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

May 10, 2024

Consolidated Financial Results
for the Fiscal Year Ended March 31, 2024
(Under Japanese GAAP)
Company name:

Sumitomo Electric Industries, Ltd.

Listing:
Securities code:

Tokyo Stock Exchange / Nagoya Stock Exchange / Fukuoka Stock Exchange
5802

URL:
Representative:

https://sumitomoelectric.com
Osamu Inoue, President and COO

Inquiries:

Kazunari Inoue, General Manager, Accounting Division

Telephone:+81-6-6220-4141
Scheduled date of annual general meeting of shareholders:
Scheduled date to commence dividend payments:

June 26, 2024
June 27, 2024

Scheduled date to file annual securities report:

June 26, 2024

Preparation of supplementary material on financial results:
Holding of financial results briefing:Yes
Yes (for institutional investors and analysts)(Yen amounts are rounded to the nearest million, unless otherwise noted.)

1. Consolidated financial results for the fiscal year ended March 31, 2024 (from April 1, 2023 to March 31, 2024)(Percentages indicate year-on-year changes.)(1) Consolidated operating results
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, 2024

4,402,814

9.9

226,61827.7

215,34124.2

149,723

32.9

March 31, 2023

4,005,561

18.9

177,44345.2

173,348

25.5

112,654

Note:

Comprehensive income

For the fiscal year ended March 31, 2024:
For the fiscal year ended March 31, 2023:

Basic earnings
per share¥379,678 million¥231,936 million

17.0[63.7%][15.0%]

Diluted earnings
per share

Return on equity

Ratio of ordinary
profit to total
assetsRatio of operating
profit to net sales

Fiscal year ended

Yen

Yen

%

%

%

March 31, 2024

191.98

－

7.3

5.1

5.1

March 31, 2023

144.45

－

6.1

4.4

4.4

Reference: Share of profit (loss) of investments accounted for using equity method
For the fiscal year ended March 31, 2024:
For the fiscal year ended March 31, 2023:¥20,177 million¥11,485 million(2) Consolidated financial position
Total assets

Net assets

Equity-to-asset ratio

Net assets per share

As ofMillions of yen

Millions of yen%

Yen

March 31, 2024

4,365,397

2,431,888

50.6

2,830.82

March 31, 2023

4,013,008

2,110,819

47.3

2,436.14

Reference: Equity
As of March 31, 2024:¥2,207,662 million

As of March 31, 2023:¥1,899,879 million

(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, 2024

393,465(123,809)(292,313)

268,273

March 31, 2023

265,191(147,821)(98,290)

279,432

2. Cash dividends
Annual dividends per share

Payout ratio(Consolidated)

Ratio ofdividends to
net assets(Consolidated)

%

%

First
quarter-end

Secondquarter-end

Thirdquarter-end

Yen

Yen

Yen

Yen

－

25.00

－

25.00

50.00

39,004

34.6

2.1

－

25.00

－

52.00

77.00

60,066

40.1

2.9

－

36.00

－

36.00

72.00

Fiscal year ended

March 31, 2023
Fiscal year ended

March 31, 2024

Fiscalyear-end

Total cash
dividends(Total)Total

Yen Millions of yen

Fiscal year ending

March 31, 2025

40.1

(Forecast)

3. Consolidated financial forecasts for the fiscal year ending March 31, 2025 (from April 1, 2024 to March 31, 2025)(Percentages indicate year-on-year changes.)

Net sales

Operating profit

Millions of yen%

First half

2,180,000

Full year

4,500,000

Profit attributable to Basic earnings
owners of parent
per share

Ordinary profit

Millions of yen%

Millions of yen%

5.2

94,0002.2

240,000

Millions of yen

39.6

92,00051.4

50,000

87.3

64.11

5.9

232,000

7.7

140,000(6.5)

179.52%Yen* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change in scopeof consolidation): Yes
Newly included:
1 company (Company name: Sumitomo Electric U.K. Power Cables Ltd.)
Excluded:－ company (Company name: －)(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: None(ii) Changes in accounting policies due to other reasons: None(iii) Changes in accounting estimates: None(iv) Restatement: None
(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, 2024

793,940,571 shares

As of March 31, 2023

793,940,571 shares(ii) Number of treasury shares at the end of the period
As of March 31, 2024

14,073,448 shares

As of March 31, 2023

14,068,126 shares(iii) Average number of shares outstanding during the period
Fiscal year ended March 31, 2024

779,869,723 sharesFiscal year ended March 31, 2023

779,876,486 shares[Reference] Overview of non-consolidated financial results
1. Non-consolidated financial results for the fiscal year ended March 31, 2024 (from April 1, 2023 to March 31,2024)(1) Non-consolidated operating results(Percentages indicate year-on-year changes.)

Net sales

Operating profit

Fiscal year ended

Millions of yen%

Millions of yen

March 31, 2024

1,628,376

13.7

March 31, 2023

1,431,971

9.7

Basic earnings
per share

Ordinary profit

Profit%Millions of yen%

Millions of yen%

17,287

10.9

81,61523.8

43,229(21.7)

15,584(0.8)

65,9292.955,181

5.4

Diluted earnings
per share

Fiscal year ended

Yen

Yen

March 31, 2024

55.42

－

March 31, 2023

70.74

－

(2) Non-consolidated financial position
Total assets

Net assets

Equity-to-asset ratio

Net assets per share

As ofMillions of yen

Millions of yen%

Yen

March 31, 2024

1,748,660

813,92746.5

1,043.40

March 31, 2023

1,522,314

795,44052.3

1,019.70

Reference: Equity
As of March 31, 2024:¥813,927 million

As of March 31, 2023:¥795,440 million* This document is exempt from audit conducted by certified public accountants or an audit corporation.
* Proper use of earnings forecasts, and other special matters
This material contains forward-looking statements, based on judgments and estimates that have been made on the basisof currently available information. Therefore, the final results might be different from the forecast due to various factors.

Consolidated Financial Statements(1) Consolidated Balance Sheets(Millions of yen)
As ofMarch 31, 2023

As ofMarch 31, 2024

AssetsCurrent assets
Cash and time deposits

283,425

269,744

Trade notes and accounts receivable

842,794

875,933

Contract assets

32,83836,497

Inventories

851,224

885,017

Other current assets

154,802

186,414

Allowance for doubtful receivables(2,395)(11,390)

2,162,688

2,242,215

Buildings and structures, net

319,613323,798

Machinery, equipment and vehicles, net

446,390

460,343

Land

99,932

101,934

Construction in progress

73,27375,835

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

Other, net

123,571

136,241

1,062,779

1,098,151

36,682

39,831

Investment securities

503,791

607,105

Net defined benefit asset

175,997

303,740

Deferred tax assets

30,90931,953

Other

Total property, plant and equipment
Intangible assets
Investments and other assets

40,88543,148

Allowance for doubtful receivables

(723)

(746)

Total investments and other assets

750,859

985,200

1,850,320

2,123,182

4,013,008

4,365,397

Total non-current assets
Total assets- 1 -(Millions of yen)
As ofMarch 31, 2023

As ofMarch 31, 2024

Liabilities
Current liabilities
Trade notes and accounts payable

445,951

479,831

Short-term debt

601,237

385,575

7,000

－

－

10,000Commercial papers
Current portion of bonds
Contract liabilities

50,16874,263

Other current liabilities

295,051

357,701

Total current liabilities

1,399,407

1,307,370

Bonds

94,864

174,890

Long-term debt

195,578

164,579

Deferred tax liabilities

87,895

136,103－

12,762

Net defined benefit liabilities

45,79452,935

Other non-current liabilities

78,651

84,870Total non-current liabilities

502,782

626,139

1,902,189

1,933,509

99,737

99,737

Non-current liabilities

Provision for loss on businessTotal liabilities
Net assets
Shareholders’ equity
Common stock
Capital surplus

166,817

165,424

1,383,046

1,493,708(20,793)(20,803)1,628,807

1,738,066

Net unrealized holding gains or losses on availablefor-sale securities

135,032

183,971

Deferred gains or losses on hedges(2,340)(2,679)Foreign currency translation adjustments

85,258155,338

Remeasurements of defined benefit plans

53,122

132,966

Total accumulated other comprehensive income

271,072

469,596

210,940

224,226

2,110,819

2,431,888

4,013,008

4,365,397

Retained earnings
Treasury stock
Total shareholders’ equity
Accumulated other comprehensive income

Non-controlling interests
Total net assets
Total liabilities and net assets- 2 -(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income
Consolidated Statement of Income(Millions of yen)
Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Net sales

4,005,561

4,402,814

Cost of sales

3,335,585

3,635,226

Gross profit

669,976

767,588

Selling, general and administrative expenses

492,533

540,970

Operating profit

177,443

226,618

Interest income

1,533

2,794

Dividend income

4,772

6,541

Share of profit of investments accounted for using theequity method

11,485

20,177

Other income

14,206

14,536

Total non-operating income

31,99644,048Interest expenses

16,107

29,321Other expenses

19,98426,004

Total non-operating expenses

36,091

55,325

173,348

215,341

Gain on sales of investment securities

32,47866,834Gain on sales of property, plant and equipment

5,832

－

Fire insurance recovery gain and compensation
income2,508－

Total extraordinary income

40,81866,834

Loss on disposal of property, plant and equipment

3,123

5,834

Impairment loss on fixed assets

2,823

9,421

Restructuring expenses

9,622

15,613－

12,762

Loss due to fire

2,126

－

Total extraordinary losses

17,694

43,630

Profit before income taxes

196,472

238,545

Income taxes - current

61,82877,726

Income taxes - deferred

2,371(8,142)

Total income taxes

64,19969,584

Profit for the year

132,273

168,961

Profit attributable to non-controlling interests

19,61919,238

Profit attributable to owners of parent

112,654

149,723

Non-operating income

Non-operating expenses

Ordinary profit
Extraordinary income

Extraordinary losses

Provision for loss on business- 3 -Consolidated Statement of Comprehensive Income(Millions of yen)
Fiscal year ended
March 31, 2023
Profit for the year

Fiscal year ended
March 31, 2024

132,273

168,961

Net unrealized holding gains or losses on availablefor-sale securities

58,59350,978Deferred gains or losses on hedges(1,048)(328)

Foreign currency translation adjustments

30,11265,799Remeasurements of defined benefit plans(6,061)

78,688

Share of other comprehensive income of affiliates
accounted for using equity method

18,067

15,580Total other comprehensive income

99,663

210,717

231,936

379,678

Owners of the parent

207,375

347,539

Non-controlling interests

24,561

32,139Other comprehensive income

Comprehensive income
Comprehensive income attributable to- 4 -(3) Consolidated Statement of Changes in Net Assets
Fiscal year ended March 31, 2023
(Millions of yen)
Shareholders’ equity
Common stock
Balance at beginning of
periodCapital surplus

99,737Retained earnings

170,539Hyperinflation

beginning of period(20,781)48

adjustment
Restated balance at

1,346,210

Total shareholders’equityTreasury stock

99,737

170,539

1,346,258

1,595,705
48(20,781)

1,595,753

Changes of items during
the period
Cash dividends
Profit attributable toowners of parent(39,004)(39,004)

112,654

112,654

Purchases of treasury
stock
Disposal of treasury

(0)

stock

(12)

(12)

0

0

Change in scope of－

consolidation
Change in scope of(36,862)

equity method(36,862)

Change in ownershipinterests arising fromtransactions with non-

(3,722)(3,722)

controllingshareholders
Other
Total changes of items
during the period
Balance at end of period－(3,722)36,788(12)

33,054

99,737

166,817

1,383,046(20,793)

1,628,807- 5 -Accumulated other comprehensive income
Net unrealized
holding gains or Deferred gains
losses on
or losses onavailable-forhedges
sale securities
Balance at beginning of
period76,687(1,366)Hyperinflation

beginning of period

38,821

Total
RemeasureNon-controlling
accumulated
ments ofinterests
otherdefined benefit
comprehensive
plansincome59,941

2,268

adjustment
Restated balance at

Foreigncurrencytranslation
adjustments

76,687(1,366)41,08959,941Total
net assets

174,083

283,150

2,052,938

2,268

(33)

2,283

176,351

283,117

2,055,221

Changes of items during
the period
Cash dividends(39,004)

Profit attributable to112,654

owners of parent
Purchases of treasury

(12)

stock
Disposal of treasury

0

stock
Change in scope of－

consolidation
Change in scope of(36,862)

equity method
Change in ownershipinterests arising fromtransactions with non-

(3,722)

controllingshareholders
Other58,345(974)

44,169(6,819)94,721(72,177)

22,544

Total changes of items
during the period

58,345(974)

44,169(6,819)94,721(72,177)

55,598

Balance at end of period

135,032(2,340)85,25853,122271,072

210,940

2,110,819- 6 -Fiscal year ended March 31, 2024
(Millions of yen)
Shareholders’ equity
Common stock
Balance at beginning of
periodCapital surplus

99,737Retained earnings

166,817

1,383,046

Total shareholders’equityTreasury stock(20,793)Hyperinflation
adjustment
Restated balance at
beginning of period

1,628,807－

99,737

166,817

1,383,046(20,793)

1,628,807

Changes of items during
the period
Cash dividends
Profit attributable toowners of parent(39,004)(39,004)

149,723

149,723

Purchases of treasury
stock
Disposal of treasury

0

stock
Change in scope of
consolidation
Change in scope ofequity method

(10)

(10)

0

0

(41)

(41)

(16)

(16)

Change in ownershipinterests arising fromtransactions with non-

(1,393)(1,393)

controllingshareholders
Other
Total changes of items
during the period
Balance at end of period－(1,393)

110,662(10)

109,259

99,737

165,424

1,493,708(20,803)

1,738,066- 7 -Accumulated other comprehensive income
Net unrealized
holding gains or Deferred gains
losses on
or losses onavailable-forhedges
sale securities
Balance at beginning of
period135,032(2,340)Foreigncurrencytranslation
adjustments
85,258

Total
RemeasureNon-controlling
accumulated
ments ofinterests
otherdefined benefit
comprehensive
plansincome53,122271,072

210,940Hyperinflation
Restated balance at

2,110,819－

adjustment
beginning of period

Total
net assets

135,032(2,340)85,25853,122271,072

210,940

2,110,819

Changes of items during
the period
Cash dividends(39,004)

Profit attributable to149,723owners of parent
Purchases of treasury

(10)

stock
Disposal of treasury

0

stock
Change in scope of(41)

consolidation
Change in scope of(16)

equity method
Change in ownershipinterests arising fromtransactions with non-

(1,393)

controllingshareholders
Other48,939(339)

70,08079,844

198,524

13,286211,810

Total changes of items
during the period

48,939(339)

70,08079,844

198,524

13,286

321,069

Balance at end of period

183,971(2,679)155,338

132,966

469,596

224,226

2,431,888- 8 -(4) Consolidated Statement of Cash Flows(Millions of yen)
Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Cash flows from operating activities
Profit before income taxes

196,472

238,545

Depreciation and amortization

195,999

206,331(11,485)(20,177)(41,241)

4,886

Decrease (increase) in inventories

26,54021,281

Increase (decrease) in trade notes and accounts
payable(7,322)

21,418Other, net(48,094)(12,290)

Subtotal

310,869

459,994

Share of loss (profit) of investments accounted forusing the equity method
Decrease (increase) in trade notes and accounts
receivable

Interest and dividends received

14,093

17,402

Interest paid

(14,988)(30,330)

Income taxes paid

(44,783)(53,601)

Net cash provided by (used in) operating activities

265,191

393,465(184,467)(179,323)

Cash flows from investing activities
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment

10,252

5,217

(478)

(4,214)

43,81070,141－

762

Other, net(16,938)(16,392)

Net cash provided by (used in) investing activities(147,821)(123,809)

Net increase (decrease) in short-term debt

86,272(234,314)

Increase (decrease) in commercial papers(1,000)(7,000)Purchase of investment securities
Proceeds from sales of investment securities
Proceeds from sale of shares of subsidiaries resulting
in change in scope of consolidation

Cash flows from financing activities

Proceeds from long-term debt

39,868

9,055

Repayments of long-term debt

(66,073)(71,014)

Proceeds from issuance of bonds

10,00090,000

Redemption of bonds(10,000)－

Payments for purchase of treasury stock

(3)

(4)

Cash dividends paid

(39,004)(39,004)

Payments from changes in ownership interests in
subsidiaries that do not result in change in scope of(91,624)(13,189)

consolidation
Other, net(26,726)(26,843)

Net cash provided by (used in) financing activities(98,290)(292,313)

Effect of exchange rate change on cash and cash
equivalents

4,812

11,287

Net increase (decrease) in cash and cash equivalents

23,892(11,370)

Cash and cash equivalents at beginning of period

255,540

279,432

Increase in cash and cash equivalents from newly
consolidated subsidiaries－

211

279,432

268,273

Cash and cash equivalents at end of period- 9 -Segment Information
Reportable segment information for the years ended March 31, 2023 and 2024 was as follows:
Fiscal year ended March 31, 2023
(Millions of yen)
Reportable segment
Environment InfocommuniAutomotive& Energy
cations

Electronics

Industrial
Materials &Others

Total

Adjustments Consolidated(Note 1)
(Note 2)

Sales to customers

900,755

244,9622,184,541

327,846

347,457

4,005,561－

4,005,561

Intersegment sales

27,484

5,363

2,308

38,167

15,83989,161(89,161)－

Net sales

928,239

250,325

2,186,849

366,013363,296

4,094,722(89,161)

4,005,561

Segment profit or loss

37,92021,92655,74538,34923,978

177,918(475)

177,443

1. Segment profit or loss included in Adjustments of ¥ (475) million consists mainly of unrealized profits caused byintersegment transactions.
2. Segment profit or loss is reconciled with operating income in the consolidated statement of income.
Fiscal year ended March 31, 2024
(Millions of yen)
Reportable segment
Environment InfocommuniAutomotive& Energy
cations

Electronics

Industrial
Materials &Others

Total

Adjustments Consolidated(Note 1)
(Note 2)

Sales to customers

949,182

202,660

2,593,472

308,383

349,117

4,402,814－

4,402,814

Intersegment sales

30,795

3,414

2,932

48,095

15,068100,304(100,304)－

Net sales

979,977

206,074

2,596,404

356,478

364,185

4,503,118(100,304)

4,402,814

Segment profit or loss

42,890(11,552)

144,674

29,29721,067226,376242

226,618

1. Segment profit or loss included in Adjustments of ¥ 242 million consists mainly of unrealized profits caused byintersegment transactions.
2. Segment profit or loss is reconciled with operating income in the consolidated statement of income.

- 10 -