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

Summary of Consolidated Financial Results
for the Six Months Ended September 30, 2022
(Based on Japanese GAAP)
November 11, 2022
Company name:IWATSU ELECTRIC CO., LTD.
Stock exchange listing: Tokyo
Stock code:
Representative:

6704
President

URL

https://www.iwatsu.co.jp

Inquiries:

Director & Executive Officer, General
Manager of Management DevisionShogo Kimura
Hidenori Tokida

TEL

Scheduled date to file Quarterly Securities Report:
Scheduled date to commence dividend payments:

November 14, 2022–

Preparation of supplementary material on quarterly financial results:
Holding of quarterly financial results meeting:

Yes
Yes

03-5370-5111(for institutional investors)(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the six months ended September 30, 2022 (from April 1, 2022 to September 30, 2022)(1) Consolidated operating results (cumulative)
Percentages indicate year-on-year changes
Profit attributable toRevenue
Operating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Six months ended September 30, 2022
11,016
1.8(465)–(432)–(422)–
Six months ended September 30, 2021
10,817
20.6(283)–(217)–(140)–
Earnings per share

Diluted earnings per shareYen(42.49)(14.11)

Six months ended September 30, 2022
Six months ended September 30, 2021

Yen––(2) Consolidated financial position
Total assets

Net assets

Millions of yen
35,44836,441

As of September 30, 2022
As of March 31, 2022

Equity ratio

Millions of yen
24,89225,359

%
70.2
69.6

2. Cash dividends
Annual dividends per share

Year ended March 31, 2022
Year ending March 31, 2023

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––

Yen
0.00
0.00

Yen–

Yen
25.00

Yen
25.00

–

0.00

0.00

Year ending March 31, 2023 (Forecast)Total

3. Forecast of consolidated financial results for the year ending March 31, 2023 (from April 1, 2022 to March 31, 2023)Revenue
Full year

Millions of yen
23,700Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
Earnings per shareowners of parent% Millions of yen% Millions of yen% Millions of yen%
Yen
2.2
(400)
–(350)–(350)–(35.22)1

4. Notes(1) Changes in significant subsidiaries during the six months ended September 30, 2022
(changes in specified subsidiaries resulting in the change in scope of consolidation):No(2) Application of special accounting methods for preparing quarterly consolidated financial statements:

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

No
No

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

NoNo(4) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of September 30, 2022

10,080,344 shares As of March 31, 2022

10,080,344 sharesNumber of treasury shares at the end of the period
As of September 30, 2022

128,238 shares As of March 31, 2022

141,711 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Six months ended September 30, 2022

9,948,600 shares Six months ended September 30, 2021

29,929,724 shares

Quarterly consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of March 31, 2022

As of September 30, 2022

AssetsCurrent assets
Cash and deposits
Notes receivable - trade

5,927
514

5,494425

Electronically recorded monetary claims - operating
Accounts receivable - trade

578
4,555

654
3,668

Merchandise and finished goods
Work in process

1,732
725

1,761
1,018

Raw materials and supplies
Other

3,044
154

3,530
169

(0)

(0)

17,232

16,723

5,377

5,282

Land
Other, net

10,032
1,193

10,054
1,157

Total property, plant and equipment

16,603

16,494

911

715

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

Intangible assets
Software
Other4545

Total intangible assets

956

761

1,149
533

1,139363

(34)

(34)

Investments and other assets
Investment securities
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

3

1,648

1,468

19,20818,72436,44135,448(Millions of yen)
As of March 31, 2022

As of September 30, 2022

Liabilities
Current liabilities
Notes and accounts payable - trade

1,764

1,507

Provision for bonuses
Provision for product warranties

52065

510
75

Other

1,925

1,610

Total current liabilities

4,275

3,703

Deferred tax liabilities
Provision for share awards

3,226
56

3,208
50

Retirement benefit liability
Other

2,966
557

3,048
544

Total non-current liabilities

6,805

6,852

11,081

10,556

Shareholders' equity
Share capital

6,025

6,025

Capital surplus
Retained earnings

6,948
11,977

6,948
11,305

Treasury shares

(135)

(125)

24,815

24,154

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

304
0300
263

Remeasurements of defined benefit plans

239

174

Total accumulated other comprehensive income

544

738

25,35924,89236,441

35,448Non-current liabilities

Total liabilities
Net assets

Total shareholders' equity
Accumulated other comprehensive income

Total net assets
Total liabilities and net assets

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

Six months ended

September 30, 2021

September 30, 2022

Revenue
Cost of sales

10,817
7,332

11,016
7,661

Gross profit

3,484

3,355

Selling, general and administrative expenses3,767

3,820

Operating loss(283)(465)

Interest income
Dividend income

124

826

Gain on investments in capital
Rental income from land and buildings

1718–
18

Other

17

17

Total non-operating income

8070Interest expenses
Foreign exchange losses

11

121

Loss on cancellation of insurance policies
Other–
118
5

Total non-operating expenses

1437(217)(432)

Gain on sale of investment securities
Subsidy income–64

314

Total extraordinary income

64

17

Loss before income taxes

(153)

(414)

Income taxes - current
Income taxes - deferred24(38)19(10)

Total income taxes(13)

8Loss(140)(422)

Loss attributable to owners of parent

(140)

(422)

Non-operating income

Non-operating expenses

Ordinary loss
Extraordinary income

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

Loss
Other comprehensive income

Six months ended

Six months ended

September 30, 2021

September 30, 2022
(140)

(422)

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

59
13(4)
263

Remeasurements of defined benefit plans, net of tax29(65)Total other comprehensive income

103

193

Comprehensive income

(36)

(229)

Comprehensive income attributable toComprehensive income attributable to owners of parent

(36)

(229)

6