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 Year Ended October 31, 2021
(Based on Japanese GAAP)
December 8, 2021
Company name:
SENSHU ELECTRIC CO.,LTD.
Stock exchange listing: Tokyo
Stock code:
Representative:

9824
URL https://www.senden.co.jp/
Representative Director,President
Motohide Nishimura

Inquiries:

Senior Managing Director & Executive
Officer & General Manager ofKazuto Narita

TEL

Administration Division
Scheduled date of ordinary general meeting of shareholders:January 27, 2022

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

January 28, 2022
January 28, 2022

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

Yes
Yes

06-6384-1101(for analysts)(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the year ended October 31, 2021 (from November 1, 2020 to October 31, 2021)(1) Consolidated operating results

Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
owners of parent% Millions of yen% Millions of yen% Millions of yen%
24.5
4,743
51.8
5,004
47.9
3,583
52.4
(11.2)
3,124(21.5)
3,382(19.6)
2,351(13.4)Net salesYear ended October 31, 2021
Year ended October 31, 2020

Millions of yen
92,46374,288

Profit attributable toOrdinary profit/total Operating profit/net
owners ofassets
sales
parent/equity
Yen%%%–8.6
6.6
5.1–
5.9
5.0
4.2

Diluted earnings pershare

Earnings per shareYen
387.50247.02

Year ended October 31, 2021
Year ended October 31, 2020
(2) Consolidated financial position

Total assets
As of October 31, 2021
As of October 31, 2020

Net assets

Equity ratio

Millions of yen
83,99067,401Millions of yen
42,88640,409Cash flows fromoperating activities
Millions of yen
9,397
4,451

Cash flows frominvesting activities
Millions of yen
63(395)

Net assets per share%
50.9
59.8

Yen
4,685.18
4,295.79(3) Consolidated cash flows

Year ended October 31, 2021
Year ended October 31, 2020

Cash flows from
Cash and cash equivalents
financing activities
at end of period
Millions of yen
Millions of yen(1,742)25,496(1,769)17,721

2. Cash dividends
Annual dividends per share
1st quarter-end 2nd quarter-end 3rd quarter-end Fiscal year-end

Year ended October 31, 2020
Year ended October 31, 2021
Year ending October 31, 2022
(Forecast)of dividends
Total cash
Dividend payout Ratio
to net assets
dividends (Total) ratio (Consolidated) (Consolidated)

TotalYenYenYenYen

Yen

Millions of yen

%%––

35.00
40.00

–
–

35.00
50.00

70.00
90.00

662
825

28.3
23.2

1.7
2.0

–

50.00

–

50.00

100.00125.1

3. Forecast of consolidated financial results for the year ending October 31, 2022 (from November 1, 2021 to October 31, 2022)
Percentages indicate year-on-year changes
Profit attributable toNet sales
Operating profit
Ordinary profit
Earnings per shareowners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Yen
Six months ending
48,500–2,450–2,600–
1,850–
205.12
April 30, 2022
Full year
97,000–4,800–
5,100–
3,600–
399.15
4. Notes(1) Changes in significant subsidiaries during the year ended October 31, 2021
(changes in specified subsidiaries resulting in the change in scope of consolidation):No(2) 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:

NoNo

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

NoNo(3) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of October 31, 2021

10,800,000 shares As of October 31, 2020

10,800,000 shares

Number of treasury shares at the end of the period
As of October 31, 2021

1,680,806 shares As of October 31, 2020

1,425,068 shares

9,247,780 shares Year ended October 31, 2020

9,519,669 shares

Average number of shares during the period
Year ended October 31, 2021

2Consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of October 31, 2020

As of October 31, 2021

AssetsCurrent assets
Cash and deposits

18,461

26,335

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

16,273
4,882

21,291
7,561

Securities
Merchandise

7
3,847

6
4,916

205
(13)

235
(13)

43,66460,333

10,523(3,962)

10,524(4,248)

Buildings and structures, net

6,560

6,275

Machinery, equipment and vehicles
Accumulated depreciation

1,340(923)

1,375(998)

Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation

Machinery, equipment and vehicles, net

416

377

10,605207

10,239207

Accumulated depreciation

(95)

(126)

Leased assets, net

112

81

Construction in progress

4251

344
(269)

337(274)

Land
Leased assets

Other
Accumulated depreciation
Other, net

74

62

17,774

17,287120

110

Investment securities
Long-term loans receivable

1,308
33

1,848
19

Deferred tax assets
Other807
4,351

713
4,378

Accumulated depreciation

(283)

(332)

Other,net

4,067

4,045(375)(367)

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

Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

3

5,842

6,259

23,73723,65767,401

83,990(Millions of yen)
As of October 31, 2020

As of October 31, 2021

Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings

21,858105

35,628
105

Lease obligations
Accrued expenses

36271

21281

Income taxes payable
Provision for bonuses

462
588

1,024
669

Other

940

695

24,262

38,42637
3

15
2

Retirement benefit liability
Asset retirement obligations

2,103
6

2,212
6

Guarantee deposits received
Other

159
419

147
295

Total non-current liabilities

2,728

2,678

26,991

41,104

Shareholders' equity
Share capital

2,575

2,575

Capital surplus
Retained earnings

3,397
37,146

3,412
40,032

Treasury shares(3,231)(4,201)

Total shareholders' equity

39,887

41,818Valuation difference on available-for-sale securities
Foreign currency translation adjustment

408
25785
131

Remeasurements of defined benefit plans

(48)

(10)

Total accumulated other comprehensive income

384

906

Total current liabilities
Non-current liabilities
Lease obligations
Deferred tax liabilities

Total liabilities
Net assets

Accumulated other comprehensive income

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

4137

160

40,40942,886

67,401

83,990Consolidated statements of income and consolidated statements of comprehensive income
Consolidated statements of income(Millions of yen)
Fiscal year ended

Fiscal year ended

October 31, 2020

October 31, 2021

Net sales
Cost of sales

74,28862,21092,46378,542Gross profit

12,07813,921

Selling, general and administrative expenses
Freight and packing costs
Provision of allowance for doubtful accounts
Salaries and bonuses
Welfare expenses
Provision for bonuses
Retirement benefit expenses
Travel, transportation and communication expenses
Depreciation
Amortization of goodwill
Other

1,210
(7)
3,396
853
583
296
241
533
4
1,841

1,276
(1)
3,416
904
659
302
216
517
–
1,885

Total selling, general and administrative expenses8,953

9,177

Operating profit

3,124

4,743

Non-operating income
Interest income
Dividend income
Rental income from buildings
Purchase discounts
Foreign exchange gains
Gain on sale of scraps
Other

739
121
44–
23
123

648
121
13
140
121

Total non-operating income

359

353

053
7
5
34

1
53
9–
29

101

92

3,382

5,004

–
47

104–

47

104

7–

7–

Profit before income taxes

3,422

5,109

Income taxes - current
Income taxes - deferred

1,045
20

1,526
(26)

Total income taxes

1,065

1,500

Profit

2,356

3,608

424

2,351

3,583Non-operating expenses
Interest expenses
Depreciation
Guarantee commission
Foreign exchange losses
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Insurance claim income
Gain on reversal of foreign currency translation adjustment
Total extraordinary income
Extraordinary losses
Loss on valuation of investment securities
Total extraordinary losses

Profit attributable to non-controlling interests
Profit attributable to owners of parent5

Consolidated statements of income and consolidated statements of comprehensive income
Consolidated statements of income(Millions of yen)
Fiscal year ended

Fiscal year ended

October 31, 2020

October 31, 2021

Net sales
Cost of sales

74,28862,21092,46378,542Gross profit

12,07813,921

Selling, general and administrative expenses
Freight and packing costs
Provision of allowance for doubtful accounts
Salaries and bonuses
Welfare expenses
Provision for bonuses
Retirement benefit expenses
Travel, transportation and communication expenses
Depreciation
Amortization of goodwill
Other

1,210
(7)
3,396
853
583
296
241
533
4
1,841

1,276(1)
3,416
904
659
302
216
517
–
1,885

Total selling, general and administrative expenses

8,953

9,177

Operating profit

3,124

4,743

Non-operating income
Interest income
Dividend income
Rental income from buildings
Purchase discounts
Foreign exchange gains
Gain on sale of scraps
Other

739
121
44–
23
123

648
121
13
1
40
121

Total non-operating income

359

353

053
7
5
34

153
9–
29

101

92

3,382

5,004–
47

104–

47

104

7–

7–

Profit before income taxes

3,422

5,109

Income taxes - current
Income taxes - deferred

1,045
20

1,526(26)

Total income taxes

1,065

1,500

Profit2,356

3,6084242,351

3,583

Non-operating expenses
Interest expenses
Depreciation
Guarantee commission
Foreign exchange losses
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Insurance claim income
Gain on reversal of foreign currency translation adjustment
Total extraordinary income
Extraordinary losses
Loss on valuation of investment securities
Total extraordinary losses

Profit attributable to non-controlling interests
Profit attributable to owners of parent5

Consolidated statements of comprehensive income(Millions of yen)
Fiscal year ended
October 31, 2020
ProfitFiscal year ended
October 31, 2021
2,356

3,608

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

(23)

376

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

(43)
(5)

105
38

Total other comprehensive income
Comprehensive income

(72)

520

2,283

4,128

2,286

4,105

(3)

23

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

6Consolidated statements of changes in equity
Fiscal year ended October 31, 2020
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

2,575

Retained earnings

3,386

Total shareholders'equity

Treasury shares

35,467(2,270)39,158Changes during period
Dividends of surplus

(338)

(338)

Dividends fromsurplus,interim dividend

(334)

(334)

Profit attributable to ownersof parent

2,351

2,351

Purchase of treasury shares
Disposal of treasury shares

10(999)

(999)

3849

Net changes in items otherthan shareholders' equity–

10

1,679(960)

729

2,575

3,397

37,146(3,231)

39,887

Total changes during period
Balance at end of period

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifference on
available-for-salesecurities

Foreign currencytranslation
adjustment

Remeasurements ofdefined benefit
plans

Total accumulated
othercomprehensive
income

431

60

(42)

449

Non-controllinginterests

Total net assets

140

39,749Changes during period
Dividends of surplus(338)

Dividends fromsurplus,interim dividend(334)

Profit attributable to ownersof parent

2,351

Purchase of treasury shares(999)

Disposal of treasury shares49

Net changes in items otherthan shareholders' equity

(23)

(35)

(5)

Total changes during period

(23)

(35)

(5)

(64)

(3)

660

Balance at end of period408

25(48)

384

137

40,409

7(64)

(3)

(68)

Fiscal year ended October 31, 2021
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

2,575

Retained earnings

3,397

Total shareholders'equity

Treasury shares

37,146(3,231)

39,887

Changes during period
Dividends of surplus

(328)

(328)

Dividends fromsurplus,interim dividend(369)(369)

Profit attributable to ownersof parent

3,583

3,583

Purchase of treasury shares
Disposal of treasury shares15(1,000)(1,000)3045

Net changes in items otherthan shareholders' equity–

15

2,885

(970)

1,930

2,575

3,412

40,032(4,201)

41,818

Total changes during period
Balance at end of period

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifference on
available-for-salesecurities

Foreign currencytranslation
adjustment

Remeasurements ofdefined benefit
plans

Total accumulated
othercomprehensive
income408

25(48)

384

Non-controllinginterests

Total net assets

137

40,409Changes during period
Dividends of surplus(328)

Dividends fromsurplus,interim dividend(369)

Profit attributable to ownersof parent

3,583

Purchase of treasury shares(1,000)

Disposal of treasury shares

45

Net changes in items otherthan shareholders' equity

376

106

Total changes during period

376

Balance at end of period

785

38

521

106

38

521

23

2,476

131

(10)

906

160

42,886823545

Consolidated statements of cash flows(Millions of yen)
Fiscal year ended
October 31, 2020

Fiscal year ended
October 31, 2021

Cash flows from operating activities
Profit before income taxes
Depreciation

3,422
588

5,109
572

Amortization of goodwill
Increase (decrease) in retirement benefit liability

4148

–
164

Increase (decrease) in provision for bonuses
Increase (decrease) in allowance for doubtful accounts

(39)
(55)

78(7)

Interest and dividend income
Interest expenses

(46)
0(55)
1

Loss (gain) on cancellation of insurance policies
Rental income

(21)
(121)

(104)
(121)

Decrease (increase) in trade receivablesDecrease (increase) in Merchandise

3,091
274

(7,661)(1,042)

Increase (decrease) in trade payables
Increase (decrease) in accrued consumption taxes(1,674)200

13,756(273)

Other, net

(63)

(81)

Subtotal

5,707

10,3334654

Interest paid
Income taxes paid

(0)
(1,301)(1)(990)

Net cash provided by (used in) operating activities

4,451

9,397

Interest and dividends received

Cash flows from investing activities
Payments into time deposits

(771)

(924)

Proceeds from withdrawal of time deposits
Purchase of short-term and long-term investment securities

572
(144)

828(111)

Proceeds from sale of investment securities
Purchase of property, plant and equipment100(152)

62(363)21238613(145)48(350)342

83

178(395)

63

Purchase of treasury shares
Dividends paid

(999)
(672)

(1,000)(697)

Other, net

(97)

(44)

(1,769)(1,742)

3

57

Proceeds from sale of property, plant and equipment
Proceeds from collection of loans receivable
Purchase of insurance funds
Proceeds from cancellation of insurance funds
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities

Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents

2,290

7,775

Cash and cash equivalents at beginning of period

15,43017,721

Cash and cash equivalents at end of period

17,721

25,4969