Translation
Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any
discrepancy between this translated document and the original Japanese document, the latter shall prevail.

Summary of Consolidated Financial Results
for the Three Months Ended June 30, 2024
(Based on Japanese GAAP)
August 9, 2024
Company name:IWATSU ELECTRIC CO., LTD.
Stock exchange listing: Tokyo
Stock code:
Representative:

6704
President

URL

https://www.iwatsu.co.jp

Inquiries:

Director & Executive Officer, General
Manager of Corporate Headquarters

Shogo Kimura
Hidenori Tokida

Scheduled date to commence dividend payments:
Preparation of supplementary material on financial results:–No

Holding of financial results meeting:

NoTEL

03-5370-5111(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the three months ended June 30, 2024 (from April 1, 2024 to June 30, 2024)(1) Consolidated operating results (cumulative)
RevenueThree months ended June 30, 2024
Three months ended June 30, 2023

Millions of yen4,572
5,030

Percentages indicate year-on-year changesProfit attributable toOperating profit
Ordinary profit
owners of parent% Millions of yen% Millions of yen% Millions of yen%
(9.1)
(822)
–(800)–(815)–
1.8(414)–(426)–423–

Earnings per share

Diluted earnings per share

Yen(54.68)42.47

Three months ended June 30, 2024
Three months ended June 30, 2023

Yen––(2) Consolidated financial position
Total assets
As of June 30, 2024
As of March 31, 2024

Net assets

Millions of yen
44,83546,723Equity ratio

Millions of yen
28,88929,987

%
61.5
61.2

2. Cash dividends
Annual dividends per share

Year ended March 31, 2024
Year ending March 31, 2025

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––

Yen
0.00

Yen–

Yen
25.00

Yen
25.00

0.00

–––

Year ending March 31, 2025 (Forecast)

1Total3. Notes(1) Significant changes in the scope of consolidation during the three months ended June 30, 2024:

No(2) Application of special accounting methods for preparing quarterly consolidated financial statements:

No(3) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
No
Changes in accounting policies due to revisions to accounting standards and other regulations:
Changes in accounting policies due to other reasons:
Changes in accounting estimates:

NoNo

Restatement of prior period financial statements:

No(4) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of June 30, 2024

14,980,344 shares As of March 31, 2024

14,980,344 shares

Number of treasury shares at the end of the period
As of June 30, 2024

44,643 shares As of March 31, 2024

100,270 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Three months ended June 30, 2024

14,918,769 shares Three months ended June 30, 2023

29,976,197 shares

Quarterly consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of March 31, 2024

As of June 30, 2024

AssetsCurrent assets
Cash and deposits
Notes receivable - trade

7,347
313

6,916
269

Electronically recorded monetary claims - operating
Accounts receivable - trade800
3,928

890
2,240

Merchandise and finished goods
Work in process

2,052
1,203

2,711
705

Raw materials and supplies
Other

3,260
261

3,204
246

(1)

(0)

19,166

17,184

8,107

8,020

Land
Other, net

15,0491,165

15,049
1,120

Total property, plant and equipment

24,322

24,190Intangible assets
Investments and other assets

197

257

Investment securities
Other

2,577
491

2,732
501

Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net

Allowance for doubtful accounts

(31)

(31)

Total investments and other assets

3,037

3,202

27,55627,65046,723

44,835

Total non-current assets
Total assets3

(Millions of yen)
As of March 31, 2024

As of June 30, 2024

Liabilities
Current liabilities
Notes and accounts payable - trade

1,113

840

80
463

110
251

Provision for product warranties
Other

109
1,849

107
1,508

Total current liabilities

3,616

2,817

Non-current liabilities
Long-term borrowings

Short-term borrowings
Provision for bonuses

6,025

6,023

Deferred tax liabilities
Provision for share awards

3,377423,417–

Retirement benefit liability
Other

3,078
594

3,102585

Total non-current liabilities

13,11813,12816,735

15,946

Shareholders' equity
Share capital

7,882

7,882

Capital surplus
Retained earnings

8,805
11,049

8,805
9,862

Treasury shares

(104)

(61)

27,633

26,488Valuation difference on available-for-sale securities
Remeasurements of defined benefit plans

775
186

881
186

Total accumulated other comprehensive income

962

1,068

Non-controlling interests

1,391

1,331

Total net assets

29,98728,88946,723

44,835

Total liabilities
Net assets

Total shareholders' equity
Accumulated other comprehensive income

Total liabilities and net assets

4Consolidated statements of income (cumulative) and consolidated statements of comprehensive income(cumulative)
Consolidated statements of income (cumulative)(Millions of yen)Three months ended

Three months ended

June 30, 2023

June 30, 2024

Revenue
Cost of sales

5,030
3,557

4,572
3,378

Gross profit

1,473

1,194

Selling, general and administrative expenses

1,887

2,017

Operating loss(414)(822)

Interest income
Dividend income

229028

Rental income from land and buildings
Other

838
7

Total non-operating income

4344

Non-operating income

Non-operating expenses
Interest expenses

714

Foreign exchange losses
Other

41
64
3

Total non-operating expenses

55

21(426)(800)

Gain on sale of shares of subsidiaries and associates

878–

Total extraordinary income

878–

Profit (loss) before income taxes

451

(800)

Income taxes - current

96

6

Income taxes - deferred

(57)

(2)

Total income taxes

39

4

Profit (loss)

412(804)

Profit (loss) attributable to non-controlling interests

(11)

11

Profit (loss) attributable to owners of parent

423

(815)

Ordinary loss
Extraordinary income

5Consolidated statements of comprehensive income (cumulative)(Millions of yen)

Profit (loss)
Other comprehensive income

Three months ended

Three months ended

June 30, 2023

June 30, 2024
412

(804)

Valuation difference on available-for-sale securities
Foreign currency translation adjustment

172
139

106
–

Remeasurements of defined benefit plans, net of tax

13(0)Total other comprehensive income

324

106

Comprehensive income

737(698)

Comprehensive income attributable toComprehensive income attributable to owners of parent

748

(709)

(11)

11

Comprehensive income attributable to non-controllinginterests

6