Summary Report on Financial Results for the Third Quarter of the Year Ending March 31st, 2021
(Japan GAAP)
January 29th, 2021
Stock Listing: TSE-JASDAQ
Company name:
Fukuda Denshi Co., Ltd.
Code No.:
6960 (http://www.fukuda.co.jp)
Representative:
Daijiro Shirai, President & COO
Inquiries:
Haruhiko Honbu, Senior Manager of Accounting & Finance DepartmentTel:+81-3-5684-1558 (main)
Scheduled date for filing the quarterly report:
February 10th, 2021
Scheduled date for commencement of dividend payment:
Supplementary material development:
None
Financial results meeting:None(Amounts less than one million yen are rounded down)(The number with parenthesis shows negative figure)1. Consolidated financial results for the Third quarter of the year ending March 31st, 2021 (April 1st, 2020 throughDecember 31st, 2020)(1) Consolidated operating results (cumulative)(% represents increases or decreases from the previous year)
Ordinary
Profit attributable toNet sales
Operating Profit
Profitowners of parent
millionmillionmillionmillion%%%%yenyenyenyen
Third quarter of the year
96,752
1.5
11,672
27.4
11,96327.89,000
31.9
ending March 31st, 2021
Third quarter of the year
95,345
5.8
9,162
11.7
9,361
6.9
6,824
9.3
ended March 31st, 2020
(Note) Comprehensive income
Third quarter of the year ending March 2021: 9,605 million yen / 28.5 %Third quarter of the year ended March 2020: 7,472 million yen / 67.5 %Earnings
per shareyen

Diluted earnings
per shareyen

595.31―449.03―

Third quarter of the year
ending March 31st, 2021
Third quarter of the year
ended March 31st, 2020
(2) Consolidated financial situation

million yenmillion yen

Shareholders'equity ratio％

Third quarter of the year
ending March 31st, 2021

174,679

131,29575.2

8,683.74

Year ended March 31st, 2020

168,742

124,42773.7

8,229.96

Total assets

Net assets(Reference) Shareholders' equity:
Third quarter of the year ending March 31st, 2021: 131,295 million yen
124,427 million yen
Year ended March 31st, 2020

- 1 -Net assets
per shareyen2. Dividends
Annual Dividends per share
End of theEnd of theEnd of the term
second quarter
third quarteryenyenyen

End of thefirst quarteryenAnnualyen
Year ended March―
75.00―
105.00180.0031st, 2020
Year ending March―
75.00―
31st, 2021
Year ending March
105.00180.0031st, 2021 forecast)(Note) Revisions to recent dividend forecast: None
The detail of second quarter dividend of Year ended March 31st, 2020; ordinary dividend 55.00 yen, extra
dividend 15.00 yen, commemorative dividend 5.00 yen
The detail of year-end dividend of Year ended March 31st, 2020; ordinary dividend 60.00 yen, extra dividend
40.00 yen, commemorative dividend 5.00 yen
The detail of second quarter dividend of Year ending March 31st, 2021; ordinary dividend 55.00 yen, extra
dividend 20.00 yen
The detail of year-end dividend of Year ending March 31st, 2021 (forecast); ordinary dividend 60.00 yen, extra
dividend 45.00 yen
3. Forecast of consolidated financial results for fiscal year ending March 31st, 2021(% represents increase or decrease from the previous year)

Net sales

Full-year

Operating Profit

Ordinary Profit

millionyen%

millionyen%

millionyen%

134,000

0.5

13,4000.9

13,7000.4

Profit attributableto owners of parent
million%yen
10,000Earnings
per share

4.1

yen
661.40(Note) Revisions to recent business forecast: Yes
Please refer to the announcement posted on January 29th, 2021 “Notice of Revision of Forecast of theFinancial Results for the Fiscal Year Ending March 2021”.
*Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries involving changes inthe scope of consolidation): None
(2) Application of special accounting methods for the preparation of the consolidated quarterly financial
statements: None
(3) Changes in accounting policies, accounting projections and restatement(i) Changes in accounting policies associated with revision of accounting standards: None(ii) Changes other than (i) above: None(iii) Changes in accounting projections: None(iv) Restatement: None
(4) Number of outstanding shares (common shares)(i) Number of outstanding shares at the end of the period (including treasury shares)
Third quarter of the year ending March 31st, 2021: 19,588,000 sharesYear ended March 31st, 2020: 19,588,000 shares(ii) Number of shares of treasury shares at the end of the period:
Third quarter of the year ending March 31st, 2021: 4,468,329 sharesYear ended March 31st, 2020: 4,469,117 shares- 2 -(iii) Average number of shares during the period (accumulated consolidated quarter)
Third quarter of the year ending March 31st, 2021: 15,119,385 shares
Third quarter of the year ended March 31st, 2020: 15,198,271 shares* Summary Report on Financial Results for the Third Quarter is not subject to quarterly review by certified
public accountants or an auditing firm.
* Explanation about the appropriate use of the forecasts of financial results, and other noteworthy matters.
The projections and other statements with respect to the future included in this material are based on currently
available information and certain assumptions that are judged reasonable by Fukuda Denshi (hereinafter, “theGroup”). Please be advised that the Group does not guarantee in any way the achievement of the projections
and other goals in this material and that cases may occur where the actual results and other situations differ
materially from the projections due to various factors. With respect to the preconditions for the forecast offinancial results, please refer to “(3) Explanation about consolidated earnings forecast” under the “1.
Qualitative information about consolidated earnings results for the quarter under review" section on page 5.

- 3 -Contents of the Attached Materials
1. Qualitative information about consolidated earnings results for the quarter under review --------

P.05(1) Explanation about consolidated operating results -----------------------------------------------------

P.05(2) Explanation about consolidated financial situation---------------------------------------------------

P.05(3) Explanation about consolidated earnings forecast ----------------------------------------------------

P.05

2. Consolidated quarterly financial statements and Notes -------------------------------------------------

P.06(1) Consolidated quarterly balance sheets------------------------------------------------------------------

P.06(2) Consolidated quarterly income statements and consolidated quarterly comprehensive incomestatements

P.08

Consolidated quarterly income statements
Third quarter of the consolidated term-------------------------------------------------------------

P.08

Consolidated quarterly comprehensive income statements
Third quarter of the consolidated term-------------------------------------------------------------

P.09(3) Notes to consolidated quarterly financial statement --------------------------------------------------

P.09(Notes regarding the premise for going concern)

P.09--------------------------------------------------------(Notes when there is a significant fluctuation in the amount of shareholders’ equity)- 4 --------------P.09

1. Qualitative information about consolidated earnings results for the quarter under review(1) Explanation about consolidated operating results
The Japanese economy during the consolidated cumulative third quarter of this fiscal year (April 1st, 2020
through March 31st, 2021) has been in severe conditions due to the continued impact of the COVID-19
pandemic, and the economic prospects remain uncertain for the time being.
In the medical device industry, the remuneration for medical treatments in FY2020 has been a positive
revision as a whole. However, medical institutions are still facing huge COVID-19 burden.
In such an environment, the Group posted a consolidated “Net sales” of 96,752 million yen (up 1.5%
year-on-year basis), “Operating profit” of 11,672 million yen (up 27.4% year-on-year basis), “Ordinaryprofit” of 11,963 million yen (up 27.8% year-on-year basis), and “Profit attributable to owners of parent” of
9,000 million yen (up 31.9% year-on-year basis) in the third quarter.
A. Physiological diagnostic equipment segment
While the sales of electrocardiographs and IT-related products decreased, the number of large orders
increased. Consolidated “Net sales” resulted in 26,738 million yen (up 3.9% year-on-year basis).
B. Patient monitoring equipment segmentConsolidated “Net sales” of patient monitoring equipment resulted in 7,699 million yen (up 5.8%year-on-year basis).
C. Medical treatment equipment segment
While the sales of AEDs and pacemakers decreased, the sales of ventilators and the business ofrenting medical equipment for home treatment increased. Consolidated “Net sales” resulted in 39,105
million yen (up 5.0% year-on-year basis).
D. Consumables and other products segment
Consumables and other products segment includes the sales of recording paper, disposable
electrodes, and consumables used for devices handled in the above segments, as well as maintenanceand repair services.
Consolidated “Net sales” for this segment resulted in 23,208 million yen (down 7.5% year-on-yearbasis).
(2) Explanation about consolidated financial situation“Total assets” increased 5,937 million yen from the end of previous fiscal year to reach 174,679 million
yen. The main factors are the increase of 4,338 million yen in “Property, plant and equipment” and 2,580
million yen in “Merchandise and finished goods” despite the decrease of 2,132 million yen in “Notes andaccounts receivable - trade”.
“Total liabilities” decreased 930 million yen from the end of the previous fiscal year to reach 43,384
million yen. The main factor is the decrease of 1,366 million yen in “Provision for bonuses” despite theincrease of 659 million yen in “Notes and accounts payable - trade”.
“Net assets” increased 6,867 million yen from the end of the previous fiscal year to reach 131,295
million yen. The main factor is the increase of 6,259 million yen in “Retained earnings”.
(3) Explanation about consolidated earnings forecast
The Group has revised the forecasts of the financial results. For further information, please refer to theannouncement posted on January 29th, 2021 “Notice of Revision of Forecast of the Financial Results for theFiscal Year Ending March 2021”.

- 5 -2. Consolidated quarterly financial statements and Notes(1) Consolidated quarterly balance sheets
Previous fiscal year
(as of March 31st, 2020)
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Electronically recorded monetaryclaims - operatingSecurities
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets
Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations operating
Short-term borrowings
Income taxes payable
Provision for bonuses
Provision for product warranties
Other provisions
Other
Total current liabilitiesNon-current liabilities
Retirement benefit liability
Other provisions
Other
Total non-current liabilities
Total liabilities- 6 -(Millions of yen)
End of the Third quarter
under review(as of December 31st, 2020)

49,11236,37848,032
34,245

1,681

2,296

107
9,553
198
2,559
1,670
(45)
101,215

101
12,133
260
2,930
2,029
(39)
101,991

36,443
1,731

40,781
1,633

10,13819,228(15)
29,351
67,526
168,742

10,712
19,576(15)
30,273
72,688
174,679

18,26318,923

6,081

6,545

1,750
2,361
2,728
124296
5,766
37,372

1,800
1,408
1,362
160
222
5,925
36,346

3,438
342
3,160
6,942
44,314

3,519
351
3,167
7,037
43,384

Previous fiscal year
(as of March 31st, 2020)
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive
incomeValuation difference on
available-for-sale securities
Foreign currency translation
adjustment
Remeasurements of defined benefit
plans
Total accumulated othercomprehensive income
Total net assets
Total liabilities and net assets- 7 -(Millions of yen)
End of the Third quarter
under review(as of December 31st, 2020)

4,621
21,817
118,517(20,358)
124,597

4,621
21,841
124,776(20,379)
130,860

644

1,228

(353)

(402)

(461)

(389)

(169)

435

124,427
168,742

131,295
174,679

(2) Consolidated quarterly income statements and consolidated quarterly comprehensive income statements
Consolidated quarterly income statements(Third quarter of the consolidated term)

Net sales
Cost of sales
Gross profit
Selling, general and administrative
expenses
Operating profit
Non-operating income
Interest income
Dividend income
Gain on investments in investment
partnerships
Other
Total non-operating income
Non-operating expenses
Interest expenses
Foreign exchange losses
Loss on investments in investment
partnerships
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sales of non-current assets
Gain on sales of investment securities
Surrender value of insurance policies
Gain on reversal of foreign currencytranslation adjustment
Total extraordinary income
Extraordinary losses
Loss on sales of non-current assets
Impairment loss
Loss on valuation of investment
securities
Office relocation expenses
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to owners of parent

Third quarter of theprevious consolidated term(from April 1st, 2019
to December 31st, 2019)
95,34556,45538,890(Millions of yen)
Third quarter of theconsolidated term(from April 1st, 2020
to December 31st, 2020)
96,752
55,344
41,407

29,72729,735

9,162

11,672

47
118

47
114

1158

112
290

136
357

29
39

29
26

1-20919,361

11
67
11,963

41
355

37
762
420

33-

431

1,220

13

1
1-

399

13
9,778
2,319
634
2,954
6,824
6,824

6
408
12,774
3,835
(61)
3,774
9,000
9,000- 8 -Consolidated quarterly comprehensive income statements(Third quarter of the consolidated term)

ProfitOther comprehensive income
Valuation difference on
available-for-sale securities
Foreign currency translation
adjustment
Remeasurements of defined benefit
plans, net of tax
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable toowners of parent

Third quarter of theprevious consolidated term(from April 1st, 2019
to December 31st, 2019)
6,824(Millions of yen)
Third quarter of theconsolidated term(from April 1st, 2020
to December 31st, 2020)
9,000

694

583

(91)

(49)

45

71

648
7,472

605
9,605

7,472

9,605

(3) Notes to consolidated quarterly financial statement(Notes regarding the premise for going concern)
Not applicable.
(Notes when there is a significant fluctuation in the amount of shareholders’ equity)
Not applicable.
* This English translation is for reference purposes only. The original Japanese version will prevail as the official
authoritative version.
* The original disclosure in Japanese was released on January 29th, 2021 at 15:00（GMT+9）- 9 -