August 1, 2023

Osaki Electric Co., Ltd.
Tokyo Stock Exchange Prime Market
Securities code: 6644

FY2023 First Quarter
Summary of Consolidated Financial Results(Three Months ended June 2023)⚫ Consolidated net sales: 21.4 billion yen (+10.3% YoY), operating
income: 1.2billion yen (+116.3%).
Profit attributable to owners of parent was 0.8 billion yen (-63.7%).
⚫ Net sales for Smart meters & solutions in Japan increased slightly
year on year with higher sales in the Smart Meter Business.
Operating income increased with temporary changes in product mix,etc.
⚫ For Smart meters & solutions overseas, both net sales and operating
income increased year on year, including an increase in shipments
to UK enabled by an upturn in the electronic materials procurement
environment and an increase in shipments to Oceania.
1. Consolidated Financial Results(Millions of yen)
YoY Change

FY2022 1Q

FY2023 1Q

19,377
11,842
7,202
301
139(107)
4,303

21,367
11,9759,581－143(334)
5,011

Ratio to sales

22.2%

23.5%

3,762

3,842

Ratio to sales

19.4%

18.0%

540

1,169

Ratio to sales

2.8%

5.5%

sal meters & solutions in Japan
Smartes

Adjustment627(159)568(1)

1,04655－74(6)419
214(5)
5(5)+66.9%－－+8.1%－

Ordinary income

547

1,380832+152.0%

Profit attributable to owners of parent

2,116768(1,347)(63.7)%Net income per share（yen）

44.22

16.43

(27.79)－Net sales
Smart meters & solutions in Japan
Smart meters & solutions overseas
Production equipment
Real estate
Adjustment

Gross profit
SG & A expenses
Operating income

Smart meters & solutions overseas
Production equipment
Real estate

1Amount

1,989
132
2,379(301)
4(226)708%+10.3%+1.1%+33.0%－+3.1%－+16.5%+1.3pt79+2.1%(1.4)pt

628+116.3%+2.7pt2. Revenue by Business Portfolio (Excluding intercompany sales)（1）Smart meters & solutions in Japan(Millions of yen)
YoY Change

Smart meter business
Solution BusinessSwitchgear Business
Total

FY2022 1Q

FY2023 1Q

7,625
2,644
1,567
11,837

8,233
2,595
1,141
11,970

Amount%608(49)
(425)
133

+8.0%
(1.9)%(27.1)%+1.1%

Full-year
Revised
Forecast

31,50012,5007,000
51,000*Referential figures based on managerial accounting.

Smart meter business: Sale of smart meters and measurement and control equipment
including smart meter peripheral devices for power companies.
Solution business: Provide services and products and deliver solutions to customers(other than power companies)
Switchgear business: Sale of switchgears（2）Smart meters & solutions overseas(Millions of yen)
YoY Change

Oceania
EuropeAsia
Middle East and others
Total
Average Exchange rate

FY2022 1Q

FY2023 1Q

2,780
2,510
1,416
419
7,127

3,842
3,803
1,157
475
9,279

\116.34/USD\132.42/USDAmount%

1,062
1,292
△259
56
2,151

+38.2%+51.5%(18.3)%+13.4%+30.2%*Calculations are based on the annual securities report.

3. R&D expenditures, Depreciation, Capital expenditures(Millions of yen)
YoY Change

R&D expenditures
Depreciation
Capital expenditures

FY2022 1Q

FY2023 1Q

667
627369758
558353

2

Amount91(69)
(16)

%

13.7%
(11.0)%(4.4)%

Full-year
RevisedForecast

17,00016,0003,500
2,000
38,5004. FY2023 Consolidated Forecast
The Company revised the forecast for the six months ending September 30,2023 and full-year for the fiscal year ending March 31, 2024, previously
announced on May 11, 2023 as follows.
(Millions of yen)

1H

Full-year

YoY Change

FY2023
Previous
Forecast

FY2023
Revised
Forecast

AmountNet sales

43,00043,000－Smart meters &solutions in Japan

24,30024,300Smart meters &Solutions overseas

19,000YoY Change

FY2023
PreviousForecast

FY2023
Revised
Forecast

Amount－88,00090,000

2,000

+2.3%

－

－

50,50051,000500+1.0%

19,000－－38,00039,500

1,500

+3.9%

250250－－

600

600－－

(550)

(550)

－－(1,100)(1,100)－－Operating income

900

1,800

900

+100.0%

2,800

3,600

800

+28.6%

Smart meters &solutions in Japan

550

1,350

800

+145.5%

1,900

2,600

700

+36.8%

Smart meters &Solutions overseas

200

300

100

+50.0%

600

700

100

+16.7%

Others

150

150

－

－

300

300

－

－

－

－

－

－

－

－

－

－

700

1,900

1,200

+171.4%

2,400

3,400

1,000

+41.7%

200

1,000

800

+400.0%

1,000

1,600

600

+60.0%

OthersAdjustment

Adjustment
Ordinary income
Profit attributableto owners of parent%%

Reasons for the revisions:(1) Six Months Ending September 30, 2023
・ Net sales are expected to remain in line with the initial forecast.
・ Income is expected to exceed initial forecasts due to fluctuations in the product mix
and a reduction in manufacturing costs for Smart meters & solutions in Japan.
(2) Full Year・ For Smart meters & solutions in Japan, net sales are expected to exceed the initial
forecast for the Smart Meter Business. Income is also expected to exceed the initial
forecast due to higher sales, fluctuations in the product mix, and continuation ofmanufacturing cost reductions.
・For Smart meters & solutions overseas, the business is expected to remain in line with
the initial forecast, although net sales are expected to increase in relation to a reviewof the conversion rate precipitated by depreciation of the yen.
⚫ Forward-looking statements made in this material is based on management’s estimates, assumptions and projections at

the time of publication and do not represent a commitment that they will be achieved. A number of factors could cause
actual results to differ materially from expectations.
⚫ All amounts are in millions of yen rounded down unless otherwise stated.
Financial data (Excel/PDF) are available on our website (https://www.osaki.co.jp/en/ir/finance/financialdata.html).

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