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 Three Months Ended January 31, 2023
(Based on Japanese GAAP)
March 2, 2023
Company name:

SENSHU ELECTRIC CO.,LTD.

Stock exchange listing: Tokyo
Stock code:
9824

URL

https://www.senden.co.jp/

Representative:

Representative Director,President
Senior Managing Director & Executive

Motohide NishimuraInquiries:

Officer & General Manager ofAdministration Division

Kazuto Narita

Scheduled date to file Quarterly Securities Report:
Scheduled date to commence dividend payments:

March 9, 2023–

Preparation of supplementary material on quarterly financial results:
Holding of quarterly financial results meeting:

NoNo

TEL

06-6384-1101(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the three months ended January 31, 2023 (from November 1, 2022 to January 31, 2023)(1) Consolidated operating results (cumulative)
Percentages indicate year-on-year changes
Profit attributable toNet sales
Operating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%Three months ended January 31, 2023
29,764
9.6
2,147
29.4
2,263
28.2
1,520
27.3
Three months ended January 31, 2022
27,16133.5
1,658 130.2
1,766 115.7
1,194 117.3(Note) Comprehensive income Three months ended January 31, 2023
Three months ended January 31, 2022

¥1,582 million [39.8%]¥1,132 million [57.4%]

Earnings per share

Diluted earnings per shareYen
85.14
65.60

Three months ended January 31, 2023
Three months ended January 31, 2022

Yen––(Notes) 1. The Company conducted a 2-for-1 stock split of common shares on November 1, 2022. “Earnings per share” is calculated on theassumption that the stock split was conducted at the beginning of the previous fiscal year.
2. Diluted earnings per share is not stated because there are no residual shares having the dilutive effect.
(2) Consolidated financial position
Total assets
Millions of yen
95,123
95,381

As of January 31, 2023
As of October 31, 2022Reference: Equity

Net assets

Equity ratio

Millions of yen
46,996
46,399As of January 31, 2023

¥46,679 million

As of October 31, 2022

¥46,123 million

%
49.1
48.4

2. Cash dividends
Annual dividends per share

Year ended October 31, 2022
Year ending October 31, 2023

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––

Yen
60.00

Yen–

Yen
80.00

Yen
140.00

40.00

–

40.00

80.00

Year ending October 31, 2023 (Forecast)

Total(Note) Revision of cash dividend forecast most recently announced: NoThe Company conducted a 2-for-1 stock split of common shares on November 1, 2022, and the dividends for the fiscal year ended October 31,2022 represent the actual amounts of dividends before the stock split.

13. Forecast of consolidated financial results for the year ending October 31, 2023 (from November 1, 2022 to October 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%YenSix months ending
56,600
2.6
3,650
3.2
3,800
2.3
2,580
3.5
145.85
April 30, 2023
Full year
118,200
4.0
7,800
4.5
8,100
2.6
5,500
3.5
310.92(Note) Revision of consolidated financial results forecast most recently announced: No
Pursuant to a resolution at a meeting of the Board of Directors held on December 8, 2022, the Company repurchased up to 200,000 treasury
shares from December 9, 2022 until April 30, 2023. The earnings per share in the consolidated financial results forecast is calculated taking into
account the effect of these stock repurchases.
4. Notes(1) Changes in significant subsidiaries during the three months ended January 31, 2023
(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:

No(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:YesNoChanges 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 January 31, 2023

21,000,000 shares As of October 31, 2022

21,000,000 shares

Number of treasury shares at the end of the period
As of January 31, 2023

3,199,510 shares As of October 31, 2022

3,110,570 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Three months ended January 31, 2023

17,856,935 shares Three months ended January 31, 2022

18,204,988 shares(Note) The Company conducted a 2-for-1 stock split of common shares on November 1, 2022. “Total number of issued shares at the end of theperiod,” “number of treasury shares at the end of the period,” and “average number of shares during the period” are calculated on theassumption that the stock split had been conducted at the beginning of the previous fiscal year.
* Quarterly financial results reports are exempt from quarterly reviews conducted by certified public accountants or an audit corporation.
* Proper use of forecasts of financial results, and other special matters
The forward-looking statements, including earnings forecasts, contained in these materials are based on information currently available to theCompany and on certain assumptions deemed to be reasonable. These statements do not purport that the Company pledges to realize suchstatements. Actual performance and other results may differ materially due to various factors.

2

Quarterly consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of October 31, 2022

As of January 31, 2023

AssetsCurrent assets
Cash and deposits

27,16526,601

Notes and accounts receivable - trade
Electronically recorded monetary claims - operating

22,572
10,831

21,523
11,254

Securities
Merchandise

23
6,575

23
7,272

Work in process
Raw materials and supplies

250
238

252
271

Other
Allowance for doubtful accounts

267
(14)

244
(14)

67,91067,429Buildings and structures, net
Machinery, equipment and vehicles, net

6,290
316

6,218
301

Land
Leased assets, net

10,38193

10,36386

Total current assets
Non-current assets
Property, plant and equipment

Other, net

696

1,052

17,77918,022

Goodwill
Other

156
182

148
196

Total intangible assets

339

344

Investments and other assets
Investment securities

Total property, plant and equipment
Intangible assets

1,695

1,853

Long-term loans receivable
Long-term time deposits

5
3,000

3
3,000

Deferred tax assets
Other,net

896
4,142

671
4,184

Allowance for doubtful accounts

(387)

(386)

Total investments and other assets
Total non-current assets
Total assets

3

9,352

9,326

27,471

27,693

95,381

95,123

(Millions of yen)
As of October 31, 2022

As of January 31, 2023Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings

41,214631

41,909
631

114
20114
11

Lease liabilities
Income taxes payable

24
1,840

20586

Provision for bonuses
Other

767
1,309

357
1,352

Total current liabilities

45,922

44,983Current portion of bonds payable
Current portion of long-term borrowings

Non-current liabilities
Bonds payable

107

107

Long-term borrowings
Lease liabilities

60
2960
25

Deferred tax liabilities
Provision for retirement benefits for directors (and other16officers)
Retirement benefit liability

178

178

2,249

2,279

Asset retirement obligations
Other6427

7479

Total non-current liabilities

3,059

3,142

48,982

48,126

Shareholders' equity
Share capital

2,575

2,575

Capital surplus
Retained earnings

2,690
44,2552,690
45,060Total liabilities
Net assets

Treasury shares(4,454)(4,736)

Total shareholders' equity

45,06645,589

660
390

762
320

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plansTotal accumulated other comprehensive income
Share acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets

466

1,056

1,089

3850

237

267

46,39946,996

95,381

95,123

Consolidated statements of income (cumulative) and consolidated statements of comprehensive income(cumulative)
Consolidated statements of income (cumulative)(Millions of yen)Three months ended
January 31, 2022

Three months ended
January 31, 2023

Net sales

27,161

29,764

Cost of sales

23,16825,119Gross profit

3,993

4,645

Freight and packing costsProvision of allowance for doubtful accounts

3300335(0)

Salaries and bonuses
Welfare expenses

697
226

701
248

Provision for bonuses
Retirement benefit expenses

313
68

345
65

Travel, transportation and communication expenses
Depreciation

65
118

68
121

Amortization of goodwill
Other–
514

8602

2,334

2,497

1,658

2,147

Interest income
Dividend income

114

3
19

Rental income from buildings
Foreign exchange gains

31
732
2

Other

76

82

Total non-operating income

131

140

Interest expenses
Depreciation

012012

Guarantee commission
Other283
7

Total non-operating expenses

2323

Ordinary profit

1,766

2,263

Profit before income taxes

1,766

2,263

Income taxes - current

400540

Income taxes - deferred

156

186

Total income taxes

556

726

1,209

1,537

1516

1,194

1,520

Selling, general and administrative expenses

Total selling, general and administrative expenses
Operating profit
Non-operating income

Non-operating expenses

ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

5Consolidated statements of comprehensive income (cumulative)(Millions of yen)Three months ended
January 31, 2022

Three months ended
January 31, 2023

Profit

1,209

1,537

Other comprehensive income
Valuation difference on available-for-sale securities

(115)

102

Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax

370(57)0

Total other comprehensive income
Comprehensive income

(77)

45

1,132

1,582

1,111

1,553

2029

Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests6