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 Year Ended March 31, 2024
(Based on Japanese GAAP)May 14, 2024
Company name:HAGIWARA ELECTRIC HOLDINGS CO., LTD.

Stock exchange listing: Tokyo, Nagoya
Stock code:
7467
URL
Representative:
Inquiries:

https://www.hagiwara.co.jp/President and Representative Director
Senior Vice PresidentMoritaka Kimura
Yoshihiro Hirakawa

Scheduled date of ordinary general meeting of shareholders:
Scheduled date to file Securities Report:

June 27, 2024
June 27, 2024

Scheduled date to commence dividend payments:
Preparation of supplementary material on financial results:

June 6, 2024
Yes

Holding of financial results meeting:

Yes

TEL

052-931-3511(for institutional investors and analysts)(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the year ended March 31, 2024 (from April 1, 2023 to March 31, 2024)(1) Consolidated operating results
Percentages indicate year-on-year changes
Profit attributable toNet sales
Operating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Year ended March 31, 2024
225,150
21.0
7,711
14.7
7,221
12.5
4,421
(10.0)
Year ended March 31, 2023
186,001
17.4
6,725
54.4
6,417
48.0
4,912
70.8
Profit attributable toOrdinary profit/total Operating profit/net
owners ofassets
sales
parent/equity
Yen%
%%
–9.9
6.4
3.4
–
12.5
6.8
3.6

Diluted earnings pershare

Earnings per shareYen
458.80554.71

Year ended March 31, 2024
Year ended March 31, 2023
(2) Consolidated financial position

Total assets
As of March 31, 2024
As of March 31, 2023

Net assets

Equity ratio

Millions of yen
119,706
106,577

Millions of yen
50,36143,531

Cash flows fromoperating activities
Millions of yen
5,134(13,020)

Cash flows frominvesting activities
Millions of yen(679)(1,327)

Net assets per share%
40.3
38.8

Yen
4,839.87
4,672.91(3) Consolidated cash flows

Year ended March 31, 2024
Year ended March 31, 2023

Cash flows from
Cash and cash equivalents
at end of period
financing activities
Millions of yen
Millions of yen(1,185)
14,522
16,421
10,9202. Cash dividends
Annual dividends per share
1st quarter-end 2nd quarter-end 3rd quarter-end Fiscal year-end

Year ended March 31, 2023
Year ended March 31, 2024
Year ending March 31, 2025
(Forecast)of dividends
Total cash
Dividend payout Ratio
to net assets
dividends (Total) ratio (Consolidated) (Consolidated)

Total

Yen

YenYenYenYen

Millions of yen%%––60.00
95.00

––

95.00
90.00

155.00185.00

1,373
1,838

27.9
40.3

3.5
3.9

–

90.00

–

95.00

185.00140.1

3. Forecast of consolidated financial results for the year ending March 31, 2025 (from April 1, 2024 to March 31, 2025)
Net sales
Full year

Millions of yen
269,000

Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
Earnings per shareowners of parent% Millions of yen% Millions of yen% Millions of yen%Yen
19.5
7,900
2.4
7,100(1.7)
4,600
4.0
461.73

4. Notes(1) Changes in significant subsidiaries during the year ended March 31, 2024
(changes in specified subsidiaries resulting in the change in scope of consolidation):No(2) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
Changes in accounting policies due to revisions to accounting standards and other regulations:
Changes in accounting policies due to other reasons:

NoNo

Changes in accounting estimates:
Restatement of prior period financial statements:

YesNo(3) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2024

10,118,000 shares As of March 31, 2023

9,018,000 shares

Number of treasury shares at the end of the period
As of March 31, 2024

155,505 shares As of March 31, 2023

158,474 shares

Average number of shares during the period
Year ended March 31, 2024

9,637,615 shares Year ended March 31, 2023

28,856,783 shares

Consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of March 31, 2023

As of March 31, 2024

AssetsCurrent assets
Cash and deposits
Notes receivable - trade

10,920168

14,522136

Accounts receivable - trade
Contract assets

32,377
189

35,667940

Electronically recorded monetary claims - operating
Securities

15,537–

11,939105

Merchandise and finished goods
Work in process

34,411
1,191

41,446
1,200

Raw materials and supplies
Other

1,813
2,704

2,028
3,596

(16)

(10)

99,297

111,572

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

2,885

3,016

Accumulated depreciation(2,065)(2,133)

Buildings and structures, net

819

882

Machinery, equipment and vehicles

8996

Accumulated depreciation

(80)

(83)

912

Land

3,055

3,055

Leased assets
Accumulated depreciation

415
(290)

546
(302)

Leased assets, net

124

243

Construction in progress
Other

1
1,132

48
1,166

Accumulated depreciation

(845)

(888)

Other, net

286

278

4,297

4,521

222

276

Investment securities
Long-term loans receivable

1,315
37

1,456
42

Retirement benefit asset
Deferred tax assets

113647

389
699

Other
Allowance for doubtful accounts

683
(37)

789
(39)

Total investments and other assets

2,760

3,336

7,280

8,134

106,577

119,706

Machinery, equipment and vehicles, net

Total property, plant and equipment
Intangible assets
Investments and other assets

Total non-current assets
Total assets3

(Millions of yen)
As of March 31, 2023

As of March 31, 2024

Liabilities
Current liabilities
Notes and accounts payable - trade17,40824,696

Electronically recorded obligations - operating
Short-term borrowings

3,823
6,084

4,630
4,879

Current portion of long-term borrowings
Lease liabilities

4,152
98

3,902
119

Income taxes payable
Contract liabilities

1,476
1,659

1,675
1,836

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

40
129

20
90

Provision for loss on orders received
Asset retirement obligations

27
3

56
4

Other

2,868

3,199

Total current liabilities

37,774

45,111

Bonds payable
Long-term borrowings

10,00014,84410,00013,592

Lease liabilities
Deferred tax liabilities

118
172

133
358

Asset retirement obligations
Other117
19132
17

Total non-current liabilities

25,271

24,234

63,046

69,345Shareholders' equity
Share capital

4,361

6,099

Capital surplus
Retained earnings

4,874
31,5296,616
34,168Treasury shares

(290)

(284)

40,474

46,598Valuation difference on available-for-sale securities
Foreign currency translation adjustment

305
772

500
1,117

Remeasurements of defined benefit plans

(152)

0924

1,618

2,131

2,143

Non-current liabilities

Total liabilities
Net assets

Total shareholders' equity
Accumulated other comprehensive income

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

443,53150,361

106,577

119,706

Consolidated statements of income and consolidated statements of comprehensive income
Consolidated statements of income(Millions of yen)
Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Net sales

186,001

225,150

Cost of sales

167,786

205,146

Gross profit

18,21420,003

Selling, general and administrative expenses

11,48912,292

Operating profit

6,725

7,711

Non-operating income
Interest income

103

Dividend income
Insurance claim income

2124

21
3

Compensation income
Other4167

1149

Total non-operating income165

89

Non-operating expenses
Interest expenses

147

233

Interest expenses on bonds
Bond issuance costs

676

42–

Foreign exchange losses
Loss on sale of trade receivables

156
2962
12

Loss on valuation of investment securities
Commission expenses

33
–

11198

Other

22

18

Total non-operating expenses

473

579

6,417

7,221

32

–

670
–

–
164

Ordinary profit
Extraordinary income
Gain on sale of investment securities
Gain on bargain purchase
Compensation income
Other–

6703

170

Loss on disposal of non-current assets
Loss on transport accident

8–

8149Total extraordinary losses

8157

Profit before income taxes

7,111

7,234

Income taxes - current
Income taxes - deferred

2,206(50)

2,780
(14)

Total income taxes

2,155

2,766

Profit

4,955

4,468

4246

4,912

4,421

Total extraordinary income
Extraordinary losses

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

5Consolidated statements of comprehensive income(Millions of yen)

ProfitOther comprehensive income

Fiscal year ended

Fiscal year ended

March 31, 2023

March 31, 2024
4,955

4,468

Valuation difference on available-for-sale securities
Deferred gains or losses on hedges

(20)
3194–

Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax

358
(55)

344
153

Total other comprehensive income

286

693

5,242

5,161

5,199

5,115

42

46

Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

6

Consolidated statements of changes in equity
Fiscal year ended March 31, 2023
(Millions of yen)
Shareholders' equity
Share capital

CapitalsurplusRetainedearnings

Total
shareholders'

TreasurysharesequityBalance atbeginning ofperiod

4,361

4,872

27,679(305)

36,607

Changes duringperiod
Dividends ofsurplusProfitattributable to(1,062)(1,062)

4,912

4,912

owners of parent
Purchase oftreasury shares
Disposal oftreasury shares

1(0)

(0)

15

17

Net changes in
items other than–shareholders'equityTotal changes
during period
Balance at end ofperiod–

1

3,850

15

3,867

4,361

4,874

31,529(290)

40,4747

Accumulated other comprehensive income
Valuationdifference onavailable-forsale
securities

Total

Deferred
gains or

Foreigncurrency

Remeasurements

accumulated

losses onhedgestranslation
adjustment

of definedotherbenefit planscomprehensive

Noncontrollinginterests

Total net
assetsincomeBalance at
beginning of
period

325

(3)

413

(97)

638

2,123

39,369Changes during
periodDividends ofsurplusProfitattributable toowners ofparentPurchase oftreasury shares
Disposal oftreasury shares–(1,062)

–

4,912

–

(0)

–

17

Net changes in
items other thanshareholders'

(20)

3358

(55)

286

8294

Total changesduring period(20)3358(55)

286

8

4,162

Balance at end ofperiod305–772(152)

924

2,131

43,531equity8

Fiscal year ended March 31, 2024
(Millions of yen)
Shareholders' equity
Share capital
Balance at
beginning ofCapitalRetained

Treasury

surplusearnings

shares

4,361

4,874

1,738

1,738

31,529Total
shareholders'equity(290)

40,474

periodChanges during
periodIssuance of newshares - exerciseof shareacquisition rights
Dividends ofsurplus

3,476(1,783)(1,783)

4,421

4,421

Profitattributable toowners of parent
Purchase oftreasury shares
Disposal of

4treasury shares

(0)

(0)

5

9

Issuance of shareacquisition rights
Net changes in
items other than–shareholders'equityTotal changes
during period
Balance at end ofperiod

1,738

1,742

2,638

5

6,124

6,099

6,616

34,168(284)

46,5989Accumulated other comprehensive income
Valuationdifference on
available-forsale
securities

Total

Foreigncurrency

Remeasurements

accumulatedtranslation
adjustment

of definedotherbenefit planscomprehensive

Shareacquisition

Noncontrollingrightsinterests

Total net
assetsincome

Balance at
beginning ofperiod

305

772

(152)

924––(11)2,13143,531

Changes during
periodIssuance of newshares exercise ofshareacquisition

3,464

rightsDividends ofsurplusProfitattributable toowners ofparentPurchase oftreasury shares
Disposal oftreasury shares–(1,783)

–

4,421

–(0)

–

9

Issuance of
share

11

acquisitionrightsNet changes in
items other thanshareholders'equityTotal changes
during period
Balance at end ofperiod

11

194

344

153

693

–

12705

194

344

153

693

–

12

6,829

500

1,117

0

1,618–

2,143

50,361

10

Consolidated statements of cash flows(Millions of yen)
Fiscal year ended

Fiscal year ended

March 31, 2023

March 31, 2024

Cash flows from operating activities
Profit before income taxes

7,111

7,234

Depreciation
Gain on bargain purchase294(670)

352–

Loss (gain) on sale and retirement of non-current assets
Increase (decrease) in allowance for doubtful accounts

8(7)

8(3)

Increase (decrease) in provision for bonuses for directors (andother officers)

19(39)

Decrease (increase) in retirement benefit asset
Increase (decrease) in provision for loss on orders received(97)
25(54)
29

Increase (decrease) in provision for product warranties
Interest and dividend income

15(32)(20)(25)

Interest expenses
Bond issuance costs

154
76

275
–

Loss (gain) on valuation of investment securities
Loss (gain) on sale of investment securities

33
(32)

11–

Decrease (increase) in trade receivables
Decrease (increase) in inventories(11,757)(7,856)(410)(7,258)

Increase (decrease) in trade payables
Other, net

371
1,309

8,093
(248)

(11,032)

7,943

32
(144)

25(258)

Income taxes paid

(1,876)(2,575)

Net cash provided by (used in) operating activities(13,020)

5,134

Purchase of investment securities
Proceeds from sale of investment securities

(3)
114

(4)
36

Purchase of property, plant and equipment
Purchase of intangible assets

(129)
(104)

(368)
(141)

(1,209)

––
4

(9)
(192)

(1,327)(679)

SubtotalInterest and dividends received
Interest paid

Cash flows from investing activities

Purchase of shares of subsidiaries resulting in change in scopeof consolidation
Payments for asset retirement obligations
Other, net
Net cash provided by (used in) investing activities

11(Millions of yen)

Cash flows from financing activities
Net increase (decrease) in short-term borrowings

Fiscal year ended

Fiscal year ended

March 31, 2023

March 31, 2024
(4,044)(1,205)

Proceeds from long-term borrowings
Repayments of long-term borrowings

13,060(1,338)2,650(4,152)

Proceeds from issuance of bonds
Purchase of treasury shares

9,923
(0)

–
(0)

–

3,464

(1,061)–(1,777)
11(34)
(83)

(34)
(141)

16,421(1,185)

Proceeds from issuance of shares resulting from exercise ofshare acquisition rights
Dividends paid
Proceeds from issuance of share acquisition rights
Dividends paid to non-controlling interests
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents

340

331

2,413

3,601

Cash and cash equivalents at beginning of period

8,506

10,920Cash and cash equivalents at end of period

10,92014,522

Net increase (decrease) in cash and cash equivalents

12