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 Three Months Ended June 30, 2022
(Based on Japanese GAAP)
August 9, 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 Devision

Shogo Kimura
Hidenori Tokida

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

August 9, 2022–

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

Yes
NoTEL

03-5370-5111(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the three months ended June 30, 2022 (from April 1, 2022 to June 30, 2022)(1) Consolidated operating results (cumulative)
Percentages indicate year-on-year changes
Profit attributable toRevenueOperating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%Three months ended June 30, 2022
4,940
0.4
(419)
–(397)–(400)–
Three months ended June 30, 2021
4,920
30.7
(351)
–(309)–(257)–
Earnings per share

Diluted earnings per shareYen(40.31)(26.00)Three months ended June 30, 2022
Three months ended June 30, 2021

Yen––(2) Consolidated financial position
Total assets

Net assets

Millions of yen
35,47936,441

As of June 30, 2022
As of March 31, 2022

Equity ratio

Millions of yen
24,82225,359

%
70.0
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

Yen–

Yen
25.00

Yen
25.00

0.00

–

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 three months ended June 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 June 30, 2022

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

10,080,344 shares

Number of treasury shares at the end of the period
As of June 30, 2022

130,824 shares As of March 31, 2022

141,711 shares

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

9,944,925 shares Three months ended June 30, 2021

2

9,923,160 shares

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

As of June 30, 2022

AssetsCurrent assets
Cash and deposits
Notes receivable - trade

5,927
514

5,661
540

Electronically recorded monetary claims - operating
Accounts receivable - trade

578
4,555

580
3,151

Merchandise and finished goods
Work in process

1,732
725

1,931
949

Raw materials and supplies
Other

3,044
154

3,434
190

(0)

(0)

17,232

16,438

5,377

5,323

Land
Other, net

10,032
1,193

10,046
1,181

Total property, plant and equipment

16,603

16,551

911

812

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

Intangible assets
Software
Other

45

45

Total intangible assets

956

858

1,149533

1,118
547

(34)

(34)

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

3

1,648

1,630

19,20819,04036,44135,479(Millions of yen)
As of March 31, 2022

As of June 30, 2022

Liabilities
Current liabilities
Notes and accounts payable - trade

1,764

1,594

75
520

113
259

Provision for product warranties
Other65
1,849

63
1,782

Total current liabilities

4,275

3,813

Non-current liabilities
Deferred tax liabilities

3,226

3,210

56
2,96650
3,033

557

549

Short-term borrowings
Provision for bonuses

Provision for share awards
Retirement benefit liability
Other
Total non-current liabilities

6,805

6,843

11,081

10,657

Share capital
Capital surplus

6,025
6,948

6,025
6,948

Retained earnings
Treasury shares

11,977(135)

11,327(127)

Total shareholders' equity

24,81524,174

Total liabilities
Net assets
Shareholders' equity

Accumulated other comprehensive income
Valuation difference on available-for-sale securities

304

280

Foreign currency translation adjustment
Remeasurements of defined benefit plans

0239

165
202

Total accumulated other comprehensive income

544

648

25,35924,82236,44135,479Total 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)Three months ended

Three months ended

June 30, 2021

June 30, 2022

Revenue
Cost of sales

4,920
3,355

4,940
3,423

Gross profit

1,564

1,517

Selling, general and administrative expenses

1,916

1,936

Operating loss

(351)

(419)

Interest income
Dividend income021324

Rental income from land and buildings
Other91299

Total non-operating income

4347

Non-operating income

Non-operating expenses
Interest expenses

00

Foreign exchange losses
Other00

23
1

Total non-operating expenses

125(309)(397)

Subsidy income

33–

Total extraordinary income

33–

Ordinary loss
Extraordinary income

Loss before income taxes

(275)

(397)

Income taxes - current

86

Income taxes - deferred

(25)

(2)

Total income taxes(17)

3Loss(257)(400)

Loss attributable to owners of parent(257)(400)5Consolidated statements of comprehensive income (cumulative)(Millions of yen)

Loss
Other comprehensive income

Three months ended

Three months ended

June 30, 2021

June 30, 2022
(257)

(400)

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

35
(0)

(23)
164

Remeasurements of defined benefit plans, net of tax

21(36)

56

103

Comprehensive income

Total other comprehensive income

(201)

(297)

Comprehensive income attributable toComprehensive income attributable to owners of parent

(201)

(297)

6