Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated
document and the Japanese original, the original shall prevail.

Consolidated Financial Results
for the Three Months Ended June 30, 2024
[Japanese GAAP]
August 6, 2024
Company name: Osaki Electric Co., Ltd.
Listing: Tokyo
Securities code: 6644
URL: https://www.osaki.co.jp
Representative: Chairman and CEO
Senior Managing Executive Officer
Inquiries:
Head of Group Strategy Division
Telephone: +81-3-3443-7171
Scheduled date to commence dividend payments: Preparation of supplementary material on financial results: Yes
Holding of financial results briefing: None

Yoshihide Watanabe
Ryuichi Ueno

(Yen amounts are rounded down to millions, unless otherwise noted.)
1. Consolidated Financial Results for the Three Months Ended June 30, 2024 (April 1, 2024 to June 30, 2024)(1) Consolidated Operating Results(Percentages indicate year-on-year changes.)
Profit attributable to
Net sales
Operating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Three months ended
June 30, 2024
21,300(0.3)
830(29.0)
952(31.0)
345(55.0)
June 30, 2023
21,367
10.3
1,169
116.3
1,380
152.0
768
(63.7)(Note) Comprehensive income:Three months ended June 30, 2024:¥
1,110 million [18.3%]
Three months ended June 30, 2023:¥
939 million [(62.4) %]Basic earnings
per share
Three months ended
June 30, 2024
June 30, 2023

Diluted earnings per
share
Yen

Yen

7.37
16.43

7.25
16.17

(2) Consolidated Financial Position
Total assets
As ofJune 30, 2024
March 31, 2024
(Reference) Equity:

Millions of yen

Net assets

98,943
95,641
As of June 30, 2024:
As of March 31, 2024:

Capital adequacy ratio

Millions of yen

¥
¥

―1―

62,59262,53250,066 million
49,609 million

%

50.6
51.9

2. Dividends
Annual dividends
1stquarter-end

2ndquarter-end

3rdquarter-end

Yen

Yen

Yen

Yen

Yen

Fiscal year ended March 31, 2024

-

10.00

-

10.00

20.00

Fiscal year ending March 31, 2025

10.00

-

10.00

20.00

Fiscal year ending March 31, 2025
(Forecast)(Note) Revision to the forecast for dividends announced most recently:

Year-end

Total

None

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2025(April 1, 2024 to March 31, 2025)(Percentages indicate year-on-year changes.)
Profit attributable
Basic earnings
Net sales
Operating profit
Ordinary profit
to owners ofper share
parentMillions of yen% Millions of yen% Millions of yen

Six months ending
43,700(1.1)
1,500 (35.5)
September 30, 2024
Full year
97,0001.9
5,000 (14.9)(Note) Revision to the financial results forecast announced most recently:* Notes:(1) Significant changes in the scope of consolidation during the period:
Newly included:(Company name:
Excluded:(Company name:

%

Yen

1,400

(42.1)% Millions of yen

400(70.5)

8.53

4,600
Yes

(16.2)

2,700

12.1

57.55

None

(2) Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements: None
(3) Changes in accounting policies, changes in accounting estimates, and restatement
1) Changes in accounting policies due to revisions to accounting standards and other regulations: Yes
2) Changes in accounting policies due to other reasons: None
3) Changes in accounting estimates: None
4) Restatement: None
(4) Number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):
June 30, 2024:
48,267,180 shares
March 31, 2024:
49,267,180 shares
2) Number of treasury shares at the end of the period:
June 30, 2024:
1,353,409 shares
March 31, 2024:
2,353,409 shares
3) Average number of shares outstanding during the period:
Three months ended June 30, 2024:
Three months ended June 30, 2023:

46,913,771 shares
46,802,425 shares* Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public
accountants or an audit firm: None
* Proper use of earnings forecasts, and other special matters

―2―

)
)

[APPENDIX]
1. Business Results

4

1.1 Highlight of Consolidated Operating Results

4

1.2 Consolidated Financial Position5

1.3 Statements for Financial Forecasts and Business Outlook

5

2. Quarterly Consolidated Financial Statements

6

2.1 Quarterly Consolidated Balance Sheets6

2.2 Quarterly Consolidated Statements of Income and Comprehensive Income

8

2.3 Notes to Quarterly Consolidated Financial Statements

10(Changes in Accounting Policies))

10(Business Segments)

10(Notes in the Event of Significant Changes in Shareholders’ Capital)

11(Notes Regarding Going Concern Assumption)

11(Notes to Quarterly Consolidated Financial Statements)

11(Significant subsequent events)

11

―3―

1. Business Results
1.1 Highlight of Consolidated Operating Results⚫

Consolidated net sales: 21.3 billion yen (-0.3% YoY), operating income: 0.83 billion yen (-29.0%),
Profit attributable to owners of parent: 0.34 billion yen (-55.0%)⚫

⚫

Net sales for Smart meters & solutions in Japan increased year on year with higher sales in the
Switchgear Business. (Sales in the Smart meter business increased slightly.)
Operating income decreased with temporary changes in the product mix and an increase in SG&A
expenses.
For Smart meters & solutions overseas, shipments to Oceania increased steadily while shipments to
the UK decreased due to inventory adjustments by customers. As a result, both net sales and operating
income decreased.

Summary of Consolidated Financial Results for the Three Months ended June 30, 2024
(Millions of yen)

Net sales
Smart meters & solutions in Japan
Smart meters & solutions overseas
Real estate
Adjustment
Operating income
Smart meters & solutions in Japan
Smart meters & solutions overseas
Real estate
Adjustment
Ordinary income
Profit attributable to owners of parent

Three Months ended

Three Months ended

June 30, 2023
March 31, 2023
21,367

June 30, 2024

YoY Change
Amount%11,975
9,581
143
(334)
1,169
1,046
55
74
(6)
1,380

21,30012,449
9,030
138
(318)
830
861
(106)
74
0
952

(67)
473
(550)
(5)
15
(339)
(184)
(161)
(0)
7
(427)

(0.3)%
₊4.0％(5.7)%(3.9)%(29.0)%(17.7)%(0.4)%(31.0)%

768

345

(423)

(55.0)%―4―

1.2 Consolidated Financial Position
Total assets at June 30, 2024 were 98,943 million yen, a 3,301 million yen increase from March 31, 2024.
This was mainly due to a decrease in notes and accounts receivable -trade and contract assets by 2,433
million, while cash and deposits increased by 3,035 million yen and inventory increased by 2,095 million
yen.
Total liabilities were 36,350 million yen, a 3,241 million yen increase from March 31, 2024. This was
mainly due to a decrease in notes and accounts payable – trade and electronically recorded obligations –operating by 1,146 million yen, while short to long term borrowings and other current liabilities increased
by 3,715 million yen and 927 million yen respectively.
Net assets were 62,592 million yen, a 59 million yen increase from March 31, 2024. This was mainly due
to a decrease in retained earnings and non-controlling interests by 620 million yen and 396 million yen
respectively, while valuation difference on available-for-sale securities and foreign currency translation
adjustment increased by 447 million yen and 161 million yen respectively, and deduction of treasury
stock decreased by 509 million yen.

1.3 Statements for Financial Forecasts and Business Outlook
The Company revised the forecast for the six months ending September 30, 2024 and full-year for the fiscal year
ending March 31, 2025, previously announced on May 9, 2024. Please refer to “Notice Concerning Revision of
Financial Forecasts for the Fiscal Year ending March 2025” for more details.
Revision of financial forecast for the six months ending September 30, 2024
(From April 1, 2024 to September 30, 2024)

Previous Forecasts (A)Revised Forecasts (B)Change (B-A)
Rate of Change (%)(Reference) Results forthe half of fiscal year
2023

Net Sales(Million yen)

Operating
Income(Million yen)

Ordinary
Income(Million yen)

Net Income
Attributable to
Owners of
Parent(Million yen)

41,00043,700
2,700
+6.6

1,000
1,500
500
+50.0

1,000
1,400
400
+40.0

300
400
100
+33.3

44,174

2,325

2,415

1,356

Net Income
Attributable to
Owners of
Parentper Share
(Yen)
6.39
8.53

28.97

Revision of consolidated financial results forecast for the fiscal year 2024
(From April 1, 2024 to March 31, 2025)

Previous Forecasts (A)Revised Forecasts (B)Change (B-A)
Rate of Change (%)(Reference) Results forthe previous fiscal year
ended March 31, 2024

Net Sales(Million yen)

Operating
Income(Million yen)

Ordinary
Income(Million yen)

Net Income
Attributable to
Owners of
Parent(Million yen)

90,00097,000
7,000
+7.8

4,700
5,000
300
+6.4

3,900
4,600
700
+17.9

2,000
2,700
700
+35.0

95,147

5,874

5,488

2,407

―5―

Net Income
Attributable to
Owners of
Parentper Share
(Yen)
42.63
57.55

51.36

2. Quarterly Consolidated Financial Statements
2.1 Quarterly Consolidated Balance Sheets(Millions of yen)
As of March 31, 2024

As of June 30, 2024

AssetsCurrent assets
Cash and deposits
Deposits paid
Notes and accounts receivable - trade, and contract
assetsMerchandise and finished goods

7,135
3,717

10,1704,231

18,825

16,391

10,331

8,642

Work in process
Raw materials and supplies

2,747
9,230

3,202
12,560Other
Allowance for doubtful accounts

3,936
(460)

3,543
(484)

Total current assets

55,46458,258

Buildings and structures, net
Land

7,979
12,099

7,904
12,099Other, net

4,666

4,699

Total property, plant and equipment

Non-current assets
Property, plant and equipment

24,746

24,704

Intangible assets
Investments and other assets

783

752

Investment securities
Retirement benefit asset

8,149
2,201

8,777
2,202

Other
Allowance for doubtful accounts

4,301
(4)

4,252
(3)

Total investments and other assets

14,647

15,22840,177

40,68595,641

98,943

Total non-current assets
Total assets―6―

(Millions of yen)
As of March 31, 2024

As of June 30, 2024

Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating

7,071
2,857

5,998
2,784

Short-term borrowings
Income taxes payable

1,874
786

8,413
406

Provision for bonuses
Provision for bonuses for directors (and otherofficers)
Provision for product warranties
Other

1,676

1,811

107

30

462
7,361

449
8,288

Total current liabilities

22,19728,182

2,823

-

52

53

52

53

Retirement benefit liability
Deferred tax liabilities

2,347
3,151

2,392
3,295

Other

2,483

2,372

Total non-current liabilities

10,9108,167

33,10836,350Share capital
Capital surplus

7,965
8,762

7,965
8,750

Retained earnings
Treasury shares

27,503(1,198)26,883(689)

Total shareholders' equity

43,03442,910

3,203

3,651

2,521
850

2,682
821

Non-current liabilities
Long-term borrowings
Provision for retirement benefits for directors (andother officers)
Provision for repairs

Total liabilities
Net assets
Shareholders' equity

Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Foreign currency translation adjustment
Remeasurements of defined benefit plans

6,575

7,155

Share acquisition rights
Non-controlling interests

Total accumulated other comprehensive income

466
12,456466
12,059Total net assets

62,53262,592

95,641

98,943

Total liabilities and net assets―7―2.2 Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income (For the three months)(Millions of yen)
For the three months
ended June 30, 2023
Net sales
Cost of sales

For the three months
ended June 30, 2024

21,367
16,35521,30016,197Gross profit

5,011

5,102

Selling, general and administrative expenses

3,842

4,272

Operating profit

1,169

830

Non-operating income
Interest income
Dividend income
Foreign exchange gains

6

8

190
42

174
-

Other

55

36

Total non-operating income

294

218

Interest expenses
Foreign exchange losses

73
-

47
44

Other

10

4

Total non-operating expenses

83

96

1,380

952

-

10
10

15

-

15

-

1,365

963

382

413

Non-operating expenses

Ordinary profit
Extraordinary income
Gain on sale of investment securities
Total extraordinary income
Extraordinary losses
Loss on sale of shares of subsidiaries and associates
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred

22

18

Total income taxes

404

432

Profit960

531

Profit attributable to non-controlling interests

191

185

Profit attributable to owners of parent

768

345

―8―

Quarterly Consolidated Statements of Comprehensive Income (For the three months)(Millions of yen)
For the three months
ended June 30, 2023
ProfitOther comprehensive income

For the three months
ended June 30, 2024
960

531

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

508
(506)

447
161

Remeasurements of defined benefit plans, net of tax

(22)

(29)

Total other comprehensive income

(20)

579

Comprehensive income

939

1,110

Comprehensive income attributable toComprehensive income attributable to owners ofparentComprehensive income attributable to non-controllinginterests

748

925

191

185

―9―

2.3 Notes to Quarterly Consolidated Financial Statements(Changes in Accounting Policies)
Accounting Standard for Corporate, Inhabitant and Enterprise Taxes (ASBJ Statement No. 27, October 28, 2022,
hereafter referred to as “the 2022 Revised Accounting Standard”) and others were applied from the beginning of thefirst quarter of the current consolidated fiscal year.
The company follows the treatment concerning the classification of income taxes (taxation on other comprehensive
income) as below:- The treatment prescribed in Paragraph 20-3 of the 2022 Revised Accounting Standard- Application guidelines for accounting standards related to tax effect accounting (ASBJ Statement No. 28, October28, 2022, hereafter referred to as “the 2022 Revised Accounting Standard”) transitional treatment provided in theproviso to Article 65-2 (2)In addition, regarding the revision regarding the treatment in consolidated financial statements when gains and losses
on sales of subsidiary stocks, etc. within consolidated companies are deferred for tax purposes, the 2022 revised
application guidelines were applied from the beginning of the first quarter of the current consolidated fiscal year.
The above changes have no impact on the quarterly consolidated financial statements.

(Business Segments)
I Fiscal year ended 30 Jun 2023 (April 1, 2023 to June 30, 2023)
1. Sales, Profits or Losses by Reporting Segments(Millions of yen)
Reporting Segments

Sales to Customers
Intersegment Sales
Total Sales
Operating Income

Adjustment(Remark)

Smart meters &solutions in Japan

Smart meters &solutions overseas

Real estate

11,970
5
11,975
1,046

9,279
302
9,581
55

117
26
143
74

Consolidated

Total

21,367334
21,701
1,176

―
(334)
(334)
(6)

21,367―
21,367
1,169(Remark) The operating income is adjusted by the elimination of the intersegment transactions.
2. Impairment loss of Fixed Asset and Goodwill by Reporting Segments
There are no applicable matters.
II Fiscal year ended 30 Jun 2024 (April 1, 2024 to June 30, 2024)
1. Sales, Profits or Losses by Reporting Segments(Millions of yen)
Reporting Segments

Sales to Customers
Intersegment Sales
Total Sales
Operating Income

Adjustment(Remark)

Smart meters &solutions in Japan

Smart meters &solutions overseas

Real estate

12,443
6
12,449
861

8,745
285
9,030
(106)

111
26
138
74

Total

21,300318
21,618
829

―
(318)
(318)
0

(Remark) The operating income is adjusted by the elimination of the intersegment transactions.
2. Impairment loss of Fixed Asset and Goodwill by Reporting Segments
There are no applicable matters.
―10―

Consolidated

21,300―21,300830

(Notes in the Event of Significant Changes in Shareholders’ Capital)
There are no applicable matters.
(Notes Regarding Going Concern Assumption)
There are no applicable matters.
(Notes to Quarterly Consolidated Financial Statements)
A quarterly consolidated cash flow statement for the current first quarter consolidated cumulative period has not been
prepared. Depreciation expenses (including amortization expenses related to intangible fixed assets) for the firstquarter consolidated cumulative period is as follows.

Depreciation expenses

Fiscal year ended 30 Jun 2023
(April 1, 2023 to June 30, 2023)
558 Millions of yen

Fiscal year ended 30 Jun 2024
(April 1, 2024 to June 30, 2024)
524 Millions of yen(Significant subsequent events)
Purchase of treasury shares
The Company resolved at the board meeting held on Aug 6, 2024, on matters regarding repurchase of its own stockby pursuant to Article 156 of the Companies Act of Japan as applied by the provision of Article 165, paragraph 3 ofthe same Act. Details are as follows.
1. Reason for the repurchase of own stock
To improve capital efficiency and increase shareholder return
2. Details of Matters Concerning Repurchase(1) Class of shares to be repurchased: Common stock(2) Total number of shares to be repurchased: 2,500,000 (Maximum)(Percentage of total shares issued (excluding treasury stock): 5.33%)(3) Total amount of repurchase price: 2.0 billion yen (Maximum)(4) Period of repurchase: From August 7, 2024 to August 6, 2025
(5) Method of repurchase: Open market purchase on the Tokyo Stock Exchange
3. Others
The underlying policy is to limit treasury stock to 5% of issued shares and to retire shares without any prospective
use. Based on this policy, Osaki plans to retire the treasury stock after completing the repurchase described in 2
above.

―11―