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 Six Months Ended April 30, 2023
(Based on Japanese GAAP)
June 5, 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:

June 12, 2023
July 4, 2023

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

Yes
Yes

TEL

06-6384-1101(for analysts)(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the six months ended April 30, 2023 (from November 1, 2022 to April 30, 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%Six months ended April 30, 2023
61,851
12.1
4,304
21.7
4,482
20.7
2,994
20.2
Six months ended April 30, 2022
55,154
28.3
3,536
85.6
3,713
77.6
2,491
72.7
(Note) Comprehensive income Six months ended April 30, 2023
Six months ended April 30, 2022

¥3,164 million [27.6%]¥2,479 million [44.8%]

Earnings per share

Diluted earnings per share

Yen
168.11137.24Six months ended April 30, 2023
Six months ended April 30, 2022

Yen
168.09–(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 for the six months ended April 30, 2022 is not stated because there are no residual shares having thedilutive effect.
(2) Consolidated financial positionTotal assets
As of April 30, 2023
As of October 31, 2022
Reference: Equity

Net assets

Millions of yen
98,881
95,381

As of April 30, 2023
As of October 31, 2022

Equity ratio

Millions of yen
48,35946,399

%
48.6
48.4

¥48,023 million¥46,123 million

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
50.00

Yen–

Yen
80.00

Yen
140.00–50.00100.00Year ending October 31, 2023 (Forecast)

Total(Notes) 1. Revision of cash dividend forecast most recently announced: Yes
2. The 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 profitEarnings per shareowners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%Yen
Full year
123,000
8.2
8,100
8.5
8,500
7.7
5,700
7.3
321.41(Notes) 1. Revision of consolidated financial results forecast most recently announced: Yes
2. Pursuant to a resolution at a meeting of the Board of Directors held on December 8, 2022, the Company repurchased 182,700 treasury
shares. The earnings per share in the consolidated financial results forecast is calculated taking into account the effect of the purchaseof these treasury shares.
4. Notes(1) Changes in significant subsidiaries during the six months ended April 30, 2023
(changes in specified subsidiaries resulting in the change in scope of consolidation):(2) Application of special accounting methods for preparing quarterly consolidated financial statements:

NoNo(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:

YesNo

Changes 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 April 30, 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 April 30, 2023

3,265,479 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)
Six months ended April 30, 2023

17,811,392 shares Six months ended April 30, 2022

18,157,960 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 April 30, 2023

AssetsCurrent assets
Cash and deposits

27,16526,966

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

22,572
10,831

24,158
10,336

Securities
Merchandise

23
6,575

24
7,841

Work in process
Raw materials and supplies

250
238

263
266

Other
Allowance for doubtful accounts

267
(14)

288
(18)

67,91070,128

Buildings and structures, net
Machinery, equipment and vehicles, net

6,290
316

6,195
291

Land
Leased assets, net

10,38193

10,36389

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

Other, net

696

1,746

17,77918,685

Goodwill
Other

156
182

139
190

Total intangible assets

339

330

Investments and other assets
Investment securities

Total property, plant and equipment
Intangible assets

1,695

2,053

Long-term loans receivable
Long-term time deposits

5
3,000

–
3,000

Deferred tax assets
Other,net

896
4,142

802
4,294

Allowance for doubtful accounts

(387)

(412)

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

3

9,352

9,738

27,471

28,753

95,381

98,881

(Millions of yen)
As of October 31, 2022

As of April 30, 2023Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings

41,214631

42,928
631

114
20114
4

Lease liabilities
Income taxes payable

24
1,840

18
1,504

Provision for bonuses
Other

767
1,309

752
1,388

Total current liabilities

45,922

47,343Current portion of bonds payable
Current portion of long-term borrowings

Non-current liabilities
Bonds payable

107

99

Long-term borrowings
Lease liabilities

60
29

58
32

Deferred tax liabilities
Provision for retirement benefits for directors (and other14officers)
Retirement benefit liability

178

178

2,249

2,319

Asset retirement obligations
Other6427

7478

Total non-current liabilities

3,059

3,178

48,98250,521

Shareholders' equity
Share capital

2,575

2,575

Capital surplus
Retained earnings

2,690
44,2552,748
46,534

Total liabilities
Net assets

Treasury shares(4,454)(5,012)

Total shareholders' equity

45,066

46,845

660
390

864
306

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income

66

1,056

1,177

Share acquisition rights

3849

Non-controlling interests

237

286

46,39948,35995,381

98,881

Total net assets
Total liabilities and net assets

4Consolidated statements of income (cumulative) and consolidated statements of comprehensive income(cumulative)
Consolidated statements of income (cumulative)(Millions of yen)Six months endedApril 30, 2022

Six months endedApril 30, 2023

Net sales

55,15461,851

Cost of sales

46,96252,447Gross profit

8,191

9,404

659
0674
221,386
441

1,428
507

Provision for bonuses
Retirement benefit expenses

658
134

728
131

Travel, transportation and communication expenses
Depreciation

120
234

142
241

Amortization of goodwill
Other–
1,017

17
1,203

Total selling, general and administrative expenses

4,655

5,099

3,536

4,304

Interest income
Dividend income

417

725

Rental income from buildings
Foreign exchange gains

64
1666
–

Other

123

148

Total non-operating income

226

247

Interest expenses
Depreciation

025

125

Guarantee commission
Foreign exchange losses

5–

66

Other

1829

Selling, general and administrative expenses
Freight and packing costs
Provision of allowance for doubtful accounts
Salaries and bonuses
Welfare expenses

Operating profit
Non-operating income

Non-operating expenses

4969

Ordinary profit

Total non-operating expenses

3,713

4,482

Profit before income taxes

3,713

4,482

Income taxes - current
Income taxes - deferred

1,156
35

1,450
8

Total income taxes

1,191

1,458

Profit

2,521

3,024

29

29

2,491

2,994

Profit attributable to non-controlling interests
Profit attributable to owners of parent5Consolidated statements of comprehensive income (cumulative)(Millions of yen)Six months endedApril 30, 2022

Six months endedApril 30, 2023

Profit

2,521

3,024

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

(168)

204

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

124
1(64)
0Total other comprehensive income
Comprehensive income

(42)

140

2,479

3,164

2,443

3,115

3649

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

6