May 13, 2021

Summary of Consolidated Financial Results for the Fiscal Year Ended March 31, 2021
[Japanese GAAP]
Company name:
Stock code:
Representative:
Contact:IWAKI CO.,LTD.
Listing: Tokyo Stock Exchange, First Section
6237
URL: https://www.iwakipumps.co.jp/
Shigeru Fujinaka, President
Makoto Inoue, Director, Executive Officer,
Senior General Manager of Business Management Head OfficeTel: (81)3-3254-2931
Scheduled date of Annual General Meeting of Shareholders: June 29, 2021
Scheduled date of payment of dividend:
June 30, 2021
Scheduled date of filing of Annual Securities Report:
June 30, 2021
Preparation of supplementary materials for financial results: Yes
Holding of financial results meeting:Yes (for institutional investors and analysts)(All amounts are rounded down to the nearest million yen)

1. Consolidated Financial Results for the Fiscal Year Ended March 31, 2021 (April 1, 2020 – March 31, 2021)(1) Consolidated results of operations(Percentages represent year-on-year changes)
Profit attributable
Net sales
Operating profit
Ordinary profit
to owners of parent
Million yen% Million yen% Million yen% Million yen%
Fiscal year ended Mar. 31, 2021
28,162 (1.7)
1,706(19.3)
2,222 (13.8)
2,091 (1.5)
Fiscal year ended Mar. 31, 2020
28,636 (1.8 )
2,114
2,578
2,122 (1.9 )(9.6 )(9.5 )
Note: Comprehensive income (million yen) Fiscal year ended Mar. 31, 2021: 2,514 (up 48.5%)
Fiscal year ended Mar. 31, 2020: 1,693 (down 19.2%)
Net income per
Diluted net
Ordinary profit Operating profit
Return on equity
share
income per shareon total assets
to net sales
Yen

Yen

Fiscal year ended Mar. 31, 2021
94.90
Fiscal year ended Mar. 31, 2020
96.06
Reference: Equity in earnings of affiliates (million yen)

%

9.7
10.5
Fiscal year ended Mar. 31, 2021: 509
Fiscal year ended Mar. 31, 2020: 433

%

%

7.1
8.5

6.1
7.4

(2) Consolidated financial position
Total assets
Net assets
Capital adequacy ratio Net assets per share
Million yen
Million yen%
Yen
As of Mar. 31, 2021
32,211
22,52069.7
1,018.96
As of Mar. 31, 2020
30,126
20,52368.0
930.39Reference: Owner’s equity (million yen)
As of Mar. 31, 2021: 22,456
As of Mar. 31, 2020: 20,492(3) Consolidated cash flows
Cash flows from
Cash flows from
Cash flows from Cash and cash equivalents
operating activities investing activities financing activities
at end of period
Million yen
Million yen
Million yen
Million yen
Fiscal year ended Mar. 31, 2021
2,089
(920)
149
6,936
Fiscal year ended Mar. 31, 2020
2,138
(77)
(1,522)5,706

2. Dividends
Dividend per share
1Q-endFiscal year ended Mar. 31, 2020
Fiscal year ended Mar. 31, 2021
Fiscal year ending Mar. 31, 2022
(forecast)

2Q-end3Q-end Year-end

Total

Total
dividends

Dividend
Dividend on
payout ratio
equity(consolidated) (consolidated)

Yen

Yen

Yen

Yen

Yen

Million yen

%

%

-

13.00
8.00

-

17.50
21.00

30.50
29.00

671
639

31.8
30.6

3.4
3.0

-

10.00

-

15.50

25.50

30.4

3. Consolidated Earnings Forecasts for the Fiscal Year Ending March 31, 2022
(April 1, 2021 – March 31, 2022)
Net salesFirst half
Full year

Million yen
14,82430,297

Operating profit
%
12.6
7.6

Million yen
712
1,752

%
0.0
2.7

(Percentages represent year-on-year changes)
Profit attributable to
Net income
Ordinary profit
owners of parent
per share
Million yen% Million yen
%
Yen
965
3.2
815 (23.7)
37.26
2,243
0.9
1,831 (12.4)
83.78

* Notes(1) Changes in consolidated subsidiaries during the period (changes in scope of consolidation): None
(2) Changes in accounting policies and accounting-based estimates, and restatements
1) Changes in accounting policies due to revisions in accounting standards, others: None
2) Changes in accounting policies other than 1) above:None3) Changes in accounting-based estimates:

None4) Restatements:

None(3) Number of outstanding shares (common shares)
1) Number of shares outstanding at the end of the period (including treasury shares)
As of Mar. 31, 2021:

22,490,910 shares

As of Mar. 31, 2020:

22,490,910 shares

As of Mar. 31, 2020:

465,389 shares

2) Number of treasury shares at the end of the period
As of Mar. 31, 2021:

451,856 shares

3) Average number of shares outstanding during the period
Fiscal year ended Mar. 31, 2021:

22,035,190 sharesFiscal year ended Mar. 31, 2020:

22,096,699 shares

Reference: Summary of Non-consolidated Financial Results
Non-consolidated Financial Results for the Fiscal Year Ended March 31, 2021
(April 1, 2020 – March 31, 2021)(1) Non-consolidated results of operations(Percentages represent year-on-year changes)

Fiscal year ended Mar. 31, 2021
Fiscal year ended Mar. 31, 2020

Net sales
Million yen%
22,293 (1.7)
22,675 (5.2 )Operating profit
Million yen%
1,237 (14.0)
1,439 (17.4 )Ordinary profit
Million yen
%
1,870
(8.1)
2,035 (12.4 )Fiscal year ended Mar. 31, 2021
Fiscal year ended Mar. 31, 2020

Net income per share Diluted net income per share
Yen
Yen
68.09
80.58
-

ProfitMillion yen%
1,500 (15.7)
1,780(1.4 )(2) Non-consolidated financial position
Total assets
Net assets
Equity ratio
Net assets per share
Million yen
Million yen%
Yen
As of Mar. 31, 2021
27,52918,19766.1
825.68
As of Mar. 31, 2020
26,076
17,22766.1
782.16
Reference: Shareholders’ equity (million yen):
As of Mar. 31, 2021: 18,197
As of Mar. 31, 2020: 17,227* The current financial report is not subject to audit 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 v alid 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. Please refer to “1. Overview of Results of Operations, (1) Results ofOperations, 2) Outlook” on page 2 for forecast assumptions and notes of caution for usage.
How to view supplementary materials for the financial results
Iwaki plans to hold a financial results meeting for institutional investors and analysts on May 31, 2021. Materials to be
distributed at this event will be available on the Company’s website in advance.

IWAKI CO.,LTD. (6237) Financial Results for FY3/21

Contents of Attachments
1. Overview of Results of Operations

2(1) Results of Operations

2(2) Financial Position

3

2. Basic Approach to the Selection of Accounting Standards

4

3. Consolidated Financial Statements and Notes

5(1) Consolidated Balance Sheet

5(2) Consolidated Statements of Income and Comprehensive Income

7

Consolidated Statement of Income

7

Consolidated Statement of Comprehensive Income

8(3) Consolidated Statement of Changes in Equity

9(4) Consolidated Statement of Cash Flows

11(5) Notes to Consolidated Financial Statements

13

Going Concern Assumption

13

Reclassifications

13

Segment and Other Information

13

Per Share Information

14

Subsequent Events

15

1

IWAKI CO.,LTD. (6237) Financial Results for FY3/21

1. Overview of Results of Operations(1) Results of Operations
1) Operating results for the current fiscal year
In the fiscal year that ended on March 31, 2021, the COVID-19 pandemic triggered a steep global economic
downturn in the first half because of restrictions on economic activity. Although economic activity began toresume as the severity of this crisis declined, uncertainty caused by COVID-19 about the global economy
continued in the second half of the fiscal year. In Japan, economic activity resumed after the state of
emergency ended in May 2020 and capital expenditures began to recover. However, the outlook remains
unclear as progress with containing the pandemic is followed by setbacks.
In Japan, Iwaki took many actions based on the core policy of “winning by improving customer satisfaction.”
Overseas, there were activities encompassing 21 affiliated companies in 15 countries to increase sales. To
improve its corporate value, the Iwaki Group will continue to accelerate the implementation of various
measures for achieving numerical targets of the Iwaki Group 10 -year vision of net sales of 40 billion yen andan operating margin of 10% in the fiscal year ending on March 31, 2025 .
In addition, in order to fulfil our responsibility to provide for the needs of our customers, the Iwaki Group willcontinue to supply products while taking various actions, such as the use of teleworking. Furthermore, theIwaki Group will implement procedures to prevent infection both inside and outside the company, in response
to demands to control the spread of COVID-19.
Sales were higher than one year earlier in the semiconductor/liquid crystal and surface treatment equipment
markets. However, sales were lower in other market se ctors, primarily the medical equipment market, where
COVID-19 held down capital expenditures.
Sales in Japan decreased 3.9% from one year earlier to 16,686 million yen as a result of sluggish sales in the
medical equipment market throughout the fiscal year. Overseas, sales are recovering but the impact of the
COVID-19 pandemic was significant in the first half. As a result, sales in the United States fell 13.4% to 3,543
million yen. In Europe, while affected by the pandemic as in the United States, sales increased because of the
inclusion beginning in the third quarter of the newly consolidated subsidiary Iwaki Nordic A/S and its
subsidiaries Iwaki Suomi Oy, Iwaki Norge AS and Iwaki Sverige AB. As a result, sales in Europe increased
11.0% to 2,963 million yen. In Asia, demand in the semiconductor/liquid crystal and surface treatment
equipment markets in Taiwan and South Korea remained strong, but sales decreased because of the COVID -19
pandemic, primarily the impact of this crisis on the water treatment mark et in Singapore. As a result, sales
were 2,186 million yen (down 3.6% year-on-year). Sales in China were up 45.2% to 1,768 million yen because
demand in the semiconductor/liquid crystal and medical equipment markets remained strong.
By product category, sales in the core metering pump category remained steady. In the magnetic drive pumpcategory, although sales returned to the pre-crisis level in the fourth quarter, fiscal year sales were weak
mainly because of restrictions on customer visits for sales activities. Sales of pneumatic drive pumps for thesemiconductor/liquid crystal market remained strong.
As a result, consolidated net sales decreased 1.7% to 28,162 million yen.
Earnings were affected by lower sales and higher SG&A expenses. Operating profit decreased 19.3% to 1,706
million yen and ordinary profit decreased 13.8% to 2,222 million yen. Profit attributable to owners of parent
decreased 1.5% to 2,091 million yen.
There is no business segment information because chemical pumps are the only business of the Iwaki Group.
2) Outlook
Although the outlook for the impact of the COVID -19 pandemic on the economy is unclear, we forecast higher
sales in the fiscal year ending in March 2022 because of the recovery in capital expenditures and the growth inorders for the products of the Iwaki Group.

2

IWAKI CO.,LTD. (6237) Financial Results for FY3/21

While continuing to focus on the theme of “winning by improving customer satisfaction,” we will use many
activities in Japan for meeting the demand for product replacement and maintenance services. Overseas, wewill create even closer ties with affiliated companies with the goal of more growth in overseas markets.
Based on this outlook, we forecast a 7.6% increase in consolidated sales to 30,297 million yen, a 2.7% increasein operating profit to 1,752 million yen, a 0.9% increase in ordinary profit to 2,243 million yen, and a 12.4%
decrease in profit attributable to owners of parent to 1,831 million yen in the fiscal year ending on March 31,
2022.
These projections are based on information available at the time this report was released. Actual results may
differ from projections due to a variety of factors.
(2) Financial Position
1) Assets, liabilities and net assets
AssetsThe balance of current assets at the end of the current fiscal year was 22,724 million yen, up 1,188 million yen
from the end of the previous fiscal year. This was mainly due to increases of 1,090 million yen in cash anddeposits and 312 million yen in merchandise and finished goods, while there was a decrease of 203 million yen
in raw materials and supplies. The balance of non-current assets was 9,486 million yen at the end of the current
fiscal year, up 896 million yen from the end of the previous fiscal year. This was mainly because of a n increaseof 767 million yen in goodwill.
As a result, total assets increased 2,085 million yen from the end of the previous fiscal year to 32,211 million
yen.
Liabilities
The balance of current liabilities at the end of the current fiscal year was 7,733 million yen, up 72 million yen
from the end of the previous fiscal year. This was mainly due to increases of 675 million yen in electronicallyrecorded obligations-operating and 177 million yen in income taxes payable, while there was a decrease of 876
million yen in notes and accounts payable-trade. The balance of non-current liabilities was 1,957 million yen
at the end of the current fiscal year, up 16 million yen from the end of the previous fiscal year. This was mainly
due to increases of 637 million yen in long-term borrowings and 49 million yen in lease obligations while there
was a decrease of 647 million yen in retirement benefit liability.
As a result, total liabilities increased 88 million yen from the end of the previous fiscal year to 9,691 million
yen.
Net assets
The balance of net assets at the end of the current fiscal year was 22,520 million yen, up 1,996 million yen
from the end of the previous fiscal year. The main factors include an increase of 1,529 million yen in retained
earnings.
Consequently, the capital adequacy ratio was 69.7% (68.0% at the end of the previous fiscal year).
2) Cash flows
Cash and cash equivalents (hereinafter, “net cash”) at the end of the current fiscal year was 6,936 million yen,
up 1,229 million yen over the end of the previous fiscal year (a n increase of 454 million yen at the end of theprevious fiscal year).
The cash flow components during the current fiscal year and the main reasons for changes are as described
below.

3

IWAKI CO.,LTD. (6237) Financial Results for FY3/21

Cash flows from operating activities
Net cash provided by operating activities was 2,089 million yen (2,138 million yen provided in the previous
fiscal year). Positive factors include profit before income taxes of 2,596 million yen, which offset negative
factors including income taxes paid of 277 million yen.
Cash flows from investing activities
Net cash used in investing activities was 920 million yen (77 million yen used in the previous fiscal year).
Negative factors include purchase of property, plant and equipment and intangible assets of 594 million yen,which offset positive factors including proceeds from withdrawal of time deposits of 342 million yen.
Cash flows from financing activities
Net cash provided by financing activities was 149 million yen (1,522 million yen used in the previous fiscal
year). Positive factors include proceeds from long-term borrowings of 750 million yen, which offset negative
factors including dividends paid of 560 million yen.
2. Basic Approach to the Selection of Accounting Standards
The Iwaki Group will continue to prepare consolidated financial statements using Jap anese accounting
standards for the time being to permit comparisons with prior years and with the financial data of othercompanies.
We will take suitable actions with regard to the application of International Financial Reporting Standards(IFRS) by taking into account associated factors in Japan and other countries.

4

IWAKI CO.,LTD. (6237) Financial Results for FY3/21

3. Consolidated Financial Statements and Notes(1) Consolidated Balance Sheet
FY3/20(As of Mar. 31, 2020)(Thousands of yen)
FY3/21(As of Mar. 31, 2021)

AssetsCurrent assets
Cash and deposits

6,037,142

7,127,637

Notes and accounts receivable-trade

6,567,089

6,396,840

Electronically recorded monetary claims-operating

3,006,973

3,168,898

Merchandise and finished goods

2,274,529

2,587,283

41,86657,5183,334,700

3,131,450

297,927

282,115Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets(24,120)(26,955)

21,536,109

22,724,788

7,350,481

7,571,174

Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation and impairment loss

(3,814,876)(3,988,958)

Buildings and structures, net

3,535,605

3,582,216

Machinery, equipment and vehicles

2,821,272

3,005,576(2,409,334)(2,563,625)

411,937

441,951

1,882,702

2,013,058(1,557,037)(1,675,948)

325,664

337,110

1,039,680

1,041,934

282,368

343,294(138,730)(140,243)

Leased assets, net

143,637

203,051

Construction in progress

129,925

84,481

Accumulated depreciation and impairment loss
Machinery, equipment and vehicles, net
Tools, furniture and fixtures
Accumulated depreciation and impairment loss
Tools, furniture and fixtures, net
Land
Leased assets
Accumulated depreciation

Other
Accumulated depreciation
Other, net
Total property, plant and equipment

30,11737,184(22,400)(28,490)

7,716

8,694

5,594,168

5,699,439

1,764

769,340

Intangible assets
Goodwill
Trademark right

46,11633,044Other

258,369

333,210

Total intangible assets

306,250

1,135,596

Investment securities

1,743,860

1,893,584

Deferred tax assets

669,176

460,137

Other

277,068

298,2172,690,105

2,651,939

8,590,524

9,486,975

30,126,634

32,211,764

Investments and other assets

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

5

IWAKI CO.,LTD. (6237) Financial Results for FY3/21(Thousands of yen)
FY3/21(As of Mar. 31, 2021)

FY3/20(As of Mar. 31, 2020)
Liabilities
Current liabilities
Notes and accounts payable-trade
Electronically recorded obligations-operating
Short-term borrowings
Current portion of long-term borrowings

4,681,495

3,804,556-

675,571768,050

820,592-

75,000

Lease obligations

55,90376,259

Income taxes payable

103,628

280,804

Provision for bonuses

725,113752,791

Provision for bonuses for directors (and other officers)

43,08090,332

Provision for product warranties

71,15673,235

Provision for loss on building demolition cost

11,400-Other

1,201,622

1,084,479

Total current liabilities

7,661,449

7,733,624-

637,500

Lease obligations
Provision for retirement benefits for directors (and otherofficers)
Retirement benefit liability

105,203

154,294

51,687-912,345

264,352

Asset retirement obligations

185,555

196,119

Other

686,570

705,395

1,941,361

1,957,661

9,602,811

9,691,286

Share capital

1,044,691

1,044,691

Capital surplus

675,803675,384

Retained earnings

19,143,574

20,673,009

Treasury shares(475,730)(456,247)

Total shareholders’ equity

20,388,338

21,936,836

88,669102,329

Foreign currency translation adjustment

150,937

123,917

Remeasurements of defined benefit plans(135,633)

293,781

103,974

520,029

31,51063,611

20,523,823

22,520,477

30,126,634

32,211,764

Non-current liabilities
Long-term borrowings

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

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

Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

6

IWAKI CO.,LTD. (6237) Financial Results for FY3/21(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statement of Income(Thousands of yen)
FY3/20FY3/21(Apr. 1, 2019 – Mar. 31, 2020) (Apr. 1, 2020 – Mar. 31, 2021)
Net sales

28,636,597

28,162,392

Cost of sales

18,829,883

18,459,042

Gross profit

9,806,713

9,703,349

Selling, general and administrative expenses

7,692,467

7,996,815

Operating profit

2,114,246

1,706,534

Non-operating income
Interest income

12,273

7,438

Dividend income
Share of profit of entities accounted for using equity
methodOther

20,874

21,902433,208509,391

83,56550,321

Total non-operating income

549,922589,054

Interest expenses

30,34024,553Foreign exchange losses

33,28023,965Non-operating expenses

Loss on amortization of restricted stock remuneration

6,800

6,944

Other

15,19918,062

Total non-operating expenses

85,621

73,525

2,578,547

2,222,063

Gain on sales of non-current assets

9,111

243

Gain on sales of investment securities

153,234--

381,161

162,345

381,405

Loss on retirement of non-current assets

2,021

7,164

Loss on sales of investment securities

8,756

-

Contribution for equipment investment

18,000-

Provision for loss on building demolition cost

11,400-Total extraordinary losses

40,1777,164

2,700,715

2,596,303

Income taxes - current

458,082494,677

Income taxes - deferred

97,195

1,576

Ordinary profit
Extraordinary income

Gain on step acquisitions
Total extraordinary income
Extraordinary losses

Profit before income taxes

Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

7555,277

496,253

2,145,437

2,100,049

22,881

8,855

2,122,555

2,091,193

IWAKI CO.,LTD. (6237) Financial Results for FY3/21

Consolidated Statement of Comprehensive Income(Thousands of yen)
FY3/20FY3/21(Apr. 1, 2019 – Mar. 31, 2020) (Apr. 1, 2020 – Mar. 31, 2021)
Profit2,145,437

2,100,049

Other comprehensive income
Valuation difference on available-for-sale securities(143,289)

13,862Foreign currency translation adjustment(57,624)(52,157)

Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities
accounted for using equity method(217,510)

429,414(33,170)

23,766

Total other comprehensive income
Comprehensive income
Comprehensive income attributable to:Comprehensive income attributable to owners ofparentComprehensive income attributable tonon-controlling interests

8(451,595)

414,887

1,693,842

2,514,937

1,670,569

2,507,249

23,272

7,687

IWAKI CO.,LTD. (6237) Financial Results for FY3/21(3) Consolidated Statement of Changes in Equity
FY3/20 (Apr. 1, 2019 – Mar. 31, 2020)(Thousands of yen)
Shareholders’ equity
Share capital
Balance at beginningof period

1,044,691

Capital surplus

Retained earnings

Treasury shares

Total shareholders’equity664,691

17,687,437(559)

19,396,260

Changes during period
Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesChange in ownershipinterest of parent due
to transactions with
non-controllinginterests
Net changes in items
other thanshareholders’ equity
Total changes during
periodBalance at end of
period(666,419)(666,419)

2,122,555

2,122,555

1,676(500,088)(500,088)

24,917

26,594

9,435

9,435

-

11,112

1,456,136(475,170)

992,078

1,044,691

675,803

19,143,574(475,730)

20,388,338(Thousands of yen)

Accumulated other comprehensive income

Balance at beginningof period

Valuationdifference on
available-for-salesecurities

Foreigncurrencytranslation
adjustment

232,113

241,969

Total
Remeasurements accumulated Non-controllinginterestsof definedotherbenefit plans comprehensive
income81,877555,960

196,127

Total net
assets

20,148,347

Changes during period
Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesChange in ownershipinterest of parent due
to transactions with
non-controllinginterests
Net changes in items
other thanshareholders’ equity
Total changes during
periodBalance at end of
period(666,419)
2,122,555(500,088)
26,594

9,435(143,443)(91,031)(217,510)(451,986)(164,616)(616,602)(143,443)(91,031)(217,510)(451,986)(164,616)

375,475

88,669150,937(135,633)

103,974

31,51020,523,823

9

IWAKI CO.,LTD. (6237) Financial Results for FY3/21

FY3/21 (Apr. 1, 2020 – Mar. 31, 2021)(Thousands of yen)
Shareholders’ equity
Share capital
Balance at beginningof period

1,044,691

Capital surplus

Retained earnings

Treasury shares

Total shareholders’equity675,803

19,143,574(475,730)

20,388,338

Changes during period
Dividends of surplus
Profit attributable toowners of parent
Disposal of treasury
sharesNet changes in items
other thanshareholders’ equity
Total changes during
periodBalance at end of
period(561,759)(561,759)

2,091,193

2,091,193(419)

19,482

19,063-(419)

1,529,434

19,482

1,548,498

1,044,691

675,384

20,673,009(456,247)

21,936,836(Thousands of yen)

Accumulated other comprehensive income

Balance at beginningof period

Valuationdifference on
available-for-salesecurities

Foreigncurrencytranslation
adjustment

88,669150,937

Total
Remeasurements accumulated Non-controllinginterestsof definedotherbenefit plans comprehensive
income(135,633)

103,974

31,510Total net
assets

20,523,823

Changes during period
Dividends of surplus
Profit attributable toowners of parent
Disposal of treasury
sharesNet changes in items
other thanshareholders’ equity
Total changes during
periodBalance at end of
period(561,759)
2,091,193
19,063
13,660(27,019)

429,414416,055

32,100448,156

13,660(27,019)

429,414416,055

32,1001,996,654

102,329

123,917

293,781520,029

63,611

22,520,477

10

IWAKI CO.,LTD. (6237) Financial Results for FY3/21(4) Consolidated Statement of Cash Flows(Thousands of yen)
FY3/20FY3/21(Apr. 1, 2019 – Mar. 31, 2020) (Apr. 1, 2020 – Mar. 31, 2021)
Cash flows from operating activities
Profit before income taxes
Depreciation
Amortization of goodwill
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for bonuses for directors(and other officers)
Increase (decrease) in retirement benefit liability
Increase (decrease) in provision for retirement benefits
for directors (and other officers)
Interest and dividend income
Interest expenses
Loss (gain) on sales of investment securities

2,700,715

2,596,303

649,460

725,795

1,008

39,832

2,709

(955)

(156,028)

26,713(96,920)47,037(60,222)(27,924)-(51,687)(33,148)(29,340)

30,34024,553(144,477)-

Foreign exchange losses (gains)Share of loss (profit) of entities accounted for using
equity method
Loss (gain) on step acquisitions

13,41632,170(433,208)(509,391)-(381,161)

Surrender value of insurance policies(53,883)-

Decrease (increase) in trade receivables

15,94149,062

Decrease (increase) in inventories

79,031

7,477

Increase (decrease) in trade payables(481,353)(244,575)

25,450(85,764)

Increase (decrease) in accounts payable-other
Increase (decrease) in accrued expenses
Increase (decrease) in accrued consumption taxes(142,665)

42,893278,800(267,890)

Other, net

135,142

33,539Subtotal

2,330,108

2,026,686

433,285358,225

Interest and dividends received
Interest paid

(24,060)(17,739)

Income taxes paid

(601,209)(277,642)

Net cash provided by (used in) operating activities

2,138,123

2,089,531(247,749)(213,621)

Proceeds from withdrawal of time deposits

244,116

342,008

Purchase of securities(27,589)-

82,489-(691,320)(594,693)

10,077770

529,904-

59,461-

Cash flows from investing activities
Payments into time deposits

Proceeds from redemption of securities
Purchase of property, plant and equipment and intangible
assetsProceeds from sales of property, plant and equipment
and intangible assets
Proceeds from sales of investment securities
Proceeds from cancellation of insurance funds
Payments from changes in ownership interests in
subsidiaries that do not result in change in scope of
consolidation
Other, net-(442,071)(37,087)(12,506)

Net cash provided by (used in) investing activities(77,699)(920,113)

11

IWAKI CO.,LTD. (6237) Financial Results for FY3/21

FY3/20(Apr. 1, 2019 – Mar. 31, 2020)(Thousands of yen)
FY3/21(Apr. 1, 2020 – Mar. 31, 2021)(112,411)

107,249-

750,000

Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings-(37,500)

Repayments of lease obligations(65,880)(53,913)Purchase of treasury shares(500,088)-

Dividends paid
Dividends paid to previous shareholders of new
subsidiaries
Dividends paid to non-controlling interests
Payments from changes in ownership interests in
subsidiaries that do not result in change in scope of
consolidation(665,365)(560,932)-(50,172)(16,765)(5,653)(161,686)-

Net cash provided by (used in) financing activities(1,522,198)

149,076

Effect of exchange rate change on cash and cash
equivalents(84,075)(89,087)

Net increase (decrease) in cash and cash equivalents

454,150

1,229,406

Cash and cash equivalents at beginning of period

5,252,576

5,706,726

Cash and cash equivalents at end of period

5,706,726

6,936,133

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IWAKI CO.,LTD. (6237) Financial Results for FY3/21(5) Notes to Consolidated Financial Statements
Going Concern Assumption
Not applicable.
Reclassifications
Consolidated Statement of Income“Loss on amortization of restricted stock remuneration,” included in “Other” under non -operating expenses in
the previous fiscal year, is presented separately from the current fiscal year due to an increase in its monetary
materiality. To conform to this change, the consolidated financial statements for the previous fiscal year are
reclassified.
As a result, “Other” (21,999 thousand yen) under non-operating expenses presented in the previous fiscal
year’s consolidated statement of income has been reclassified and divided into “Loss on am ortization of
restricted stock remuneration” (6,800 thousand yen) and “Other” (15,199 thousand yen).
Consolidated Statement of Cash Flows“Proceeds from short-term borrowings” and “Repayments of short-term borrowings” under cash flows fromfinancing activities were presented as gross amounts in the previous fiscal year, but since these items haveshort borrowing periods and a fast turnover, they are presented as a net amount in “Net increase (decrease) inshort-term borrowings” from the current fiscal year. To conform to this change, the consolidated financial
statements for the previous fiscal year are reclassified.
As a result, “Proceeds from short-term borrowings” (187,588 thousand yen) and “Repayments of short-termborrowings” (-300,000 thousand yen) presented under cash flows from financing activities in the previous
fiscal year’s consolidated statement of cash flows is reclassified and presented as “Net increase (decrease) inshort-term borrowings” (-112,411 thousand yen).
Segment and Other Informationa. Segment information
Omitted because chemical pumps are the only business of the Iwaki Group.
b. Related information
FY3/20 (Apr. 1, 2019 – Mar. 31, 2020)
1. Information by product or service

External sales

Magnetic drive
pumps
9,779,656
Air pumps
1,527,623

Metering pumps
5,184,128
System products
1,454,673

Pneumatic drivepumps
1,953,975
Purchased products
2,621,428(Thousands of yen)
Rotary displacementpumps
2,632,965
Other
3,482,145

Total
28,636,597

2. Information by region(1) Net sales(Thousands of yen)Japan
EuropeAmericas
Asia
China
Other
Total
17,369,784
2,670,924
4,093,197
2,269,341
1,218,445
1,014,904
28,636,597
Note: Classification of net sales is based on the location of the client and categorized by country or region.

(2) Property, plant and equipment
Japan4,825,465

Europe525,101

Americas190,987

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Asia
52,614(Thousands of yen)Total
5,594,168

IWAKI CO.,LTD. (6237) Financial Results for FY3/21

3. Information by major client
Omitted because no specific external client accounts for 10% or more of net sales in the consoli dated statementof income.
FY3/21 (Apr. 1, 2020 – Mar. 31, 2021)
1. Information by product or service

External sales

Magnetic drivepumps
9,044,181
Air pumps
1,589,987

Metering pumps
5,211,942
System products
1,419,265(Thousands of yen)
Rotary displacementpumps
2,134,797
Other
3,499,577

Pneumatic drive
pumps
2,687,164
Purchased products
2,575,477

Total
28,162,392

2. Information by region(1) Net sales(Thousands of yen)Japan
EuropeAmericas
Asia
China
Other
Total
16,686,089
2,963,399
3,543,310
2,186,612
1,768,836
1,014,145
28,162,392
Note: Classification of net sales is based on the location of the client and categorized by country or region.

(2) Property, plant and equipment
Japan4,819,080

Europe661,234

Americas170,342

Asia
48,782(Thousands of yen)Total
5,699,439

3. Information by major client
Omitted because no specific external client accounts for 10% or more of net sales in the consolidated statementof income.
c. Information related to impairment losses on non -current assets for each reportable segment
Not applicable.
d. Information related to goodwill amortization and the unamortized balance for each reportable segment
Omitted because chemical pumps are the only business of the Iwaki Group.
e. Information related to gain on bargain purchase for each reportable segment
Not applicable.
Per Share Information
FY3/20(Apr. 1, 2019 – Mar. 31, 2020)(Yen)
FY3/21(Apr. 1, 2020 – Mar. 31, 2021)

Net assets per share

930.391,018.96

Net income per share

96.06

94.90

Notes: 1. Diluted net income per share is not presented because there are no latent shares.
2. The basis of calculating the net income per share is as follows:
FY3/20FY3/21(Apr. 1, 2019 – Mar. 31, 2020) (Apr. 1, 2020 – Mar. 31, 2021)
Profit attributable to owners of parent
2,122,555
2,091,193(Thousands of yen)Amount not attributable to common shareholders(Thousands of yen)
Profit attributable to owners of parent applicable to2,122,555
2,091,193
common shares (Thousands of yen)
Average number of shares outstanding (Shares)

22,096,699

14

22,035,190

IWAKI CO.,LTD. (6237) Financial Results for FY3/21

Subsequent Events
Repurchase of treasury shares
The Iwaki Board of Directors approved a resolution on April 16, 2021 to repurchase its own shares pursuant to
Article 156 of the Companies Act, which is applicable in li eu of Article 165, Paragraph 3 of this act.
1. Reason for stock repurchase
Iwaki decided to repurchase its own shares to increase shareholder value per share and to enhance shareholder
returns, while improving capital efficiency and making it possible to carry out a flexible capital management
policy in response to changes in the business environment .
2. Details of stock repurchase(1) Type of shares to be repurchased:

Common shares of Iwaki(2) Total number of shares to be repurchased: Up to 270,000 shares (1.23% of total shares outstanding,excluding treasury shares)(3) Total value of shares to be repurchased:

Up to 200 million yen(4) Repurchase schedule:

From May 14, 2021 to June 30, 2021

(5) Method of repurchase:

Purchase on the Tokyo Stock Exchange (Discretionary method
used by a securities firm)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.

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