2020

Profile
Living up to our corporate philosophy of “Employing optical technologies to create a comfortable society
and sustainable environment,” we at Iwasaki Electric Co., Ltd. have always set ambitious visions and striven toachieve our business objectives steadily by exerting our foresight and creativity. As the nation’s first company
that developed a reflective incandescent lamp, we are committed to contribute to the society by developing,
manufacturing and selling various light sources by ourselves, ahead of the competition, as the fundamental
policy of our business. Toward a brighter future, we will endeavor to realize the full potential of lights and to
make effective use of our leading-edge optical technologies as the “Light & Environment Company.”

Contents
Message from the President

1

Consolidated Six-Year Summary

3

Status of the Business4

Consolidated Balance Sheet

12

Consolidated Statement of Income

14

Consolidated Statement of Comprehensive Income

15

Consolidated Statement of Changes in Net Assets

16

Consolidated Statement of Cash Flows17

Notes to Consolidated Financial Statements

18

Independent Auditor’s Report

43

Board of Directors and Corporate Data

44

Directory45

Message from the President
Upholding the corporate philosophy of “Employing optical technologies to create a comfortable society andsustainable environment,” the Iwasaki Electric Group adheres to the management policy of making strides
forward to become a “Light & Environment Company” that realizes the full potential of light and maximizes its
leading-edge optical technologies to help reduce environmental impacts by saving energy as well as enhance thesafety and security of society.
Given the impact of the U.S.-China trade frictions and the stalled production and reduced consumption
resulting from efforts to prevent the spread of the novel coronavirus (COVID-19), both the global and domestic
economy are currently facing a challenging situation that can be described as “the crisis of the century,” which isincreasing the uncertainty of the Group’s business environment to unprecedented levels.
Our businesses in the Lighting and Applied Optics and Environment sectors are both highly susceptible tocapital investment trends. If corporations continue to postpone capital investment under the current economic
conditions, our financial performance is expected to be severely affected. Notwithstanding the challenges
expected in some markets, however, we will strive to combine our long-accumulated optical technology withrelated technologies in the two sectors with the aim of providing products with unique features and expanding oursolutions businesses including peripheral businesses.
In our business in the Lighting sector, we expect to see ongoing government initiatives to promote the use of
LED lighting for stock demand, while in our business in the Applied Optics and Environment sector, markets
related to UV-curing systems are experiencing a heightening momentum toward the reduction of environmental
impacts. We will make efforts to seize these opportunities and capture related demands.
Our business in the Lighting sector will strive to develop high-value-added products that meet market needs andpursue total solution business including peripheral businesses in the fields of facility lighting and industrial
lighting. Production, export, and import of all mercury lamps will be prohibited effective December 31, 2020, but
we see this as an opportunity to introduce LED lighting as replacements for mercury lamps, and are poised to
expand our lineup of alternative products. By combining LED lighting with control functions, we believe we canenhance the energy-saving capacity and lighting quality and effect of LEDs, thereby creating a comfortable andenjoyable lighting environment. In product development, increased focus will be placed on integrating theGroup’s proprietary light distribution and circuit control technologies with external technologies to develop
environmentally friendly and energy-efficient lighting systems. In addition, by building on our special expertise inoutdoor lights, we will also develop lighting systems that help prevent and mitigate natural disasters, which are
increasing in frequency today. To cater to the environmental changes and diversifying market needs, we will not
only strengthen our procurement skills for equipment and devices, but also promote research and developmentwith the aim of achieving technologies and solutions that allow us to offer software and new services related to thehardware we provide.
Our business in the Applied Optics and Environment sector will strive to push forward our new solution businessin the environmental testing, UV/EB curing, and sterilization fields by applying the Group’s diverse opticaltechnologies including electron beams and ultraviolet rays.
In the environmental testing field, efforts will be made to maintain and expand business by developing new
test equipment and a light radiation system, as well as by strengthening marketing activities both in Japan andabroad.
In the UV/EB cure and sterilization/disinfection/water treatment-related fields, we will work to advance into
new markets and develop novel applications in addition to engaging in research and development and marketingof individual products in conventional industries.
In our business in the Applied Optics and Environment sector, while undertaking the above short-term
initiatives, we will make maximum use of the Group’s proprietary basic optical technologies to proactively
combine them with peripheral technologies. Meanwhile, from the medium- and long-term perspectives, we will
strive to control environmental pollution and endeavor to open up new business fields.
1The Iwasaki Electric Group aims to build a corporate structure that supports sustainable growth by improving
corporate value with its lighting and optical technologies. To achieve this goal, in the Lighting sector and theApplied Optics and Environment sector, we allocate our business resources intensively to research anddevelopment and marketing activities to promote solutions businesses and to optimize our workforce so as torespond quickly to changes in the market.
We greatly appreciate and look forward to your continued understanding and support.
June 2020
Yoshitake Ito
President and Chief Executive Officer2Consolidated Six-Year Summary
Millions of yen

Year ended March 31
2015

2016

2017

2018

2019

2020

¥59,476¥58,206¥56,611¥57,328¥54,006¥59,274

2,371

920

335

381

1,119

2,681

Total assets¥70,573¥69,636¥69,463¥69,625¥67,288¥69,450

Total shareholders’ equity2

25,96824,722

25,791

26,342

26,921

28,982Working capital

23,381

27,862

25,777

22,13325,44827,528

500

2,350

2,816

2,500

5,300

4,400

¥31.88¥12.38¥44.34¥49.31¥144.75¥348.63

4.00

4.00

4.00

40.00

40.00

40.00

For the year:
Net sales
Profit attributable to ownersof parent
At year-end:

Long-term bank loans,less current portion
Amounts per share:3
Profit attributable to ownersof parent
Cash dividends

1. As permitted by accounting standards generally accepted in Japan, amounts of less than one million yen have been omitted.
2. Total shareholders’ equity = Total net assets – Non-controlling interests.
3. Per share figures are in exact yen amounts.

Profit attributable
to Incomeowners of parent
Net (Loss)(Millions of yen)

Net Sales(Billions of yen)

2,500

80

80

2,000

60

Total Assets(Billions of yen)

60

1,500
40

40
1,000

20

20

500

0

0
'15

'16

'17

'18

'19

'20

0
'15

'16

'17

3

'18

'19

'20

'15

'16

'17

'18

'19

'20

Status of the Business
1. Management Policy, Business Environment, and Challenges Facing the Company
Forward-looking statements contained in this report are based on the assumptions of the Iwasaki Electric Group asof the end of the current consolidated fiscal year.
(1) Management Policy
The Iwasaki Electric Group upholds the corporate philosophy of “Employing optical technologies to create acomfortable society and sustainable environment” and the management policy to become a “Light &Environment Company” that contributes to energy saving and a safe environment by realizing the fullpotential of light and maximizing its leading edge optical technologies.
(2) Business Environment
The outlook for the global and Japanese economy has become even more uncertain due to the effect of trade
frictions between the U.S. and China as well as the spread of COVID-19, the disease caused by the novel
coronavirus. In particular, COVID-19 is expected to affect the performance of our businesses in the Lighting
sector and in the Applied Optics and Environment sector if production activities stagnate in industries where
we have customers or if companies hold back on investments because of the coronavirus crisis.
While the outlook for the future is expected to be severe under these circumstances, we believe that thestock demand for LED lights will continue to increase in the Lighting sector as companies switch to LED
lighting. In the Applied Optics and Environment sector, hygiene awareness is increasing regarding sterilization
due to the spread of COVID-19. In the UV cure business area, awareness around measures to reduce
environmental impacts is rising in the related market. We will engage in business activities focusing on thesemarket environments.
(3) Management Strategy, and Business and Financial Issues to Be Prioritized
The Iwasaki Electric Group promotes the integration of the optical technology and related technologies that it
has cultivated in the Lighting sector and in the Applied Optics and Environment sector in order to provide
unique products and expand its solution businesses, including in peripheral fields.
The spread of COVID-19 will not lead to an immediate modification of our management strategy.
However, we will evaluate the circumstances carefully, develop future measures at an unprecedented speed,
and review the management strategy as necessary.
(Lighting Sector)
Our business in the Lighting sector will pursue the development of high-value-added products that meetmarket needs as well as the total solution business including peripheral businesses in the fields of facility
lighting and industrial lighting.
Manufacture, import, and export of mercury lamps will be prohibited at the end of December 2020. This
will promote the expansion of the LED lighting market. Taking this opportunity, we will expand our LED light
product lines as a replacement for mercury lamps.
The LED lighting equipment business can further enhance the energy-saving performance of LEDs by
combining a control system. We also believe that it is possible to create a comfortable and enjoyable lighting
environment by improving the quality of light and designing the rendition. In product development, we arefocusing even more on the development of environment-friendly lighting systems with high energy-saving
performance by combining our technologies in light distribution and circuit control with technologies ofexternal parties.
Moreover, as we have had more natural disasters in recent years, outdoor lighting and facility lightingneed to play more diverse roles and meet diverse needs. We will also work on the development of disasterprevention and mitigation-conscious lighting systems so that, in the event of a power outage caused by adisaster, we can provide safety and peace of mind through the illumination of roads, sidewalks, shelters, andmany other environments.

4

To respond to these changes in the environment and the diverse needs of the market, we will strengthen
our ability to procure equipment and devices. We also promote research and development that can achieve
technologies and solutions incorporating related software and new services in addition to the hardware.
(Applied Optics and Environment Sector)
Our business in the Applied Optics and Environment sector seeks growth in the fields of sterilization,
environmental testing, and UV/EB cure by applying the Group’s various lighting technologies, such as thoserelated to electron beams and ultraviolet rays.
In the field of sterilization, strengthening hygiene measures is currently an urgent issue worldwide. We
will contribute to the improvement of the hygienic environment and the prevention of the spread of infectious
diseases by providing a product lineup that applies the ultraviolet sterilization technology we have cultivatedover many years.
The environmental testing business strives to maintain and expand its sales by developing new test
equipment and a light radiation system, as well as by strengthening activities in both in Japan and international
markets. In the UV/EB cure business, we not only perform R&D and development of specific products forconventional industries but also develop new markets and new applications.
While promoting these short-term plans, our Applied Optics and Environment sector business as a wholewill also work on a medium- to long-term plan to create new business fields that will contribute to theprevention of global warming and environmental pollution control by maximally utilizing the basic lighting
technologies of the Group in combination with peripheral technologies.
The Iwasaki Electric Group aims to build a corporate structure that supports sustainable growth by
improving its corporate value with its lighting and optical technologies. To achieve this goal, in both theLighting sector and the Applied Optics and Environment sector, we allocate our business resources intensively
to research and development and marketing activities to promote solution businesses and optimize ourworkforce so as to respond quickly to changes in the market.

52. Outline of the Operating Results, etc.
Financial position, operating results and cash flows (hereinafter, “Operating Results, etc.”) of the Iwasaki ElectricGroup (Iwasaki Electric Co., Ltd. and its consolidated subsidiaries and affiliates accounted for by the equity
method) are as follows.
(1) Financial Position and Operating Results
During the fiscal year ended March 31, 2020, both the United States and the euro area saw an improvement in
the income environment and stable personal consumption, while economic growth visibly slowed down in
China due to the intensifying trade frictions with the U.S. The Japanese economy had modestly recovered as
personal consumption and capital investment picked up while exports remained weak. At the end of the year,
however, the novel coronavirus spread and had a huge impact on the world and the Japanese economy. The
business environment has since been rapidly deteriorating and uncertainty about the future is increasing.
Under these circumstances, the Iwasaki Electric Group has conducted its business following the corporate
philosophy of “Employing optical technologies to create a comfortable society and sustainable environment.”
Our business in the Lighting sector promoted the total solution business, including unique products andperipheral businesses, in the fields of facility lighting and industrial lighting. Our business in the Applied
Optics and Environment sector strove to grow the three main businesses—environmental testing, UV/EB cure,and sterilization—by applying various lighting technologies.
As a result, net sales amounted to ¥59,274 million (a 9.8% increase from ¥54,006 million in the previous
fiscal year). Operating income increased to ¥3,661 million (a 151.1% increase from ¥1,458 million in theprevious fiscal year). Ordinary income totaled ¥3,885 million (a 127.0% increase from ¥1,712 million in theprevious fiscal year). Profit attributable to owners of the parent increased to ¥2,681 million (a 139.5% increase
from ¥1,119 million in the previous fiscal year).
Operating results by business segment are described below.
Lighting Sector
Our business in the Lighting sector focused on developing new products for outdoor lights and high ceilinglights that are suitable for the facilities and environments where they are used. We also developed a lighting
control system that could maximize the characteristics of LEDs. We proactively made lighting design
proposals to provide an optimal lighting environment to match customers’ facilities. In Japan, sales werestrong as we focused our marketing on the lighting repair section of local governments, selling a broad lineupof lighting fixtures for roads, and street lighting fixtures that need fewer processes or materials to install.
Facility construction and demand for infrastructure development have increased to prepare for the Tokyo
Olympics and Paralympics. Against this background, our sales of floodlights for sports facilities and lighting
fixtures for landscaping were also strong. In overseas markets, strong sales were mainly achieved in North
America. Profitability also improved due to the effects of the streamlining of the operation implemented lastyear.
As a result, our business in this sector reported net sales of ¥43,189 million (an 8.4% increase from¥39,859 million in the previous fiscal year), and operating income of ¥4,651 million (an 84.1% increase from
¥2,527 million in the previous fiscal year).

Applied Optics and Environment Sector
Our business in the Applied Optics and Environment sector actively participated in specialized exhibitions andheld seminars to raise market awareness of its new products in the fields of environmental testing and UV/EB
cure, including the new xenon tester, multifunctional tester, UV-LED irradiator, and small electron beamirradiator. In the environmental testing field, although sales increased in the automobile industry, sales in otherindustries were not as high as in the previous year. Consequently, net sales in this field remained flat. Net sales
in the UV cure field were about the same as in the previous year as printing equipment sales did not reach theinitial plan while FPD sales increased. Net sales in the information equipment business increased, supportedby the increase in the number of projects related to information display devices from the previous year and theincrease in delivery of uninterruptible power supply systems by active marketing to develop demand for6infrastructure development in preparation for disasters.
As a result, this sector reported net sales of ¥16,159 million (a 13.8% increase from ¥14,202 million in
the previous fiscal year) and operating income of ¥924 million (a 14.6% increase from ¥807 million in theprevious fiscal year).
The financial position as of March 31, 2020 was as follows:
Total assets as of March 31, 2020 totaled ¥69,450 million, an increase of ¥2,161 million compared to theprevious fiscal year-end.

Current Assets
Current assets as of March 31, 2020 totaled ¥47,423 million, an increase of ¥3,590 million compared to theprevious fiscal year-end. The major factors were an increase of ¥2,343 million in notes and accounts
receivable and electronically recorded monetary claims (operating), and an increase of ¥1,487 million yen in
cash and deposits.
Noncurrent Assets
Non-current assets as of March 31, 2020 totaled ¥22,026 million, a decrease of ¥1,428 million compared to theprevious fiscal year-end. Major factors were a decrease of ¥1,061 million yen in tangible and intangible noncurrent assets, mainly due to depreciation/amortization expenses being higher than the total value of the newly
acquired assets, and a decrease in investments and other assets, mainly due to a decrease of ¥196 million yen
in deferred tax assets.
Current Liabilities
Current liabilities as of March 31, 2020 totaled ¥19,894 million, an increase of ¥1,509 million compared to theprevious fiscal year-end. Major factors were an increase of ¥1,833 million in notes and accounts payable andelectronically recorded obligations (operating), a decrease of ¥150 million in short-term loans payable, and adecrease of ¥400 million in the current portion of long-term loans payable.
Noncurrent Liabilities
Non-current liabilities as of March 31, 2020 totaled ¥20,555 million, a decrease of ¥1,410 million compared tothe previous fiscal year-end. Major factors were a decrease of ¥900 million in long-term loans payable, adecrease of ¥42 million in deferred tax liabilities, and a decrease of ¥62 million in deferred tax liabilities onrevaluation.
Net Assets
Net assets as of March 31, 2020 totaled ¥28,999 million, an increase of ¥2,062 million compared to theprevious fiscal year-end.
Under shareholders’ equity, retained earnings increased by ¥2,511 million. Major factors were recognitionof profit attributable to owners of parent of ¥2,681 million and the dividend payment of ¥312 million.
Treasury shares increased by ¥158 million, mainly due to the buyback of the Company’s sharesconducted upon resolution of the Board of Directors.

7(2) Cash Flows
Cash and cash equivalents as of March 31, 2020 increased by ¥1,487 million to ¥16,260 million compared tothe end of the previous fiscal year.

Cash flows from operating activities
Operating activities in the current fiscal year resulted in a net cash inflow of ¥3,916 million, compared to a net
cash inflow of ¥2,114 million in the previous fiscal year.
The main inflows were ¥3,874 million in income before income taxes and minority interest, ¥1,532
million in depreciation expenses, and an increase of ¥1,837 million in trade payables. The main outflow was
an increase of ¥2,355 million in trade receivables.
Cash flows from investment activities
Net cash used in investment activities amounted to ¥363 million, compared to a net cash outflow of ¥999
million in the previous fiscal year.
The major outflow factors were payment of ¥757 million for the purchase of tangible non-current assets
and payment of ¥77 million for the purchase of intangible assets. The major inflow factors were proceeds of¥425 million from sales of tangible non-current assets.
The proceeds from sales of tangible non-current assets increased by ¥376 million from ¥48 million in theprevious year. This increase was because we sold some land in the current fiscal year.
Cash flows from financing activities
Net cash used in financing activities amounted to ¥2,030 million, compared to a net cash outflow of ¥620
million in the previous fiscal year.
The major factors were outflow of ¥1,300 million in repayment of long-term loans payable, net decreaseof ¥150 million in short-term loans payable, payment of ¥158 million for the buyback of the Company shares,
and payment of ¥312 million for dividends distribution.
In the previous consolidated fiscal year, the net decrease in long-term and short-term loans payable andcorporate bonds was ¥205 million, mainly due to the refinancing of long-term loans payable and corporate
bonds. In the current consolidated fiscal year, there were no new loans, and the decrease in long-term andshort-term loans was ¥1,450 million. The repayment of loans increased by ¥1,245 million compared to theprevious consolidated fiscal year.

83. Management’s Analysis and Discussion of Operating Results, etc.
Management’s recognition, analysis and discussion of the Iwasaki Electric Group’s Operating Results, etc. are as
follows.
Forward-looking statements in the document are based on the judgments as of the end of the fiscal year
ended March 2020.
(1) Significant Accounting Estimates and Assumptions Used for the Estimation
The consolidated financial statements of the Iwasaki Electric Group are prepared in accordance with thegenerally accepted accounting principles of Japan. For details of significant financial policies, please refer to“V. Accounting Status, 1. Consolidated Financial Statements, (1) Notes to Consolidated Financial Statements(Significant basic matters for preparing consolidated financial statements).”
We took into account the past results and present conditions and used rational standards to makeestimates necessary for preparing the consolidated financial statements. However, because forward-looking
statements include uncertainties, the actual results may differ from these estimates.
The major significant accounting estimates used for preparing the consolidated financial statements are as
follows.
For accounting estimates associated with the spread of COVID-19, please refer to “V. Accounting Status,
1. Consolidated Financial Statements, (1) Notes to Consolidated Financial Statements (Additional
Information).”(Recoverability of deferred tax assets)
The Iwasaki Electric Group records deferred tax assets for future deductible temporary differences that can berecovered in the future based on taxable income calculated according to a future profit plan. Accordingly, if
the estimates and assumptions used for developing the profit plan change due to uncertain economic
conditions in the future, tax expenses may be incurred by the reduction of deferred tax assets.
(Impairment of non-current assets)
For non-current assets or asset groups that show signs of impairment, if the total undiscounted future cash
flows that are expected to be obtained from these assets or asset groups are lower than their book values, theIwasaki Electric Group reduces their book values to the recoverable values and records the reduced amount as
an impairment loss. Accordingly, if the profit plan and assumptions used to estimate the undiscounted future
cash flows fluctuate due to uncertain economic conditions in the future, the recording of an impairment loss
may become necessary.
(2) Recognition, Analysis and Discussion of Operating Results, etc. for the Fiscal Year Ended March 2020
• Business results
Gross profit
Gross profit for the year ended March 31, 2020 increased by ¥2,098 million from the previous fiscal year to¥18,595 million. The major factor for this increase was an increase in net sales of ¥5,267 million from theprevious fiscal year to ¥59,274 million. This was supported by strong sales in the Lighting sector business inJapan, including sales of lighting fixtures for roads as well as street lighting fixtures that need fewer processes
or materials to the lighting repair section of local governments, along with increased sales of floodlights for
sports facilities and lighting fixtures for landscaping due to increased demand for facility construction andinfrastructure development to prepare for the Tokyo Olympics and Paralympics.
Operating income
Operating income for the year ended March 31, 2020 increased by ¥2,203 million from the previous fiscal
year to ¥3,661 million. Major factors were an increase in gross profit as mentioned above, and a decrease of¥104 million in selling, general, and administrative expenses as a result of the decrease in labor costs achievedby consolidated subsidiaries in North America by the streamlining of their operations.

9Ordinary income
Ordinary income for the year ended March 31, 2020 increased by ¥2,173 million from the previous fiscal yearto ¥3,885 million. The main factors include the increase mentioned above in gross profit and operating
income, and reporting of non-operating income for compensation of ¥215 million received for the move of thehead office of the reporting company. The non-operating income was partially offset with non-operating
expenses of ¥57 million incurred for the move of the head office.
In non-operating profit and loss, we recorded in the previous consolidated fiscal year investment incomeby the equity method of ¥125 million for the gain on sale of real property of an affiliate reported by the equity
method. However, because there was no such factor in the current consolidated fiscal year, we reported
investment loss by the equity method of ¥46 million.
Profit attributable to owners of parent
Profit attributable to owners of parent totaled ¥2,681 million in the year ended March 31, 2020, an increase of¥1,562 million compared to the previous fiscal year. The major factors were the increases in profits mentioned
above. There was no significant movement in extraordinary income/loss. Tax expenses increased by ¥623
million yen compared to the previous fiscal year mainly due to the increase in profits.
The impact of COVID-19 on the business results for the current consolidated fiscal year was not
significant as a whole, although, for the business in the Applied Optics and Environment sector, part of theoverseas equipment sales was postponed to the next fiscal year due to the impact of travel restrictions thatcaused a delay in the final inspection.
• Capital resources and liquidity of funds
The analysis of cash flow for the current fiscal year is described in (2) Cash Flows under “2. Outline of the
Operating Results, etc.”
The Iwasaki Electric Group mainly uses its own funds internally earned through its business activities asworking capital, and also raises funds by borrowings from financial institutions and private placement ofcorporate bonds.
Group companies use intra-group loans from Iwasaki Electric Co., Ltd., in addition to loans fromfinancial institutions, as appropriate according to their cash plans, which are developed based on theirrespective operation policies and the reduction of financing costs such as interest.
The Company secures cash on hand at a level of sales revenues for one to two months and also has
concluded credit line agreements with financial institutions to maintain liquidity in order to respond to an
urgent cash demand and changes in the economic environment.
The Company procured no new finance during the current consolidated fiscal year. The balance of loans
from financial institutions at the end of the current fiscal year was ¥6,130 million, a decrease of ¥1,450 million
from the end of the previous fiscal year. The balance of cash and cash equivalents as of the end of the current
fiscal year increased by ¥1,487 million to ¥16,260 million.
The Company implemented buybacks of its shares in the current fiscal year.
The total number of shares repurchased is 126,000 (total acquisition price: ¥157 million). The breakdownis 76,200 shares (total acquisition price of ¥99 million) repurchased following the Board resolution on July 29,
2019, and 49,800 shares (total acquisition price of ¥57 million yen) repurchased following the Board
resolution on March 9, 2020.
The Company will use cash on hand for growth strategies, returns to shareholders, and reduction ofinterest-bearing debts. However, if sales decrease significantly or collection of receivables from customers isdelayed due to the impact of COVID-19, we may experience a decrease in cash on hand. We will monitor the
future situation, and manage and secure sufficient cash on hand, considering the balance between businesssafety and investment.
In the research and development area, the research and development expenses for the year ended March
31, 2020 increased by ¥88 million from the previous fiscal year to ¥547 million.
In the future, our business in the Lighting sector will continue to strengthen its ability to procure
equipment and devices to respond to changes in the environment and diverse market needs. We also invest in

10

research and development that can achieve technologies and solutions incorporating related software and newservices in addition to the hardware. In our business in the Applied Optics and Environment sector, in the fieldof sterilization, we work on strengthening the UV sterilization technology for hygiene management. In thefield of environmental testing, we will invest in the development of new test equipment. In the UV/EB curefield, we will invest not only in R&D and product development of individual products for conventional
industries but also in the development of new markets and new applications.
Capital investment remained the same as the previous fiscal year at ¥906 million.
We expect that large-scale investments in production facilities will decrease in the future as structuralchanges are expected in the Lighting sector such as a shift to LEDs.
We plan to cover future capital investments with our own funds.

4. Important Business Agreements
Not Applicable.

11Consolidated Balance SheetAt March 31, 2020 and 2019ASSETS
Millions of yen
March 31, 2020
Current assets
Cash and deposits (Notes 20 and 24)
Notes and accounts receivable - trade (Notes 13
and 24)
Electronically recorded monetary claims operating (Notes 13 and 24)
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets¥

16,261

Noncurrent assets
Property, plant and equipment
Buildings and structures (Note 11)
Machinery, equipment and vehicles (Note11)
Tools, furniture and fixtures
Land (Notes 11 and 12)
Leased assets (Note 21)
Construction in progress
Accumulated depreciation
Property, plant and equipment, net
Intangible assets
Software
Other
Intangible assets, net
Investments and other assets
Investment securities (Notes 4, 10 and 24)
Deferred tax assets (Note 7)
Other
Allowance for doubtful accounts
Total investments and other assets
Total noncurrent assets
Total assets¥

See accompanying notes to consolidated financial statements.

12

March 31, 2019¥

14,774

14,433

12,820

2,837

2,107

6,989
1,593
4,729
611
(33)
47,423

7,077
1,538
4,916
653
(54)
43,832

15,752

16,177

14,715

14,831

8,095
9,337
144
64
48,109(31,644)
16,465

8,063
9,619
141
130
48,961(31,738)
17,224

465
248
713

701
314
1,015

4,081
279
510
(23)
4,847
22,02669,450

4,209
475
562
(32)
5,214
23,45567,288¥

Consolidated Balance SheetAt March 31, 2020 and 2019
LIABILITIES AND NET ASSETS
Millions of yen
March 31, 2020
Liabilities
Current liabilities
Notes and accounts payable - trade (Note 24)
Electronically recorded obligations - operating (Note 24)
Short-term loans payable (Notes 5 and 24)
Current portion of long-term loans payable (Notes 5, 11
and 24)
Income taxes payable
Accrued consumption taxes
Provision for employees’ bonuses
Provision for repair claims
Other
Total current liabilities¥

Noncurrent liabilities
Long-term loans payable (Notes 5, 11 and 24)
Deferred tax liabilities (Note 7)
Deferred tax liabilities for land revaluation (Note 12)
Liability for retirement benefits (Note 22)
Asset retirement obligations (Note 6)
Provision for share-based remuneration for directors (andother officers)
Other
Total noncurrent liabilities
Total liabilities

7,582
5,870
830

March 31, 2019

¥

7,932
3,687
980

900

1,300

941
569
794
178
2,227
19,894

358
553
732
169
2,670
18,384

4,400
29
1,145
13,200
134

5,300
72
1,208
13,018
62

51

24

1,593
20,55540,4502,279
21,96640,350Commitments and contingent liabilities (Note 23)
Net assets (Note 19)
Shareholders’ equity (Note 9)
Common stock:
Authorized: 23,900,000 shares in 2019 and 2020
Issued: 7,821,950 shares in 2019 and 2020
Capital surplus
Retained earnings
Treasury stock
Total shareholders’ equity

8,640

8,640

2,069
16,466(298)
26,877

2,069
13,955(140)
24,524

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Revaluation reserve for land (Note 12)
Foreign currency translation adjustments
Retirement benefits liability adjustments
Total accumulated other comprehensive income

1,546
2,410
(378)
(1,472)
2,104

1,581
2,552
(291)
(1,445)2,396

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

17
28,99969,45016
26,93767,288¥See accompanying notes to consolidated financial statements.

13¥

Consolidated Statement of Income
Years ended March 31, 2020 and 2019
Millions of yen
Year ended
Year ended
March 31, 2020
March 31, 2019¥59,274 ¥54,006
40,67837,50918,595
16,496
14,93415,0383,661
1,458

Net sales
Cost of sales (Note 14)
Gross profit
Selling, general and administrative expenses (Note 15)
Operating income
Other income (Note 16)
Interest income
Dividend income
Foreign exchange gains
Equity in earnings of affiliates
Compensation income
Gain on sales of noncurrent assets
Gain on sales of investment securities
Other
Total other income

5
94
–
–
215
15
10
129
471

3
91
33
125
–
15
–
142
414

Other expenses (Note 17)
Interest expenses
Foreign exchange losses
Share of loss of entities accounted for using equity method
Office relocation related expenses
Loss on sale and retirement of noncurrent assets
Loss on valuation of investment securities
Other
Total other expenses
Profit before income taxes

100
4
46
57
36
2
9
257
3,874

121
–
–
–
23
10
23
178
1,694

Income taxes (Note 7)
Income taxes - current
Income taxes - deferred
Total income taxes

1,087
105
1,192

386
182
569

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

2,682
0
2,681

1,125
5
1,119

¥

See accompanying notes to consolidated financial statements.

14¥

Consolidated Statement of Comprehensive Income
Years ended March 31, 2020 and 2019
Millions of yen

ProfitOther comprehensive income (Note 18)
Valuation difference on available-for-sale securities
Foreign currency translation adjustments
Retirement benefits liability adjustments
Share of other comprehensive income of affiliates accounted for by equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to:
Owners of parent
Non-controlling interests
See accompanying notes to consolidated financial statements.

15

Year ended
March 31, 2020¥
2,682

Year ended
March 31, 2019
¥
1,125

(34)
(62)
(27)
(25)
(149)
2,532

(294)
(160)
269
(41)
(227)
897

¥

2,531
0

¥

891
5

Consolidated Statement of Changes in Net Assets
Years ended March 31, 2020 and 2019

Balance at April 1, 2019
Dividends of surplus
Profit attributable to owners of parent
Purchase of treasury shares
Reversal of revaluation reserve for land
Net changes of items other thanshareholders’ equity
Total changes during period
Balance at March 31, 2020

Balance at April 1, 2019
Dividends of surplus
Profit attributable to owners of parent
Purchase of treasury shares
Reversal of revaluation reserve for land
Net changes of items other thanshareholders’ equity
Total changes during period
Balance at March 31, 2020

Balance at April 1, 2018
Dividends of surplus
Profit attributable to owners of parent
Purchase of treasury shares
Reversal of revaluation reserve for land
Net changes of items other thanshareholders’ equity
Total changes during period
Balance at March 31, 2019

Balance at April 1, 2018
Dividends of surplus
Profit attributable to owners of parent
Purchase of treasury shares
Reversal of revaluation reserve for land
Net changes of items other thanshareholders’ equity
Total changes during period
Balance at March 31, 2019

Millions of yen
Shareholders’ equity

Number ofshares ofcommon stock
issuedCommonstock

7,821,950––––¥8,640––––¥2,069––––¥13,955
(312)
2,681
–
142

(¥140)
–
–
(158)
–

Total
shareholders’equity¥24,524
(312)
2,681
(158)
142

–

–

–

–

–

–

–
7,821,950–¥8,640–2,511¥2,069¥16,466
Millions of yen
Accumulated other comprehensive income(158)(¥298)

2,353¥26,877

CapitalsurplusRetainedearnings

Treasury
stock

Total
accumulated
othercomprehensive
incomeNoncontrollinginterests

Total
net assets(¥1,445)––––¥2,396
–
–
–
–

¥16
–
–
–
–

¥26,937
(312)
2,681
(158)
142

(87)

(27)

(292)

1

(291)

(87)
(¥378)(27)(¥1,472)(292)¥2,104

1
¥17

2,062
¥28,999

Valuationdifference on
available-forsale securities

Revaluation
reserve forland

Foreign
Retirement
currency
benefits
translation
liability
adjustments adjustments¥1,581––––¥2,552––––(¥291)
–
–
–
–

(34)

(142)

(34)
¥1,546(142)¥2,410Millions of yen
Shareholders’ equity

Number ofshares ofcommon stock
issuedCommonstock

7,821,950––––¥8,640––––¥2,069––––¥13,169
(312)
1,119
–
(21)

–

–

–

–

–

–

–
7,821,950–¥8,640–785¥2,069¥13,955
Millions of yen
Accumulated other comprehensive income(0)(¥140)

785¥24,524

Capitalsurplus(¥139)
–
–
(0)
–

Total
shareholders’equity¥23,739
(312)
1,119
(0)
(21)

Noncontrollinginterests

Total
net assets(¥1,714)––––¥2,603
–
–
–
–

¥11
–
–
–
–

¥26,353
(312)
1,119
(0)
(21)

(202)

269

(206)

5

(201)

(202)
(¥291)

269(¥1,445)(206)¥2,3965¥16583¥26,937

Revaluation
reserve forland¥1,875––––¥2,531
–
–
–
–

(¥88)
–
–
–
–

(294)

21

(294)
¥1,58121¥2,552

16

Treasury
stock

Total
accumulated
othercomprehensive
incomeValuationdifference on
available-forsale securities

See accompanying notes to consolidated financial statements.

Retainedearnings

Foreign
Retirement
currency
benefits
translation
liability
adjustments adjustments

Consolidated Statement of Cash Flows
Years ended March 31, 2020 and 2019
Millions of yen

Cash flows from operating activities:
Profit before income taxes
Adjustments to reconcile profit to net cash provided by(used in) operating activities:
Depreciation and amortization
Increase (decrease) in provision for employee’s bonuses
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in liability for retirement benefits
Interest and dividend income
Interest expenses
Foreign exchange losses (gains)
Loss (gain) on sales and retirement of property, plant and equipment
Equity in (earnings) losses of affiliates
Loss (gain) on sales of investment securities
Changes in assets and liabilities:
Decrease (increase) in notes and accounts receivable - trade
Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable - trade
Other
SubtotalInterest and dividends income received
Interest expenses paid
Income taxes paid
Net cash provided by operating activities
Cash flows from investing activities:
Purchases of property, plant and equipment
Proceeds from sales of property, plant and equipment
Purchases of intangible assets
Purchases of investment securities
Proceeds from sales of investment securities
Other
Net cash used in investing activities
Cash flows from financing activities:
Net increase (decrease) in short-term loans payable
Proceeds from long-term loans payable
Repayment of long-term loans payable
Redemption of bonds
Purchases of treasury shares
Cash dividends paid
Other
Net cash used in financing activities
Effect of exchange rate changes on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year (Note 20)

See accompanying notes to consolidated financial statements.

17

Year ended
March 31, 2020

Year ended
March 31, 2019

¥

¥

¥

3,874

1,694

1,532
62
(30)
182
(100)
100
21
21
46
(10)

1,715
113
38
(573)
(95)
121
(30)
7
(125)
–

(2,355)
190
1,837
(916)
4,456
102
(110)
(531)
3,916

1,477
(217)
(1,502)
(82)
2,539
97
(126)
(395)
2,114

(757)
425
(77)
(10)
13
43
(363)

(794)
48
(93)
(10)
–
(151)
(999)

(150)
–
(1,300)
–
(158)
(312)
(109)
(2,030)(36)
1,487
14,773
16,26010
4,100(1,716)(2,600)
(0)
(312)
(101)
(620)
(5)
488
14,284
14,773¥

Notes to Consolidated Financial Statements
At March 31, 2020 and 2019

1. Summary of Significant Accounting Policies(a) Basis of presentation
The accompanying consolidated financial statements of IWASAKI ELECTRIC Co., Ltd. (the “Company”) andconsolidated subsidiaries are prepared on the basis of accounting principles generally accepted in Japan, which are
different in certain respects as to the application and disclosure requirements of International Financial ReportingStandards, and are compiled from the consolidated financial statements prepared by the Company as required by
the Financial Instruments and Exchange Act of Japan.
In preparing the accompanying consolidated financial statements, certain reclassifications have been made to
the consolidated financial statements issued domestically in order to present them in a form which is morefamiliar to readers outside Japan. In addition, certain reclassifications of previously reported amounts have been
made to conform the consolidated financial statements for the year ended March 31, 2019 to the 2020
presentation.
As permitted, amounts of less than one million yen have been omitted. As a result, the totals shown in theaccompanying consolidated financial statements do not necessarily agree with the sums of the individual amounts.
(b) Principles of consolidation and accounting for investments in affiliates
The accompanying consolidated financial statements include the accounts of the Company and all significant
subsidiaries.
The investments in significant affiliates are accounted for by the equity method.
At March 31, 2020, the numbers of consolidated subsidiaries and affiliates accounted for by the equity
method were 23 and 8, respectively. In the elimination of investments in subsidiaries, the assets and liabilities ofthe subsidiaries, including the portion attributable to minority shareholders, are recorded based on the fair value atthe time the Company acquired control of the respective subsidiaries. The Company, consolidated subsidiaries andaffiliates accounted for by the equity method are collectively referred to as the “Group” within these consolidated
financial statements.
All significant intercompany balances and transactions have been eliminated in consolidation.
(c) Accounting period
The accounting period of the Company and its domestic subsidiaries begins April 1 and ends March 31 of thefollowing year.
The accounting period of foreign consolidated subsidiaries is a fiscal year ending on December 31. The
necessary adjustments for significant transactions between the fiscal year end of the Company and the fiscal year
end of consolidated foreign subsidiaries, if any, are made in the preparation of the consolidated financial
statements.
(d) Translation of foreign currency transactions and financial statements
Monetary assets and liabilities, including non-current receivables and payables denominated in foreign currencies
are translated into yen at the rates in effect at the balance sheet date. The assets, liabilities, revenue and expense offoreign consolidated subsidiaries are translated into yen at the rate of exchange in effect at the balance sheet date,
except for the components of net assets excluding non-controlling interests which are translated at their historicalexchange rates. Foreign exchange gains and losses resulting from foreign currency transactions are credited or
charged to income. Translation differences resulting from the translation of the financial statements are included in
net assets and non-controlling interests.

18

(e) Securities and investment securities
Trading securities are carried at fair market value and held-to-maturity securities are carried at amortized cost.
Available-for-sale securities with a fair market value are carried at fair market value. The difference between
the acquisition cost and the carrying value of available-for-sale securities is recognized in valuation difference on
available-for-sale securities, net of related tax effects, in net assets. Available-for-sale securities without a fairmarket value are stated at cost determined by the moving average method. The cost of available-for-sale securities
sold is calculated based by the moving average method.
During the years ended March 31, 2020 and 2019, the Company and consolidated subsidiaries had neither
trading securities nor held-to-maturity securities.
(f) Derivatives and hedging activities
The Company uses derivative financial instruments to manage the risks arising from fluctuations in foreign
currency exchange rates and their exposures to fluctuations in interest rates. The Company does not enter into
derivative transactions for trading or speculative purposes. Interest rate swaps are utilized by the Company toreduce interest rate risks. Gains or losses arising from changes in the fair value of financial instruments designatedas hedging instruments are deferred as assets or liabilities and charged to gains or losses during the same period inwhich the gains or losses on the hedged items are recognized. If interest rate swap agreements meet certain
hedging criteria, the net amount to be paid or received under the agreement is added to or deducted from theinterest on the hedged items.
Trade receivables, payable and forecasted transactions hedged by qualified forward foreign exchange
contracts are translated at the corresponding foreign exchange contract rates.
(g) Cash and cash equivalents in the consolidated statements of cash flows
Cash and cash equivalents include cash on hand, demand deposits and short-term investments that are easily
convertible into cash and exposed to little price fluctuation risk.
(h) Inventories
Inventories are stated at cost as determined by the weighted-average method. Balance sheet value is stated bywriting down the carrying value to reflect any decline in profitability.
(i) Property, plant and equipment, and depreciation (excluding leased assets)
Amortization of property, plant and equipment assets of the Company and its subsidiaries are principally
calculated by the declining balance method.
However, buildings acquired by the Company and its domestic subsidiaries (excluding attached facilities),
attached facilities and structures acquired on or after April 1, 2016 and assets of overseas subsidiaries are
depreciated by the straight-line method.
(j) Intangible assets and long-term prepaid expenses (excluding leased assets)
Amortization of intangible assets of the Company and its subsidiaries are principally calculated by the straightline method.
Amortization of software for internal use is calculated by the straight-line method over a useful life of 5 years.
(k) Leases
Noncancellable lease transactions that transfer substantially all risks and rewards associated with the ownership ofassets are accounted for as finance leases. All other lease transactions are accounted for as operating leases andrelating payments are charged to income as incurred.
Depreciation of leased assets under finance lease transactions, except for those that transfer ownership of theleased assets to the lessee, are calculated using the straight-line method over the lease term assuming no residual
value.

19

(l) Allowance for doubtful accounts
Allowance for doubtful accounts is provided based on the past experience for receivables, other than doubtfulreceivables, and the uncollectible amounts estimated separately for specific doubtful receivables.
(m) Provision for employees’ bonuses
The Company and domestic subsidiaries provide for payments of bonuses to employees at estimated amounts
calculated based on their payment regulations. However, at foreign subsidiaries, a provision for employees’
bonuses has not been recorded.
(n) Provision for repair claims
Provision for repair claims is provided for the amount recognized as of the end of the current fiscal year for freeinspections, and product exchanges, etc. due to product defects.
(o) Provision for share-based remuneration for directors (and other officers)
To prepare for the issuance of the Company’s shares by a trust related to the share compensation system fordirectors (excluding outside directors), the estimated value of such shares to be issued is provided according to thepoints assigned to the directors based on the Regulations for Share Issuance to Officers.
(p) Retirement benefitsa) Method of attributing the estimated retirement benefit obligation to periods
The straight-line method is used to attribute the estimated amount of retirement benefits to periods up to thecurrent fiscal year.
b) Amortization of actuarial gain or loss and prior service costs
Prior service costs are amortized as incurred by the straight-line method over a period not exceeding the
expected average remaining service years of employees (13 years).
Actuarial gain or loss is amortized from the following fiscal year after recognition using the straight-line
method over a period not exceeding the expected average remaining service years of employees (12 years).
c) Adoption of simplified method for small enterprises, etc.
Certain consolidated subsidiaries adopt a simplified method in calculating the retirement benefit obligation andretirement benefit expenses. Specifically, as for the lump-sum payment plan, the amount of retirement benefits
payable assuming the voluntary retirement of all employees at fiscal year-end is assumed to be equal toretirement benefit obligations. With regard to the corporate pension plan, the latest amount of actuarial
obligations under pension accounting is assumed to be equal to the retirement benefit obligations.
(q) Accounting for significant revenues and expenses
Accounting for revenues and costs of completed construction worka) Construction contracts in which the outcome of the part completed by the year end can be estimated reliably.
Percentage-of-completion method (The percentage of completion is estimated based on the cost incurred as apercentage of the estimated total contract cost.)b) Other construction contracts
Completed contract method(r) Consumption taxes
Consumption taxes are calculated by the tax exclusion method.

20

2. Accounting Standards Issued But Not Yet Effective•
Accounting Standard for Fair Value Measurement (ASBJ Statement No.30, July 4, 2019)•
Accounting Standard for Measurement of Inventories (ASBJ Statement No.9, July 4, 2019)•
Accounting Standard for Financial Instruments (ASBJ Statement No.10, July 4, 2019)•
Implementation Guidance on Accounting Standard for Fair Value Measurement (ASBJ Guidance No.31, July4, 2019)•
Implementation Guidance on Disclosures about Fair Value of Financial Instruments (ASBJ Implementation
Guidance No.19, March 31, 2020)(1) Outline
Regarding fair value measurement, the International Accounting Standards Board (IASB) and the U.S.
Financial Accounting Standards Board (FASB) issued IFRS 13 “Fair Value Measurement” (by the IASB), andAccounting Standards Codification Topic 820 “Fair Value Measurement” (by the FASB). In light of this, the
ASBJ worked to ensure that the Japanese standards are consistent with the international accounting standards,
mainly regarding the guidance and disclosure of fair value of financial instruments, and issued “AccountingStandard for Fair Value Measurement” and other statements.
The basic policy of the ASBJ in developing accounting standards for fair value measurement is to adopt
all the provisions of IFRS 13 and to determine treatment for individual items so that comparability between
financial statements is not significantly impaired, from the viewpoint of improving the comparability offinancial statements between domestic and foreign companies by using a uniform measurement method whileconsidering conventional accounting practices in Japan.
(2) Scheduled date of adoption
The Company and its domestic subsidiaries will adopt this standard from the fiscal year starting on April 1,
2021.
(3) Impact of adopting the accounting standard and guidance
The effect of adopting the Accounting Standard for Fair Value Measurement and the related implementation
guidance on its consolidated financial statements is undetermined at the present time.
•

Accounting Standard for Disclosure of Accounting Estimates (ASBJ Statement No.31, March 31, 2020)(1) Outline
Paragraph 125 of International Accounting Standard (IAS) 1 “Presentation of Financial Statements”(hereinafter “IAS 1”) issued by the IASB requires disclosure of “sources of estimation uncertainty.” Since
this information would also be highly useful to users of financial statements in Japan, a request was made toconsider requiring disclosure of such information in the notes to the financial statements under Japanese
Accounting Standards. In response, the ASBJ has developed and issued “Accounting Standard for Disclosureof Accounting Estimates” (hereinafter “the Accounting Standard”).
The basic policy of the ASBJ for developing the Accounting Standard is to present the general principle(purpose of the disclosures) but to not specify items to be disclosed in the notes to financial statements,
leaving the reporting company to determine what specific information should be disclosed based on the
purpose of the disclosures, and to refer to paragraph 125 of IAS 1 when developing the Accounting Standard.
(2) Scheduled date of adoption
The Iwasaki Electric Group will adopt the standard from the end of the fiscal year ending on March 31, 2021.
•

Accounting Standard for Accounting Policy Disclosures, Accounting Changes and Error Corrections (ASBJ
Statement No.24, March 31, 2020)(1) Outline
21

It was proposed to consider improving the information disclosed in notes to financial statements regarding“accounting principles and procedures adopted when the relevant accounting standards are unclear.” In
response to this, the ASBJ made necessary revisions and issued “Accounting Standard for Accounting Policy
Disclosures, Accounting Changes and Error Corrections.”
When improving the information disclosed in the notes to the financial statements regarding “accounting
principles and procedures adopted when the relevant accounting standards are unclear,” it is stipulated thatthe provisions in “Annotations on the Accounting Principles” (Note 1-2) should continue to apply forconventional accounting practices adopted for cases where the relevant accounting standards are clear.
(2) Scheduled date of adoption
The Iwasaki Electric Group will adopt these standards from the end of the fiscal year ending on March 31,
2021.
•

Accounting Standard for Accounting Policy Disclosures, Accounting Changes and Error Corrections (ASBJ
Statement No.24, March 31, 2020)(1) Outline
It was proposed to consider improving the information disclosed in notes to financial statements regarding“accounting principles and procedures adopted when the relevant accounting standards are unclear.” In
response to this, the ASBJ made necessary revisions and issued “Accounting Standard for Accounting Policy
Disclosures, Accounting Changes and Error Corrections.”
When improving the information disclosed in the notes to the financial statements regarding “accounting
principles and procedures adopted when the relevant accounting standards are unclear,” it is stipulated thatthe provisions in “Annotations on the Accounting Principles” (Note 1-2) should continue to apply forconventional accounting practices adopted for cases where the relevant accounting standards are clear.
(2) Scheduled date of adoption
The Iwasaki Electric Group will adopt the standard from the end of the fiscal year ending on March 31, 2021.

3. Additional Information
Accounting estimates associated with the spread of the novel coronavirus
The spread of COVID-19 in Japan and overseas has affected the performance of the Applied Optics andEnvironment sector business, including equipment sales overseas due to the impact of travel restrictions that havecaused delays in final inspections.
Moreover, if business sentiment to postpone capital investments increases in industries where the Lighting
sector and Applied Optics and Environment sector businesses have customers, it may also affect the financial
condition and operating results of the Iwasaki Electric Group.
As stated above, the Group expects that the impact of COVID-19 will extend into the next fiscal year.
However, the Group does not expect an extreme decline in its business performance, considering profit or loss
status in the beginning months of the year ending March 31, 2021, and the Group plans to take timely action basedon the daily collection of market information. Based on these assumptions, the Group has made accounting
estimates, including the recoverability of deferred tax assets and the impairment accounting of non-current assets.
The assumptions used for these estimates are highly uncertain. If the impact of the novel coronavirus isprolonged or becomes more serious in the future, it may affect the Group’s business performance and financial
position for the next period and beyond.

22

4. Securities and Investment Securities
Information regarding securities and investment securities classified as available-for-sale securities with fairmarket value at March 31, 2020 and 2019 is summarized as follows:
Millions of yen
March 31, 2020
Acquisition Carrying amount
cost(Fair market value)

Securities whose carrying
amount (fair market value)
exceeds their acquisition cost:
Equity securities
Debt securities
Government bonds
Corporate bonds
Other
Other
Subtotal
Securities whose acquisition
cost exceeds their carrying
amount (fair market value):
Equity securities
Debt securities
Government bonds
Corporate bonds
Other
Other
Subtotal
Total

March 31, 2019
Unrealized
gain (loss)

Acquisition
cost

Carrying amount(Fair market value)

Unrealized
gain (loss)¥923¥3,166¥2,243¥1,047¥3,321¥2,274

–
–
–
–
923

–
–
–
–
3,166

–
–
–
–
2,243

–
–
–
–
1,047

–
–
–
–
3,321

–
–
–
–
2,274

202

181

(20)

71

70

(1)

–
–
–
–
202
¥1,126––––
181¥3,348

–
–
–
–
(20)
¥2,222––––71¥1,118––––70¥3,392––––(1)¥2,273

Notes: 1. Unlisted equity securities and investments in limited liability partnership are not included in available-for-sale securities
listed above as they do not have market prices and their fair values are not readily determinable.
2. Securities for which impairment losses were recognized
For the year ended March 31, 2020, an impairment loss of ¥2 million was recorded in securities (¥2 million in shares underavailable-for-sale securities).
For the year ended March 31, 2019, an impairment loss of ¥10 million was recorded in securities (¥10 million in shares
under available-for-sale securities).
In cases where the fair market value of a security at the end of the fiscal year has declined 50% or more from its acquisition
cost, an impairment loss is recognized for the full amount. In cases where the fair market value of a security at the end of
the fiscal year has declined 30% or more but less than 50% from its acquisition cost, an impairment loss is recognized forthe amount deemed necessary in consideration of the possibility of restoration, etc., on a case-by-case basis.

Information regarding the sales of investment securities classified as available-for-sale securities with fair market
value for the year ended March 31, 2020 and the year ended March 31, 2019 is summarized as follows:
Millions of yen
March 31, 2020

Equity securities
Debt securities
Government bonds
Corporation bonds
Other
Other
Total

March 31, 2019

Proceeds
from salesGrossrealized gain

Grossrealized loss

Proceeds
from salesGrossrealized gain

Grossrealized loss

¥13

¥10

–

–

–

–

–
–
–
–
¥13

–
–
–
–
¥10

–
–
–
–
–

–
–
–
–
–

–
–
–
–
–

–
–
–
–
–

23

5. Short-Term Loans, Long-Term Loans and Other Long-Term Liabilities with Interest
Short-term loans from banks at an average interest rate of 0.52% amounted to ¥830 million and ¥980 million atMarch 31, 2020 and 2019, respectively.
Long-term loans, lease obligations and deposits received classified as other long-term liabilities with interest at
March 31, 2020 and 2019 consisted of the following:
Millions of yen
March 31, 2020

March 31, 2019

¥5,300¥6,600

(900)
4,400
200
(90)
110
1,408
¥5,919(1,300)
5,300
276
(91)
185
1,991
¥7,477Loans, principally from banks, maturing in installments through 2022with an average interest rate of 0.86%
Less current portion of loans
Net
Lease obligations
Less current portion of lease obligations
Net
Deposits received with an average interest rate of 1.86%
Total

The annual maturities of long-term loans and lease obligations subsequent to March 31, 2020 are summarized
as follows:Year ending March 31,
2022
2023
2024
2025 and thereafterLong-term loans

Lease obligations

Millions of yen

Millions of yen¥4,200
200
–
–

¥73
32
3
0

6. Asset Retirement Obligations
No description is provided pursuant to the provisions of Article 92-2 of the Ordinance on Terminology, Forms,
and Preparation Methods of Consolidated Financial Statements because the amount of asset retirement obligationsat April 1, 2019 and March 31, 2020 accounted for less than 1% of total liabilities and net assets at the beginningand the end of the fiscal year.

24

7. Income Taxes(1) The tax effects of temporary differences that give rise to a significant portion of the deferred tax assets anddeferred tax liabilities at March 31, 2020 and 2019 were as follows:
Millions of yen
March 31, 2020

March 31, 2019

¥410
3,588
1,197
5,196
(389)

¥665
3,541
1,050
5,256
(514)

(3,746)(3,523)(4,136)
1,060(4,038)
1,218

(678)
(132)
(811)
¥249

(693)
(122)
(816)
¥402

Deferred tax assets:
Losses carried forward for tax purposes*1
Liability for retirement benefits
Other
Gross deferred tax assets
Valuation allowance for tax loss carryforward*1
Valuation allowance for total future deductible temporary
differences
Valuation reserve subtotal
Total deferred tax assets
Deferred tax liabilities:
Unrealized gain on available-for-sale securities
Other
Gross deferred tax liabilities
Net deferred tax assets*1. Tax loss carryforwards and valuation allowance expire as follows:

At March 31, 2020

Tax loss carryforwards*1

Due after 2
Due after 4
Due after 1
Due after 3
Due in 1 year
years and inyears and in Due after 5
year and in 2
years and inor less
3 years or
5 years or
years
years or less
4 years or(Millions of
less
less
(Millions of(Millions ofless (Millions
yen)(Millions of(Millions of
yen)
yen)
of yen)
yen)
yen)
¥57
¥111
¥14
¥29
¥0
¥196

Total
(Millions of
yen)
¥410

Valuation allowance

(57)

(111)

(14)

(29)

(0)

(174)

(389)

Deferred tax assets

¥–

¥–

¥–

¥–

¥–

¥21

¥21*2

*1. Tax loss carryforwards are determined by using the statutory effective tax rate.
*2. Based on comprehensive consideration of past business performance, tax payment status, and future business performance
forecast, the Company has determined that the deferred tax assets recognized for the tax loss carryforwards are recoverable.

At March 31, 2019

Tax loss carryforwards*3

Due after 2
Due after 4
Due after 1
Due after 3
Due in 1 year
years and inyears and in Due after 5
year and in 2
years and in
Total
or less
3 years or
5 years or
years
years or less
4 years or(Millions of(Millions of
less
less
(Millions of(Millions ofless (Millions
yen)
yen)
(Millions of(Millions of
yen)
yen)
of yen)
yen)
yen)
¥2
¥160
¥147
¥18
¥30
¥305
¥665

Valuation allowance

(2)

(67)

(111)

(16)

(29)

(287)

(514)

Deferred tax assets

¥–

¥93

¥36

¥2

¥0

¥17

¥150*4*3. Tax loss carryforwards are determined by using the statutory effective tax rate.
*4. Based on comprehensive consideration of past business performance, tax payment status, and future business performance
forecast, the Company has determined that the deferred tax assets recognized for the tax loss carryforwards are recoverable.

25

(2) The reconciliation of the Japanese statutory tax rate and the effective tax rate applicable to the Company forthe years ended March 31, 2020 and 2019 was as follows:

Japanese statutory tax rate
(Adjustments)
Permanent non-deductible differences, including entertainment, etc.
Permanent non-taxable differences, including dividend income
Inhabitants taxes per capita, etc.
Changes in valuation reserve
Special deduction amount for income taxes
Differences in tax rate from overseas subsidiaries
Other
Effective tax rate

Year ended
March 31, 2020
30.6%

Year ended
March 31, 2019
30.6%

0.8
(0.2)
1.6
2.5
(4.5)
(0.6)
0.5
30.8

2.1
(1.1)
3.8
(7.6)
(1.6)
2.7
4.8
33.6

8. Rental Properties
For the years ended March 31, 2020 and 2019
No description is provided because the total amount of rental properties is immaterial.
9. Shareholders’ Equity
The Companies Law of Japan (hereafter, the “Law”) provides that an amount equal to at least 10% of the amountto be disbursed as distributions of earnings be appropriated to the legal reserve until the sum of the reserve and the
additional paid-in capital account, which is included in capital surplus in consolidated balance sheet, equals 25%of the common stock account. The Law provides that neither additional paid-in capital nor the legal reserve isavailable for dividends, but both may be used to reduce or eliminate a deficit by resolution of the shareholders or
may be transferred to common stock upon approval by the board of directors. Accordingly, the Law provides that
if the total amount of additional paid-in capital and the legal reserve exceeds 25% of the amount of common
stock, the excess may be distributed to the shareholders either as a return of capital or as dividends subject to theapproval of the shareholders.
10. Investments in Affiliates
Investments in affiliates at March 31, 2020 and 2019 amounted to ¥503 million and ¥574 million, respectively,
and are accounted for principally by the equity method.
11. Pledged Assets and Secured Liabilities
A summary of assets pledged as collateral and secured liabilities at March 31, 2020 and 2019 is presented below:
Millions of yen
March 31, 2020

March 31, 2019

¥2,070¥2,155

152

212

Land

2,579

2,579

Total

¥4,801¥4,946

Current portion of long-term loans
payable

¥180

¥880

Long-term loans payable

2,599

2,779

Total

¥2,779¥3,659Pledged assets
Buildings and structures
Machinery, equipment and vehicles

Secured liabilities26

12. Land Revaluation
Based on the Law Concerning Land Revaluation, promulgated on March 31, 1998, the Company revalued its land
used for business purposes at March 31, 2000, in accordance with the revaluation method as stated in Article 3-3.
The value of land is based on the official notice prices calculated as directed by public notification of theCommissioner of the National Tax Administration and as provided for in the Public Notice of Land Prices Act, as
stipulated in Article 2-4 of the Ordinance Implementing the Law Concerning Land Revaluation (Government
Ordinance No. 119, promulgated March 31, 1998), after making reasonable adjustments.
The differences between the revalued carrying amount and the fair value at March 31, 2020 and 2019 of land
revalued pursuant to Article 16 of the law were ¥2,235 million and ¥2,276 million, respectively.
The amount of tax effect on the revaluation differences is reported as deferred tax liabilities for land
revaluation. The revaluation difference less this tax liability is reported as revaluation reserve for land in valuationand translation adjustments.
13. Trade Notes, etc. Maturing at Fiscal Year-end
For the accounting treatment of notes maturing on the closing date of the consolidated fiscal year, they arerecorded as settled on the date of clearance. As the closing date of the previous fiscal year was a bank holiday,
notes maturing on that date were included in the balance as of the end of the previous fiscal year.
Millions of yen
March 31, 2020

March 31, 2019

–

¥257

–

88

Notes receivable - trade
Electronically recorded monetary claims operating

14. Cost of Sales
Loss on valuation of inventories of ¥35 million and ¥135 million, net of the amount of the reversal, was included
in cost of sales for the years ended March 31, 2020 and 2019, respectively after writing down the carrying values
to reflect declines in profitability.
15. Selling, General and Administrative Expenses
Major components of selling, general and administrative expenses for the years ended March 31, 2020 and 2019were as follows. The figures in the following table have been offset against reversals.
Millions of yen
Year ended
March 31, 2020

Year ended
March 31, 2019

Salaries¥5,247¥5,441

Packing and transportation costs

1,731

1,717

Provision for employees’ retirement benefits

734

666

Provision for employees’ bonuses
Provision (reversal) of allowance for doubtful
accounts

445

403

(6)

41

Research and development expenses included in selling, general and administrative expenses for the years ended
March 31, 2020 and 2019 amounted to ¥547 million and ¥458 million, respectively.

27

16. Other Income
Gain on sales of noncurrent assets for the years ended March 31, 2020 and 2019 were summarized as follows:
Millions of yen
Year ended
March 31, 2020

Year ended
March 31, 2019

Machinery, equipment and vehicles

¥2

¥13

Land

13

1

Total

¥15

¥15

17. Other Expenses
Loss on sales and retirement of noncurrent assets for the years ended March 31, 2020 and 2019 were summarized
as follows:
Millions of yen
Year ended
March 31, 2020

Year ended
March 31, 2019

¥14

¥6

Machinery, equipment and vehicles

30Tools, furniture and fixtures

5

0

Land

12

–

Other

0

15

Total

¥36

¥23

Buildings and structures28

18. Statement of Comprehensive Income
Reclassification adjustments relating to other comprehensive income for the years ended March 31, 2020 and2019 were as follows:
Millions of yen
Year ended
March 31, 2020
Valuation difference on available-for-sale securities:
Amount arising during the year
Reclassification adjustments for gain (loss) included in profit
Total
Foreign currency translation adjustments:
Amount arising during the year
Reclassification adjustments for gain (loss) included in profit
Total
Retirement benefits liability adjustments:
Amount arising during the year
Reclassification adjustments for gain (loss) included in profit
Total
Share of other comprehensive income of affiliates accounted for by equity
method:Amount arising during the year
Total amount before income taxes
Income taxes
Total other comprehensive income

Year ended
March 31, 2019

¥(51)
2
(49)

¥(419)
0
(418)

(62)
–
(62)

(160)
–
(160)

(219)
191
(27)

68
200
269

(25)
(164)
14
¥(149)

(41)
(352)
124
¥(227)Tax effects relating to other comprehensive income for the years ended March 31, 2020 and 2019 were as follows:
Millions of yen
March 31, 2020
Valuation difference on available-for-sale securities
Before tax effectTax effect
After tax effectForeign currency translation adjustments
Before tax effectTax effect
After tax effect
Retirement benefits liability adjustments
Before tax effectTax effect
After tax effect
Share of other comprehensive income of affiliates accounted for by equity
methodBefore tax effectTax effect
After tax effectTotal other comprehensive income
Before tax effectTax effect
After tax effect29

March 31, 2019

¥(49)
14
(34)

¥(418)
124
(294)

(62)
–
(62)

(160)
–
(160)

(27)
–
(27)

269
–
269

(25)
–
(25)

(41)
–
(41)

(164)
14
¥(149)(352)
124¥(227)

19. Supplemental Information of Consolidated Statements of Changes in Net Assets(a) Type and number of issued shares and treasury stock
For the year ended March 31, 2020
Number of shares (Thousand)April 1, 2019

Increase

Decrease

March 31, 2020

Type of issued shares
Common stock

7,821

–

–

7,821

Total

7,821

–

–

7,821

87

126

–

214

87

126

–

214

Type of treasury stock
Common stock*1, *2
Total*1. The increase of 126 thousand common shares in treasury shares was due to an increase of 126 thousand shares by buybacks
based on the Board’s resolutions, and an increase of 0 shares by the repurchase of fractional shares.
*2. The number of treasury shares as of March 31, 2020 includes 80 thousand shares held by the Board Benefit Trust (BBT).

For the year ended March 31, 2019
Number of shares (Thousand)April 1, 2018

Increase

Decrease

March 31, 2019

Type of issued shares
Common stock

7,821

–

–

7,821

Total

7,821

–

–

7,821

87

0

–

87

87

0

–

87

Type of treasury stock
Common stock*1, *2
Total*1. The increase of 0 thousand common shares in treasury stock is due to the buyback of fractional shares of less than one tradinglot.
*2. The number of treasury shares as of March 31, 2019 includes 80,000 shares held by the Board Benefit Trust (BBT).

(b) Matters related to dividends
1. Amount of dividends
For the year ended March 31, 2020
(Resolution)

Type

Ordinary General
Meeting of Shareholders
on June 27, 2019

Commonstock

Total dividends paid
(Millions of yen)Amount of dividends
per share (Yen)

Cut-off date

Effective date

¥312

¥40

March 31, 2019

June 28, 2019

Note: “Total dividends paid” include dividends of ¥3 million corresponding to shares held by the Board Benefit Trust (BBT).

For the year ended March 31, 2019
(Resolution)

Type

Ordinary General
Meeting of Shareholders
on June 27, 2018

Commonstock

Total dividends paid
(Millions of yen)Amount of dividends
per share (Yen)

Cut-off date

Effective date

¥312

¥40

March 31, 2018

June 28, 2018

Note: “Total dividends paid” include dividends of ¥3 million corresponding to shares held by the Board Benefit Trust (BBT).

30

2. Dividends with the cut-off date in the year under review and the effective date in the following year
For the year ended March 31, 2020
(Resolution)

Type

Ordinary General
Meeting of Shareholders
on June 25, 2020

Commonstock

Total dividends
paid (Millionsof yen)Source ofdividends

Amount ofdividends per
share (Yen)

Cut-off date

Effective
date

¥307

Retainedearnings¥40

March 31, 2020

June 26, 2020

Note: “Total dividends paid” include dividends of ¥3 million corresponding to shares held by the Board Benefit Trust (BBT).

For the year ended March 31, 2019
(Resolution)

Type

Ordinary General
Meeting of Shareholders
on June 27, 2019

Commonstock

Total dividends
paid (Millionsof yen)Source ofdividends

Amount ofdividends per
share (Yen)

Cut-off date

Effective
date

¥312

Retainedearnings¥40

March 31, 2019

June 28, 2019

Note: “Total dividends paid” include dividends of ¥3 million corresponding to shares held by the Board Benefit Trust (BBT).

20. Supplemental Cash Flow Information
A reconciliation of cash and cash equivalents at March 31, 2020 and 2019 to cash and deposits in theaccompanying consolidated balance sheets was as follows:

Cash and deposits
Time deposits with maturity in excess of
three months
Cash and cash equivalents

Millions of yen
March 31, 2020 March 31, 2019¥16,261¥14,774(1)(1)¥16,260¥14,773

21. Leases
Finance lease transactions, except for those that transfer ownership of leased assets to the lessee, are accounted foras explained in Note 1 (k).
Leased assets include production equipment (machinery and equipment) and dies and molds (tools, furnitureand fixtures) as property, plant and equipment, and software as intangible assets.

31

22. Employees’ Retirement Benefits
1. Outline of employees’ retirement benefit plans adopted by the Company
The Company and some of its domestic consolidated subsidiaries have two types of defined benefit plan,
namely, a defined benefit corporate pension plan (based on reserved funds) and a lump sum payment plan (nonreserved funds). At the same time, some of other consolidated subsidiaries participate in the Smaller Enterprise
Retirement Allowance Mutual Aid (SERAMA) Scheme and a defined contribution pension plan.
In addition, the Company has a multi-employer welfare pension fund plan, established by participatingcompanies. Since the amount of plan assets corresponding to the Company’s contribution cannot be reasonably
calculated, the amount is recognized in the same way as the defined contribution pension plan.
With regard to the defined-benefit pension plan and the lump-sum payment plan adopted by certain
consolidated subsidiaries, a simplified method is used in the calculation of net retirement benefit liabilities andretirement benefit expenses.
2. Retirement benefit plan (excluding the plan using the simplified method)(1) The changes in the retirement benefit obligations
Millions of yen
Year ended
Year ended
March 31, 2020
March 31, 2019¥14,985¥15,720
649
681
65
(148)
(604)
(1,267)¥15,096¥14,985

Retirement benefit obligations at April 1
Service costs
Actuarial loss
Retirement benefits paid
Retirement benefit obligations at March 31(2) The changes in plan assets
Millions of yen
Year ended
Year ended
March 31, 2020
March 31, 2019
¥3,318¥3,359
76
120
(154)
(79)
347
360
(248)
(441)
¥3,339¥3,318Plan assets at April 1
Expected return on plan assets
Actuarial gainContributions by the Company
Retirement benefits paid
Plan assets at March 31(3) The funded status of the plans and the amounts recognized in the consolidated balance sheet at the end ofyear
Funded retirement benefit obligations
Plan assets
Unfunded retirement benefit obligations
Net liability for retirement benefits in the consolidated balance sheet
Liability for retirement benefits
Net liability for retirement benefits in the consolidated balance sheet

Millions of yen
March 31, 2020
March 31, 2019
¥5,866¥5,773(3,339)(3,318)
2,527
2,455
9,229
9,212
11,756
11,667
11,756
11,667¥11,756¥11,667(4) The components of retirement benefit expenses
Millions of yen
Year ended
Year ended
March 31, 2020
March 31, 2019
¥649
¥681
(76)
(120)
189
197
2
2
¥765
¥761

Service costs
Expected return on plan assets
Amortization of actuarial loss
Amortization of prior service costs
Retirement benefit expenses

32

(5) Retirement benefits liability adjustments included in other comprehensive income (before adjusting tax
effects)
The components of retirement benefits liability adjustments included in other comprehensive income (before
adjusting tax effects) were as follows:
Millions of yen
Year ended
Year ended
March 31, 2020
March 31, 2019
¥2
¥2
(30)
266
¥(27)
¥269

Prior service costs
Actuarial loss
Total(6) Retirement benefits liability adjustments included in accumulated other comprehensive income (before
adjusting tax effects)
The components of retirement benefits liability adjustments included in accumulated other comprehensive
income (before adjusting tax effects) were as follows:
Millions of yen
March 31, 2020
March 31, 2019
¥7
¥10
1,465
1,435
¥1,472¥1,445

Unrecognized prior service costs
Unrecognized actuarial loss
Total(7) Plan assets(i) Major components of plan assets
The ratio of major components against the total plan assets was as follows:%
March 31, 2020
48%
20
30
2
100%

General accounts
Stocks
Bonds
OthersTotal

March 31, 2019
45%
25
29
1
100%

(ii) Determining long-term expected return on plan assets
The long-term expected return on plan assets has been estimated based on the current and projectedpension asset allocations and the current and projected return on various assets comprising plan assets.
(8) Assumptions used in accounting for the plans
Primary assumptions used in accounting for the plans%
Year ended
March 31, 2020
0.0%
2.3%
0.0%–4.4%

Discount rateLong-term expected return on plan assets
Anticipated salary increase rate

Year ended
March 31, 2019
0.0%
3.6%
0.0%–3.7%

3. Defined benefit plan using the simplified method(1) The changes in the liability for retirement benefits calculated using the simplified method
Millions of yen
Year ended
Year ended
March 31, 2020
March 31, 2019
¥1,351¥1,300
172
119
(32)
(23)
(47)
(46)
¥1,444¥1,351

Liability for retirement benefits at April 1
Retirement benefit expenses
Retirement benefits paid
Plan contributions
Liability for retirement benefits at March 31

33

(2) The funded status of the plans and the amounts recognized in the consolidated balance sheet for the plans
Millions of yen
March 31, 2020
March 31, 2019
¥556
¥525
(411)
(398)
145
126
1,298
1,224
1,444
1,351
1,444
1,351
¥1,444¥1,351

Funded retirement benefit obligations
Plan assets
Unfunded retirement benefit obligations
Net liability for retirement benefits in the consolidated balance sheet
Liability for retirement benefits
Net liability for retirement benefits in the consolidated balance sheet(3) Retirement benefit expenses
Millions of yen
Year ended
Year ended
March 31, 2020
March 31, 2019
¥172
¥119

Retirement benefit expenses calculated using the simplified method

4. Defined contribution plan
Required amounts of contribution to the defined contribution plan for consolidated subsidiaries were ¥23
million for the year ended March 31, 2020 and ¥23 million for the year ended March 31, 2019.
5. Multi-employer plan
Required contributions to the multi-employer corporate pension fund plan, which are recognized in the same
way as the defined contribution pension plan, were ¥227 million for the year ended March 31, 2020 and ¥231
million for the year ended March 31, 2019.
(1) Total funded status of the multi-employer plan
Millions of yen
March 31, 2019
March 31, 2018
¥127,216¥130,908
141,568
146,380¥(14,351)¥(15,471)

Plan assets at fair value
Actuarial obligations for the pension financing accounting
Projected benefit obligations in excess of plan assets(2) Ratio of the Group’s contribution to total contributions of the multi-employer plan
For the year ended March 31, 20193.63%
For the year ended March 31, 2018
3.69%
(3) Supplementary explanation
The main component of projected benefit obligation in excess of plan assets listed under (1) above was priorservice costs under pension accounting (¥16,886 million for the year ended March 31, 2019 and ¥18,834
million for the year ended March 31, 2018). Prior service costs are amortized by the straight-line method
over a period of 20 years under this plan.

23. Commitment and Contingent Liabilities
The commitment credit line agreements, which had been concluded with five banks to secure flexibility in fundprocurement, expired on March 31, 2020.
Relevant amounts at March 31, 2020 and 2019 were as follows:
Millions of yen
March 31, 2020
March 31, 2019
Commitment lines extended–¥1,500Loans payable––

Unused balance–¥1,50034This commitment line contract included the following restrictive financial covenants for the year ended March 31,
2019:
To maintain net assets of at least ¥19.7 billion on the consolidated balance sheet at the end of each fiscal year andsecond quarter.

24. Financial Instruments
1. Matters relating to the status of financial instruments(1) Policy toward financial instruments
In light of its capital investment plans, the Group procures necessary funds for business operations related to
manufacturing and sales of lighting fixtures mainly through bank loans. Temporary surplus funds are kept inhighly liquid, secure financial assets and short-term operating funds are procured by bank loans. The Company
uses derivative transactions to manage foreign exchange risks and interest rate risks. It is the policy of theCompany not to enter into derivative transactions for speculative purposes.
(2) Details of financial instruments, associated risks and risk control measures
Trade notes and accounts receivable and electronically recorded monetary claims-operating carry customer
credit risks. These risks are addressed in accordance with the Group’s credit management rules by controllingthe due dates and balances for each customer and investigating the credit status of major customers every threemonths.
Stocks carry market risks. Most stocks are those of companies which have business relationships with theCompany and their market prices are regularly reported to the officer in charge of finance.
Notes and accounts payable and electronically recorded obligations-operating are due in one year or less.
Short-term loans payable are borrowed mainly as operating funds, long-term loans payable (in principle,
due in five years or less) are borrowed mainly as funds for capital investments. Floating-rate loans carryinterest rate fluctuation risk and each contract is hedged by using a derivative contract (interest rate swap) to
mitigate its interest risk and stabilize interest expense. Examination of hedging effectiveness is omitted as
hedging contracts have been judged to satisfy the requirements for special treatment of interest rate swaps.
Derivative transactions are executed and managed by the Company’s financing department with theapproval of the responsible officer, in accordance with the internal rules that stipulate the authorizedindividuals and trading limits. In order to mitigate credit risks, all derivative transactions are undertaken withhighly creditworthy financial institutions.
(3) Supplemental explanation regarding fair value, etc., of financial instruments
The fair value of financial instruments includes values based on market prices and, with respect to financial
instruments without a market price, value determined by reasonable calculation. Such calculation can include
factors with variable parameters and different fair values are possible if different assumptions are employed.

35

2. Matters relating to fair value, etc. of financial instruments
The carrying amounts and fair values at March 31, 2020 and 2019 and differences are as follows. Financial
instruments whose fair value is not readily determinable are not included in the following table (See Note 2).
At March 31, 2020

(1) Cash and deposits(2) Notes and accounts receivable - trade(3) Electronically recorded monetaryclaims - operating(4) Investment securities
Total assets(5) Notes and accounts payable - trade(6) Electronically recorded obligations operating(7) Short-term loans payable(8) Long-term loans payable
Total liabilities
Derivatives

Carrying amount(Millions of yen)
¥16,261
14,433

Fair value(Millions of yen)
¥16,261
14,433Difference(Millions of yen)
¥–
–

2,837

2,837

–

3,348
¥36,881¥7,582

3,348¥36,881¥7,582

–
¥–
¥–

5,870

5,870

–

830
5,300
¥19,583
¥–

830
5,331
¥19,614
¥–

–
31
¥31
¥–

At March 31, 2019(1) Cash and deposits(2) Notes and accounts receivable - trade(3) Electronically recorded monetaryclaims - operating(4) Investment securities
Total assets(5) Notes and accounts payable - trade(6) Electronically recorded obligations operating(7) Short-term loans payable(8) Long-term loans payable
Total liabilities
Derivatives

Carrying amount(Millions of yen)
¥14,774
12,820Fair value(Millions of yen)
¥14,774
12,820Difference(Millions of yen)
¥–
–

2,107

2,107

–

3,392
¥33,094¥7,932

3,392¥33,094¥7,932

–
¥–
¥–

3,687

3,687

–

980
6,600
¥19,200
¥–

980
6,656
¥19,256
¥–

–
56
¥56
¥–

(Notes)1) Calculation method for fair value of financial instruments and matters relating to securities and derivatives
Assets“(1) Cash and deposits,” “(2) Notes and accounts receivable - trade,” and “(3) Electronically recorded monetary claims - operating”
Book value is used as fair value because these items are to be settled in a short period of time and fair value is almost equal tobook value.
“(4) Investment securities”
Investment securities are reported at the current market prices quoted by stock exchanges. Notes relating to securities held for
different purposes are described in notes under “4. Securities and Investment Securities.”
Liabilities“(5) Notes and accounts payable - trade,” “(6) Electronically recorded obligations - operating,” and “(7) Short-term loans payable”
Book value is used as fair value because these items are to be settled in a short period of time and fair value is almost equal tobook value.
“(8) Long-term loans payable”
The fair value of long-term loans payable is determined by discounting the total amount of principal and interest of a loan by
the interest rate applicable for a similar new loan. Floating-rate long-term loans are subject to the special treatment of interest
rate swaps, in which the fair value is determined by discounting the amount of principal and interest, which factors in therelevant interest rate swap, by the interest rate reasonably estimated for a similar loan.
Derivatives
See note “25. Derivatives.”

362) Financial instruments whose fair values are not readily determinable at March 31, 2020 and 2019 are as follows:
Category

Millions of yen
March 31, 2020
March 31, 2019

Unlisted equity securities

¥683

¥756

Investments in limited liability partnership

¥49

¥60

These financial instruments do not have a market price and excessive costs would be incurred in estimating their future cash
flows. Therefore, they are not included in “(4) Investment securities” as the fair value is not readily determinable.
3) Monetary claims with redemption dates subsequent to March 31, 2020 and 2019 are summarized as follows:
At March 31, 2020

¥16,261
14,433Due after 1 year and in
5 years or less(Millions of yen)
¥–
–

2,837

–

¥33,533¥–

Due in 1 year or less(Millions of yen)
(1) Cash and deposits(2) Notes and accounts receivable - trade(3) Electronically recorded monetaryclaims - operating
Total
At March 31, 2019¥14,774
12,820Due after 1 year and in
5 years or less(Millions of yen)
¥–
–

2,107

–

¥29,701¥–

Due in 1 year or less(Millions of yen)
(1) Cash and deposits(2) Notes and accounts receivable - trade(3) Electronically recorded monetaryclaims - operating
Total4) Bonds payable, long-term loans payable and other interest-bearing liabilities with repayment dates subsequent to March 31, 2020
and 2019 are summarized as follows:
At March 31, 2020

Short-term loans payable
Long-term loans payable
Total

Due after 2
Due after 4
Due after 1
Due after 3
Due in 1
years and inyears and in Due after 5
year and in 2
years and inyear or less
3 years or
5 years or
years
years or less
4 years or(Millions of
less
less
(Millions of(Millions ofless (Millions
yen)(Millions of(Millions of
yen)
yen)
of yen)
yen)
yen)
¥830
¥–
¥–
¥–
¥–
¥–
900
4,200
200
–
–
–
¥1,730¥4,200
¥200
¥–
¥–
¥–

At March 31, 2019

Short-term loans payable
Long-term loans payable
Total

Due after 2
Due after 4
Due after 1
Due after 3
Due in 1
years and inyears and in Due after 5
year and in 2
years and inyear or less
3 years or
5 years or
years
years or less
4 years or(Millions of
less
less
(Millions of(Millions ofless (Millions
yen)(Millions of(Millions of
yen)
yen)
of yen)
yen)
yen)
¥980
¥–
¥–
¥–
¥–
¥–
1,300
900
4,200
200
–
–
¥2,280¥900¥4,200
¥200
¥–
¥–

37

25. Derivatives
At March 31, 2020 and 2019, there were no derivative transactions outstanding for which hedge accounting has
not been applied.
The notional amounts and the fair value of the derivative instruments outstanding at March 31, 2020 and2019 for which hedge accounting has been applied are summarized as follows:
At March 31, 2020
Notional amount (Millions of yen)Interest rate swap hedging long-termloans payable, accounted for byshort-cut method:
Receive/floating and pay/fixed

Fair value (Millions of yen)

Maturing within one year

Maturing after one year

¥250

¥250

*1

*1. The fair value is included in the fair value of long-term loans payable, since the shortcut method is applied.

At March 31, 2019
Notional amount (Millions of yen)Interest rate swap hedging long-termloans payable, accounted for byshort-cut method:
Receive/floating and pay/fixed

Fair value (Millions of yen)

Maturing within one year

Maturing after one year

¥250

¥250

*1

*1. The fair value is included in the fair value of long-term loans payable, since the shortcut method is applied.

26. Segment Information
Segment Information (For the years ended March 31, 2020 and 2019)
1. General Information about Reportable Segments
The reportable segments of the Company are business sectors of the Group for which the Company is able toobtain separate individual financial information allowing the board of directors to conduct periodic analysis toevaluate their business performance and determine the optimum distribution of management resources.
The Group has two reportable business segments, the “Lighting Sector” engaging in the manufacture andsales of a wide range of light sources such as lamps and luminaires, and the “Applied Optics and Environment
Sector” engaging in the manufacture and sales of applied optics products and environmental products.
2. Method for Calculating Net Sales, Income or Loss, Assets, Liabilities, and Other Items in Each Reportable
Segment
In general, the method for the accounting of reportable business segments is the same as that described in thebasis of presentation of the consolidated financial statements. Income in the reportable segments is operating
income. Inter-group net sales or transfers are based on actual market prices.

38

3. Information on Net Sales, Income or Loss, Assets, and Other Items in Each Reportable Segment
Millions of yen

Sales:
Lighting Sector
Applied Optics and Environment Sector

Year ended March 31,
2020

Year ended March 31,
2019

¥

¥

Corporate and eliminations:Lighting Sector
Applied Optics and Environment Sector
Adjustments¥
Segment Income (loss):
Lighting Sector
Applied Optics and Environment Sector¥

Adjustments¥
Segment Assets:
Lighting Sector
Applied Optics and Environment Sector¥

Adjustments¥
Depreciation and Amortization:
Lighting Sector
Applied Optics and Environment Sector

43,164
16,10959,274
24
49
74
(74)
59,274

4,651
924
5,576
(1,915)
3,661¥

39,127
17,54656,673
12,77669,450

¥

1,060
471
1,532
–
1,532

¥

585
320
906
–
906

¥

¥

Adjustments¥
Increase in Property, Plant and Equipment
and Intangible Assets:
Lighting Sector
Applied Optics and Environment Sector¥¥

Adjustments
¥

¥

¥

¥

¥

39,835
14,17054,006
24
31
55
(55)
54,006

2,527
807
3,334
(1,876)
1,458

37,43018,12655,556
11,731
67,288

1,243
472
1,715
–
1,715

686
220
906
–
906

Notes: 1. The adjustments for segment income (loss) of ¥ (1,915) million and ¥ (1,876) million at March 31, 2020 and 2019,respectively, include corporate costs, etc., which have not been allocated to the reportable segments.
2. The adjustments for segment assets of ¥12,776 million and ¥11,731 million at March 31, 2020 and 2019 respectively,
include financial assets, etc., of the Company, which have not been allocated to the reportable segments.

39

Related Information
For the years ended March 31, 2020 and 2019
1. Information by Product and Service
No description is provided because information on segments by product and service is the same as that of thereportable segments.
2. Information by Country or Region(1) Net Sales

Japan
North America
Asia
Other
Total

Millions of yen
Year ended
Year ended
March 31, 2020 March 31, 2019
¥52,103¥47,064
4,626
4,134
2,241
2,517
303
289
¥59,274¥54,006(2) Property, Plant and Equipment
No description is provided because property, plant and equipment in Japan at March 31, 2020 and 2019 accountfor more than 90% of property, plant and equipment in the consolidated balance sheets.
3. Information on Each Major Customer
No description is provided because no individual external customer accounts for 10% or more of net sales for theyears ended March 31, 2020 and 2019 in the consolidated statements of income.

27. Amounts per Share
Per share information at and for the years ended March 31, 2020 and 2019 was as follows:

Profit attributable to owners of parent
Net assets

Yen
Year ended
Year ended
March 31, 2020 March 31, 2019¥348.63¥144.75
3,809.58
3,480.86

Notes: 1. Since there were no potential shares that would have dilutive effect if issued, data on diluted net income per share is notpresented.
2. For the purpose of calculating net assets per share, the Company’s shares held by the Board Benefit Trust (BBT) are
included in treasury shares excluded from the total number of outstanding shares as of the fiscal year-end (80,000 sharesfor the previous fiscal year and 80,000 shares for the current fiscal year).
For the purpose of calculating net income per share, these shares held by BBT were included in treasury shares excluded
from the calculation of the average number of outstanding shares during the fiscal year (80,000 shares for the previous
fiscal year and 80,000 shares for the current fiscal year).

40

The basis of the computation of profit attributable to owners of parent per share for the years ended March 31,
2020 and 2019 is as follows:
Millions of yen
Year ended
March 31, 2020
Profit attributable to owners ofparentAmount not attributable tonormal shareholders
Profit attributable to owners ofparent allocable to commonsharesAverage number of commonshares for the period (shares)

Year ended
March 31, 2019

¥2,681¥1,119––¥2,681¥1,1197,691,651

7,734,307

28. Business Combinations
Not Applicable.

29. Related Party Transactions
For the year ended March 31, 2020
Not Applicable.
For the year ended March 31, 2019
Not Applicable.

30. Stock Options
For the year ended March 31, 2020
Not Applicable.
For the year ended March 31, 2019
Not Applicable.

31. Significant Subsequent Events
Not Applicable.

41Independent Auditor’s Report
The Board of Directors
IWASAKI ELECTRIC Co., Ltd.
OpinionWe have audited the accompanying consolidated financial statements of IWASAKI ELECTRIC Co., Ltd. and its
consolidated subsidiaries, which comprise the consolidated balance sheet as at March 31, 2020, and theconsolidated statements of income, comprehensive income, changes in net assets, and cash flows for the year thenended, and notes to the consolidated financial statements.
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, theconsolidated financial position of the Group as at March 31, 2020 and its consolidated financial performance andits consolidated cash flows for the year then ended in accordance with accounting principles generally accepted inJapan.
Basis for Opinion
We conducted our audit in accordance with auditing standards generally accepted in Japan. Our responsibilities
under those standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated
Financial Statements section of our report. We are independent of the Group in accordance with the ethicalrequirements that are relevant to our audit of the consolidated financial statements in Japan, and we have fulfilled
our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence wehave obtained is sufficient and appropriate to provide a basis for our opinion.
Responsibilities of Management, the Corporate Auditor and the Board of Corporate Auditors for theConsolidated Financial Statements
Management is responsible for the preparation and fair presentation of these consolidated financial statements inaccordance with accounting principles generally accepted in Japan, and for such internal control as management
determines is necessary to enable the preparation of consolidated financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, management is responsible for assessing the Group’s ability tocontinue as a going concern and disclosing, as required by accounting principles generally accepted in Japan,
matters related to going concern. The Corporate Auditor and the Board of Corporate Auditors are responsible foroverseeing the Group’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
our opinion. Misstatements can arise from fraud or error and are considered material if, individually or in theaggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis ofthese consolidated financial statements.
As part of an audit in accordance with auditing standards generally accepted in Japan, we exercise professional
judgment and maintain professional skepticism throughout the audit. We also:・ Identify and assess the risks of material misstatement of the consolidated financial statements, whether due tofraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion.
・ Consider internal control relevant to the audit in order to design audit procedures that are appropriate in thecircumstances for our risk assessments, while the purpose of the audit of the consolidated financial statements
is not expressing an opinion on the effectiveness of the Group’s internal control.
・ Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates andrelated disclosures made by management.
・ Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on
the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast42

significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the
consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions
are based on the audit evidence obtained up to the date of our auditor’s report. However, future events orconditions may cause the Group to cease to continue as a going concern.
・ Evaluate the overall presentation, structure and content of the consolidated financial statements, including thedisclosures, and whether the consolidated financial statements represent the underlying transactions and eventsin a manner that achieves fair presentation in accordance with accounting principles generally accepted inJapan.
・ Obtain sufficient appropriate audit evidence regarding the financial information of the entities or businessactivities within the Group to express an opinion on the consolidated financial statements. We are responsible
for the direction, supervision and performance of the group audit. We remain solely responsible for our audit
opinion.
We communicate with the Corporate Auditor and the Board of Corporate Auditors regarding, among othermatters, the planned scope and timing of the audit and significant audit findings, including any significant
deficiencies in internal control that we identify during our audit.
We also provide the Corporate Auditor and the Board of Corporate Auditors with a statement that we havecomplied with the ethical requirements regarding independence that are relevant to our audit of the financial
statements in Japan, and to communicate with them all relationships and other matters that may reasonably bethought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with the Corporate Auditor and the Board of Corporate Auditors, we determine
those matters that were of most significance in the audit of the consolidated financial statements of the current
period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or
regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determinethat a matter should not be communicated in our report because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits of such communication.

Ernst & Young ShinNihon LLC
Tokyo, Japan
June 25, 2020

Fumio Uemura
Designated Engagement Partner
Certified Public Accountant

Masato Namekawa
Designated Engagement Partner
Certified Public Accountant

43

Board of Directors and Corporate Data
President and Chief Executive Officer
Yoshitake Ito
Director and Senior Executive Officer
Masanori KatoIWASAKI ELECTRIC Co., Ltd.
Date of Establishment: August 18, 1944

Director and Senior Executive Officer
Makoto Inamori
Director and Senior Executive Officer
Sumio Uehara
Director and Senior Executive Officer
Seiji Aoyama

Nomurafudosan-higashinihonbashi Bldg. 1-1-7,
Higashinihonbashi, Chuo-ku,
Tokyo 103-0004, Japan
Phone: +81-3-5846-9010
https://www.eye.co.jp/
Capital: ¥8,640 million

Outside Director
Kenji Oya
Outside Director
Tsuneo Tanai
Audit & Supervisory Board Member
Hiroaki Kato

Common Stock
Authorized: 23,900,000 shares
Issued and Outstanding: 7,821,950 shares(Including 134,141 shares of treasury stock)
Number of Shareholders: 7,508
Number of employees: 1,873（Consolidated）

Senior Executive Officer
Masayuki Arimatsu

Major Shareholders
The Master Trust Bank of Japan, Ltd.
Minebea Mitsumi Inc.
Japan Trustee Services Bank, Ltd. (Trust Account)Iwasaki Electric Cooperative Association Stock Ownership Plan
DFA INTL SMALL CAP VALUE PORTFOLIO(Standing proxy: Citibank)Mizuho Bank, Ltd.
The Meiji Yasuda Life Insurance Company
EYE LAMP employee stock ownership plan
The Sumitomo Mitsui Banking Corp.
Japan Trustee Services Bank, Ltd. (Trust Account 5)

Senior Executive Officer
Tomohiko Yamada

Stock Exchange Listings
Tokyo Stock Exchange 1st Section

Executive Officer
Tsuyoshi Itokawa

Correspondent Bank
Mizuho Bank, Ltd.
Sumitomo Mitsui Banking Corp.
The Bank of Yokohama, Ltd.
Resona Bank, Ltd.
MUFG Bank, Ltd.

Audit & Supervisory Board Member
Haruhiko Hoshino
Outside Audit & Supervisory Board Member

Shouzou Watanabe
Outside Audit & Supervisory Board Member

Naoto Suzuki

Executive Officer
Akira Urushihara
Executive Officer
Hidemi Orito

Independent Certified Public Accountants
Ernst & Young ShinNihon LLC

Executive Officer
Kenji Ikeda(As of June 25, 2020)44% of Total
5.22
3.90
3.28
2.66
2.63
2.39
2.34
2.19
2.19
2.03

Directory
Domestic Plants and Offices
Head OfficeNomurafudosan-higashinihonbashi
Bldg. 1-1-7, Higashinihonbashi,
Chuo-ku, Tokyo 103-0004, Japan
Phone: +81-3-5846-9010
Lighting Business Unit
Phone: +81-3-5846-9021
Applied Optics andEnvironment Sales Division
Phone: +81-3-5846-9027
Global Sales &Marketing Department
Phone: +81-3-5846-9025
Facsimile: +81-3-5846-9036
Private Sector Sales Division
FRAME-nihonbashi Bldg. 9-9,
Nihonbashi-hisamatsucho, Chuo-ku,
Tokyo 103-0005, Japan
Phone: +81-3-5847-8632
Saitama Plant
1-1, Ichiriyama-cho, Gyoda City,
Saitama 361-8505, Japan
Phone: +81-48-554-1111

Domestic Affiliates●Manufacture
EYE LIGHTING SYSTEMSCORPORATION
Established in 1973
Manufacture of lighting luminaires,
power sources, ballasts and circuits
CHICHIBU IWASAKI CO., LTD.
Established in 1985
Manufacture of Halogen lamps andpellicle products
KAN-ETSU IWASAKI CO., LTD.
Established in 1985
Manufacture of arc tubes for highpressure sodium lamps, UV lamps, andUV irradiation units
EYE ELECTRON BEAM CO., LTD.
Established in 1986
Manufacture of EB products,
EB equipment maintenance, andEB irradiation services
EYE THREE MFG. CO., LTD.
Established in 1988
Manufacture and sales of light poles,
stands and customized lighting luminaires
ITO DENKI CO., LTD.
Acquired in 1997
Manufacture of explosion proof luminaires●SalesEYE GRAPHICS CO., LTD.
Established in 1977
Sales of UV applied equipment and printing
platemakers
EYE GRAPHIC SERVICE CO., LTD.
Established in 1980
Installation / relocation / maintenance for
UV applied equipment and printing platemakers
LIGHT CUBE CO., LTD.
Established in 1978
Design, manufacture, sales and applicationof luminaires and allied products
EYE ONE CO., LTD.
Established in 1987
Service trade for the Iwasaki Group, such as
insurance agency operations
EYE LIGHTING DEVICE CO., LTD.
Established in 1988
Sales of a variety of light sources andlighting luminaires
IWASAKI ELECTRIC
ENGINEERING SERVICE CO., LTD.
Established in 1994
Inspection of lighting luminaires and electricalmachinery and maintenance of applied optics
and environment diagnostic equipment
KINKI LIGHT CUBE CO., LTD.
Established in 1995
Sales of lighting equipment for commercial andindustrial use
EYE LOGISTICS CO., LTD.
Established in 1996
Autotruck carrier business and Joint delivery
ITO DENKI HANBAI CO., LTD.
Established in 1999
Sales of explosion proof luminaries(As of June 25, 2020)45

◆Sales Office
Global Sales & Marketing Department●Manufacture
ENERGY SCIENCES, INC. (ESI)
Acquired in 1988
42 Industrial Way, Wilmington,
Massachusetts. 01887, U.S.A.
Phone: +1-978-694-9000
Facsimile: +1-978-694-9046
Manufacture and sales of EB & UV
irradiation equipment and electric equipment
EYE LIGHTING INTERNATIONAL OFNORTH AMERICA, INC. (ELINA)
Established in 1991
9150 Hendricks Road, Mentor,
OHIO. 44060, U.S.A.
Phone: +1-888-665-2677
Facsimile: +1-440-350-7001
Manufacture and sales of HID lamp,
arc tubes and outer bulbs
DALIAN IWASAKI ELECTRIC CO., LTD.
Established in 1995
Zhenpeng Industrial Area I-8-3, DalianDevelopment Zone, Dalian, 116600,
P.R. CHINA
Phone: +86-411-8751-4186
Facsimile: +86-411-8751-4189
Manufacture of HID lamps, stems and UV lamps
SPECTRA LIGHTING PTY LTD.
Acquired in 1999
15 Industrial Avenue Wacol Queensland, 4076,
AUSTRALIA
Phone: +61-7-3335-3500
Facsimile: +61-7-3335-3550
Manufacture and sales of luminaries
SPECTRA MANUFACTURING PTY LTD.
Acquired in 1999
15 Industrial Avenue Wacol Queensland, 4076,
AUSTRALIA
Phone: +61-7-3335-3502
Facsimile: +61-7-3335-3533
Manufacture and sales of streetscape luminaries●SalesEYE LIGHTING ASIA PACIFIC PTE LTD.
Established in 1988
21 Kaki Bukit Place, Eunos Techpark
SINGAPORE 416199, SINGAPORE
Phone: +65-6742-3611
Facsimile: +65-6743-5202
Sales of lamps, luminaires and electric equipment
ELM LIGHTING SDN. BHD.
Established in 2016
No.16 & 18, Jalan Utarid U5/29, Mah Sing
Integrated IndustrialPark, Seksyen U5, 40150
Shah Alam, Selangor Darul Ehsan, Peninsular
MALAYSIA
Phone: +60-3-7832-7600
Facsimile: +60-3-7859-7847
Sales of lamps, luminaires and electric equipment
SHANGHAI IWASAKI ELECTRIC CO.,LTD.
Established in 2007
26/F suite2612 New Town Center Building,
83 Loushanguan Road, Shanghai 200336,
P.R. CHINA
Phone: + 86-21-3105-6379
Facsimile: + 86-21-3105-6371
Materials procurement in China, inspection andexports Sales in China of lamps, luminaries andelectric equipment
EYE LIGHTING (THAILAND) CO.,LTD.
Established in 2015
21F,Room No.2105-6, United Business Center Ⅱ
Building, Sukhumvit Road Soi 33, North
Klongton, Wattana, Bangkok 10110, THAILAND
Phone: +66-0-2-662-1867
Facsimile: +66-0-2-662-1868
Sales of lamps, luminaires and electric equipment
EYE LIGHTING (HONG KONG) LTD.
A joint venture with Hosoda Trading
Company, established in 1992
Room 609, Silvercord Tower 2, 30 CantonRoad, Tsim shatsui, Kowloon , HONG KONG
Phone: +852-2368-8782
Facsimile: +852-2481-2661
Sales of lamps, luminaires and electric equipment

46

LCA HOLDINGS PTY LTD.
A joint venture with Marubeni Corporation,
established in 2000
15 Industrial Avenue, Wacol Queensland 4076,
AUSTRALIA
Phone: +61-7-3335-3555
Facsimile:+61-7-3335-3522
Holding company
EYE LIGHTING AUSTRALIA PTY LTD.
Established in 1974
15 Industrial Avenue, Wacol Queensland 4076,
AUSTRALIA
Phone: +61-7-3335-3588
Facsimile: +61-7-3335-3533
Sales of lamps, luminaires and electric equipment
PERFORMANCE IN LIGHTING
AUSTRALASIA PTY LTD.
Established in 2012
157 Wellington Road, East Brisbane Queensland,
4169, AUSTRALIA
Phone: +61-7(3335)3580
Facsimile: +61-7(3335)3587
Sales of lamps and luminaires
SAMMODE LIGHTING AUSTRALASIAPTY LTD.
Established in 2015
15 Industrial Avenue, Wacol, Queensland, 4076,
AUSTRALIA
Phone: +61-7(3335)3555
Facsimile: +61-7(3335)3511
Sales of luminaires(As of June 25, 2020)

Nomurafudosan-higashinihonbashi Bldg. 1-1-7,
Higashinihonbashi, Chuo-ku,
Tokyo 103-0004, Japan
https://www.iwasaki.co.jp/