August 10, 2021

Summary of Consolidated Financial Results
for the First Quarter of Fiscal Year Ending March 31, 2022
(Three Months Ended June 30, 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, Executive Officer,
Senior General Manager of Business Management Head OfficeTel: (81)3-3254-2931
Scheduled date of filing of Quarterly Report:
August 11, 2021
Scheduled date of payment of dividend:
Preparation of supplementary materials for quarterly financial results: Yes
Holding of quarterly financial results meeting:None(All amounts are rounded down to the nearest million yen)

1. Consolidated Financial Results for the First Quarter Ended June 30, 2021
(April 1, 2021 – June 30, 2021)(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%
Three months ended Jun. 30, 2021
7,603
12.9
374
26.9
568
37.4
509 (18.6)
Three months ended Jun. 30, 2020
6,736 (0.7)
295 (12.9)
413
(8.9)
626
52.8
Note: Comprehensive income (million yen) Three months ended Jun. 30, 2021: 736 (up 36.1%)
Three months ended Jun. 30, 2020: 540 (up 114.4%)
Diluted net income per
Net income per share
share
Three months ended Jun. 30, 2021
Three months ended Jun. 30, 2020

Yen

Yen

23.22
28.45

-

(2) Consolidated financial position
Total assets
Net assets
Capital adequacy ratio
Million yen
Million yen%
As of Jun. 30, 2021
33,964
22,61966.4
As of Mar. 31, 2021
32,211
22,52069.7
Reference: Owner’s equity (million yen)
As of Jun. 30, 2021: 22,548
As of Mar. 31, 2021: 22,456

2. Dividends
1Q-end2Q-endYen

Fiscal year ended Mar. 31, 2021
Fiscal year ending Mar. 31, 2022
Fiscal year ending Mar. 31, 2022 (forecasts)
Note: Revisions to the most recently announced dividend forecasts: None

Dividend per share
3Q-endYear-end

Total

Yen

Yen

Yen

Yen

8.00

-

21.00

29.00

10.00

-

15.50

25.50

3. Consolidated Earnings Forecasts for the Fiscal Year Ending March 31, 2022 (April 1, 2021 – March 31, 2022)(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
14,824
12.6
712
0.0
965
3.2
815 (23.7)
37.26
Full year
30,297
7.6
1,752
2.7
2,243
0.9
1,831 (12.4)
83.78
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, 2021:

22,490,910 shares

As of Mar. 31, 2021:

22,490,910 shares

As of Mar. 31, 2021:

451,856 shares

2) Number of treasury shares at the end of the period
As of Jun. 30, 2021:

636,956 shares

3) Average number of shares outstanding during the period
Three months ended Jun. 30, 2021: 21,954,487 shares

Three months ended Jun. 30, 2020:

22,023,600 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 information at the quarterly financial results meeting
The supplementary information materials for quarterly financial results are disclosed on the Company’s website on August 10,
2021.

IWAKI CO.,LTD. (6237) Financial Results for the First Quarter of FY3/22

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

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IWAKI CO.,LTD. (6237) Financial Results for the First Quarter of FY3/22

1. Qualitative Information on Quarterly Consolidated Financial Performance(1) Explanation of Results of Operations
During the first quarter of the fiscal year ending March 31, 2022, the Japanese economy continued to be
impacted by the prolonged COVID-19 pandemic, although capital expenditures and production began torecover. Economic activity is expected to return to normal as more people receive vaccinations. However, theoutlook is still unclear because of new waves of COVID-19 infections in Japan and other countries.
In Japan, Iwaki took many actions to improve its corporate value based on the core policy of “winning byimproving customer satisfaction.” Overseas, there were activities encompassing 21 affiliated companies in 15
countries to increase sales. The Iwaki Group continued 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 and an
operating margin of 10% in the fiscal year ending on March 31, 2025.
In addition, in order to fulfill our responsibility to provide for the needs of customer s, the Iwaki Group
continued to supply products while taking various actions, such as the use of teleworking for safety during the
pandemic and implementing procedures to prevent infections both inside and outside the company. Group
companies will continue to implement these pandemic countermeasures.
First quarter sales were higher than one year earlier in all markets except the medical equipment market. Sales
were particularly strong in the semiconductor/liquid crystal market as companies make large invest ments.
Sales in Japan increased 6.0% from one year earlier to 4,209 million yen as a result of higher sales in thesemiconductor/liquid crystal and new energy markets. Overseas, sales in Europe increased 44.7% to 861
million yen because of the inclusion of the four companies of the Iwaki Nordic Group (Denmark, Sweden,
Finland and Norway). Sales in the United States fell 0.8% to 899 million yen. In Asia, sales rose in thesemiconductor/liquid crystal and surface treatment equipment markets . As a result, sales were 831 million yen(up 40.8% year-on-year). Sales in China were up 7.6% to 481 million yen. Although China was affected by the
global semiconductor shortage, sales increased in the semiconductor/liquid crystal market, but decreased in the
medical equipment market.
By product category, sales in the core magnetic drive pump category began to recover. In the metering pumpcategory, sales remained strong. Sales of pneumatic drive pumps for the semiconductor/liquid crystal market
increased significantly.
As a result, consolidated net sales increased 12.9% to 7,603 million yen.
Earnings were affected by higher sales. Operating profit increased 26.9% to 374 million yen and ordinary
profit increased 37.4% to 568 million yen. In the first quarter of the previous fiscal year, there was
extraordinary income due to a step acquisition gain involving Iwaki Nordic A/S. Due to this one -time
contribution to earnings one year earlier, profit attributable to owners of parent in the current fiscal year’s firstquarter decreased 18.6% to 509 million yen.
There is no business segment information because chemical pumps are the only business of the Iwaki Group.
(2) Explanation of Financial Position
AssetsThe balance of current assets at the end of the first quarter of the current fiscal year was 24,535 million yen, up
1,810 million yen from the end of the previous fiscal year. This was mainly due to increases of 813 million yen
in cash and deposits, 516 million yen in electronically recorded monetary claims -operating and 204 million
yen in raw materials and supplies. The balance of non-current assets was 9,429 million yen at the end of thefirst quarter, down 57 million yen from the end of the previous fiscal year. This was mainly because of adecrease of 83 million yen in investment securities.
As a result, total assets increased 1,753 million yen from the end of the previous fiscal year to 33,964 million
yen.

2IWAKI CO.,LTD. (6237) Financial Results for the First Quarter of FY3/22

Liabilities
The balance of current liabilities at the end of the first quarter was 9,406 million yen, up 1,673 million yen
from the end of the previous fiscal year. This was mainly due to an increase of 2,757 million yen inelectronically recorded obligations-operating, while there was a decrease of 1,550 million yen in notes andaccounts payable-trade. The balance of non-current liabilities was 1,938 million yen at the end of the firstquarter, down 18 million yen from the end of the previous fiscal year. This was mainly due to a decrease of 37
million yen in long-term borrowings.
As a result, total liabilities increased 1,654 million yen from the end of the previous fiscal year to 11,345
million yen.
Net assets
The balance of net assets at the end of the first quarter was 22,619 million yen, up 98 million yen from the endof the previous fiscal year. The main factors include increases of 181 million yen in treasury shares and 329
million yen in foreign currency translation adjustment.
Consequently, the capital adequacy ratio was 66.4% (69.7% at the end of the previous fiscal year).
(3) Explanation of Consolidated Earnings Forecasts and Other Forward-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, 2021” dated May 13, 2021.

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IWAKI CO.,LTD. (6237) Financial Results for the First Quarter of FY3/22

2. Quarterly Consolidated Financial Statements and Notes(1) Quarterly Consolidated Balance Sheet(Thousands of yen)First quarter of FY3/22(As of Jun. 30, 2021)

FY3/21(As of Mar. 31, 2021)
AssetsCurrent assets
Cash and deposits

7,127,637

7,941,020

Notes and accounts receivable-trade

6,396,840--

6,205,624

Electronically recorded monetary claims-operating

3,168,898

3,684,971

Merchandise and finished goods

2,587,283

2,733,260

Notes and accounts receivable-trade, and contract assets

Work in process
Raw materials and supplies

57,518

197,049

3,131,450

3,336,312

Other

282,115

466,837

Allowance for doubtful accounts(26,955)(29,716)

22,724,788

24,535,361

Total current assets
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

7,571,174

7,593,243(3,988,958)(4,050,279)

3,582,216

3,542,964

3,005,576

3,074,158(2,563,625)(2,613,524)

441,951

460,634

2,013,058

2,035,677(1,675,948)(1,709,703)

337,110

325,973

1,041,934

1,043,328

343,294358,540(140,243)(158,642)

Leased assets, net

203,051

199,897

Construction in progress

84,481

104,240

Other

37,18438,405(28,490)(30,060)

Accumulated depreciation
Other, net

8,694

8,345

5,699,439

5,685,385

Goodwill

769,340

765,272

Trademark right

33,04432,936

Total property, plant and equipment
Intangible assets

Other

333,210335,574

1,135,596

1,133,782

Investment securities

1,893,584

1,810,161

Deferred tax assets

460,137

512,288

Total intangible assets
Investments and other assets

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

4298,217287,9032,651,939

2,610,353

9,486,975

9,429,521

32,211,764

33,964,882

IWAKI CO.,LTD. (6237) Financial Results for the First Quarter of FY3/22

FY3/21(As of Mar. 31, 2021)(Thousands of yen)First quarter of FY3/22(As of Jun. 30, 2021)

Liabilities
Current liabilities
Notes and accounts payable-trade

3,804,556

2,254,256

Electronically recorded obligations-operating

675,571

3,432,812

Short-term borrowings

820,592

953,593

Current portion of long-term borrowings

75,00075,000

Lease obligations

76,25978,665

Income taxes payable

280,804

198,140

Provision for bonuses

752,791

398,121

Provision for bonuses for directors (and other officers)

90,332

23,483

Provision for product warranties

73,23575,658Other

1,084,479

1,916,992

Total current liabilities

7,733,624

9,406,724

Long-term borrowings

637,500

600,000

Lease obligations

154,294

148,796

Retirement benefit liability

264,352

258,387

Asset retirement obligations

196,119

196,356

Non-current liabilities

Other

705,395

735,256

1,957,661

1,938,797

9,691,286

11,345,522

Share capital

1,044,691

1,044,691

Capital surplus

675,384

665,948

Retained earnings

20,673,009

20,736,804

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

Treasury shares(456,247)(637,935)

Total shareholders’ equity

21,936,836

21,809,508

Valuation difference on available-for-sale securities

102,329

665

Foreign currency translation adjustment

123,917453,466

Remeasurements of defined benefit plans

293,781285,127

Total accumulated other comprehensive income

520,029739,259

63,61170,592

22,520,477

22,619,359

32,211,764

33,964,882

Accumulated other comprehensive income

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

5

IWAKI CO.,LTD. (6237) Financial Results for the First Quarter of FY3/22(2) Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statement of Income(For the Three-month Period)First three months of FY3/21(Apr. 1, 2020 – Jun. 30, 2020)(Thousands of yen)First three months of FY3/22(Apr. 1, 2021 – Jun. 30, 2021)

Net sales

6,736,048

7,603,207

Cost of sales

4,466,445

5,126,182

Gross profit

2,269,602

2,477,025

Selling, general and administrative expenses

1,974,495

2,102,401

295,107374,623652

744

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

11,58011,450

153,473

170,749

-

9,474

Other

13,11913,916

Total non-operating income

178,825

206,336

Interest expenses

5,580

6,365

Commission expenses

1,259

3,433

Foreign exchange losses
Loss on amortization of restricted stock
remuneration
Other

41,681

-

6,944

-

4,849

2,886

Total non-operating expenses

60,315

12,685

413,617568,273-

134,208

Non-operating expenses

Ordinary profit
Extraordinary income
Gain on sale of investment securities
Gain on step acquisitions

346,280--989

346,280

135,1970

140

Loss on sale of non-current assets-

848

Total extraordinary losses

0988

Profit before income taxes

759,898

702,482

Income taxes

134,693

186,968

Profit625,204

515,514

Profit (loss) attributable to non-controlling interests(1,291)

5,651

Profit attributable to owners of parent

626,496

509,863

Other
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets

6

IWAKI CO.,LTD. (6237) Financial Results for the First Quarter of FY3/22

Quarterly Consolidated Statement of Comprehensive Income(For the Three-month Period)(Thousands of yen)First three months of FY3/21 First three months of FY3/22(Apr. 1, 2020 – Jun. 30, 2020) (Apr. 1, 2021 – Jun. 30, 2021)
Profit625,204

515,5142,184(101,813)(56,688)258,204

2,030(8,654)(32,066)

72,821(84,540)

220,559

540,664

736,073543,659

729,093(2,995)

6,980

Other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
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 FY3/22(3) Notes to Quarterly 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 expense s 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 Accounting Standard for Revenue Recognition
Iwaki started to apply the Accounting Standard for Revenue Recognition ( Accounting Standards Board ofJapan (ASBJ) Statement No. 29, March 31, 2020) and the Implementation Guidance on Accounting Standard
for Revenue Recognition (ASBJ Guidance No. 30, March 26, 2021) at the beginning of the first quarter of the
fiscal year ending in March 2022. Based on this standard, revenue expected to be received in exchange for theprovision of goods and services is recognized when the control of the goods and services is transferred tocustomers.
In prior years, revenue for some export sales was recognized by using the shipping date standard. Due to theuse of this new standard, revenue for these sales is now recognized when risk concerning the products istransferred to the customer in accordance with trade terms stipulated by International Commercial Terms(Incoterms) and other guidelines.
For sales of products in Japan, the alternate treatment specified in Paragraph 98 of the Implementation
Guidance on Accounting Standard for Revenue Recognition is also applied. Revenue is recognized when aproduct is shipped in cases where the time between the shipment of a product and the transfer of control to acustomer is the normal length of time.
The new revenue recognition standard is applied in accordance with the transitional measures in the proviso toParagraph 84 of this standard. There was no effect on retained earnings at the beginning of the current fiscal
year.
In addition, the application of this standard had no effect on first quarter earnings.
Due to the application of the new revenue recognition standard, the “notes and accounts receivable-trade” itemin the current assets section of the consolidated balance sheet in the previous fiscal year is, beginning with thefirst quarter of the current fiscal year, presented as “notes and accounts receivable-trade, and contract assets.”
In accordance with the transitional treatment prescribed in Paragraph 89-2 of this new standard, no
reclassification has been made to the prior year ’s consolidated financial statements to conform to the newpresentation.

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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