year. The primary cash flows include an 11,490 million yen
outflow from payment of cash dividends and a 4,148 million yen outflow from payment of leaseliabilities.

- 7 -SHIMADZU CORPORATION (7701)<Trend in Cash Flow Indices>Year EndedYear EndedYear EndedYear EndedYear Ended
March 31, 2018 March 31, 2019 March 31, 2020 March 31, 2021 March 31, 2022
Equity Ratio (%)

64.0

65.9

69.2

67.4

68.0

Equity Ratio on a Market Value
Basis (%)

210.6

215.6

191.5

237.2

222.6

Years of Debt Redemption (years)
Interest Coverage Ratio

0.5

0.6

0.1

0.0

0.0

295.5

236.9

382.9

353.3

336.3

Note: Equity Ratio = (Net assets – Non-controlling interests)/Total assets
Equity Ratio on a Market Value Basis (%) = Total market value of shares/Total assets
Years of Debt Redemption = Interest bearing debt/Cash flow from operating activities
Interest Coverage Ratio = Cash flow from operating activities/Interest payment
1. All indices were calculated on a consolidated basis.
2. The total market value of shares was calculated as the product of year-end share price and thenumber of year-end outstanding shares (after deduction of treasury stock).
3. The cash flow from operating activities indicated on the consolidated statements of cash flows
was used as the cash flow from operating activities. Interest bearing debt includes short-term loans,long-term debt, commercial paper, and unsecured bonds, from liabilities indicated on the
consolidated balance sheet. Interest payment indicates the interest paid, as reported in consolidated
statements of cash flows.
(3) Dividend Policy and Dividends for the Fiscal Years Ended March 31, 2022 and 2023
Shimadzu views the return of profits to shareholders as a key management objective.
We intend to keep dividends stable, while also taking into account earnings performance and cash
flows. We will also maintain sufficient internal reserves to fund capital equipment investments, R&D,
human resources, and strategic investments for increasing business growth and profitability in themedium and long term. We will continue making every effort to maintain stable financial conditions,while strengthening earnings and raising our return on equity.
A year-end dividend of 19 yen per share was paid for the fiscal year ended March 31, 2021, but we plan
to pay a year-end dividend of 28 yen per share for the fiscal year ended March 31, 2022. Combinedwith the interim dividend of 20 yen per share, that will result in a total annual dividend of 48 yen per
share, which is an increase of 14 yen compared to the previous year.
For the fiscal year ending March 31, 2023, we currently plan to pay an interim dividend of 22 yen and a
year-end dividend of 28 yen per share, for a total annual dividend of 50 yen per share, an increase of 2
yen from the previous fiscal year.

2. Basic Stance on Selecting Accounting Standards
The Shimadzu Group currently presents its consolidated financial statements based on Japanese accounting
standards to facilitate comparison with results from other years and comparison with the results of othercompanies.
Regarding International Financial Reporting Standards (IFRS), we will take appropriate measures based on
various circumstances in and outside Japan.

- 8 -SHIMADZU CORPORATION (7701)

3. Consolidated financial statements and significant notes thereto(1) Consolidated balance sheets(Millions of yen)
As of March 31, 2021

As of March 31, 2022

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract
assetsMerchandise and finished goods

112,760

157,966

117,857

121,931

59,117

61,386Work in process

18,383

20,777

Raw materials and supplies

20,15024,484

Other

9,296

9,984

Allowance for doubtful accounts(2,119)(2,167)

Total current assets

335,446394,363

Buildings and structures, net

53,01652,902

Machinery, equipment and vehicles, net

6,366

7,261

Land

18,955

19,053

Leased assets, net

2,275

1,910

Non-current assets
Property, plant and equipment

Construction in progress

1,703

992

Other, net

20,07522,310Total property, plant and equipment

102,392

104,430

11,615

11,151Intangible assets
Investments and other assets
Investment securities

13,663

13,496Long-term loans receivable

132

156

Retirement benefit asset

19,175

20,665

Deferred tax assets

11,49812,606

Other

3,883

4,003

Allowance for doubtful accounts

(348)

(345)

Total investments and other assets

48,00550,583

162,013

166,164

497,459

560,528

Total non-current assets
Total assets- 9 -SHIMADZU CORPORATION (7701)(Millions of yen)
As of March 31, 2021

As of March 31, 2022

Liabilities
Current liabilities
Notes and accounts payable - trade61,424

66,538

Short-term borrowings

1,462

1,504

Lease liabilities

3,568

3,458

Accounts payable - other

12,96013,760

Income taxes payable

7,645

10,944Contract liabilities

35,69640,347

Provision for bonuses
Provision for bonuses for directors (and otherofficers)
Provision for loss on orders received

11,43011,657

292

355

126

10

Provision for share awards
Other
Total current liabilities

–

38

9,490

10,126

144,096

158,743

Non-current liabilities
Long-term borrowings
Lease liabilities
Provision for retirement benefits for directors (andother officers)
Retirement benefit liability
Provision for share awards

281

205

4,945

6,422

132

144

11,342

12,994

89

92

Other

1,066

759

Total non-current liabilities

17,857

20,620161,954

179,363

26,64826,648

Total liabilities
Net assets
Shareholders’ equity
Share capital
Capital surplus

34,91034,910Retained earnings

262,966

298,758

Treasury shares(1,259)(1,244)

Total shareholders’ equity

323,267

359,073

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment

6,579

6,471

118

10,093Remeasurements of defined benefit plans

5,540

5,525

Total accumulated other comprehensive income

12,23722,090335,504

381,164

497,459

560,528

Total net assets
Total liabilities and net assets- 10 -SHIMADZU CORPORATION (7701)(2) Consolidated statement of income and consolidated statement of comprehensive income
Consolidated statement of income(Millions of yen)

Fiscal year ended
March 31, 2021

Fiscal year ended
March 31, 2022

Net sales

393,499

428,175

Cost of sales

237,306

249,559

Gross profit

156,192

178,615

Selling, general and administrative expenses

106,450

114,809

Operating profit

49,74263,806

Interest income

214

287

Dividend income

337

228

Insurance claim income

278

261

Subsidy income

853

1,058

–

1,139

744

689

2,429

3,665

180

188

Non-operating income

Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Foreign exchange losses
Donations
Other
Total non-operating expenses
Ordinary profit

211

–

2,438

1,063

962

642

3,793

1,894

48,37865,577Extraordinary income
Gain on transfer of investment securities

1,463

812

Gain on sale of non-current assets

71

170

Gain on sale of investment securities

338

146

–

2

1,874

1,133

–

549

Loss on disposal of non-current assets

225

200

Loss on valuation of investment securities

61

13

Impairment losses

148–

Gain on liquidation of investment securities
Total extraordinary income
Extraordinary losses
Loss on fire

435

763

Profit before income taxes

Total extraordinary losses

49,81765,947

Income taxes - current

13,417

19,438

Income taxes - deferred

302

(780)

Total income taxes

13,71918,657

Profit36,09747,289Profit attributable to owners of parent

36,09747,289- 11 -SHIMADZU CORPORATION (7701)

Consolidated statement of comprehensive income(Millions of yen)
Fiscal year ended
March 31, 2021

ProfitFiscal year ended
March 31, 2022

36,09747,289Other comprehensive income
Valuation difference on available-for-sale securities

1,820

(107)

Foreign currency translation adjustment

5,976

9,975

Remeasurements of defined benefit plans, net of tax

7,087

(14)

Total other comprehensive income

14,884

9,853

50,982

57,14250,982

57,142––Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests- 12 -SHIMADZU CORPORATION (7701)(3) Consolidated statement of changes in equity
Fiscal year ended March 31, 2021 (from April 1, 2020 to March 31, 2021)(Millions of yen)

Shareholders’ equity
Share capital
Balance at beginning of period

26,648

Capital surplus

Retained earnings

Treasury shares

Total shareholders’equity34,910245,254(1,419)305,395

Cumulative effects of changes
in accounting policies
Restated balance(9,506)
26,64834,910235,747(9,506)(1,419)295,888

Changes during period
Dividends of surplus(8,844)(8,844)

Profit attributable to ownersof parent

36,09736,097Purchase of treasury shares

(4)

(4)

Disposal of treasury shares

164

164

Decrease by merger

(34)

(34)

Net changes in items otherthan shareholders’ equity
Total changes during period
Balance at end of period--

27,219159

27,37826,64834,910262,966(1,259)323,267

Valuation difference Foreign currency
Total accumulated
Remeasurements ofon available-for-saletranslation
other comprehensive
defined benefit planssecurities
adjustment
incomeTotal net assets

Accumulated other comprehensive income

Balance at beginning of period

4,758

Cumulative effects of changes
in accounting policies
Restated balance(5,831)(1,546)

6
4,758(5,824)(1,546)(2,620)302,775

6(9,500)(2,613)

293,275

Changes during period
Dividends of surplus(8,844)

Profit attributable to ownersof parent

36,097Purchase of treasury shares(4)

Disposal of treasury shares

164

Decrease by merger(34)

Net changes in items otherthan shareholders’ equity

1,820

5,942

7,087

14,851

14,851

Total changes during period

1,820

5,942

7,087

14,851

42,229Balance at end of period

6,579

118

5,540

12,237

335,504- 13 -SHIMADZU CORPORATION (7701)

Fiscal year ended March 31, 2022 (from April 1, 2021 to March 31, 2022)(Millions of yen)

Shareholders’ equity
Share capital
Balance at beginning of period

26,648

Capital surplus

Retained earnings

Treasury shares

Total shareholders’equity34,910262,966(1,259)323,267

Cumulative effects of changes
in accounting policies
Restated balance–
26,64834,910262,966(1,259)323,267

Changes during period
Dividends of surplus(11,497)(11,497)

Profit attributable to ownersof parent

47,28947,289Purchase of treasury shares

(4)

(4)

Disposal of treasury shares

18

18

Decrease by merger–

Net changes in items otherthan shareholders’ equity
Total changes during period
Balance at end of period––

35,7911435,806

26,64834,910298,758(1,244)359,073

Valuation difference Foreign currency
Total accumulated
Remeasurements ofon available-for-saletranslation
other comprehensive
defined benefit planssecurities
adjustment
incomeTotal net assets

Accumulated other comprehensive income

Balance at beginning of period

6,579

118

5,540

Cumulative effects of changes
in accounting policies
Restated balance

6,579

118

5,540

12,237

335,504––

12,237

335,504

Changes during period
Dividends of surplus(11,497)

Profit attributable to ownersof parent

47,289Purchase of treasury shares(4)

Disposal of treasury shares

18

Decrease by merger–

Net changes in items otherthan shareholders’ equity

(107)

9,975

(14)

9,853

9,853

Total changes during period

(107)

9,975

(14)

9,853

45,659Balance at end of period

6,471

10,093

5,525

22,090381,164- 14 -SHIMADZU CORPORATION (7701)(4) Consolidated statement of cash flows(Millions of yen)
Fiscal year ended
March 31, 2021

Fiscal year ended
March 31, 2022

Cash flows from operating activities
Profit before income taxes

49,81765,947

Depreciation

15,536

16,205

Impairment losses
Loss on fire
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for bonuses for
directors (and other officers)
Increase (decrease) in net defined benefit asset andlability
Interest and dividend income
Interest expenses
Donations
Foreign exchange losses (gains)
Loss (gain) on sale and valuation of investment
securities
Loss (gain) on transfer of investment securities

148

–

–

549

241

(135)

1,928

96

19

59

314

(134)

(552)

(515)

180

188

2,272

948

(18)

(1,062)

(277)

(133)

(1,463)

(812)

–

(2)

153

30

Loss (gain) on liquidation of investment securities
Loss (gain) on sale and retirement of property, plant andequipment
Decrease (increase) in trade receivables(5,444)(220)

Decrease (increase) in inventories

3,126(5,252)

Increase (decrease) in trade payables

(92)

2,255

Increase (decrease) in contract liabilities

4,286

1,427

Other, net

3,322

554

Subtotal

73,49979,992

Interest and dividends received

554

517

Interest paid

(180)

(188)

Loss on fire paid

–

(232)

Income taxes paid

(10,071)(16,721)

Net cash provided by (used in) operating activities

63,801

63,367(13,312)(10,131)

Cash flows from investing activities
Purchase of non-current assets
Proceeds from sale of non-current assets

346

555

Purchase of investment securities

(34)

(347)

Proceeds from sale of investment securities

548

302

–

22

Loan advances

(15)

(50)

Proceeds from collection of loans receivable

39

40

Proceeds from liquidation of investment securities

Other, net(1,432)

3,563

Net cash provided by (used in) investing activities(13,860)(6,044)- 15 -SHIMADZU CORPORATION (7701)(Millions of yen)
Fiscal year ended
March 31, 2021

Fiscal year ended
March 31, 2022

Cash flows from financing activities
Repayments of short-term borrowings

(430)

–

Proceeds from long-term borrowings

280–

Repayments of long-term borrowings

(229)

(34)

Proceeds from issuance of commercial papers

10,000–

Redemption of commercial papers(10,000)–

Dividends paid

(8,840)(11,490)

Repayments of lease liabilities(3,973)(4,148)159

14(13,033)(15,658)

Effect of exchange rate change on cash and cash
equivalents

3,068

6,799

Net increase (decrease) in cash and cash equivalents

39,976

48,463

Cash and cash equivalents at beginning of period
Increase in cash and cash equivalents resulting frommerger with unconsolidated subsidiaries

66,683

106,855

196–

Cash and cash equivalents at end of period

106,855

155,319

Decrease (increase) in treasury shares
Net cash provided by (used in) financing activities- 16 -SHIMADZU CORPORATION (7701)(5) Notes on Consolidated Financial Statements
Notes on Going-Concern Assumptions
Not applicable.
Accounting Policy Changes
Shimadzu has decided to apply the “Accounting Standard for Fair Value Measurement” (ASBJ
Statement No. 30, July 4, 2019, hereinafter “Fair Value Standard”) beginning with this fiscal year andimplement the new accounting policy in the future by applying transitional methods specified fortransitioning to the Fair Value Standard in Article 19 of the Fair Value Standard and Article 44-2 of the“Accounting Standard for Financial Instruments” (ASBJ Statement No. 10, July 4, 2019). The change
will have no effect on consolidated financial statements for this fiscal year.
Segment Information
1 Information on net sales, operating profit, assets and other items by reportable segment
From April 1 to March 31 of fiscal year ended March 31, 2021
(Millions of yen)
Reportable segment
Analytical&
Measuring
Instruments

MedicalSystems

Industrial
Machinery

Aircraft
Equipment

Total

248,550

66,90345,082

28,560

5

24

77

Total

248,556

66,928Operating profit

41,813

4,994

Net sales
Sales tocustomers
Inter-segment
sales

Amounts
reported
Adjustme
on thequarterlyntsstatements
of income

Other

Total

389,097

4,401

393,499–

393,499

–

107

1,706

1,813

(1,813)–45,15928,560389,205

6,107

395,312(1,813)

393,499

3,355

882

51,046989

52,035(2,293)49,742

From April 1 to March 31 of fiscal year ended March 31, 2022
(Millions of yen)
Reportable segment
Analytical&
Measuring
Instruments

MedicalSystems

Industrial
Machinery

Aircraft
Equipment

Total

277,515

66,89456,73622,301

8

70

150

Total

277,524

66,965

Operating profit

52,956

6,083

Net sales
Sales tocustomers
Inter-segment
sales

Amounts
reported
Adjustme
on thequarterlyntsstatements
of income

Other

Total

423,447

4,727

428,175–

428,175

19

249

2,205

2,455

(2,455)–56,88722,320423,697

6,932

430,630(2,455)428,175

5,978

118

65,137

1,256

66,393(2,586)63,806

Matters related to changes in reportable segments
To ensure results for each reportable segment are managed more appropriately, the method used to allocate administrative
department expenses was changed, beginning with the first quarter of this fiscal year. Year-on-year comparisons were
calculated using the method applicable after the accounting policy change to recalculate last year’s values.

- 17 -SHIMADZU CORPORATION (7701)<Related Information>
Information on the Amount of Net Sales by Geographical Segment
From April 1 to March 31 of fiscal year ended March 31, 2021
Japan

The Americas

193,420

Europe47,79332,703(Millions of yen)

Other Asian
countries

China
72,87237,094

Other

Total

9,615

From April 1 to March 31 of fiscal year ended March 31, 2022Japan

The Americas

201,164Europe55,37835,297(Millions of yen)

Other Asian
countries

China
81,469393,499

43,109

Other

Total

11,754

Note: Main countries and regions included in the geographical segments other than Japan

428,175

The Americas: U.S.A.
Europe: U.K., Germany
China: China
Other Asian countries: India, Southeast Asia, South Korea, Taiwan
Other: Australia, Middle East, Africa
Per-Share Information
From April 1 to March 31 of fiscal
year ended March 31, 2021

(Yen)
From April 1 to March 31 of fiscal
year ended March 31, 2022

Net assets per share

1,138.67

1,293.60

Earnings per share

122.52160.49Note: The basis for calculating the earnings per share is indicated below.
From April 1 to March 31 of fiscal
year ended March 31, 2021

From April 1 to March 31 of fiscal
year ended March 31, 2022

Profit attributable to owners of parent(millions of yen)

36,09747,289Earnings allocable to common shares(millions of yen)

36,09747,289Average number of common shares
outstanding during the year
(thousand shares)

294,624

294,651

Events after the Reporting Period
Not applicable.

- 18 -SHIMADZU CORPORATION (7701)

4. Supplemental Information

Overview of Financial Results for the Fiscal Year Ended March 2022

Consolidated Results
R
o
w
N
o.

1 Net Sales

FY 2020

FY 2021

Results

Results

Year-on-YearFY 2022

Percent
Increase/
Decrease

Increase/
Decrease

Forecast

millions of yen

393,499

428,175

34,6758.8%

455,000

2

Net Sales (Analyticalmillions of yen& Measuring
Instruments)

248,550

277,515

28,964

11.7%

－

3

Net Sales (Medical
Systems)

millions of yen

66,903

66,894(9)(0.0%)－

4

Net Sales (Industrial
millions of yen
Machinery)

45,082

56,736

11,653

25.8%

－

5

Net Sales (Aircraft
Equipment)

millions of yen

28,56022,301(6,259)(21.9%)－

6

Net Sales (Other)millions of yen

4,401

4,727

325

7.4%

－

7

Net Sales by Region(Japan)millions of yen

193,420

201,164

7,744

4.0%

－

8

Net Sales by Region(Outside Japan)

millions of yen

200,078

227,010

26,931

13.5%

－

9

Net Sales (TheAmericas)millions of yen

47,79355,378

7,585

15.9%

－

10

Net Sales (Europe)

millions of yen

32,70335,297

2,593

7.9%

－

11

Net Sales (China)

millions of yen

72,872

81,469

8,597

11.8%

－

12

Net Sales (Other
Asian Countries)

millions of yen

37,094

43,109

6,015

16.2%

－

13 Net Sales (Other)millions of yen

9,615

11,754

2,139

22.3%

－

14 Operating Profit

millions of yen

49,74263,806

14,06428.3%

68,00015 Ordinary Income

millions of yen

48,37865,577

17,19935.6%

68,000

millions of yen

36,09747,289

11,19131.0%

49,00016

Profit Attributable to
Owners of Parent

17

Operating Profit
Margin

%

12.6

14.9

－

－

14.9

18 Earnings per ShareYen

122.52160.49－－166.3019 Dividend per Share

Yen

34.00

48.00

－

－

50.00

Capital Equipment
20
Investment

millions of yen

14,471

16,357

1,886

13.0%

24,00021

Depreciation andAmortization

millions of yen

15,536

16,205668

4.3%

17,00022

Cash Flows fromOperating Activities

millions of yen

63,801

63,367

(433)

－

－

23

Cash Flows from
Investing Activities

millions of yen(13,860)(6,044)

7,815

－

－

24

Cash Flows from
Financing Activities

millions of yen(13,033)(15,658)(2,624)－－

Cash and Cash
25 Equivalents, End of
Periodmillions of yen

106,855

155,319

48,463－－26 Total Assets

millions of yen

497,459

560,528

63,06812.7%－

27 Net Assets

millions of yen

335,504

381,164

45,65913.6%－

28 Equity Ratio

%

67.4

68.0

－

－

－

29 Return on Equity

%

11.3

13.2

－

－

－

- 19 -SHIMADZU CORPORATION (7701)
30 Return on Asset

%

10.3

12.4

－

－

－

31 Net assets Per ShareYen

1,138.67

1,293.60－－－

Number of All Group
Employees

Employees

13,30813,499191－－

Number of
33 Consolidated
Subsidiaries

Companies

76

76

－

－

－

34

Japan

Companies

23

23

－

－

－

35

Outside Japan

Companies

53

53

－

－

－

32

- 20 -