TER ASAKIREPO R T
1 April 2023 
31 March 2024

Securities code 6637

Financial Highlights・Dividends
Net sales

52,065

Million yen+17.7% year-on-year

Operating profit/
Operating profit ratio

4,921

Million yen+71.6% year-on-year

Ordinary profit

5,773

Million yen+65.9% year-on-year■ Operating profit● Operating profit ratio（Units: Million yen）

（Units: Million yen）

37,856

4,014

Million yen+71.2% year-on-year■ Profit attributable to TERASAKI shareholders● Profit per share（Units: %） （Units: Million yen）

4,921

52,065

Profit attributable toTERASAKI shareholders/ Profit per share

5,773（Units: Million yen）

3,479

2,868
1,637

9.5

1,944

6.5

4.3
2021 FY 2022 FY 2023 FY

2021 FY 2022 FY 2023 FY

2,345
1,275

Annual36yen(include commemorative dividends)■■ Dividends per share（Units: yen） （Units：yen）

4,014

44,253

Dividends

308.15180.00100th Anniversary
CommemorativeDividend

1836102026

97.922021 FY 2022 FY 2023 FY

2021 FY 2022 FY 2023 FY

2021 FY 2022 FY 2023 FY

Outlook for Financial Year 2024（Ending 31 March,2025）
Net salesOperating profit

Ordinary profit

Profit attributable toTERASAKI shareholders

52,510Million yen

3,110Million yen

3,260Million yen

2,300Million yen+0.9% year-on-year▲36.8% year-on-year≪Exchange rate assumptions for FY2024≫
140yen/US$ 152yen/EURO
178yen/￡20yen/RMB▲43.5% year-on-year▲42.7% year-on-year

Dividends

Interim 10yen
Year-end 16yen
Annual 26yen≪Foreign Exchange Sensitivity≫（Impact※ of 1-yen change against the US$）
Sales：about 0.2 Billion yen Operating profit：about 0.1 Billion yen※Based on the assumptions that other foreign currencies will change in tandem with the US$

Point● Sales…While capital investment overseas is anticipated to slowdown, net sales are expected to remain at the samelevel as previous year with a backdrop of steady demand for capital investment in Japan and new shipbuildings.
● Profit…Despite the effort to optimize sales prices, operating profit is expected to decrease due to theimpact of exchange rate fluctuations, increase in labour costs and soaring raw material prices.

President’s Message

We will continue to invest
in the future and pursue
sustainable growth for thenext 100 years.

order backlog has been over 200 million gross tonnage. Itmeans that they already secured about 3-4 years' worthof work. Our company's order backlog of Systemproducts, as a result, reached over 36.7 Billion yen as ofthe end of March 2024.
On the other hand, the crises such as rerouting ofships from the Red Sea triggered by the attack of theIran-backed Houthi group and shipping restrictions indrought-hit Panama Canal have caused latest concerns
regarding shipping disruptions and shipping costs surge.
We need to keep a close eye on the ever-changing
market continuously.

■ Major risks for FY2024
Representative Director
President Executive Officer

Taizo Terasaki■ FY2023 Financial results Overview
We would like to express our sincere gratitude to ourshareholders for their continued support.
Our company celebrated its 100th anniversary on 1
October, 2023. We could never have reached thismemorable milestone without your support andcooperation, and we are also deeply grateful for yourkindness.
In fiscal year ended March 2024, TERASAKI achieved
record-high net sales and profits.
This performance was not just due to the impact ofyen's plunge, but also due to our decades-long effort toexpand the overseas bases in Europe, Southeast Asiaand China while keeping manufacturing bases in Japan.
Riding the strong wave of shipbuilding market, westarted operating a new building for sheet metal &painting in Imari, Saga prefecture, and a new factory inGuanzhou, China, both of which we invested in last year.
They also contributed significantly to the performance.
We will continue to invest in the future and start a
new chapter for the next 100 years.

■ Shipbuilding Market Overview
The shipbuilding industry has remained robust as its
newbuilding orders and prices have been at high levels.
As of the end of December 2023, the global shipbuilders'Consolidated Financial Statements (Summary)（Note）Monetary amounts are rounded off to one million yen.

As more than half of our sales are from overseas,fluctuations in the exchange rates are one of our major
concerns.
In addition, our products use large amounts of raw
materials such as copper and silver. These commodities
have recently seen a dramatic surge in prices and wewill need to monitor the situation closely.

Regarding our consolidated financial outlook for the
fiscal year ending March 2025, we have started our planwith increased sales and decreased profits partly
because we set the exchange rate assumptions for astronger yen compared with the previous year average,
coupled with the impact of increasing personnel
expenses and soaring raw materials. However, we will
make more effort to improve our productivity andoptimize sales prices.

Consolidated Statements of Income（Units: Million yen）

2023FY

2022FY（As of 31 March 2023）（As of 31 March 2024）［Assets］
42,894

48,381

Cash and cash equivalents

11,357

13,210Notes and accounts receivable - trade,and contract assets

14,71816,066Inventories

14,565

16,791Other current assets

2,252

2,312

17,04819,662

11,18012,405

142

126

5,726

7,131

59,94368,043

Property, plant and equipment
Intangible assets
Investments and other assets
Total Assets

2022FY
2023FY
1 April 2022
From 1 April 2023
（Fromto 31 March 2023） （ to 31 March 2024）

LIABILITIES & EQUITY（Units: Million yen）

Non-current assets

June 2024

The image of Kami Factory rebuilding work
(Scheduled for completion in FY2025)

Consolidated Statements of Cash Flows（Units: Million yen）

ASSETS

Current assets

■ Outlook for FY2024

Consolidated Balance Sheets

2022FY

We started the 1st phase of Kami Factory rebuilding
work on February 2024, one of our manufacturing basesof circuit breakers.
The purpose of this rebuilding work is to strengthen
our business continuity, to maximize productivity with its
automation and labour-saving technology, and to makeour working place more friendly to employees and theenvironment.
We will also actively invest in human resources andaim at sustainable growth by promoting the organization
development that maximizes individual capabilities fullof globality & diversity, which we consider to be a greatstrength for the company.
We earnestly ask for continued support from ourshareholders and partners as we pursue thesechallenges.

2023FY（As of 31 March 2023）（As of 31 March 2024）［Liabilities］
Current liabilities
Non-current liabilities
Total Liabilities［Equity］
Shareholders' equity
Capital stock
Capital surplusRetained earnings
Treasury stock, at cost
Accumulated other comprehensive income
Non-controlling interests
Total Equity
Total Liabilities and Equity

14,064
5,248
19,31336,3371,236
2,244
32,857△14,247
45
40,62959,943

15,301
5,950
21,25240,065
1,236
2,244
36,586△16,725－
46,791
68,043

Net sales

44,25352,065Gross profit

12,093

14,737

Operating profit

2,868

4,921

Cost of sales
Selling, general and administrative expenses
Non-operating income

Non-operating expenses

Ordinary profit

Extraordinary income
Extraordinary loss

32,1599,224
667
56

37,327
9,816

1,141
290

3,479

5,773

20158

795

Profit before income taxes

3,466

5,710

Income taxes - Deferred

350

61

Income taxes - Current

764

1,634

Profit for the period

2,352

4,014

Profit attributable to TERASAKI shareholders

2,345

4,014

Profit attributable to non-controlling interests

6（Units: Million yen）

Cash flows from operating activities
Cash flows from investing activities
Cash flows from 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 beginning of year
Cash and cash equivalents at end of year

Equity ratio（Units: %）

72.2
67.7

68.8

2022FY2023FY02021FY

2022FY （単位：百万円）
2023FY
1 April 2022
From 1 April 2023
（Fromto 31 March 2023） （ to 31 March 2024）△ 663△ 1,314
1,196368△ 413
11,77011,357

3,819△ 2,417
△ 212
663
1,853
11,357
13,210Segment Performance by Region

Japan■ Net sales● Segment profit

22.0（Units：Billion yen）

24.5

Segment profit
3.92

2.02

2.33

2021FY2022FY

Net sales

26.02023FY▶︎Marine Systems
Sales for bulk carriers and container ships increased despite a decline in sales of TERASAKI Shore Connection.
▶︎Industrial Systems
Sales jumped due to the increase in sales for green-energy power plants in Japan,
overseas plants, and distributed power supplies such as cogeneration systems.
▶Medical Devices
New capital investments in medical devices were sluggish, and demands for someclinical devices decreased owing to inventory adjustments.
▶Engineering & Lifecycle Services
Inspection and replacement for marine and industrial systems increased as well as circuit breaker retrofits, while adelivery of engineering services for railway-related facilities in Japan has been postponed to the next financial year.
▶Circuit Breakers
Sales declined in Japan due to the impact of inventory adjustments. Overseas sales
performed well in Australia and remained strong in east Asia, especially for ships.

Asia■ Net sales● Segment profit（Units：Billion yen）

Net sales

17.9

Segment profit

13.5
10.6

1.3
0.98

0.13
2021FY 2022FY

2023FY（Units：Billion yen）

Net sales

8.0
5.1

0.24

2021FYSegment profit

6.1
0.88
0.43

2022FY2023FY17,925 Million yen（Up 32.7% year on year）
1,300 Million yen（Up 31.9% year on year）▶︎Marine Systems
Sales significantly rose compared to the previous financial year, mainly boosted by the demand for products
supplied for container ships and LNG carriers, as well as the demand for TERASAKI Shore Connection.
▶Engineering & Lifecycle Services
Replacements for marine systems increased as COVID-19-related restrictions were eased.
▶Circuit Breakers
Sales performed well in Chinese marine market and in Singapore, while slowing down in Malaysia.

Europe■ Net sales● Segment profit26,084 Million yen （Up 6.2% year on year）
3,929 Million yen（Up 68.5% year on year）

8,055 Million yen（Up 30.2% year on year）
888 Million yen（Up 102.5% year on year）▶︎Circuit Breakers
Sales surged due to growing demands in Europe and the U.K. for decarbonization
investments, coupled with favourable sales for a large project in the Middle East.
▶Engineering & Lifecycle Services
Repairs for marine systems increased while circuit breaker retrofit orders decreased.

Performance by Product Group
SystemProducts
CircuitBreakerProductsNet sales

27.7Billion yen（+21.1% YoY ）Net sales

Orders received

32.9Billion yen Order backlog 36.7Billion yen（+4.7% YoY ）（+5.1Billion yen from the end of FY2022）

e do not disclose orders received or order backlog for
24.2Billion yen （Note）W
Circuit breaker products because they are manufactured（+13.9% YoY ）in accordance with our planned production schedule.

【System Products Order backlog】（Units：Billion yen）

31.6

36.7

23.1

Mar2022

Mar2023

Mar2024

Our Business Fields

TOPICS

Green
EnergyIndustrial
Systems

Engineering &Lifecycle services
Maintenance/Retrofit forequipments etc.

Power distribution systems
intended for buildings,plants and factories

SubwayStation
PlantEV
Charging
StationFactory

Buildings

CircuitBreakers

MarineSystems

Hospital

MedicalDevices

Find"Made by TERASAKI"
around you.

Ship

Power Distribution
System & Control andMonitoring System etc.

Dialysis machines /Clinical testing devices

Our power distribution & control technology
supports your life in various places.

Vol.1

Marine Systems

What type of ships are
our products installed on?
Our power distribution system is installed

mainly on large ocean-going vessels suchas bulk carrier, tanker, LNG carrier, car carrierand container ship, playing an important rolein electrical safety of ships by receiving powerfrom the generators and distributing electricity
throughout the ships during the operation. Itmeans one system needs to be installed per ship.

Our Marine System products
are equipped with our Circuit
Breakers.

Who is our customer?
We provide our products to shipyards. The

most products are installed on new vessels

built by shipyards and these vessels ultimately
belong to the shipowners.

Shipping companies（Shipowners)

What is "TERASAKI Shore
Connection"?

Shipyards

TERASAKI

OrderOrderDelivery

Delivery

Most ships use their generator engines to consume a lot ofelectricity during cargo-handling operations, so these engines
produce exhaust emissions while in port. TERASAKI
Shore Connection shuts off ships'

generator engines while at berthand supplies necessary powerfrom shore. It helps minimize

environmental pollutants fromships and keep ports clean.

TERASAKI Shore Connection

What is Control and Monitoring System?
It monitors and controls

the propulsion engines

and power generations inships, supporting the safe

operations of ships day andnight.

Integrated Control andMonitoring System
TERANET50X

Corporate Information /Stock Information（As of 31 March 2024）
Corporate ProfileSharesCompany Name

Terasaki Electric Co., Ltd.

Total number of shares authorized to be issued

52,000,000

Head Office

6-13-47 Kamihigashi, Hirano-ku, Osaka 547-0002 Japan

Total number of issued shares

13,030,000

Foundation

1 October 1923

Number of shareholders

Established

1 April 1980

Capital1,236 Million yen

Employees

2,115（Consolidated）

Major Shareholders
Shares owned

Share

Terasaki Co., Ltd.

2,200

16.89

Taizo Terasaki

1,143

8.77

Terasaki Trust Co., Ltd866

6.64Shareholder

534（Non-consolidated）
Consolidated Subsidiaries

Domestic: 4, Overseas: 8

Director ＆ Executive Officer（As of 27 June 2024）

1,485（1,000 shares）（％）

Representative Director
President
Executive Officer

Taizo Terasaki

Kaori Aramaki

738

5.66

Director
Senior Managing Executive Officer

Kazunobu Kumazawa

Yuzo Terasaki

677

5.19

Director
Managing Executive Officer

Junji Nagase

Hozansha Co., Ltd.

653

5.01

Terasaki Employee Stock Ownership

540

4.15

Director
Managing Executive Officer

Masao Nishida

Terasaki Suppliers Stock Ownership

531

4.08

Director
Managing Executive Officer

Yoshihiro Umemoto

Arc Ltd.

400

3.07

Director
Executive Officer

Kazuhiro Yoshikawa

Tatsuro Kiyohara

390

2.99

Director
Audit & Supervisory Committee
MemberHirofumi Kobayashi

Director
Audit & Supervisory Committee
Member (External)

Kunio Chiyoda

Director
Audit & Supervisory Committee
Member (External)

Shunji Takano

Executive Officer

Shujiro Hamano

Executive Officer

Masaji Nishino

Executive Officer

Hideki Nakagawa

Executive Officer

Keita Yasukawa

Executive Officer

Tsutomu Takeda

Executive Officer

Teruyuki Tataki

Executive Officer

Shuzo Nasu

6-13-47 Kamihigashi, Hirano-ku, Osaka 547-0002 Japan
TEL：+81-6-6791-2701
https://www.terasaki.co.jp/english/（Note）Share percentages are calculated without treasury stock（1,070 shares）.

Distribution by Shareholders

13,030thousand shares（1,485 shareholders）* Treasury stock（1,070 shares）is included in individual investor andothers.