Supplementary Material
on Financial Results

Consolidated Financial Results
for the Year
Ended March 31, 2023
May 22, 2023
SHIBAURA MACHINE CO., LTD.

Consolidated Financial Results
Overview for the Year
Ended March 31, 2023
1) Key Points of Financial Results2) Comparison with Forecast
3) Year-on-Year Comparison

2Key Point of Financial Results (Year-on-Year)

Increased Revenue and Profits Year-on-Year◼ Orders Received• Reached a record high thanks to significant increases in LiB separator film production lines for EV
in extrusion machines, which has been continuously in high demand• While hydraulic injection molding machines increased in India on the back of rising consumer
demand, injection molding machines decreased in overall due to decline in electric injection
molding machines affected by deteriorating market conditions in China and the U.S.
• Decreases in high-precision machine tools for smartphone lens molds in China◼ Net Sales• Increases in LiB separator film production lines for EV in China• Increases in large machine tools for industrial machinery in Japan and for energy applications inNorth America• While injection molding machines decreased due to economic slowdown and lockdowns in China,amid the decarbonization movement, there was a slight increase as a whole in injection molding
machines thanks to increases in medium to large electric injection molding machines in North
America and in hydraulic injection molding machines in India.

◼ Operating Profit, Ordinary Profit, Net Profit• Despite the impact of rising component prices and other factors, both operating profit and ordinary
profit increased with a positive effect of boosting profits on the back of increased sales and theweaker yen. Net profit increased due in part to gain on sale of non-current assets.

3

Performance Summary (vs. Forecast)(Unit: 100 million yen)

FY2022

FY2022
Cumulative(Issued Nov. 9, 2022)(A)
Net sales
Operating profit

Profit ratio
Ordinary profit

Profit ratio
Net profit attributableto owners of parent

Profit ratio
Orders received
Exchange rate
(USD)
➢
➢
➢
➢

Increase/

Forecast
(B)

1,231
57

1,300
50

Decrease
(A-B)

- 69
+7

4.7%

3.8%

52

54

4.3%

4.2%

+0.1pt

64

43

+21

5.2%

3.3%

+1.9pt

1,916

1,850

134 yen+0.9pt-2+66

137 yenIncreases in orders received on the back of growth in LiB separator film production lines for EV, despite decreases in injection molding machines affected bydeteriorating business confidence in China and North America
Decreases in net sales due to decline in injection molding machines affected by deteriorating business confidence in China and North America as well as
sales delay in extrusion machines stemming from a surge in COVID cases after China's zero-Covid policy was lifted.
Increases in operating profit due in part to increases in injection molding machines in North America as well as improved production efficiency from expanded
production scale of LiB separator film production lines for EV.
Decreases in ordinary profit due to the negative impact of exchange rate fluctuations. Increases in net profit due in part to gain on sale of non-current assets.

4Comparison with forecast
Amounts of Orders Received (By Segment)(Unit: 100 million yen)

(Unit: 100 million yen)
Increase/Decrease

1,850

OthersControlsystems
Machine
tools

1,916

14

12

82

91

282

＋66（＋3.6％）

Injection: Injection molding machines
Die Casting: Die casting machines
Extrusion: Extrusion machines-2（-7.4%）+9（+12.0%）-21（-7.1%）

261

FY 2022
Forecast＋77（+5.3%）

Metal &
plastics
industrial
machine

1,472

Breakdown of Metal &Plastics Industrial Machine

FY 2022
Cumulative
Injection

Injection

366

409

1,549

Extrusion
890

1,472

1,549
Die

Extrusion

Casting

Casting

1,004

178

173

FY2022Forecast FY2022Cumulative

5

DieComparison with forecast
Net Sales (By Segment)(Unit: 100 million yen)

20)

(Unit: 100 million yen)

Breakdown of Metal &Plastics Industrial Machine

Increase/Decrease

1,300
Others1,231-69（-5.2%）

15
15

Controlsystems

102

Machine
tools

287

104
273

Metal &
plastics
industrial
machine+0（+5.3%）＋2（＋2.7%）

FY 2022
Forecast-14（-4.8%）-57（-6.2%）

Extrusion

Injection

338

415

916

916

FY 2022
Cumulative

859

Adjustment
amountFY2022Forecast FY2022Cumulative

6

Extrusion
Injection

320

859

Die

Die

Casting

Casting

163

151

387

Performance Summary (Year-on-Year)(Unit: 100 million yen)

Net sales
Operating profit

Profit ratio
Ordinary profit

Profit ratio
Net profit attributableto owners of parent

Profit ratio
Orders received
Exchange rate
(USD)

FY2022

FY2021

Cumulative

Cumulative

(A)

(B)

1,231

1,077

+154

57

42

+15

4.7%

3.9%

+0.8pt

52

45

4.3%

4.2%

+0.1pt

64

37

+27

5.2%

3.5%

+1.7pt

1,916

1,642

134 yen

122 yen7

Increase/
Decrease
(A-B)

+7

+274

Amounts of Orders Received (By Segment)(Unit: 100 million yen)

(Unit: 100 million yen)
Increase/Decrease

1,642

Others10

Controlsystems

106

Machine
tools

287

1,916

＋274（＋16.7％）

12+2（+21.5%）

91-15（-14.1%）

261-26（-8.7%）

Breakdown of Metal &Plastics Industrial Machine

FY 2021

FY 2022

Injection

Metal &
plastics
industrial
machine＋311（+25.2%）

437
Extrusion

1,549

641

1,238

1,238

1,549
Die

Casting159

FY2021366

Injection

FY20228Die

Extrusion

Casting

1,004

178

Trends of Orders Received (By Segment)(Unit: 100 million yen)

Machine tools: Large machine tools (machine tool segment)
Precision: High-precision machine tools (machine tool segment)
Control: Control systems

Metal & plastics industrial machine has quarterly fluctuation inamounts of orders received, because of including large volume
orders for LiB separator film production lines for EV.

Breakdown of Metal &Plastics Industrial Machine

632

439
3 32
60

3 19

78

Current Orders➢ Injection:
➢
➢
➢
➢
➢

Die Casting:
Extrusion:
Machine Tools:
Precision:
Control :

468

530

Q1 2022(Apr-Jun 2022)

2373

Q2 2022(Jul-Sep 2022)

533

283

Control 23
systems
Machine 60
tools

3 26
55

447

4 23

68

342
Q4 2021(Jan-Mar 2022)

Others199

Metal & plastics
industrial
machineQ3 2022(Oct-Dec 2022)

Q4 2022(Jan-Mar 2023)(Unit: 100 million yen)

Injection

93
Extrusion

306

447

Die Casting47

Q4 2022(Jan-Mar 2023)

Increases in hydraulic injection molding machines in India, despite decreases affected by deteriorating
business confidence in China and North America
Demand is showing a slow recovery in relation to automotive capital investments
Continuously in high demand for LiB separator film production lines for EV in China
Demand for energy-related applications in North America and for wind power generation in China
Despite increase automotive lens molds in China, decrease in smartphone lens molds in China
Decrease in Industrial robots in China, with steady demand for electronic control systems in Japan

9

Net Sales (By Segment)(Unit: 100 million yen)

20)

(Unit: 100 million yen)

Breakdown of Metal &Plastics Industrial Machine

Increase/Decrease

1,077

1,231
15

Others104

13

Controlsystems

92

Machinetools

236+154（+14.3%）+2（+16.6%）＋12（＋13.6%）

FY 2021273+37（+15.7%）+104（+13.8%）

Metal &
plastics
industrial
machineExtrusion
223

859

Die
Casting152

Adjustment
amountFY2021

Injection

755

755

FY 2022

FY202210379

Extrusion
Injection

320

859
Die
Casting151

387

Trends of Net Sales (By Segment)(Unit: 100 million yen)

325

295

264

3
24
71

200

3

24

296 Others

4
27
78

4

25
58

Controlsystems

4

346

28
78

Machine
tools

59

182

Breakdown of Metal &Plastics Industrial Machine(Unit: 100 million yen)

222

215

240
Metal & plastics
industrial
machineExtrusion

93

240

Injection

103
Die CastingQ4 2021
Q1 2022
Q2 2022
Q3 2022
Q4 2022(Jan-Mar 2022) (Apr-Jun 2022) (Jul-Sep 2022) (Oct-Dec 2022) (Jan-Mar 2023)

1143
Q4 2022(Jan-Mar 2023)

Order Backlog (By Segment)(Unit: 100 million yen)

1,407

Others3

Controlsystems

60(Unit: 100 million yen)

2,092

Increase/Decrease

Breakdown of Metal &Plastics Industrial Machine＋685（＋48.6%）

4＋1（＋11.8%）

65＋5（＋8.5%）

221-12（-4.8%）

FY 2022

FY 2021＋690（＋62.2%）

Machinetools 233

Injection Die

Injection
174

153 Casting

Die

102

Casting

1,800
1,110

1,110
Extrusion
860

Metal &
plastics
industrial
machineFY2021

FY2022

12

75

1,800

Extrusion
1,544Operating Profit (By Segment),
Ordinary Profit, Net Profit(Unit: 100 million yen)

(Unit: 100 million yen)＋15（+36.1％）

57
42

OthersControlsystems
Machine
tools

2

2

Controlsystems

4

Others+0Machinetools

5(+79.2%)

4

Controlsystems+00(+14.1%)

36
Metal &
plastics
industrial
machine

Metal &
plastics
industrial
machine

Net profit+7（+16.2％）＋27（+72.9％）

Including Gain on sale of property(1.3billion yen)

Others46

Ordinary profit

64

Machine
tools
+5

45

(+69 times)

52

37

Metal &
plastics
industrial
machine+10(+25.2%)(1)

FY2021

FY 2021

FY202213

FY 2022

FY 2021

FY 2022

(Metal & Plastics Industrial Machine)
Segment Results(Unit: 100 million yen)

(Injection molding machines, Die casting machines, Extrusion machines, etc.)

FY2022

FY2021

Increase/ Increase/
Decrease Decrease
Amounts
Ratio

859

755

+104

+13.8%

Operating profit

46

36

+10

+25.2%

Profit ratio

5.4%

4.9%

―

+0.5ptNet sales

Performance Factor Analysis＋

Positive Factors➢ Injection: Increase in the number of medium to large electric machines amid
the decarbonization trend in North America, and increase in hydraulicmachines in India➢ Extrusion: Increase in LiB separator film production lines for EV in China-

Negative Factors➢ Injection: Decrease due to Stagnation of economic activity and impact of lockdown in China➢ Extrusion: Surge in COVID cases after China's zero-Covid policy was lifted, delay ininspection due to travel restrictions➢ Difficulty and rising costs in procurement of materials for semiconductors, etc.

14

(Machine Tools) Segment Results(Machine tools, high-precision machine tools, etc.)(Unit: 100 million yen)

FY2022
Net sales
Operating profit

Profit ratio

Increase/ Increase/
Decrease Decrease
Amounts
Ratio

FY2021

273

236

5

0

2.0%

0.0%

+37

+15.7%+5 +69times―+2.0ptPerformance Factor Analysis＋

Positive Factors➢ Machine Tools: Increase in demand for industrial machinery in Japan and for energy
applications in North America-

Negative Factors➢➢

Precision: Decrease in optical molds in Japan
Difficulty and rising costs in procurement of materials for semiconductors, etc.

15

(Control Systems) Segment Results(Industrial robots, electronic control systems, etc.)(Unit: 100 million yen)

FY2022
Net sales
Operating profit

Profit ratio

Increase/ Increase/
Decrease Decrease
Amounts
Ratio

FY2021

104

92

+12

+13.6%

4

4+0+14.1%

4.6%

4.6%

―

+0.0ptPerformance Factor Analysis＋

Positive Factors➢ Increase in engineering solutions and electronic control systems in Japan-

Negative Factors➢➢

Difficulty and rising costs in procurement of materials for semiconductors, etc.
Decrease in Industrial robots in China

16

Ordinary Profit Analysis(Unit: 100 million yen)

+7(+16.2%)・Increase in logistics costs
・Increase in activity expenses, etc.

7
43

39

45

FY2021
Ordinary Profit

Scale
expansionGrossmarginexpansion

SG&A

17

3

1

Currency
exchange

Others52

FY2022
Ordinary Profit

Domestic and Overseas Sales(Unit: 100 million yen)

+13

+142
712

854

➢

：

Japan

[Machine Tools] [Control Systems] Increase[Injection] [Extrusion] [Precision] Decrease

➢

：

China

[Extrusion] Increase[Injection] [Machine Tools] [Control Systems]
Decrease

364 377➢
Overseas ratio

66%

69%

SE Asia：[Die Casting] Increase[Injection] Decrease

➢

India

：

[Injection] Increase[Die Casting] Decrease

FY2021

FY2022Japan

FY2021

FY2022

Overseas➢

North
America / ：Mexico[Injection] [Machine Tools] Increase

Overseas Sales(By Region)

315

410
170

225

78 68

81 92

FY2021 FY2022

FY2021 FY2022

FY2021 FY2022

FY2021 FY2022

FY2021 FY2022

South Korea

SE Asia

India, etc.

North America

Europe, etc.

34 23

22 23

FY2021 FY2022

FY2021 FY2022

China

Taiwan18

109Overseas Sales and Ratio (By Segment)(Unit: 100 million yen)Overseas Sales (By Segment)

Overseas Sales Ratio(Overseas ratio)

FY2021： 66％
FY2022： 69％

（82%）
（75%）

568

707

（49%）
（53%）

124 135
FY2021

FY2022

FY2021

Metal & plastics
industrial
machine（1%）（1%）

（26%）
（14%）

FY2022

19

11

0

0

FY2021

FY2022

FY2021

FY2022Control Systems

Machine Tools

Others

Metal & Plastics Industrial Machine (By Product)(Overseas ratio)

Injection（81%） （85%）

308

FY2021

331（69%） （84%）（70%） （70%）

FY2022

Injection

105

106

FY2021

FY2022

Die Casting

19

154
FY2021269

FY2022Extrusion

ExtrusioBalance Sheet(Unit: 100 million yen)

Assets

2,051

1,669
-9
Cash, etc

Accounts
receivable

517

+26

236

Inventry

516
Fixed assets

325
Others75

Liabilities

+286

802

+86

161

2,051
+128

262

318

End of Mar. 2022

1,669

508

-7

Net assets

237
142
288

+199

168

+1

760

+47

-2

365
140
487

Trade debt

Loans
PayableContract
liabilities

169 Others
Shareholder
equity807
OthersComprehensive Income74

End of Mar. 2022

End of Mar. 2023

83
End of Mar. 2023

End of Mar. 2022 End of Mar. 2023

50.0%
17.0%

Equity ratio
D/E ratio
20

43.5%
15.7%

Cash Flow Statement(Unit: 100 million yen)

FY2021

FY2022

FCF +100

FCF +3Contract liabilities
increased
102

112

Dividend
payment -18- 12
Sales C/F

Increase in Inventories-286
Increase in Contract liabilities
198
Increase in Purchasing related accounts
payable129

Investment C/F

Dividend
payment -18

9

- 21

-5

Sales C/F

Financial C/F- 22

Investment C/F

Increase/

FY2021

FY2022

Opening balance of cash and cash equivalents

424

517

93

C/F from operating activities

112

9

- 103

C/F from investment activities

- 12

-5

7

C/F from financial activities

- 21

- 22

-1

Total

79

-19

- 98

Transitional differences

13

10

-3

Closing balance of cash and cash equivalents

517

508

-9

21

DecreasFinancial C/FForecast of Consolidated
Financial Results for the YearEnding March 31, 2024
1) Financial Results Forecast2) R&D Expenses, Capital Expenditures,
Depreciation Expenses
3) Dividend Forecast

22

FY2023 Financial Results Summary(Unit: 100 million yen)

FY2022

Increase/

Cumulative

Decrease

(A)

(B)

(A-B)

1,800
150

1,231
57

FY2023
Forecast(Issued May. 15,2023)

Net sales
Operating profit

Profit ratio
Ordinary profit

Profit ratio
Net profit attributableto owners of parent

Profit ratio
Orders received
Exchange rate
(USD)

+569
+93

8.3%

4.7%

+3.6pt

145

52

+93

8.1%

4.3%

+3.8pt

180

64

+116

10.0%

5.2%

+4.8pt

1,830

126 円

1,916

- 86

134 円

➢ Orders received are expected to decrease due to the timing of the booking of orders for LiB separator film production lines for EV.
Demand in LiB separator film production lines for EV remains strong.
➢ Net sales, operating profit, profit ratio, and ROE are expected to exceed the quantitative targets for FY2023, the final year of theMedium-Term Management Plan "Management Reform Plan.”➢ Extraordinary income includes a gain on sale of non-current assets of approx. 10 billion yen (approx. 8 billion yen on a net income
basis) for a portion of land on the south side of Sagami Factory to commercialize Sagami Logistic Center. However, all gains on the sale
are allocated to acquire equity interest in the building being constructed on the land of the transferred asset by the transferee.

23

Amounts of Orders Received (By Segment)(Unit: 100 million yen)

(Unit: 100 million yen)
Increase/Decrease

1,916
OthersControlsystems
Machine
tools

1,830

12

91
261

17

Breakdown of Metal &Plastics Industrial Machine-86（-4.5％）+5（+31.2%）-1（-2.0%）90

267+6（+1.9%）

FY 2022

FY 2023

Injection-93（-6.1%）

1,549

1,549
1,456

Metal &
plastics
industrial
machineFY2022

Injection

366

Die

Extrusion

Casting

1,004

178

400

Extrusion
871

1,456
Die

Casting
185

FY202324

Net Sales (By Segment)(Unit: 100 million yen)

(Unit: 100 million yen)

Breakdown of Metal &Plastics Industrial Machine

Increase/Decrease

1,231

1,800
14

-1（-11.4%）

123＋19（＋17.4%）

266
Others15

Controlsystems

104

Machinetools

273

Metal &
plastics
industrial
machine+569（+46.1%）

FY 2022-7（-2.7%）+556（+64.6%）

Injection

Injection

Extrusion

406

387

320

859
1,415

Extrusion
842

Die
Casting859

151

Adjustment
amount20)

FY2022

FY 2023

FY2023

25

1,415
Die
Casting167

Operating Profit (By Segment),
Ordinary Profit, Net Profit(Unit: 100 million yen)

(Unit: 100 million yen)＋93（+160.2％）

150

57
Others2

Controlsystems3

Machinetools

10

Ordinary profit

Net profit+93(+174.7％)＋116(+179.4％)

Including Sagami Logistic Center(Approx. 8.0 billion yen)

Others+0(+41.7%)
Controlsystems-1(-38.3%)

OthersControlsystems
Machine
tools

2

4
5

46

135

Machinetools+5Metal &
plastics
industrial
machine(+86.6%)

Metal &
plastics
industrial
machineFY2022

180

145

Metal &
plastics
industrial
machine
+89

52

64

(+192.7%)

FY2022 FY2023

FY202326

FY2022 FY2023

(Metal & Plastics Industrial Machine)
Segment Results(Unit: 100 million yen)

(Injection molding machines, Die casting machines, Extrusion machines, etc.)

FY2023

FY2022

Increase/ Increase/
Decrease Decrease
Amounts
Ratio

1,415

859

+556

Operating profit

135

46

+89 +192.7%

Profit ratio

9.5%

5.4%

Net sales―+64.6%+4.1ptPerformance Factor Analysis＋

Positive Factors➢ Injection :Continued demand in Indian market➢ Extrusion :Continued demand for LiB separator film production lines for EV in China-

Negative Factors➢ Injection :Deteriorating business confidence in China and North America➢ Difficulty and rising costs in procurement of materials for semiconductors, etc.

27

(Machine Tools) Segment Results(Machine tools, high-precision machine tools, etc.)(Unit: 100 million yen)

FY2023

Increase/ Increase/
Decrease Decrease
Amounts
Ratio

FY2022

266

273

-7

- 2.7%

Operating profit

10

5

+5

+86.6%

Profit ratio

3.8%

2.0%

―

+1.8ptNet sales

Performance Factor Analysis＋

Positive Factors➢ Machine Tools: Increase in demand for energy applications in China➢ Precision:
Increase automotive lens molds in China-

Negative Factors➢➢

Precision:
Decrease in smartphone lens molds in China
Difficulty and rising costs in procurement of materials for semiconductors, etc.

28

(Control Systems) Segment Results(Industrial robots, electronic control systems, etc.)(Unit: 100 million yen)

FY2023
Net sales
Operating profit

Profit ratio

Increase/ Increase/
Decrease Decrease
Amounts
Ratio

FY2022

123

104

+19

+17.4%

3

4-1- 38.3%

2.4%

4.6%

―

- 2.2pt

Performance Factor Analysis＋

Positive Factors➢-

Increase in demand related to engineering solutions for automation and labor-saving

Negative Factors➢

Difficulty and rising costs in procurement of materials for semiconductors, etc.

29

R&D Expenses, Capital Expenditures,
Depreciation Expenses(Unit: 100 million yen)

R&D
ExpensesCapitalExpenditures

Depreciation
Expenses

New plant in India or other site forincreased production(excluding Sagami Logistic Center)

31

64

32

27

19

18

FY2021

FY2022

FY2023 Plan

FY202121

23

21

FY202230

FY2023 Plan

FY2021

FY2022

FY2023 PlanDividend Forecast
Policy on Determination of Dividends
Our basic policy is to maintain stable dividends and to distribute profits in line with business performance
while strengthening our management structure to improve profitability.
With regard to retained earnings, we will make strategic decisions on future business development for the
purpose of continuous corporate growth, and effectively invest in strengthening human capital,
production facilities, technological development, overseas expansion, and other areas. We will also
continue to return profits to shareholders in an appropriate manner.
Dividend payout
ratio(Consolidated)

InterimYear-end

Full-year

FY ended
March 31, 2022

37.5 yen

37.5 yen

75.0 yen

48.6%

FY ended
March 31, 2023

37.5 yen

70.0 yen

107.5 yen

40.3%

FY endingMarch 31, 2024
(Forecast)

70.0 yen

70.0 yen

140.0 yen

* 18.8%* The net profit attributable to owners of parent for the fiscal year ending March 31, 2024 is expected to be 18.0
billion yen, which includes approx. 8.0 billion yen (less deferred tax liabilities based on the advanced
depreciation method) such as a gain on sale of a portion of the south site of Sagami Plant to commercialize
Sagami Logistic Center, which is scheduled to start operation in September 2023.
Such gain on the sale will be used to acquire equity interest in the building being constructed on the land of thetransferred asset by the transferee as an equivalent exchange method is applied. Accordingly, we will distributeprofits based on the net profit of approx. 10 billion yen after deducting the gain on sale.
In addition, we will also consider flexibly acquiring purchase of treasury shares as necessary, keeping in mind
the total return ratio.

31SHIBAURA MACHINE CO., LTD.
2-2, Uchisaiwaicho 2-Chome, Chiyoda-ku, Tokyo 100-8503, Japan
TEL +81-3-3509-0444 FAX +81-3-3509-0333 URL: https://www.shibaura-machine.co.jp/