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 Six Months Ended September 30, 2022
(Based on Japanese GAAP)
November 10, 2022
Company name:HAGIWARA ELECTRIC HOLDINGS CO., LTD.
Stock exchange listing: Tokyo, Nagoya
Stock code:
Representative:

7467
URL https://www.hagiwara.co.jp/
President and Representative Director
Moritaka KimuraInquiries:
Senior Vice President
Scheduled date to file Quarterly Securities Report:

Yoshihiro Hirakawa
November 10, 2022

Scheduled date to commence dividend payments:
Preparation of supplementary material on quarterly financial results:

December 2, 2022
Yes

Holding of quarterly financial results meeting:

Yes

TEL

052-931-3511(for institutional investors and analysts)(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the six months ended September 30, 2022 (from April 1, 2022 to September 30, 2022)(1) Consolidated operating results (cumulative)
Net sales
Six months ended September 30, 2022
Six months ended September 30, 2021

Millions of yen
86,412
71,604

Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
owners of parent% Millions of yen% Millions of yen% Millions of yen%
20.7
2,671
52.2
2,909
68.9
2,817 146.0
35.6
1,754
27.1
1,723
25.4
1,145
30.6

Earnings per share

Diluted earnings per shareYen
318.27129.48Six months ended September 30, 2022
Six months ended September 30, 2021Yen––(2) Consolidated financial position
Total assets
As of September 30, 2022
As of March 31, 2022

Net assets

Millions of yen
95,35282,482Equity ratio

Millions of yen
42,13339,369

%
42.0
45.2

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
40.00
60.00

Yen–

Yen
60.00

Yen
100.00–65.00125.00Year 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)
Percentages indicate year-on-year changes
Profit attributable toNet sales
Operating profit
Ordinary profit
Earnings per shareowners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Yen
Full year
189,000
19.3
5,350
22.8
5,200
19.9
3,600
25.2
406.471

4. Notes(1) Changes in significant subsidiaries during the six months ended September 30, 2022
(changes in specified subsidiaries resulting in the change in scope of consolidation):Yes(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:

Yes
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 September 30, 2022

9,018,000 shares As of March 31, 2022

9,018,000 shares

158,474 shares As of March 31, 2022

167,113 shares

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

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

8,854,055 shares Six months ended September 30, 2021

28,846,286 shares

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

As of September 30, 2022Assets
Current assets
Cash and deposits
Notes and accounts receivable - trade, and contract assets

8,506
26,571

10,33229,925

Electronically recorded monetary claims - operating
Merchandise and finished goods

9,471
27,641

4,410
38,135

603
861

1,203
1,105

Other
Allowance for doubtful accounts

3,090
(17)

2,772
(18)

Total current assets

76,72987,866

2,713

4,410

243

220

Other
Allowance for doubtful accounts

2,840
(44)

2,896
(41)

Total investments and other assets

2,796

2,855

5,753

7,486

82,482

95,352Work in process
Raw materials and supplies

Non-current assets
Property, plant and equipment
Intangible assets
Investments and other assets

Total non-current assets
Total assets
Liabilities
Current liabilities
Notes and accounts payable - trade17,376

17,631

Electronically recorded obligations - operating
Short-term borrowings

3,126
10,1293,269
16,427

Current portion of long-term borrowings
Provision for product warranties

1,025
–

2,352
24–
992

2
1,024

Provision for loss on orders received
Income taxes payable
Other

3,882

4,094

Total current liabilities

36,53144,827

Long-term borrowings
Other

6,250
332

8,033
359

Total non-current liabilities

6,582

8,392

43,11353,219Non-current liabilities

Total liabilities

3

(Millions of yen)
As of March 31, 2022

As of September 30, 2022

Net assets
Shareholders' equity
Share capital

4,361

4,361

Capital surplus
Retained earnings

4,872
27,6794,874
29,966

Treasury shares

(305)

(290)

36,60738,911

Valuation difference on available-for-sale securities
Deferred gains or losses on hedges

325
(3)

298
(0)

Foreign currency translation adjustmentRemeasurements of defined benefit plans

413(97)915(100)

Total accumulated other comprehensive income

638

1,112

Total shareholders' equity
Accumulated other comprehensive income

Non-controlling interests

2,123

2,110

Total net assets

39,36942,13382,482

95,352

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)Six months ended

Six months ended

September 30, 2021

September 30, 2022

Net sales
Cost of sales

71,60465,02786,41278,325Gross profit

6,576

8,087

Selling, general and administrative expenses

4,822

5,416

Operating profit

1,754

2,671

Interest income
Dividend income

1011

8
11

Foreign exchange gains
Other–
25

194
92

Total non-operating income

46306

Non-operating income

Non-operating expenses
Interest expenses

18

41

Foreign exchange losses
Loss on sale of trade receivables

41
4–
18

Other

138

Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of investment securities

7868

1,723

2,90977

14

Gain on bargain purchase–882

Total extraordinary income

77897

50

Extraordinary losses
Loss on disposal of non-current assets
Total extraordinary losses
Profit before income taxes
Income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

5

50

1,795

3,806

622

967

1,172

2,839

27

21

1,145

2,817

Consolidated statements of comprehensive income (cumulative)(Millions of yen)

ProfitOther comprehensive income

Six months ended

Six months ended

September 30, 2021

September 30, 2022

1,172

2,839

Valuation difference on available-for-sale securities
Deferred gains or losses on hedges

(43)
–(27)
2

Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax

143
7501
(3)

Total other comprehensive income

107

473

1,280

3,313

1,252

3,291

27

21

Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

6Consolidated statements of cash flows(Millions of yen)Six months ended

Six months ended

September 30, 2021

September 30, 2022

Cash flows from operating activities
Profit before income taxes

1,795

3,806

Depreciation
Gain on bargain purchase

137–136(882)

Loss (gain) on sale and retirement of non-current assets
Increase (decrease) in allowance for doubtful accounts

556–
(1)

Decrease (increase) in retirement benefit asset
Interest and dividend income

(46)
(21)

(50)
(19)

Interest expenses
Loss (gain) on sale of investment securities

18(77)

41(14)

Decrease (increase) in trade receivables
Decrease (increase) in inventories

6,149(5,589)

2,179(10,883)

Increase (decrease) in trade payables
Other, net(1,980)(1,000)68
511

Subtotal(554)(5,109)Interest and dividends received
Interest paid

22(20)

20(41)

Income taxes paid

(555)

(1,049)(1,107)(6,180)Purchase of investment securities
Proceeds from sale of investment securities

(3)
118

(1)
20

Purchase of property, plant and equipment
Purchase of intangible assets

(70)
(21)

(45)
(43)

Purchase of shares of subsidiaries resulting in change in scopeof consolidation–(1,209)

Other, net

5(1)Net cash provided by (used in) investing activities

28(1,280)

Net increase (decrease) in short-term borrowings
Proceeds from long-term borrowings

1,134
1,300

6,298
4,060

Repayments of long-term borrowings
Purchase of treasury shares(1,350)
(0)

(950)
(0)

(442)
(34)

(529)
(34)

Net cash provided by (used in) operating activities
Cash flows from investing activities

Cash flows from financing activities

Dividends paid
Dividends paid to non-controlling interests
Other, net

(39)

(37)

Net cash provided by (used in) financing activities

567

8,807

Effect of exchange rate change on cash and cash equivalents

143479Net increase (decrease) in cash and cash equivalents

(368)

1,825

Cash and cash equivalents at beginning of period

9,713

8,506

Cash and cash equivalents at end of period

9,345

10,3327