100th Anniversary SPECIAL ISSUETER ASAKIREPO R T
First Half of FY2023(1 April 2023 30 September 2023)

Securities code 6637

Financial Highlights
Operating profit/
Operating profit ratio

Net sales

23,285

Million yen+18.2% year-on-year

1,340

48,650Million yen+143.6% year-on-year●●+66.4% year-on-year■1H ■Full year
Operating profit ratio

2,868

2,890

（Forecast）10

4,000

37,856

2,400

8

6.5
30,0001,800

23,28520,000 17,887

19,700

1,637

2.3
10,000600

407
02021 FY

2022 FY

2023 FY

02021 FY（Forecast）

1,340

1,200

+146.7% year-on-year

3,000

30

2,400

1,944

2023 FY

1,535

1,878

1,275

4

0

10

（Forecast）

20

18

10

15

（Forecast）

622

536

2021 FY（Forecast）

10

1,000

1,000

0

yen

30

100th Anniversary
Commemorative
Dividend

25

20

2,000
2,000

10

■ ■ ■Dividends per share

3,000

6

2

Interim（Units：yen）（Forecast）

1,128

550

Dividends■1H ■Full year

2,345

2.8

2022 FY

Million yen

5.9

5.8

4.3

1,535

（Units：Million yen）

3,530
3,479（Forecast）

44,25340,000

Profit attributable to
TERASAKI shareholders■1H ■Full year

（Units：%） （Units：Million yen）

（Units：Million yen）

（Forecast） 3,000

50,000

1,878

Million yen■1H ■Full year
（Units：Million yen）

Ordinary profit

2022 FY

2023 FY

02021 FY1053082022 FY

2023 FY

02021 FY

2022 FY

2023 FY

Outlook for Financial Year 2023（Ending 31 March,2024）
Net sales

Operating profit

Ordinary profit

Profit attributable to
TERASAKI shareholders

48,650Million yen

2,890Million yen

3,530Million yen

2,400Million yen+9.9% year-on-year+0.7% year-on-year+1.4% year-on-year+2.3% year-on-year≪Exchange rate assumptions for the second half of FY2023≫
135yen/US$、
150yen/EURO、170yen/￡、90yen/A$

Dividends

Interim 10yen
Year-end 20yen
Annual 30yen

President's Message
We would like to express our sincere gratitude to all ourshareholders for the continued support.
Capital investments in Japan remained firm, though there
was a movement to adjust excess inventory. In foreigncountries, except in some regions, it generally remained
strong against a backdrop of investment for decarbonizedsociety. In the shipbuilding industry, being one of our major
markets, the new shipbuilding order volume was sluggish,but its order backlog remained high against a backdrop of
demands for LNG carriers, car carriers and next-generation
ships intended to help bring about the decarbonization ofmaritime transportation. On the other hand, energy prices
and raw material prices such as copper have remained high,and there have been concerns about the impact on production costs.
Under these circumstances, for the first half of financial
year ending 31 March, 2024, net sales increased year-onyear due to higher sales of Marine Systems and Circuit
Breakers. Operating profit and ordinary profit also increased
owing to the sales increase and the effect of the weaker yen.
Profit attributable to TERASAKI shareholders increased due
to deferred income taxes.
The outlook for future is expected to remain uncertain due
to factors such as the impact of global monetary tightening
policies and geopolitical risks. We will strive to operate ourbusiness in a flexible manner so that we can provide our
products and services stably even under these circumstances.

Representative Director
President Executive Officer

Taizo Terasaki

TERASAKI celebrated its 100th anniversary on 1 October,2023. We would like to express our deepest appreciation to
all of our stakeholders, including our shareholders, who havesupported our company's development over the years.
Passing on our 100-year legacy and the founder's spirit, weshall aim for sustainable growth into the next 100 years.
We earnestly ask for the continued support from ourshareholders and partners as we pursue these challenges.
December 2023

Segment Performance by Region
Asia

Japan

EuropeNet sales

11.8 Billion yen（＋14.6% YoY）

Net sales

7.6 Billion yen（＋20.0% YoY）

Net sales

3.7 Billion yen（＋26.9% YoY）

Segment profit

1.22 Billion yen（＋121.6% YoY）

Segment profit

0.46 Billion yen（＋53.5% YoY）

Segment profit

0.2 Billion yen（＋37.9% YoY）

（Units：Billion yen）
【Net sales】（Units：Billion yen）
【Net sales】（Units：Billion yen）
【Net sales】

10.3

11.8

6.3

7.6

2.9

3.7

Q2
2022FY

Q2
2023FY

Q2
2022FY

Q2
2023FY

Q2
2022FY

Q2
2023FY●︎Marine Systems

Sales for container ships and TERASAKI Shore
Connection (high-voltage shore connection
system) increased●︎Industrial Systems

Sales for green-energy power plants in Japan,
oversea plants, and distributed power
supplies increased●︎Circuit Breakers

Sales in Japan and overseas performed well●︎Marine Systems

Sales increased significantly year-on-year●︎Engineering & Lifecycle Services

Equipment repairs and replacements
increased as COVID-19-related restrictions
were eased●︎Circuit Breakers●︎Circuit Breakers

Sales remained strong in Europe and the
U.K., and performed well due to the large
projects in the Middle East

●︎Engineering & Lifecycle Services

Repairs for marine systems increased whilecircuit breaker retrofit orders decreased

Sales in Malaysia were lower

Performance by Product Group
SystemProducts
CircuitBreaker
Products

Net sales

11.6Billion yen（＋20.5 % YoY ）Net sales

11.6Billion yen（＋16.0 % YoY ）Orders received

16.9Billion yen Order backlog 36.8Billion yen（▲9.7 % YoY ）（+5.2 Billion yen from the end of FY2022）【System Products Order backlog】（Units：Billion yen）

31.6

36.8

23.1
（Note）We do not disclose orders received or order backlog for
Circuit breaker products because they are manufactured
in accordance with our planned production schedule.

Mar
2022

Mar
2023

Sep
2023

Special Feature"IKASARETE" for 100 years-TERASAKI 100-Year Journey-

1994

Established TERASAKI ELECTRIC(CHINA) LIMITED

2008

2017

Launched TERASAKI Shore
Connection (high-voltage
shore connection system)

Startedmanufacturing
dialysis machines as
finished products

TERASAKI celebrated its 100th anniversary on 1 October, 2023. We would like to express our sincere
appreciation and gratitude to everyone who has accompanied and supported us on this journey.
Passing on our 100-year legacy and the founder's spirit, we shall aim for sustainable growth into thenext 100 years.
1988

Developed an engine control
system for cogeneration

1970

1933

Established the first overseas
subsidiary in the U.K.

Supplied dead-front
switchboards for the Osaka
Municipal Subway, Japan's firstpublicly managed metro project

2023

TemBreak PRO
100AF/125AF smart
circuit breakers received
the Minister of Land,
Infrastructure, Transport
and Tourism Award at
JECA FAIR 2023

1996

Acquired knowledge and experienceof system engineering service
through the order from Colon
Container Terminal in Panama

2023

Celebrated thecompany's 100th
anniversary

2011

Launched TERANET50X(integrated control andmonitoring system)

1988

Launched TemBreak series
circuit breakers

2023

2000

Developed TemPower2
circuit breakers

2022

Moved to the Tokyo
Stock ExchangeStandard Market

1962

1947

Supplied the first marine
distribution board

Relocated the company head office
to Abeno-ku, Osaka

2020
1973

Released
Tem PRO series
circuit breakers

2001

Established TERASAKI ELECTRIC CO.,(F.E.)
PTE.LTD in Singapore

Established TERASAKI
ELECTRIC IMARI CO., LTD.

2020

1955

Established TERASAKI
ELECTRIC CO.,LTD.

2016
2007
1997
1992

1923

Yasutaro Terasaki founded TERASAKI
ELECTRIC WORKS in Konohana-ku,
OsakaStarted manufacturing knife switches

Started manufacturing
automated urine analyzers

1961

1923

Supplied the first monitoring
system for Kinkasan Maru,
the world's first automated
ship

1973

Held the 50th
anniversarycelebration

1958

Introduced the first largecapacity generator for shortcircuit tests
Enabled the development andverification of high breakingcapacity circuit breakers

Developed a unit for
dialysis machine

Listed on the JASDAQ
Securities Exchange

Relocated the company head
office to a new building at
Kami Factory

Ramped up productionof DNA testing devices
in response to increased
demand for COVID-19
testing

1963

Developed the world's
first current limiting
circuit breaker (MCCB)

1984

Established TERATEC LTD.

TOPICS

Trajectory of TERASAKI❶

The founder's spirit passed on through generations
Yasutaro Terasaki was only 20 years old when he established TERASAKI
ELECTRIC WORKS in Oct 1923. He started his business in a small 20㎡
workshop, where he began manufacturing knife switches and switchboards.
Through careful attention to his work, he earned the trust of his customers
who perceived that“TERASAKI delivers high quality products”, and it
allowed him to expand the business. This experience made him embrace thecraftmanship of making first-class products throughout his life.
As one of our corporate missions, "Contribute to society by offering safety,
security and comfort to all our customers with world-class products andservices that we develop, manufacture and provide", this spirit has been
constantly inherited by TERASAKI group members.

Yasutaro Terasaki, the founder100th Anniversary Projects
Having reached a memorable milestone in 2023, we held a variety of commemorative events with asense of gratitude to everyone who has supported us and with the aim of achieving even greater success.

TERASAKI 100th Anniversary Logo

100th Anniversary ceremony

A competition for the anniversary logo was held asa group-wide event involving all employees. The best
logo design was selected from 82 entries, and it was
finally arranged based on the original one. The“1”isshaped like a wing, and the five feathers represent our
five business fields. The design going up to the rightembodies our quest for future development and growth.

The ceremony to commemorate the 100th anniversary was held on 23 September 2023, and 949
participants including employees and stakeholders bothin Japan and overseas attended.
President Taizo Terasaki delivered a speech and said,"We will continue to keep our business operations withflexibility while upholding our missions and management
philosophy, and create better and brighter future for all
stakeholders".
At the celebration party, participants deepened theinteractions across companies and departments, andeveryone renewed their determination to work together
to further develop TERASAKI group. A video summarizing
the history of TERASAKI was also released, providing an
opportunity to look back on its journey over the past
century and to realize that the company has continued
its business operation as a result of the support andcooperation from our shareholders and many otherstakeholders.

The winning design of the anniversary logo competition

TERASAKI 100th Anniversary Slogan"IKASARETE for 100 years" —The slogan selected from73 entries is simple but yet has an unlikely surprise. When
“TERASAKI”is read backwards as“IKASARETE”with
an“E”at the end, it means "to be utilized" in Japanese,
representing our deepest gratitude to everyone.

100th Anniversary Website

https://www.terasaki.co.jp/
english/100th/

TOPICS

Trajectory of TERASAKI❷●1947 Expansion of the business field in the maritime industry

In September 1947, the Japanese government launched a planned
shipbuilding policy aimed at rebuilding and recovery of shipbuilding
industry. Focusing on this new policy, TERASAKI initiated R&D of themarine switchboards, introduced testing equipment, and enhanced
production facilities. In 1958, the company made a major investment ina large-capacity generator under the leadership of Yasutaro Terasaki.
Although it was a decision made in the midst of difficult businesssituation, this investment not only enabled the company to keep hightechnical standards, to develop and verify high breaking-capacity circuit
breakers, but also led to a later development of power distribution andcontrol system for large ships.

T h e f i r s t g e n e r a t o r f o r TERASAKI products wereshort-circuit tests
installed on the first
Antarctic icebreaker Soyain 1956.

●1963 Development of current limiting circuit breaker

In March 1963, TERASAKI developed the world's first current limiting
circuit breaker. At that time, circuit breakers were required to have higher
breaking-capacity in response to the increasing amount of electricity as
ships became larger and faster. The company succeeded in the technicaldevelopment by utilizing electromagnetic repulsion force, which had
been considered difficult to control. The development became a major
topic in electrical technology journals and industry newspapers, and thename“TERASAKI”gained recognition as a famous circuit breaker brand.

Prototype of current
limiting circuit breakerCorporate Information /Stock Information（As of 30 September 2023）
Corporate Profile

SharesCompany 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

2,108（Consolidated）

Major Shareholders
Shares owned

Share

Terasaki Co., Ltd.

2,200

16.89

Taizo Terasaki

1,138

8.74

Terasaki Trust Co., Ltd

866

6.64

Kaori Aramaki

738

5.66

Yuzo Terasaki

677

5.19

Hozansha Co., Ltd.

653

5.01

The Master Trust Bank of Japan, Ltd.

602

4.62

Terasaki Employee Stock Ownership

551

4.22

Terasaki Suppliers Stock Ownership

535

4.11

Arc Ltd.

400

3.07

Shareholder

542（Non-consolidated）
Consolidated Subsidiaries

Domestic: 4, Overseas: 8

Director ＆ Executive Officer
Representative Director
President
Taizo Terasaki
Executive Officer
Director
Senior Managing
Executive Officer

Business Planning, R&D,

Kazunobu Kumazawa Disclosure, General
Affairs

Director
Managing
Executive Officer

Junji Nagase

Accounting & Finance,
Information System
Department

Director
Managing
Executive Officer

Masao Nishida

System Division

Director
Managing
Executive Officer

Yoshihiro Umemoto Circuit Breaker Division

Director
Executive Officer

Shunji Okada

Director
Executive Officer

Kazuhiro Yoshikawa Medical Device

Engineering, Life Cycle

Director
Audit & Supervisory Hirofumi Kobayashi
Committee Member
Director
Audit & Supervisory
Kunio Chiyoda
Committee Member(External)

1,103（1,000 shares）（％）（Note）Share percentages are calculated without treasury stock（1,070 shares）.

Distribution by Shareholders

13,030thousand shares（1,103 shareholders）

Director
Audit & Supervisory
Shunji Takano
Committee Member(External)
General Manager,

Executive Officer

Shujiro Hamano Human Resources &Executive Officer

Masaji Nishino

Executive Officer

Hideki Nakagawa Circuit Breaker Division

Executive Officer

Keita Yasukawa System Division

Executive Officer

Tsutomu Takeda Circuit Breaker Division

General Affairs

Chief Audit Executive
Internal Audit Section
Sales & Marketing,Marine Systems
Production Innovation

6-13-47 Kamihigashi, Hirano-ku, Osaka 547-0002 Japan
TEL：+81-6-6791-2701
https://www.terasaki.co.jp/english/* Treasury stock（1,070 shares）is included in individual investor andothers.