2021

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

2

Status of the Business3

Consolidated Balance Sheet

10

Consolidated Statement of Income

12

Consolidated Statement of Comprehensive Income

13

Consolidated Statement of Changes in Net Assets

14

Consolidated Statement of Cash Flows

15

Notes to Consolidated Financial Statements

16

Independent Auditor’s Report

41

Board of Directors and Corporate Data

45

Directory46

Message from the President
First, I’d like to outline the Iwasaki Electric Group’s financial results for the fiscal year ended March 31, 2021.
While net sales in the Lighting segment decreased and net sales in the Applied Optics and Environment segment
increased slightly, the Group’s overall net sales, operating income, and ordinary income declined, all on a year-onyear basis.
In the Lighting segment, sales of tunnel lighting equipment increased as we responded to infrastructure renewal
demand from the national and local governments. However, sales of LED lighting, which had been growing
steadily, declined due to the curtailment of corporate capital expenditures in response to the COVID-19 pandemic
and the reaction to demand related to the Tokyo Olympics and Paralympics during the previous fiscal year. As aresult, net sales in the Lighting segment decreased year on year.
In our business in the Applied Optics and Environment segment, sales decreased in the UV-curing systems andenvironmental testing equipment fields due to movements toward freezing and postponing capital investment.
However, in the sterilization field, sales of the “AIRLIA” series, which are airflow UV purification systems using
UV technologies, grew significantly due to demand related to the prevention of COVID-19. As a result, net sales
in the Applied Optics and Environment segment increased year on year. We have launched new products in the“AIRLIA” series targeting not only industries but also individual customers, with a plan to further expand productvariations.
The UV business is a field in which we have been active for a long period of time, and while the competition
has been growing since the beginning of the current fiscal year under review, we intend to develop it as a steadybusiness to seize this opportunity.
Next, let’s look at the management environment and business outlook for the Iwasaki Electric Group. Engaged inbusiness operations in the Lighting segment and the Applied Optics and Environment segment, the Group aims toprovide solutions businesses, including peripheral businesses, in both segments by combining existing opticaltechnologies with new technologies.
Turning to the future outlook, economic sentiment varies depending on region and industry in Japan and overseas,
and the recovery in overall capital investment has slowed down. These trends are increasing uncertainties about
the future more than ever. Amid such circumstances, we will respond promptly to changes in our existing
businesses and work to expand with a focus on increasing market share.
In addition, due to growing efforts to create a decarbonized society, businesses aimed at energy conservationand environmental impact mitigation may accelerate. Taking advantage of this opportunity, we will strive toincrease corporate value by providing products and services with even higher added value.
The Company’s capital policy is based on providing stable dividends to its shareholders. As we are undergoing aperiod of major changes in our business structure, we maintain a balanced capital policy that places top priority on
financial soundness for reforms, and to steadily invest for sustainable growth with an emphasis on improving
capital efficiency. In addition, we started the acquisition of treasury stock of up to 500 million yen on May 20,
2021. We will continue to implement flexible and balanced capital policies in the future to build a corporate
structure that will achieve sustainable growth.
We greatly appreciate and look forward to your continued understanding and support.

Yoshitake Ito
President and Chief Executive Officer1Consolidated Six-Year Summary
Millions of yen

Year ended March 31
2016

2017

2018

2019

2020

2021

¥58,206¥56,611¥57,328¥54,006¥59,274¥53,587

920

335

381

1,119

2,681

2,041

Total assets¥69,636¥69,463¥69,625¥67,288¥69,450¥66,970

Total shareholders’ equity2

24,722

25,791

26,342

26,921

28,982

31,325Working capital

27,862

25,777

22,13325,44827,52825,352Long-term bank loans,less current portion

2,350

2,816

2,500

5,300

4,400

600

Amounts per share:3
Profit attributable to ownersof parent
Cash dividends¥12.38¥44.34¥49.31¥144.75¥348.63¥269.07

4.00

4.00

40.00

40.00

40.00

40.00

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

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)
80

80

2,500
2,000

60

Total Assets(Billions of yen)

60

1,500
40

40
1,000

20

20

500

0

0
'16

'17

'18

'19

'20

'21

0
'16

'17

'18

2

'19

'20

'21

'16

'17

'18

'19

'20

'21

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 global and Japanese economies are still subject to uncertainty as it remains unclear when the novel
coronavirus pandemic will end. However, we do expect that capital investment, which has been restrained in
the current fiscal year in some regions and industries, will rebound and the economy will recover as normalsocial and economic activities resume.
Under these business conditions, in the Lighting segment, governmental initiatives for energy
conservation are expected to accelerate toward the realization of a decarbonized society, which will promote
the introduction of LED lighting and stock demand. For the Applied Optics and Environment segment, in thesterilization business, hygiene awareness has increased due to the spread of infectious diseases. In the UV curebusiness, demand for measures to reduce environmental impacts is expected. We will promote businessactivities responding to these market environments.
(3) Management Strategy, and Business and Financial Issues to Be Prioritized
The Group’s Lighting segment and Applied Optics and Environment segment will deliver products andservices with more added value by combining the optical technology cultivated so far with new technologies
to create unique products and develop solution businesses, including peripheral businesses.
(Lighting Segment)
Our business in the Lighting segment 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.
The LED lighting equipment business will further enhance the energy-saving performance of LEDs by
combining a control system. We believe that we can create comfortable and enjoyable lighting environments
by improving the quality of light and designing the color rendition. In product development, we further
develop lighting systems with high energy-saving performance and less environmental impact by combining
our technologies in light distribution and circuit control with technologies of external parties. We are also
focusing on developing high-value-added products, including applications to connect people through lighting.
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 appealing to the market fordisaster prevention and mitigation lighting systems so that in the event of a disaster-related power outage we
can provide safety and peace of mind through the illumination of roads, sidewalks, shelters, and many otherenvironments.
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 Segment)
Our Applied Optics and Environment segment seeks growth in the fields of sterilization, environmental
testing, and UV/EB curing by applying the Group’s various lighting technologies, such as those related to UV
3

rays and electron beams. In the sterilization domain, it has been confirmed that the ultraviolet light source
installed in AIRLIA, our air circulation sterilization unit using UV rays, is highly effective at inactivating thenovel coronavirus. We will continue the speedy development of products that combine our highly reliable
technology with external technologies to help customers improve the hygienic environment and prevent the
spread of infectious diseases.
The environmental testing business strives to maintain and expand sales by developing new test
equipment and a light radiation system and strengthening activities in both domestic and international markets.
In the UV/EB cure business, we perform R&D and develop specific products for conventional industries andalso develop new markets and new applications.
The Applied Optics and Environment segment will follow a medium- to long-term plan, as well as shortterm plans, to pioneer new business domains dedicated to the prevention of global warming and reduction ofenvironmental impact by maximally utilizing the basic lighting technologies of the Group in combination with
peripheral technologies.
In promoting the Lighting segment and the Applied Optics and Environment segment, the Iwasaki
Electric Group will allocate its management resources intensively to R&D for solution businesses, DX, andreforming the value chain, and strive to provide added value by combining optical technology with newtechnologies. We will also enhance our corporate value by creating new businesses that will help solve social
issues and contribute to sustainability, including the SDGs.

4

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
The global economy in the current consolidated fiscal year was sluggish due to the spread of the novel
coronavirus. Because economic and social activities were intermittently restricted, corporate capital
investment and personal spending have declined. Economic situations vary from region to region. While there
are signs of recovery in the United States and some other countries, restrictions on economic activities
continue in Europe as COVID-19 case numbers start rising once again. In China, where the spread of COVID19 was contained at an early stage, the pace of economic recovery is modest. In Japan, the cycle of gradualresumption of economic activities followed by a rise in the number of new coronavirus cases has been
repeated. Capital investment has been weak, and recovery of the employment environment has been slow. The
outlook remains uncertain as the economy continues to stop and start.
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.”
We promote the integration of the optical technology and related technologies cultivated in our Lighting
segment and Applied Optics and Environment segment to provide unique products and pursue the totalsolution business, including peripheral fields. In the current consolidated fiscal year, we were forced to cancel
trade shows and had fewer opportunities to talk with customers in person due to the spread of the coronavirus
pandemic. As a result of these overall restrictions on business activities, expenditures were curtailed. Under
these circumstances, the Group has endeavored to expand sales by proposing products and designs via web
conference, video presentation of products, and other approaches. We also promoted remote work andstaggered shifts among employees to maintain and improve work efficiency and productivity and reduce costs.
As a result, net sales amounted to ¥53,587 million (a 9.6% decrease from the ¥59,274 million recorded in
the previous fiscal year). Operating income decreased to ¥2,941 million (a 19.7% decrease from the ¥3,661
million recorded in the previous fiscal year). Ordinary income totaled ¥3,191 million (a 17.9% decrease fromthe ¥3,885 million recorded in the previous fiscal year). Profit attributable to owners of parent decreased to¥2,041 million (a 23.9% decrease from the ¥2,681 million recorded in the previous fiscal year).
Operating results by business segment are described below.
Lighting Segment
The Lighting segment worked to improve the light quality of LED lighting fixtures for both indoor andoutdoor settings and to develop wireless lighting control system equipment for added convenience to enhance
the product lineup. In Japan, sales of tunnel lighting fixtures increased, supported by the renewal demand for
public lighting infrastructure. On the other hand, sales of high ceiling lighting fixtures and other products forfactories and commercial buildings decreased as businesses held back capital investment due to COVID-19.
Sales of floodlights and landscape and staging lights decreased from the previous year, in which we had strong
demand related to the Tokyo Olympics and Paralympics. In the overseas market, sales in North America werestrong.
As a result, this segment reported net sales of ¥37,150 million (a 14.0% decrease from the ¥43,189
million recorded in the previous fiscal year) and operating income of ¥3,510 million (a 24.5% decrease fromthe ¥4,651 million recorded in the previous fiscal year).

5

Applied Optics and Environment Segment
The Applied Optics and Environment segment actively made proposals for environmental hygiene
improvements. Its sterilization business developed a new model of the AIRLIA, our air circulation sterilization
unit using UV rays that effectively prevents the spread of infectious diseases. We also released a new productthat sterilizes both air and surfaces by combining ultraviolet technology and ozone technology.
Sales in the sterilization business increased as a result of these efforts. However, sales in the UV cure andthe environmental test equipment businesses decreased as customers—mainly those in the printing equipment
and automobile industries—suspended or postponed capital investment. Sales in the information equipment
business remained flat as the demand for uninterruptible power supply systems was not as strong as in theprevious year, while deliveries of projects related to information display devices increased from the previous
year.
As a result, this segment reported net sales of ¥16,481 million (a 2.0% increase from the ¥16,159 million
recorded in the previous fiscal year) and operating income of ¥1,136 million (a 22.9% increase from the ¥924
million recorded in the previous fiscal year).
The financial position as of March 31, 2021 was as follows:
Total assets as of March 31, 2021 totaled ¥66,970 million, a decrease of ¥2,479 million compared to theprevious fiscal year-end.

Current Assets
Current assets as of March 31, 2021 totaled ¥45,195 million, a decrease of ¥2,227 million compared to theprevious fiscal year-end. Major factors were a decrease of ¥3,135 million in trade notes and accounts
receivable and electronically recorded monetary claims (operating), a decrease of ¥903 million in commodities
and products, and an increase of ¥2,241 million in cash and deposits.
Noncurrent Assets
Non-current assets as of March 31, 2021 totaled ¥21,774 million, a decrease of ¥251 million compared to theprevious fiscal year-end. Major factors were a decrease of ¥928 million in tangible and intangible non-current
assets, mainly because depreciation/amortization expenses were higher than the total value of the newly
acquired assets, and an increase of ¥529 million in investments and other assets due to an increase in
securities.
Current Liabilities
Current liabilities as of March 31, 2021 totaled ¥19,842 million, a decrease of ¥51 million compared to theprevious fiscal year-end. Major factors were a decrease of ¥2,488 million in notes and accounts payable andelectronically recorded obligations (operating), a decrease of ¥623 million in income taxes payable andaccrued consumption taxes, and an increase of ¥3,300 million in the current portion of long-term loans
payable.
Noncurrent Liabilities
Non-current liabilities as of March 31, 2021 totaled ¥15,785 million, a decrease of ¥4,770 million compared tothe previous fiscal year-end. Major factors were a decrease of ¥3,800 million in long-term loans payable dueto the transfer of the current portion to current liabilities and a decrease of ¥1,050 million in retirement benefit
liabilities.

6

Net Assets
Net assets as of March 31, 2021 totaled ¥31,342 million, an increase of ¥2,342 million compared to theprevious fiscal year-end.
Under shareholders’ equity, retained earnings increased by ¥1,796 million. Major factors wererecognition of profit attributable to owners of parent of ¥2,041 million and dividend payment of ¥307 million.
Accumulated other comprehensive income increased by ¥571 million. Major factors were an increase of¥345 million in valuation difference on available-for-sale securities and an increase of ¥423 million inremeasurements of defined benefit plans.
(2) Cash Flows
Cash and cash equivalents as of March 31, 2021 increased by ¥2,243 million to ¥18,503 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 ¥4,094 million compared to the
net cash inflow of ¥3,916 million in the previous fiscal year.
The main inflows were ¥2,792 million in income before income taxes and minority interest, ¥1,422
million in depreciation expenses, and a decrease of ¥3,092 million in trade receivables. The main outflows
were a decrease of ¥2,459 million in trade payables and income tax payment of ¥1,284 million.
Cash flows from investment activities
Net cash used in investment activities amounted to ¥747 million compared to a net cash outflow of ¥363
million in the previous fiscal year.
The major factors were payment of ¥672 million for the purchase of property, plant and equipment andpayment of ¥54 million for the purchase of intangible assets.
The proceeds from sales of tangible non-current assets were ¥13 million, a decrease of ¥411 million fromthe ¥425 million recorded in the previous year. This decrease was because we had proceeds from the sale ofland in the previous fiscal year.
Cash flows from financing activities
Net cash used in financing activities amounted to ¥1,060 million compared to the net cash outflow of ¥2,030
million in the previous fiscal year.
The major factors were a net outflow of ¥500 million in proceeds from long-term borrowings andrepayment of long-term loans payable, a net decrease of ¥130 million in short-term loans payable, andpayment of ¥307 million for dividend distribution.

7

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 2021.
(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. Significant accounting estimates used in preparing these
consolidated financial statements and the assumptions used in those estimates are described in “Notes toConsolidated Financial Statements, 2. Significant Accounting Estimates.”
For accounting estimates associated with the spread of COVID-19, please refer to “Notes to Consolidated
Financial Statements, 5. Additional Information.”(2) Recognition, Analysis and Discussion of Operating Results, etc. for the Fiscal Year Ended March 2021
• Business results
Gross profit
Gross profit for the year ended March 31, 2021 decreased by ¥1,644 million from the previous fiscal year to¥16,950 million. The major factors for this decrease were lower sales in the Lighting segment due to the
curbing of capital investment in the private sector because of the coronavirus crisis and a negative reboundfrom the strong demand related to the Tokyo Olympics and Paralympics in the previous fiscal year. On theother hand, sales in the Applied Optics and Environment segment increased, supported by the launch of a newmodel of AIRLIA, the air circulation sterilization unit using UV ray technology, in the sterilization business.
As a result, overall sales were ¥53,587 million, a decrease of ¥5,686 million from the previous consolidated
fiscal year, resulting in a decrease in gross profit.
Operating income
Operating income for the year ended March 31, 2021 decreased by ¥719 million from the previous fiscal yearto ¥2,941 million. The main factors were the decrease in gross profit mentioned above, partially offset by adecrease in sales and general and administrative expenses of ¥925 million due to cancellation of trade shows,
fewer opportunities to talk with customers in person, and other restrictions on general business activities
caused by the novel coronavirus pandemic, and our cost reduction efforts to improve work efficiency andproductivity.
Ordinary income
Ordinary income for the year ended March 31, 2021 decreased by ¥694 million from the previous fiscal yearto ¥3,191 million. The main factors were the decrease in gross profit and operating income mentioned above
and a decrease in non-operating income of ¥82 million from the previous fiscal year. In the previous fiscal
year, compensation of ¥215 million was received for the relocation of the head office of the reporting
company, while we received subsidies of ¥155 million in the current year.
Non-operating expenses decreased by ¥107 million, mainly because we had reported ¥57 million in officerelocation expenses for the relocation of the head office and ¥46 million in losses for investments reported by
the equity method in the previous fiscal year, which we did not have for the current year.

8

Profit attributable to owners of parent
Profit attributable to owners of parent totaled ¥2,041 million in the year ended March 31, 2021, a decrease of¥639 million compared to the previous fiscal year. Major factors were decreases in profit as mentioned above,the extraordinary loss of ¥187 million for business structural reform, and the impairment loss of ¥214 million.
Business structural reform costs included disposal of materials and restructuring costs at the mercurylamp producing subsidiary upon the termination of the production of mercury lamps.
As explained for the business structural reform costs, impairment loss included the impairment of themercury lamp production facilities due to the termination of mercury lamp production and the impairment
related to the closing of the company housing of the reporting company.
• 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 financing during the current consolidated fiscal year. The balance ofloans from financial institutions at the end of the current fiscal year was ¥5,500 million, a decrease of ¥630
million from the end of the previous fiscal year. The balance of cash and cash equivalents as of the end of thecurrent fiscal year increased by ¥2,243 million to ¥18,503 million.
The Company implemented buybacks of its shares in the current fiscal year.
The Company will use cash on hand for growth strategies, returns to shareholders, and reduction ofinterest-bearing debts. While paying close attention to moves related to the spread of the novel coronavirus,
we will secure sufficient cash on hand in consideration of the need to strike a balance between management
safety and investment.
In the research and development area, R&D expenses for the year ended March 31, 2021 were ¥451
million.
The Lighting segment will continue pursuing energy-saving performance and developing high-valueadded products, such as lighting systems with less environmental burden and applications for integrating
lighting more closely into everyday life, by combining the Group’s light distribution technology and circuit
control technology with external technology. In the Applied Optics and Environment segment, theenvironmental testing business will develop new testing equipment and build light irradiation systems. The
UV/EB cure business will strive to develop new markets and new applications in addition to the R&D andsales of specific products for the conventional industries.
Capital investment in the year ended March 31, 2021 was ¥726 million.
We expect that large-scale investments in production facilities will decrease in the future as structuralchanges are expected in the Lighting segment such as a shift to LEDs.
We plan to cover future capital investments with our own funds.

4. Important Business Agreements
Not Applicable.

9Consolidated Balance SheetAt March 31, 2021 and 2020
ASSETS
Millions of yen
March 31, 2021
Current assets
Cash and deposits (Notes 23 and 26)
Notes and accounts receivable - trade (Note 26)
Electronically recorded monetary claims operating (Note 26)
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets¥

18,503
12,238

Noncurrent assets
Property, plant and equipment
Buildings and structures (Note 13)
Machinery, equipment and vehicles (Note13)
Tools, furniture and fixtures
Land (Notes 13 and 14)
Leased assets (Note 24)
Construction in progress
Accumulated depreciation
Property, plant and equipment, net
Intangible assets
Software
Other
Intangible assets, net
Investments and other assets
Investment securities (Notes 6, 12 and 26)
Deferred tax assets (Note 9)
Other
Allowance for doubtful accounts
Total investments and other assets
Total noncurrent assets
Total assets¥

See accompanying notes to consolidated financial statements.

10

March 31, 2020¥

16,261
14,433

1,897

2,837

6,085
1,451
4,490
566
(37)
45,195

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

15,68915,752

14,33814,715

8,025
9,248
117
89
47,507(31,726)
15,781

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

283
186
469

465
248
713

4,611
432
497
(15)
5,524
21,774
66,970

4,081
279
510
(23)
4,847
22,02669,450¥Consolidated Balance SheetAt March 31, 2021 and 2020
LIABILITIES AND NET ASSETS
Millions of yen
March 31, 2021
Liabilities
Current liabilities
Notes and accounts payable - trade (Note 26)
Electronically recorded obligations - operating (Note 26)
Short-term loans payable (Notes 7 and 26)
Current portion of long-term loans payable (Notes 7, 13
and 26)
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 7, 13 and 26)
Deferred tax liabilities (Note 9)
Deferred tax liabilities for land revaluation (Note 14)
Liability for retirement benefits (Note 25)
Asset retirement obligations (Note 8)
Provision for share-based remuneration for directors (andother officers)
Other
Total noncurrent liabilities
Total liabilities

5,808
5,155
700

March 31, 2020

¥

7,582
5,870
830

4,200

900

537
350
756
111
2,222
19,842

941
569
794
178
2,227
19,894

600
182
1,118
12,150
134

4,400
29
1,145
13,200
134

69

51

1,530
15,78535,628

1,593
20,55540,450Net assets (Note 22)
Shareholders’ equity (Note 11)
Common stock:
Authorized: 23,900,000 shares in 2020 and 2021
Issued: 7,821,950 shares in 2020 and 2021
Capital surplus
Retained earnings
Treasury stock
Total shareholders’ equity

8,640

8,640

2,069
18,262(323)
28,6492,069
16,466(298)
26,877

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Revaluation reserve for land (Note 14)
Foreign currency translation adjustments
Retirement benefits liability adjustments
Total accumulated other comprehensive income

1,891
2,348
(515)
(1,048)
2,675

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

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

16
31,342
66,97017
28,99969,450¥See accompanying notes to consolidated financial statements.

11¥

Consolidated Statement of Income
Years ended March 31, 2021 and 2020
Millions of yen
Year ended
Year ended
March 31, 2021
March 31, 2020¥
53,587 ¥59,274
36,636
40,678
16,95018,59514,00914,934
2,941
3,661

Net sales
Cost of sales (Note 15)
Gross profit
Selling, general and administrative expenses (Note 16)
Operating income
Other income (Note 17)
Interest income
Dividend income
Rental income
Dividend income of insurance
Share of profit of entities accounted for using the equity method
Compensation income
Subsidy income
Gain on sales of noncurrent assets
Gain on sales of investment securities
Other
Total other income

4
101
10
24
2
–
155
6
–
61
367

5
94
11
26
–
215
–
15
10
92
471

Other expenses (Note 18)
Interest expenses
Foreign exchange losses
Share of loss of entities accounted for using equity method
Office relocation related expenses
Settlement package
Loss on sale and retirement of noncurrent assets
Loss on valuation of investment securities
Business restructuring expenses (Note 19)
Impairment losses (Note 20)
Other
Total other expenses
Profit before income taxes

87
1
–
–
15
3
–
187
214
6
516
2,792

100
4
46
57
–
36
2
–
–
9
257
3,874

Income taxes (Note 9)
Income taxes - current
Income taxes - deferred
Total income taxes

923
(173)
750

1,087
105
1,192

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

2,041
0
2,041

2,682
0
2,681

¥

See accompanying notes to consolidated financial statements.

12¥

Consolidated Statement of Comprehensive Income
Years ended March 31, 2021 and 2020
Millions of yen

ProfitOther comprehensive income (Note 21)
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.

13

Year ended
March 31, 2021¥
2,041Year ended
March 31, 2020
¥
2,682

345
(150)
423
14
633
2,675

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

¥

2,674
0

¥

2,531
0

Consolidated Statement of Changes in Net Assets
Years ended March 31, 2021 and 2020

Balance at April 1, 2020
Dividends of surplus
Profit attributable to owners of parent
Purchase of treasury shares
Disposal of treasury shares
Reversal of revaluation reserve for land
Net changes of items other thanshareholders’ equity
Total changes during period
Balance at March 31, 2021

Balance at April 1, 2020
Dividends of surplus
Profit attributable to owners of parent
Purchase of treasury shares
Disposal of treasury shares
Reversal of revaluation reserve for land
Net changes of items other thanshareholders’ equity
Total changes during period
Balance at March 31, 2021

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

Millions of yen
Shareholders’ equity

Number ofshares ofcommon stock
issuedCommonstock

7,821,950
–
–
–
–
–

¥8,640–––––¥2,069–––––¥16,466
(307)
2,041
–
–
61

–

–

–

–

–

–

–
7,821,950–¥8,640–1,796¥2,069¥18,262
Millions of yen
Accumulated other comprehensive income(24)(¥323)

1,771¥28,649

CapitalsurplusRetainedearnings

Treasurystock(¥298)
–
–
(32)
7
–

Total
shareholders’equity¥26,877
(307)
2,041
(32)
7
61

Total
accumulated
othercomprehensive
incomeNoncontrollinginterests

Total
net assets(¥1,472)–––––¥2,104
–
–
–
–
–

¥17
–
–
–
–
–

¥28,999
(307)
2,041
(32)
7
61

(136)

423

571

(0)

570

(136)
(¥515)

423(¥1,048)571¥2,675

(0)
¥16

2,342
¥31,342

Valuationdifference on
available-forsale securities

Revaluation
reserve forland

Foreign
Retirement
currency
benefits
translation
liability
adjustments adjustments¥1,546–––––¥2,410–––––(¥378)
–
–
–
–
–

345

(61)

345
¥1,891(61)¥2,348Millions 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

Capitalsurplus

Noncontrollinginterests

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

Revaluation
reserve forland¥1,581––––¥2,552––––(¥291)
–
–
–
–

(34)

(142)

(34)
¥1,546(142)¥2,41014

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, 2021 and 2020
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
Impairment losses
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
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 23)

See accompanying notes to consolidated financial statements.

15

Year ended
March 31, 2021

Year ended
March 31, 2020

¥

¥

¥

2,792

3,874

1,422
214
(38)
(2)
(842)
(105)
87
(3)
(3)
(2)
–

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

3,092
1,183
(2,459)
26
5,361
105
(88)
(1,284)4,094(2,355)
190
1,837
(916)
4,456
102
(110)
(531)
3,916

(672)
13
(54)
(39)
–
5
(747)

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

(130)
400
(900)
(32)
(307)
(91)
(1,060)(42)
2,243
16,26018,503(150)–(1,300)
(158)
(312)
(109)
(2,030)(36)
1,487
14,773
16,260¥Notes to Consolidated Financial Statements
At March 31, 2021 and 2020

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, 2020 to the 2021
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, 2021, the numbers of consolidated subsidiaries and affiliates accounted for by the equity
method were 22 and 7, 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.
In the current consolidated fiscal year, Tsukuba Iwasaki Co., Ltd. has been excluded from the scope of
consolidation due to the absorption-type merger by EYE Lighting Systems Corporation, a consolidated subsidiaryof the Company.
(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.

16

(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, 2021 and 2020, 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.

17

(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.

18

2. Significant Accounting Estimates
Recognition of impairment of tangible and intangible non-current assets(1) Amounts recorded in the consolidated financial statements for the current fiscal year
Tangible and intangible non-current assets: ¥16,250 million (including ¥13,659 million in the Lighting and
the Applied Optics and Environment segments of the Company)
Impairment loss: ¥-- million (excluding assets to be disposed of and idle assets)(2) Information on the significant accounting estimates for the identified items(i) Calculation method
The Iwasaki Electric Group categorizes its assets into groups corresponding to business segment where
they are used. When withdrawal from a business associated with a group or any other similar transaction
is decided, the assets to be disposed of and idle assets related to that transaction will be transferred to a
separate group formed for each transaction.
In the current fiscal year, the Company identified signs of impairment in the asset group in theLighting segment and Applied Optics and Environment segment of the Company (¥13,659 million) ,including tangible and intangible fixed assets, due to the market values of some land having declined
significantly. However, in accordance with the Company's criteria for recognizing impairment loss, no
impairment loss was recorded for this asset group because the total amount of undiscounted future cash
flows from the asset group exceeded its carrying amount.
Future cash flows are estimated based on the Company’s profit and loss (“P&L”) plan approved by
the Board of Directors for the following year and the growth rate estimated within the long-term average
growth rate for the second and subsequent years.
(ii) Major assumptions
Major assumptions used for estimation of the future cash flow estimates are sales by business segment
based on the demand forecast and gross profit margin that underlie the P&L plan, and the growth rate
after the P&L plan.
(iii) Impact on the next fiscal year
These major assumptions (sales by business segment, gross profit margin, and growth rate after the P&Lplan) are subject to a high level of uncertainty. In the event that they fluctuate in the future due to
unexpected economic conditions and other factors, the consolidated financial statements for the next
fiscal year may be affected.
3. Accounting Standards Issued But Not Yet Effective•
Accounting Standard for Revenue Recognition (Accounting Standards Board of Japan (ASBJ) Statement
No. 29, March 31, 2020)•
Implementation Guidance on Accounting Standard for Revenue Recognition (ASBJ Implementation
Guidance No. 30, March 26, 2021)•
Implementation Guidance on Disclosures about Fair Value of Financial Instruments (ASBJ Implementation
Guidance No. 19, March 31, 2020)(1) Outline
The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board(FASB) jointly developed comprehensive accounting standards for revenue recognition, and published“Revenue from Contracts with Customers” (IFRS 15 at IASB, Topic 606 at FASB) in May 2014. Consideringthat IFRS 15 would be effective for fiscal years beginning on or after January 1, 2018, and Topic 606 would
be effective for fiscal years starting after December 15, 2017, the ASBJ developed the comprehensive
accounting standard for revenue recognition and published it with the implementation guidance.
When the ASBJ developed the accounting standard for revenue recognition, the basic policy was to set
accounting standards that incorporate the basic principles of IFRS 15, from the viewpoint of ensuring thecomparability between financial statements, which is one of the benefits of maintaining consistency withIFRS 15. The standards also indicate that an alternative treatment may be added as long as comparability is
not impaired, considering the circumstances that special consideration should be given to the conventional
19

accounting practices that have been adopted 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 Company is currently evaluating the effect of adopting the Accounting Standard for Revenue
Recognition and the related implementation guidance on its consolidated financial statements.
•
•
•
•
•

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.

4. Change in Presentation
Application of Accounting Standard for Disclosure of Accounting Estimates
The Company adopted the Accounting Standard for Disclosure of Accounting Estimates (ASBJ Statement No. 31,
March 31, 2020) in preparing the consolidated financial statements from the end of the current fiscal year. In
accordance with the standard, the Company has disclosed notes on significant accounting estimates in the notes tothe consolidated financial statements.
However, the notes did not include comparative information for the previous fiscal year, in accordance withthe transitional treatment stipulated in the proviso of Section 11 of the same accounting standard.

20

5. Additional Information
Accounting estimates associated with the spread of the novel coronavirus
The effects of the novel coronavirus pandemic are expected to extend to the next fiscal year. However, assumingthat there will be no significant decline in its business performance, the Iwasaki Electric Group estimates therecoverability of deferred tax assets, impairment accounting for non-current assets, and other accounting
estimates.
The assumptions used for these estimates are highly uncertain. If the impact of the novel coronavirus
infection is prolonged or becomes more serious in the future, it may affect the Group’s business performance andfinancial position for the next year and beyond.
6. Securities and Investment Securities
Information regarding securities and investment securities classified as available-for-sale securities with fairmarket value at March 31, 2021 and 2020 is summarized as follows:
Millions of yen
March 31, 2021
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, 2020
Unrealized
gain (loss)

Acquisition
cost

Carrying amount(Fair market value)

Unrealized
gain (loss)¥1,081¥3,811¥2,730¥923¥3,166¥2,243

–
–
–
–
1,081

–
–
–
–
3,811

–
–
–
–
2,730

–
–
–
–
923

–
–
–
–
3,166

–
–
–
–
2,243

55

43

(11)

202

181

(20)

–
–
–
–
55
¥1,136––––43¥3,855

–
–
–
–
(11)
¥2,718––––202¥1,126––––
181¥3,348

–
–
–
–
(20)
¥2,222

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, 2021, no 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).
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.

21

Information regarding the sales of investment securities classified as available-for-sale securities with fair market
value for the year ended March 31, 2021 and the year ended March 31, 2020 is summarized as follows:
Millions of yen
March 31, 2021

Equity securities
Debt securities
Government bonds
Corporation bonds
Other
Other
Total

March 31, 2020

Proceeds
from salesGrossrealized gain

Grossrealized loss

Proceeds
from salesGrossrealized gain

Grossrealized loss

–

–

–

¥13

¥10

–

–
–
–
–
–

–
–
–
–
–

–
–
–
–
–

–
–
–
–
¥13

–
–
–
–
¥10

–
–
–
–
–

7. 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 ¥700 million and ¥830 million atMarch 31, 2021 and 2020, respectively.
Long-term loans, lease obligations and deposits received classified as other long-term liabilities with interest at
March 31, 2021 and 2020 consisted of the following:
Millions of yen
March 31, 2021

March 31, 2020

¥4,800¥5,300(4,200)
600
109
(72)
36
1,409
¥2,046

(900)
4,400
200
(90)
110
1,408
¥5,919Loans, principally from banks, maturing in installments through 2025with an average interest rate of 0.90%
Less current portion of loans
Net
Lease obligations
Less current portion of lease obligations
Net
Deposits received with an average interest rate of 2.22%
Total

The annual maturities of long-term loans and lease obligations subsequent to March 31, 2021 are summarized
as follows:Year ending March 31,
2023
2024
2025
2026 and thereafterLong-term loans

Lease obligations

Millions of yen

Millions of yen

¥200
–
–
400

¥32
3
0
–

8. 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, 2020 and March 31, 2021 accounted for less than 1% of total liabilities and net assets at the beginningand the end of the fiscal year.

229. 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, 2021 and 2020 were as follows:
Millions of yen
March 31, 2021

March 31, 2020

¥228
683
3,396
1,006
5,315
(626)

¥237
410
3,588
959
5,196
(389)

(3,470)(3,746)(4,096)
1,219(4,136)
1,060

(823)
(145)
(969)
¥249

(678)
(132)
(811)
¥249

Deferred tax assets:
Provision for bonuses
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, 2021

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)
¥107
¥19
¥29
¥–
¥67
¥458

Total
(Millions of
yen)
¥683

Valuation allowance

(107)

(19)

(29)

–

(67)

(401)

(626)

Deferred tax assets

¥–

¥–

¥–

¥–

¥–

¥57

¥57*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, 2020

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)
¥57
¥111
¥14
¥29
¥0
¥196
¥410

Valuation allowance

(57)

(111)

(14)

(29)

(0)

(174)

(389)

Deferred tax assets

¥–

¥–

¥–

¥–

¥–

¥21

¥21*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.

23(2) The reconciliation of the Japanese statutory tax rate and the effective tax rate applicable to the Company forthe years ended March 31, 2021 and 2020 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, 2021
30.6%Year ended
March 31, 2020
30.6%

0.9
(0.2)
2.2
(1.4)
(5.5)
(2.6)
2.9
26.9

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

10. Rental Properties
For the years ended March 31, 2021 and 2020
No description is provided because the total amount of rental properties is immaterial.
11. 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.
12. Investments in Affiliates
Investments in affiliates at March 31, 2021 and 2020 amounted to ¥522 million and ¥503 million, respectively,
and are accounted for principally by the equity method.
13. Pledged Assets and Secured Liabilities
A summary of assets pledged as collateral and secured liabilities at March 31, 2021 and 2020 is presented below:
Millions of yen
March 31, 2021

March 31, 2020

¥2,002¥2,070

106

152

Land

2,579

2,579

Total

¥4,688¥4,801¥2,480

¥180

119

2,599

¥2,599¥2,779Pledged assets
Buildings and structures
Machinery, equipment and vehicles

Secured liabilities
Current portion of long-term loans
payableLong-term loans payable
Total

24

14. 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, 2021 and 2020 of land
revalued pursuant to Article 16 of the law were ¥2,062 million and ¥2,235 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.
15. Cost of Sales
Loss on valuation of inventories of ¥176 million and ¥35 million, net of the amount of the reversal, was included
in cost of sales for the years ended March 31, 2021 and 2020, respectively after writing down the carrying values
to reflect declines in profitability.
16. Selling, General and Administrative Expenses
Major components of selling, general and administrative expenses for the years ended March 31, 2021 and 2020
were as follows. The figures in the following table have been offset against reversals.
Millions of yen
Year ended
March 31, 2021

Year ended
March 31, 2020

Salaries¥5,165¥5,247

Packing and transportation costs

1,709

1,731

Provision for employees’ retirement benefits

685

734

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

427

445

0

(6)

Research and development expenses included in selling, general and administrative expenses for the years ended
March 31, 2021 and 2020 amounted to ¥451 million and ¥547 million, respectively.

17. Other Income
Gain on sales of noncurrent assets for the years ended March 31, 2021 and 2020 were summarized as follows:
Millions of yen
Year ended
March 31, 2021

Year ended
March 31, 2020

Machinery, equipment and vehicles¥5¥2Tools, furniture and fixtures

0



Land



13

Total

¥6

¥15

25

18. Other Expenses
Loss on sales and retirement of noncurrent assets for the years ended March 31, 2021 and 2020 were summarized
as follows:
Millions of yen
Year ended
March 31, 2021

Year ended
March 31, 2020

Buildings and structures

¥0

¥14

Machinery, equipment and vehicles

03

Tools, furniture and fixtures

0

5

Land



12

Other

1

0

Total

¥3

¥36

19. Business Restructuring Expenses
Current fiscal year (April 1, 2020 to March 31, 2021)
In the current fiscal year, the Group implemented business structural reforms upon the termination of mercury
lamp production in the Lighting segment. The costs were recorded as business restructuring expenses.
They included special severance payments of ¥135 million, inventory valuation losses of ¥47 million, andother costs of ¥4 million.
20. Impairment Loss
Current fiscal year (April 1, 2020 to March 31, 2021)
In the current fiscal year, the Group recorded impairment losses for the following asset groups.
Purpose
Mercury lamp production
facilities

Company housing for
employees

Location

Dalian, China

Gyoda City,
Saitama Prefecture

Type

Impairment loss
(million yen)

Buildings and structures¥1

Machinery, equipment and vehicles

46

Tools, furniture and fixtures

2

Buildings and structures

75

Land

89

Total

¥214

The Iwasaki Electric Group categorizes its assets into groups corresponding to business units where they areused. When withdrawal from a business associated with a group or any other similar transaction is decided, theassets to be disposed of and idle assets related to that transaction will be transferred to a separate group formed foreach transaction.
In the Lighting segment, the book values of mercury lamp production facilities and some other assets at
Dalian Iwasaki Electric Co., Ltd., the Group’s production site, have been reduced to their recoverable values upon
the termination of the mercury lamp production.
The book value of the company housing for employees was reduced to the recoverable amount because thehousing was closed.
The recoverable value for land is calculated based on the net sale price. The recoverable value for otherassets is calculated based on the value in use. The value in use is set to zero because future cash flows cannot be
expected.

26

21. Statement of Comprehensive Income
Reclassification adjustments relating to other comprehensive income for the years ended March 31, 2021 and2020 were as follows:
Millions of yen
Year ended
March 31, 2021
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, 2020

¥490
–
490

¥(51)
2
(49)

(150)
–
(150)

(62)
–
(62)

207
216
423

(219)
191
(27)

14
778
(145)
¥633

(25)
(164)
14
¥(149)Tax effects relating to other comprehensive income for the years ended March 31, 2021 and 2020 were as follows:
Millions of yen
March 31, 2021
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 effect27

March 31, 2020

¥490
(145)
345

¥(49)
14
(34)

(150)
–
(150)

(62)
–
(62)

423
–
423

(27)
–
(27)

14
–
14

(25)
–
(25)

778
(145)
¥633

(164)
14
¥(149)

22. 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, 2021
Number of shares (Thousand)April 1, 2020

Increase

Decrease

March 31, 2021

Type of issued shares
Common stock

7,821

–

–

7,821

Total

7,821

–

–

7,821

214

25

4

234

214

25

4

234

Type of treasury stock
Common stock*1, *2, *3
Total*1. The increase of 25 thousand common shares in treasury shares was due to an increase of 25 thousand shares by buybacks basedon the Board’s resolutions, and an increase of 0 thousand shares by the repurchase of fractional shares.
*2. The decrease of 4 thousand shares of common treasury shares is due to the distribution from the Board Benefit Trust (BBT).
*3. The number of treasury shares as of March 31, 2021 includes 75 thousand shares held by the Board Benefit Trust (BBT).

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 thousand 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).

(b) Matters related to dividends
1. Amount of dividends
For the year ended March 31, 2021
(Resolution)

Type

Ordinary General
Meeting of Shareholders
on June 25, 2020

Commonstock

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

Cut-off date

Effective date

¥307

¥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, 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).

28

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, 2021
(Resolution)

Type

Ordinary General
Meeting of Shareholders
on June 25, 2021

Commonstock

Total dividends
paid (Millionsof yen)Source ofdividends

Amount ofdividends per
share (Yen)

Cut-off date

Effective
date

¥306

Retainedearnings¥40

March 31, 2021

June 28, 2021

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, 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).

23. Supplemental Cash Flow Information
A reconciliation of cash and cash equivalents at March 31, 2021 and 2020 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, 2021 March 31, 2020
¥18,503¥16,261(1)¥18,503¥16,260

24. 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.

2925. 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, 2021
March 31, 2020
¥15,096¥14,985
636
649
115
65
(1,017)
(604)
1,095

(5)

¥15,920¥15,096

Retirement benefit obligations at April 1
Service costs
Actuarial loss
Retirement benefits paid
Change due to personnel transfer
OthersRetirement benefit obligations at March 31(2) The changes in plan assets
Millions of yen
Year ended
Year ended
March 31, 2021
March 31, 2020
¥3,339¥3,318
58
76
323
(154)
789
347
(384)
(248)
259

(5)

¥4,379¥3,339Plan assets at April 1
Expected return on plan assets
Actuarial gainContributions by the Company
Retirement benefits paid
Change due to personnel transfer
OthersPlan 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

30

Millions of yen
March 31, 2021
March 31, 2020
¥6,187¥5,866(4,379)(3,339)
1,807
2,527
9,733
9,229
11,54011,756
11,54011,756¥11,540¥11,756

(4) The components of retirement benefit expenses
Millions of yen
Year ended
Year ended
March 31, 2021
March 31, 2020
¥636
¥649
(58)
(76)
213
189
2
2
¥794
¥765

Service costs
Expected return on plan assets
Amortization of actuarial loss
Amortization of prior service costs
Retirement benefit expenses(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, 2021
March 31, 2020
¥2
¥2
421
(30)
¥423
¥(27)

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, 2021
March 31, 2020
¥4
¥7
1,044
1,465
¥1,048¥1,472

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, 2021
49%
24
25
2
100%

General accounts
Stocks
Bonds
OthersTotal

March 31, 2020
48%
20
30
2
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, 2021
0.0%
1.8%
0.0%–3.0%

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

31

Year ended
March 31, 2020
0.0%
2.3%
0.0%–4.4%

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, 2021
March 31, 2020
¥1,444¥1,351
57
172
(31)
(32)
(24)
(47)
(835)

¥609
¥1,444

Liability for retirement benefits at April 1
Retirement benefit expenses
Retirement benefits paid
Plan contributions
Change due to personnel transfer
Liability for retirement benefits at March 31(2) The funded status of the plans and the amounts recognized in the consolidated balance sheet for the plans
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, 2021
March 31, 2020
¥160
¥556
(175)
(411)
(14)
145
624
1,298
609
1,444
609
1,444
¥609
¥1,444(3) Retirement benefit expenses

Retirement benefit expenses calculated using the simplified method

Millions of yen
Year ended
Year ended
March 31, 2021
March 31, 2020
¥57
¥172

4. Defined contribution plan
Required amounts of contribution to the defined contribution plan for consolidated subsidiaries were ¥51
million for the year ended March 31, 2021 and ¥23 million for the year ended March 31, 2020.
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 ¥255 million for the year ended March 31, 2021 and ¥227
million for the year ended March 31, 2020.
(1) Total funded status of the multi-employer plan
Plan assets at fair value
Actuarial obligations for the pension financing accounting
Projected benefit obligations in excess of plan assets

Millions of yen
March 31, 2020
March 31, 2019
¥119,769¥127,216
136,406
141,568¥(16,637)¥(14,351)(2) Ratio of the Group’s contribution to total contributions of the multi-employer plan
For the year ended March 31, 2020
3.67%
For the year ended March 31, 2019
3.63%
(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 (¥14,756 million for the year ended March 31, 2020 and ¥16,886
million for the year ended March 31, 2019). Prior service costs are amortized by the straight-line method
over a period of 20 years under this plan.

32

26. 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
Notes and accounts receivable - trade 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 - trade 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.

33

2. Matters relating to fair value, etc. of financial instruments
The carrying amounts and fair values at March 31, 2021 and 2020 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, 2021

(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)
¥18,503
12,238Fair value(Millions of yen)
¥18,503
12,238Difference(Millions of yen)
¥–
–

1,897

1,897

–

3,855
¥36,494¥5,8083,855¥36,494¥5,808

–
¥–
¥–

5,155

5,155

–

700
4,800
¥16,464
¥–

700
4,811
¥16,475
¥–

–
11
¥11
¥–

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
¥–

(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 “6. 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 “27. Derivatives.”34

2) Financial instruments whose fair values are not readily determinable at March 31, 2021 and 2020 are as follows:
Category

Millions of yen
March 31, 2021
March 31, 2020

Unlisted equity securities

¥730

¥683

Investments in limited liability partnership

¥25

¥49

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, 2021 and 2020 are summarized as follows:
At March 31, 2021

¥18,503
12,238Due after 1 year and in
5 years or less(Millions of yen)
¥–
–

1,897

–

¥32,639¥–

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, 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
Total4) Bonds payable, long-term loans payable and other interest-bearing liabilities with repayment dates subsequent to March 31, 2021
and 2020 are summarized as follows:
At March 31, 2021

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)
¥700
¥–
¥–
¥–
¥–
¥–
4,200
200
–
–
400
–
¥4,900
¥200
¥–
¥–
¥400
¥–

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
¥–
¥–
¥–

35

27. Derivatives
At March 31, 2021 and 2020, 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, 2021 and2020 for which hedge accounting has been applied are summarized as follows:
At March 31, 2021
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

¥

*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, 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.

28. Segment Information
Segment Information (For the years ended March 31, 2021 and 2020)
1. General Information about Reportable Segments
The reportable segments of the Company are business segments 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 Segment” engaging in the manufactureand sales of a wide range of light sources such as lamps and luminaires, and the “Applied Optics andEnvironment Segment” 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.

36

3. Information on Net Sales, Income or Loss, Assets, and Other Items in Each Reportable Segment
Millions of yen
Year ended March 31,
2021
Sales:
Lighting Segment
Applied Optics and Environment Segment¥

37,127
16,45953,587

Corporate and eliminations:Lighting Segment
Applied Optics and Environment Segment

22
21
44
(44)
53,587

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

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

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

Adjustments¥
Increase in Property, Plant and Equipment andIntangible Assets:
Lighting Segment
Applied Optics and Environment Segment¥

Adjustments¥

Year ended March 31,
2020
¥

¥

3,510
1,136
4,647
(1,705)2,941¥

34,287
16,93051,21815,751
66,970

¥

1,003
419
1,422
–
1,422

¥

430
295
726
–
726

¥

¥

¥

¥

¥

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

Notes: 1. The adjustments for segment income (loss) of ¥ (1,705) million and ¥ (1,915) million at March 31, 2021 and 2020,
respectively, include corporate costs, etc., which have not been allocated to the reportable segments.
2. The adjustments for segment assets of ¥15,751 million and ¥12,776 million at March 31, 2021 and 2020 respectively,
include financial assets, etc., of the Company, which have not been allocated to the reportable segments.

37

Related Information
For the years ended March 31, 2021 and 2020
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, 2021 March 31, 2020
¥46,353¥52,103
4,527
4,626
2,461
2,241
244
303
¥53,587¥59,274(2) Property, Plant and Equipment
No description is provided because property, plant and equipment in Japan at March 31, 2021 and 2020 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, 2021 and 2020 in the consolidated statements of income.

29. Information on impairment loss on non-current assets by reporting segment
For the year ended March 31, 2021
Impairment losses on non-current assets were recorded in the following segments for the current fiscal year: ¥50
million in the Lighting segment and ¥164 million in the Corporate segment.
For the year ended March 31, 2020
Not applicable.

30. Amounts per Share
Per share information at and for the years ended March 31, 2021 and 2020 was as follows:

Profit attributable to owners of parent
Net assets

Yen
Year ended
Year ended
March 31, 2021 March 31, 2020
¥269.07¥348.63
4,128.69
3,809.58

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 75,000 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 76,000 shares for the current fiscal year).

38

The basis of the computation of profit attributable to owners of parent per share for the years ended March 31,
2021 and 2020 is as follows:
Millions of yen
Year ended
March 31, 2021
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, 2020

¥2,041¥2,681––¥2,041¥2,681

7,587,788

7,691,651

31. Business Combinations
Merger of a consolidated subsidiary
1. Outline of the business combination(1) Names and business description of combined companies
Surviving company in the absorption-type merger
Name: EYE Lighting Systems Corporation
Business description: Manufacture of lighting equipment and electrical appliances
Absorbed company in the absorption-type merger
Tsukuba Iwasaki Co., Ltd.
Business description: Manufacture of lighting equipment and electrical appliances(2) Date of business combination
May 12, 2020
(3) Legal form of business combination
Absorption-type merger where EYE Lighting Systems Corporation is the surviving company and Tsukuba
Iwasaki Co., Ltd. is the absorbed company(4) Purpose of business combination
To build an optimal production structure by improving the efficiency of administrative departments andimproving production efficiency
2. Outline of accounting treatment
This transaction was accounted for as a “transaction under common control,” in accordance with “AccountingStandard for Business Combinations” and “Implementation Guidance on Accounting Standard for Business
Combinations and Accounting Standard for Business Divestitures” issued by the ASBJ.

32. Related Party Transactions
For the year ended March 31, 2021
Not Applicable.
For the year ended March 31, 2020
Not Applicable.

3933. Stock Options
For the year ended March 31, 2021
Not Applicable.
For the year ended March 31, 2020
Not Applicable.

34. Significant Subsequent Events
Buyback of Company shares
At the meeting of the Board of Directors on May 19, 2021, the Company resolved matters related to the buybackof Company shares in accordance with the provisions of Article 156 of the Companies Act as applied pursuant to
Article 165, paragraph 3 of the same Act.
1. Reason for buy back of Company shares
To implement capital policies in order to quickly respond to changes in the business environment.
2. Details of the buyback(i) Types of shares to be bought backCommon shares of the Company(ii) Total number of shares that can be bought back
330,000 shares (upper limit)(4.35% of the total number of issued and outstanding shares (excluding already-held treasury shares))(iii) Total value of the buyback shares¥500,000,000 (upper limit)(iv) Buyback period
From May 20, 2021 to March 31, 2022
3. Status of the buyback of Company shares(i) Buyback period
From May 20, 2021 to May 31, 2021 (contract basis)(ii) Types of shares bought backCommon shares of the Company(iii) Total number of acquired shares
19,000 shares(iv) Total value of the buyback shares¥32,265,100(v) Acquisition method
Purchase on the Tokyo Stock Exchange market
Shares bought back from June 1, 2021 to the date of submitting the securities report are not included.

40

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. (“theCompany”) and its consolidated subsidiaries (“the Group”), which comprise the consolidated balance sheet as at
March 31, 2021, and the consolidated statements of income, comprehensive income, changes in net assets, andcash flows for the year then ended, 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, 2021, 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.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of
the consolidated financial statements of the current period. These matters were addressed in the context of theaudit of the consolidated financial statements as a whole, and in forming the auditor’s opinion thereon, and we do
not provide a separate opinion on these matters.

41

Determination of the necessity for impairment recognition of property, plant and equipment and intangible
assets of the Company
Description of Key Audit Matter

Auditor’s Response

Property, plant and equipment and intangible assets
in the amount of ¥16,250 million, accounting for 24%
of total assets, was recorded in the consolidatedbalance sheet as of March 31, 2021.

The audit procedures we performed for theCompany’s estimates of total undiscounted future
cash flows used in determining the necessity ofrecognition for impairment losses on property, plantand equipment and intangible assets principally are
as follows:As described in the notes to the consolidated financial
statements (Significant Accounting Estimates), forthe fiscal year under review, the Company
determined that there were indications of impairment
for the asset group including property, plant andequipment and intangible assets in the amount of¥13,659 million in the Company’s Lighting and theApplied Optics and Environment business segment,
because certain land showed signs a significant
decline in market value. However, the Company did
not recognize an impairment loss because the total
undiscounted future cash flows from the asset groupexceeded the carrying amount in determining thenecessity of recognition for impairment losses.
Estimates of future cash flows arising from thecontinued use of an asset group are based on the
Company’s profit and loss plan approved by the
Board of Directors for the following fiscal year andgrowth rates for the second and subsequent years
which are estimated within the range not exceeding
the long-term average growth rate.
As described in the notes (Significant Accounting
Estimates), the major assumptions used in estimating
future cash flows include sales by business segment
based on the demand forecasts and gross profit
margin which serve as the basis of the profit and loss
plan, as well as the growth rate for subsequent
periods not covered by the profit and loss plan.
Given that the major assumptions used to theestimates of future cash flows are subject touncertainties and require management judgment, we
determined determination of the necessity for
impairment recognition of property, plant andequipment and intangible assets of the Company to
be a key audit matter.

・We compared the estimated periods of future cash
flows with the economic remaining useful lives ofmajor assets.
・We examined the consistency of future cash flows
with the Company ’ s profit and loss plan
approved by the Board of Directors.
・We compared the Company’s profit and loss planfor prior years with actual results to evaluate theeffectiveness of the management ’ s estimation
process.
・We assessed the major assumptions including thelevel of sales by business segment based on
demand forecasts and gross profit margin thatserve as the basis of the Company’s profit andloss plan, by discussing with the management.
Also, we compared the outcome of trend analysis
based on past performance to the level of sales bybusiness segment and gross profit margin. In
addition, we conducted a sensitivity analysis,taking into account the fluctuation caused by
future uncertainties.
・We assessed the growth rate for the subsequent
periods not covered by the Company’s profit andloss plan by reviewing the third party report. We
also assessed the management’s evaluation of
future uncertainty.

42

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 for overseeing 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 castsignificant 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
43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.
Interest Required to Be Disclosed by the Certified Public Accountants Act of Japan
Our firm and its designated engagement partners do not have any interest in the Group which is required to bedisclosed pursuant to the provisions of the Certified Public Accountants Act of Japan.

Ernst & Young ShinNihon LLC
Tokyo, Japan
June 25, 2021

Fumio Uemura
Designated Engagement Partner
Certified Public Accountant

Masato Namekawa
Designated Engagement Partner
Certified Public Accountant

44

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

1-1-7, Higashinihonbashi, Chuo-ku,
Tokyo 103-0004, Japan
Phone: +81-3-5846-9010
https://www.eye.co.jp/

Director and Senior Executive Officer
Seiji Aoyama
Outside Director
Kenji Oya
Outside Director
Tsuneo Tanai
Outside Director
Junko Sunaga
Audit & Supervisory Board Member
Hiroaki Kato
Audit & Supervisory Board Member
Haruhiko Hoshino
Outside Audit & Supervisory Board Member

Naoto Suzuki
Outside Audit & Supervisory Board Member

Capital: ¥8,640 million
Common Stock
Authorized: 23,900,000 shares
Issued and Outstanding: 7,821,950 shares(Including 159,710 shares of treasury stock)
Number of Shareholders: 7,105
Number of employees: 1,775 (Consolidated)
Major Shareholders
The Master Trust Bank of Japan, Ltd.
Minebea Mitsumi Inc.
Custody Bank of Japan, Ltd. (Trust account)Iwasaki Electric Cooperative Association Stock Ownership Plan
Mizuho Bank, Ltd.
The Meiji Yasuda Life Insurance Company
The Sumitomo Mitsui Banking Corp.
EYE LAMP employee stock ownership plan
DFA INTL SMALL CAP VALUE PORTFOLIO(Standing proxy: Citibank)
NIPPON TOCHI-TATEMONO Co., Ltd.

Takashi Inagaki
Senior Executive Officer
Tomohiko Yamada

Stock Exchange Listings
Tokyo Stock Exchange 1st Section

Executive Officer
Hidemi Orito

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

Executive Officer
Kenji Ikeda

Independent Certified Public Accountants
Ernst & Young ShinNihon LLC

Executive Officer
Akira Urushibara

Executive Officer
Tadashi Mizusawa
Executive Officer
Masahiko Ishihara
Executive Officer
Hiroyuki Hayakawa(As of June 25, 2021)

45% of Total
6.51
3.92
3.25
2.81
2.40
2.35
2.20
2.18
2.06
2.02

Directory
Domestic Plants and Offices
Head Office
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
Private Sector Sales Division
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, 2021)

46

◆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
571 RSU Tower, 10th floor, Unit 4-5,
Sukhumvit Soi 31, Sukhumvit Road,
Klongton-Nua, Wattana, Bangkok 10110, Thailand
Phone: +66-0-2-016-6579
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

47

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, 2021)

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