August 10, 2022

Summary of Consolidated Financial Results
for the First Quarter of Fiscal Year Ending March 31, 2023
(Three Months Ended June 30, 2022)[Japanese GAAP]
Company name:
Stock code:
Representative:
Contact:IWAKI CO.,LTD.
Listing: Tokyo Stock Exchange
6237
URL: https://www.iwakipumps.co.jp/
Shigeru Fujinaka, President
Makoto Inoue, Executive Officer,
Senior General Manager of Business Management Head OfficeTel: (81)3-3254-2931
Scheduled date of filing of Quarterly Report:
August 10, 2022
Scheduled date of payment of dividend:
Preparation of supplementary materials for quarterly financial results: Yes
Preparation of supplementary materials for financial results:
None(All amounts are rounded down to the nearest million yen)

1. Consolidated Financial Results for the First Quarter Ended June 30, 2022
(April 1, 2022 – June 30, 2022)(1) Consolidated results of operations(Percentages represent year-on-year changes)
Profit attributable to
Net sales
Operating profit
Ordinary profit
owners of parent
Million yen% Million yen% Million yen% Million yen
%
8,390
10.4
744
98.8
1,158 103.8
974
91.0
Three months ended Jun. 30, 2022
7,603
12.9
374
26.9
568
37.4
509 (18.6)
Three months ended Jun. 30, 2021
Note: Comprehensive income (million yen) Three months ended Jun. 30, 2022: 1,431 (up 94.5%)
Three months ended Jun. 30, 2021: 736 (up 36.1%)
Diluted net income per
Net income per share
share
Three months ended Jun. 30, 2022
Three months ended Jun. 30, 2021

Yen

Yen

44.47
23.22

-

(2) Consolidated financial position
Total assets
Net assets
Capital adequacy ratio
Million yen
Million yen%
As of Jun. 30, 2022
39,246
26,212
66.6
As of Mar. 31, 2022
37,96325,251
66.3
Reference: Owner’s equity (million yen)
As of Jun. 30, 2022: 26,132
As of Mar. 31, 2022: 25,177

2. Dividends
1Q-end2Q-endYen

Fiscal year ended Mar. 31, 2022
Fiscal year ending Mar. 31, 2023
Fiscal year ending Mar. 31, 2023 (forecasts)
Note: Revisions to the most recently announced dividend forecasts: None

Dividend per share
3Q-endYear-end

Total

Yen

Yen

Yen

Yen

12.00

-

21.50

33.50

13.00

-

22.00

35.00

3. Consolidated Earnings Forecasts for the Fiscal Year Ending March 31, 2023 (April 1, 2022 – March 31, 2023)(Percentages represent year-on-year changes)
Profit attributable to Net income per
Net sales
Operating profit
Ordinary profit
owners of parent
shareMillion yen%
Million yen% Million yen% Million yen%
Yen
First half
17,082
9.6
1,196
13.0
1,533
0.5
1,091
(8.4)
49.83
Full year
34,830
7.4
2,748
28.5
3,411
14.0
2,547
6.3
116.31
Note: Revisions to the most recently announced consolidated earnings forecasts: None

* Notes(1) Changes in consolidated subsidiaries during the period (changes in scope of consolidation): None
(2) Application of special accounting methods for presenting quarterly consolidated financial statements: Yes
Note: Please refer to page 8 “2. Quarterly Consolidated Financial Statements and Notes, (3) Notes to Quarterly Consolidated
Financial Statements, Application of Special Accounting Methods for Presenting Quarterly Consolidated Financial
Statements” for details.

(3) Changes in accounting policies and accounting-based estimates, and restatements
1) Changes in accounting policies due to revisions in accounting standards, others:

Yes2) Changes in accounting policies other than 1) above:None3) Changes in accounting-based estimates:

None4) Restatements:

None

Note: Please refer to page 8 “2. Quarterly Consolidated Financial Statements and Notes, (3) Notes to Quarterly Consolidated
Financial Statements, Changes in Accounting Policies” for details.

(4) Number of outstanding shares (common shares)
1) Number of shares outstanding at the end of the period (including treasury shares)
As of Jun. 30, 2022:

22,490,910 shares

As of Mar. 31, 2022:

22,490,910 shares

As of Mar. 31, 2022:

585,863 shares

2) Number of treasury shares at the end of the period
As of Jun. 30, 2022:

586,405 shares

3) Average number of shares outstanding during the period
Three months ended Jun. 30, 2022: 21,904,505 shares

Three months ended Jun. 30, 2021:

21,954,487 shares* The current quarterly financial report is not subject to quarterly review by certified public accountants or auditing firms.
* Cautionary statement with respect to forward-looking statements
Note concerning forward-looking statements
Forecasts of future performance in these materials are based on assumption judged to be valid and information available to
Iwaki’s management at the time the materials were prepared, but are not promises by Iwaki regarding future performance.
Actual results may differ materially from the forecasts.
How to view supplementary materials for the quarterly financial results meeting
The supplementary information materials for quarterly financial results are disclosed on the Company’s website today (August
10, 2022).

IWAKI CO.,LTD. (6237) Financial Results for the First Quarter of FY3/23

Contents of Attachments
1. Qualitative Information on Quarterly Consolidated Financial Performance2(1) Explanation of Results of Operations

2(2) Explanation of Financial Position

2(3) Explanation of Consolidated Earnings Forecasts and Other Forward-looking Statements

3

2. Quarterly Consolidated Financial Statements and Notes

4(1) Quarterly Consolidated Balance Sheet

4(2) Quarterly Consolidated Statements of Income and Comprehensive Income

6

Quarterly Consolidated Statement of Income
For the Three-month Period

6

Quarterly Consolidated Statement of Comprehensive Income
For the Three-month Period

7(3) Notes to Quarterly Consolidated Financial Statements

8

Going Concern Assumption

8

Significant Changes in Shareholders’ Equity

8

Application of Special Accounting Methods for Presenting Quarterly Consolidated Financial Statements

8

Changes in Accounting Policies

81

IWAKI CO.,LTD. (6237) Financial Results for the First Quarter of FY3/23

1. Qualitative Information on Quarterly Consolidated Financial Performance(1) Explanation of Results of Operations
Economic activity in Japan began to return to normal during the first quarter of the current fiscal year as
restrictions involving the pandemic were reduced. However, the outlook for the Japanese economy and global
economy is still uncertain because of the high cost of resources caused by the prolonged Ukraine crisis, theimpact of lockdowns in China and other events.
Capital expenditures in Japan are recovering as earnings improve but there are concerns about the possibilityof an economic downturn because of the high cost of raw materials, restrictions on the supply of many items
and other issues.
Iwaki has been taking many actions in Japan to improve its corporate value based on the core policy of“winning by improving customer satisfaction.” Overseas, there were activities encompassing 21 affiliatedcompanies in 15 countries to increase sales. The Iwaki Group continued to accelerate the implementation ofvarious measures for achieving numerical targets of the Iwaki Group 10-year vision of net sales of 40 billion
yen and an operating margin of 10% in the fiscal year ending on March 31, 2025 based on the policy of“supplying the world’s best products as All Iwaki.”
The semiconductor/liquid crystal market remained strong, increasing 21.8% to 1,810 million yen in sales fromone year earlier. In the water treatment category, sales increased 19.1% to 1,898 million yen because of strong
sales in the United States. These two sectors were responsible for most of the growth of first quarter sales andearnings.
Sales in Japan increased 4.6% from one year earlier to 4,403 million yen as a result of higher sales in thesemiconductor/liquid crystal market. Overseas, sales in Europe increased 15.2% to 992 million yen due torecovery from the COVID-19 pandemic. Sales in the United States rose 39.3% to 1,252 million yen because ofstrong sales particularly in the water treatment market. In Asia, sales rose mainly in the semiconductor/liquid
crystal and surface treatment equipment markets for South Korea and Taiwan. As a result, sales were 918
million yen (up 10.5% year-on-year). Sales in China were up 10.2% to 530 million yen because sales increasedin the medical equipment market and sales in the semiconductor/liquid crystal market were also higher.
In product categories, sales of metering pumps, a core product of the IWAKI Group, and sales ofpneumatic-drive pumps in the semiconductor/liquid crystal category were strong .
As a result, consolidated net sales increased 10.4% to 8,390 million yen.
Due to sales growth, operating profit increased 98.8% from one year earlier to 744 million yen. Ordinary profit
was up 103.8% to 1,158 million yen as share of profit of entities accounted for using equity method andforeign exchange gains increased. Profit attributable to owners of parent increased 91.0% to 974 million yen.
There is no business segment information because chemical pumps are the only business of the Iwaki Group.
(2) Explanation of Financial Position
AssetsCurrent assets at the end of the first quarter of the current fiscal year were 27,906 million yen, up 535 million
yen from the end of the previous fiscal year. This was mainly due to increases of 236 million yen inmerchandise and finished goods, 137 million yen in work in process and 139 million yen in raw materials andsupplies. Non-current assets were 11,340 million yen at the end of the first quarter, up 747 million yen fromthe end of the previous fiscal year. This was mainly because of increases of 343 million yen in property, plantand equipment and 273 million yen in investment securities.
As a result, total assets increased 1,283 million yen from the end of the previous fiscal year to 39,246 million
yen.
Liabilities
Current liabilities at the end of the first quarter were 11,072 million yen, up 38 million yen from the end of theprevious fiscal year. There were decreases of 376 million yen in income taxes payable and 598 million yen in
the provision for bonuses and a 1,175 million yen increase in other current liabilities mainly resulting from2

IWAKI CO.,LTD. (6237) Financial Results for the First Quarter of FY3/23

moving the provision for bonuses to other current liabilities. Non-current liabilities were 1,961 million yen at
the end of the first quarter, up 284 million yen from the e nd of the previous fiscal year. This was mainly due toan increase of 294 million yen in other non-current liabilities due to the application of ASC Topic 842 ‟Leases.”As a result, total liabilities increased 322 million yen from the end of the previous fiscal year to 13,034 million
yen.
Net assets
Net assets at the end of the first quarter were 26,212 million yen, up 960 million yen from the end of theprevious fiscal year. There were increases of 503 million yen in retained earnings and 479 million yen inforeign currency translation adjustment.
Consequently, the capital adequacy ratio was 66.6% (66.3% at the end of the previous fiscal year).
(3) Explanation of Consolidated Earnings Forecasts and Other Forwar d-looking Statements
We maintain the first-half and full-year consolidated earnings forecasts that were disclosed in the “Summary ofConsolidated Financial Results for the Fiscal Year Ended March 31, 2022” dated May 13, 2022.

3

IWAKI CO.,LTD. (6237) Financial Results for the First Quarter of FY3/23

2. Quarterly Consolidated Financial Statements and Notes(1) Quarterly Consolidated Balance Sheet
FY3/22(As of Mar. 31, 2022)(Thousands of yen)First quarter of FY3/23(As of Jun. 30, 2022)

AssetsCurrent assets
Cash and deposits

8,781,886

8,807,554

Notes and accounts receivable-trade, and contract assets

6,575,664

6,522,983

Electronically recorded monetary claims-operating

3,896,433

3,782,848

Merchandise and finished goods

3,274,488

3,510,609

119,888

257,580

4,285,302

4,424,874

489,283

657,474

Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets(52,156)(57,358)

27,370,790

27,906,566

Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation and impairment
Buildings and structures, net
Machinery, equipment and vehicles
Accumulated depreciation and impairment
Machinery, equipment and vehicles, net
Tools, furniture and fixtures
Accumulated depreciation and impairment
Tools, furniture and fixtures, net
Land
Leased assets
Accumulated depreciation

7,866,212

7,940,297(4,184,745)(4,259,902)

3,681,467

3,680,394

3,246,918

3,281,966(2,775,483)(2,835,710)

471,435

446,255

2,071,207

2,125,166(1,770,695)(1,805,035)

300,511

320,130

1,043,711

1,046,856

350,172

345,141(176,849)(189,234)

Leased assets, net

173,323

155,906

Construction in progress

16,36917,968Other
Accumulated depreciation
Other, net
Total property, plant and equipment

44,400434,551(34,044)(61,659)

10,356

372,892

5,697,174

6,040,403

706,796

718,811

Intangible assets
Goodwill
Trademark right

26,78825,919Other529,048

531,477

1,262,634

1,276,208

Investment securities

2,110,109

2,383,472

Deferred tax assets

323,464

359,629

Retirement benefit asset

887,160

929,880

Other

312,168

350,532

3,632,902

4,023,513

Total intangible assets
Investments and other assets

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

4

10,592,711

11,340,126

37,963,502

39,246,692

IWAKI CO.,LTD. (6237) Financial Results for the First Quarter of FY3/23(Thousands of yen)First quarter of FY3/23(As of Jun. 30, 2022)

FY3/22(As of Mar. 31, 2022)
Liabilities
Current liabilities
Notes and accounts payable-trade

2,492,928

2,209,216

Electronically recorded obligations-operating

3,884,760

3,993,961

Short-term borrowings

1,244,747

1,344,408

75,00075,000Current portion of long-term borrowings
Lease liabilities

74,39971,146

Income taxes payable

587,120

211,052

Contract liabilities

44,98765,648Provision for bonuses

1,022,448

423,900

131,504

25,761

Provision for bonuses for directors (and other officers)
Provision for product warranties

90,77891,586

Other

1,385,959

2,560,959

Total current liabilities

11,034,634

11,072,640

Long-term borrowings

562,500

525,000

Lease liabilities

Non-current liabilities
124,271

109,046

Retirement benefit liability-

42,075

Asset retirement obligations

223,382

223,658

Other

767,173

1,062,041

1,677,327

1,961,821

12,711,961

13,034,462

Share capital

1,044,691

1,044,691

Capital surplus

674,127

674,127

Retained earnings

22,341,167

22,844,285

Treasury shares(586,764)(586,811)

Total shareholders’ equity

23,473,221

23,976,292

1,460

880

Foreign currency translation adjustment

669,870

1,149,469

Remeasurements of defined benefit plans

1,033,434

1,005,910

Total accumulated other comprehensive income

1,704,765

2,156,260

73,554

79,67725,251,541

26,212,230

37,963,502

39,246,692

Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity

Accumulated other comprehensive income
Valuation difference on available-for-sale securities

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

5

IWAKI CO.,LTD. (6237) Financial Results for the First Quarter of FY3/23(2) Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statement of Income(For the Three-month Period)(Thousands of yen)First three months of FY3/22(Apr. 1, 2021 – Jun. 30, 2021)

First three months of FY3/23(Apr. 1, 2022 – Jun. 30, 2022)

Net sales

7,603,207

8,390,649

Cost of sales

5,126,182

5,434,470

Gross profit

2,477,025

2,956,179

Selling, general and administrative expenses

2,102,401

2,211,416

374,623744,763744

96

11,45016,903

170,749

299,463

9,474

92,214

Operating profit
Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using
equity method
Foreign exchange gains
Other

13,916

14,472

Total non-operating income

206,336

423,151

Interest expenses

6,365

5,854

Commission expenses
Loss on amortization of restricted stock
remuneration
Other

3,433

1,996

-

406

2,886

1,489

Total non-operating expenses

12,685

9,748

568,273

1,158,166

134,208

2,336

989

208

135,197

2,544

Loss on retirement of non-current assets

140

147

Loss on sale of non-current assets

848-

Total extraordinary losses

988

147

Profit before income taxes

702,482

1,160,562

Income taxes

186,968

182,123

Profit515,514

978,438

Non-operating expenses

Ordinary profit
Extraordinary income
Gain on sale of investment securities
Other
Total extraordinary income
Extraordinary losses

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

6

5,651

4,361

509,863974,077

IWAKI CO.,LTD. (6237) Financial Results for the First Quarter of FY3/23

Quarterly Consolidated Statement of Comprehensive Income(For the Three-month Period)

Profit(Thousands of yen)First three months of FY3/22 First three months of FY3/23(Apr. 1, 2021 – Jun. 30, 2021) (Apr. 1, 2022 – Jun. 30, 2022)
515,514
978,438

Other comprehensive income(101,813)

Valuation difference on available-for-sale securities(701)

Foreign currency translation adjustment

258,204

369,383

Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities
accounted for using equity method(8,654)(27,524)

72,821

112,099

Total other comprehensive income

220,559453,256

736,073

1,431,695

729,093

1,425,572

6,980

6,122

Comprehensive income
Comprehensive income attributable to:Comprehensive income attributable to owners ofparentComprehensive income attributable tonon-controlling interests

7

IWAKI CO.,LTD. (6237) Financial Results for the First Quarter of FY3/23(3) Notes to Consolidated Financial Statements
Going Concern Assumption
Not applicable.
Significant Changes in Shareholders’ Equity
Not applicable.
Application of Special Accounting Methods for Presenting Quarterly Consolidated Financial Statements
Calculation of tax expense
At Iwaki and certain consolidated subsidiaries, the tax expenses were calculated by first estimating theeffective tax rate after the application of tax effect accounting with respect to profit before income taxes during
the fiscal year, and multiplying that rate by the quarterly profit before income taxes.
Changes in Accounting Policies
Application of the Guidance on Accounting Standard for Measurement of Fair Value
Iwaki started to apply the Guidance on Accounting Standard for Measurement of Fair Value (AccountingStandards Board of Japan Guidance (ASBJ) Statement No. 31, June 17, 2021) at the beginning of the firstquarter of the current fiscal year, and has applied the new accounting policies set forth by the Guidance on
Accounting Standard for Measurement of Fair Value prospectively in accordance with the transitional
measures in Paragraph 27-2 of the Guidance on Accounting Standard for Measurement of Fair Value.
There is no effect of the application of these standards on the consolidated financial statements.
Application of Accounting Standards Certification (ASC) Topic 842 “Leases” of the U.S. Financial AccountingStandards Board
Beginning with the first quarter of the current fiscal year, some consolidated subsidiaries outside Japan thatuse U.S. accounting standards are using ASC Topic 842 “Leases.” As a result, for all leases where thesesubsidiaries are the lessee, as a rule, all lease assets and liabilities are included in the balance sheet.
In accordance with the transitional measures allowed by ASC Topic 842, the cumulative monetary effects of
the application of this topic were recognized on the first day of the application o f this topic.
As a result, at the beginning of the first quarter, right -of-use assets, which are included in other, net property,
plant and equipment, increased 386 million yen, lease obligations included in other current liabilities increased
101 million yen, and lease obligations included in other non-current liabilities increased 308 million yen.
The effect of this change on earnings in the first quarter of the current fiscal year is insignificant.

This financial report is solely a translation of “Kessan Tanshin” (in Japanese, including attachments), which has been
prepared in accordance with accounting principles and practices generally accepted in Japan, for the convenience ofreaders who prefer an English translation.

8