May 13, 2022

Summary of Consolidated Financial Results for the Fiscal Year Ended March 31, 2022
[Japanese GAAP]
Company name:
Stock code:
Representative:
Contact:IWAKI CO.,LTD.
Listing: Tokyo Stock Exchange
6237
URL: https://www.iwakipumps.co.jp/
Shigeru Fujinaka, President
Makoto Inoue, Executive Officer,
Senior General Manager of Business Management Head OfficeTel: (81)3-3254-2931
Scheduled date of Annual General Meeting of Shareholders: June 29, 2022
Scheduled date of payment of dividend:
June 30, 2022
Scheduled date of filing of Annual Securities Report:
June 30, 2022
Preparation of supplementary materials for financial results: Yes
Holding of financial results meeting:Yes (for institutional investors and analysts)(All amounts are rounded down to the nearest million yen)

1. Consolidated Financial Results for the Fiscal Year Ended March 31, 2022 (April 1, 2021 – March 31, 2022)(1) Consolidated results of operations(Percentages represent year-on-year changes)
Profit attributable
Net sales
Operating profit
Ordinary profit
to owners of parent
Million yen% Million yen% Million yen% Million yen%
Fiscal year ended Mar. 31, 2022
32,439 15.2
2,139
25.4
2,992
34.7
2,396 14.6
Fiscal year ended Mar. 31, 2021
28,162 (1.7)
1,706(19.3)
2,222 (13.8)
2,091 (1.5)
Note: Comprehensive income (million yen) Fiscal year ended Mar. 31, 2022:
3,602 (up 43.3%)
Fiscal year ended Mar. 31, 2021:
2,514 (up 48.5%)
Net income per
Diluted net
Ordinary profit Operating profit
Return on equity
share
income per shareon total assets
to net sales
Yen

Yen

Fiscal year ended Mar. 31, 2022
109.37
Fiscal year ended Mar. 31, 2021
94.90
Reference: Equity in earnings of affiliates (million yen)

%

10.1
9.7
Fiscal year ended Mar. 31, 2022: 801
Fiscal year ended Mar. 31, 2021: 509

%

%

8.5
7.1

6.6
6.1

(2) Consolidated financial position
Total assets
Net assets
Capital adequacy ratio Net assets per share
Million yen
Million yen%
Yen
As of Mar. 31, 2022
37,96325,25166.3
1,149.41
As of Mar. 31, 2021
32,211
22,52069.7
1,018.96
Reference: Owner’s equity (million yen)
As of Mar. 31, 2022: 25,177
As of Mar. 31, 2021: 22,456(3) Consolidated cash flows
Cash flows from
Cash flows from
Cash flows from Cash and cash equivalents
operating activities investing activities financing activities
at end of period
Million yen
Million yen
Million yen
Million yen
Fiscal year ended Mar. 31, 2022
2,710
(429)
(579)
8,573
Fiscal year ended Mar. 31, 2021
2,089
(920)
149
6,936

2. Dividends
Dividend per share
1Q-endFiscal year ended Mar. 31, 2021
Fiscal year ended Mar. 31, 2022
Fiscal year ending Mar. 31, 2023
(forecast)

2Q-end3Q-end Year-end

Total

Total
dividends

Dividend
Dividend on
payout ratio
equity(consolidated) (consolidated)

Yen

Yen

Yen

Yen

Yen

Million yen

%

%

-

8.00
12.00

-

21.00
21.50

29.00
33.50

639
733

30.6
30.6

3.0
3.1

-

13.00

-

22.00

35.00

30.1

3. Consolidated Earnings Forecasts for the Fiscal Year Ending March 31, 2023 (April 1, 2022 – March 31, 2023)
Net salesFirst half
Full year

Million yen
17,082
34,830Operating profit
%
9.6
7.4

Million yen
1,196
2,748

%
13.0
28.5

(Percentages represent year-on-year changes)
Profit attributable to Net income per
Ordinary profit
owners of parent
shareMillion yen% Million yen
%
Yen
1,533
0.5
1,091
(8.4)
49.83
3,411
14.0
2,547
6.3
116.31

* Notes(1) Changes in consolidated subsidiaries during the period (changes in scope of consolidation): None
(2) Changes in accounting policies and accounting-based estimates, and restatements
1) Changes in accounting policies due to revisions in accounting standards, others:

Yes2) Changes in accounting policies other than 1) above:None3) Changes in accounting-based estimates:

None4) Restatements:

None

Note: Please refer to page 13 “3. Consolidated Financial Statements and Notes, (5) Notes to Consolidated Financial
Statements, Changes in Accounting Policies” for details.

(3) Number of outstanding shares (common shares)
1) Number of shares outstanding at the end of the period (including treasury shares)
As of Mar. 31, 2022:

22,490,910 shares

As of Mar. 31, 2021:

22,490,910 shares

As of Mar. 31, 2021:

451,856 shares

2) Number of treasury shares at the end of the period
As of Mar. 31, 2022:

585,863 shares

3) Average number of shares outstanding during the period
Fiscal year ended Mar. 31, 2022:

21,913,149 sharesFiscal year ended Mar. 31, 2021:

22,035,190 shares

Reference: Summary of Non-consolidated Financial Results
Non-consolidated Financial Results for the Fiscal Year Ended March 31, 2022 (April 1, 2021 – March 31, 2022)(1) Non-consolidated results of operations(Percentages represent year-on-year changes)

Fiscal year ended Mar. 31, 2022
Fiscal year ended Mar. 31, 2021

Net sales
Million yen%
25,622 14.9
22,293 (1.7)

Operating profit
Million yen
%
2,002
61.7
1,237 (14.0)

Ordinary profit
Million yen
%
2,649
41.6
1,870
(8.1)

Fiscal year ended Mar. 31, 2022
Fiscal year ended Mar. 31, 2021

Net income per shareYen
101.66
68.09

Diluted net income per share
Yen-

ProfitMillion yen
%
2,227
48.5
1,500 (15.7)(2) Non-consolidated financial position
Total assets
Net assets
Equity ratio
Net assets per share
Million yen
Million yen%
Yen
As of Mar. 31, 2022
31,35019,46462.1
888.58
As of Mar. 31, 2021
27,52918,19766.1
825.68Reference: Shareholders’ equity (million yen):
As of Mar. 31, 2022: 19,464
As of Mar. 31, 2021: 18,197* The current financial report is not subject to audit by certified public accountants or auditing firms.
* Cautionary statement with respect to forward-looking statements
Note concerning forward-looking statements
Forecasts of future performance in these materials are based on assumption judged to be valid and information available to
Iwaki’s management at the time the materials were prepared, but are not promises by Iwaki regarding future performance.
Actual results may differ materially from the forecasts. Please refer to “1. Overview of Results of Operations, (1) Results ofOperations, 2) Outlook” on page 2 for forecast assumptions and notes of caution for usage.
How to view supplementary materials for the financial results
Iwaki plans to hold a financial results meeting for institutional investors and analysts on May 27, 2022. Materials to be
distributed at this event will be available on the Company’s website in advance.

IWAKI CO.,LTD. (6237) Financial Results for FY3/22

Contents of Attachments
1. Overview of Results of Operations

2(1) Results of Operations

2(2) Financial Position

3

2. Basic Approach to the Selection of Accounting Standards

4

3. Consolidated Financial Statements and Notes

5(1) Consolidated Balance Sheet

5(2) Consolidated Statements of Income and Comprehensive Income

7

Consolidated Statement of Income

7

Consolidated Statement of Comprehensive Income

8(3) Consolidated Statement of Changes in Equity

9(4) Consolidated Statement of Cash Flows

11(5) Notes to Consolidated Financial Statements

13

Going Concern Assumption

13

Changes in Accounting Policies

13

Reclassifications

13

Segment and Other Information

14

Per Share Information

15

Subsequent Events

15

1

IWAKI CO.,LTD. (6237) Financial Results for the Third Quarter of FY3/22

1. Overview of Results of Operations(1) Results of Operations
1) Operating results for the current fiscal year
During the fiscal year that ended on March 31, 2022, the Japanese economy moved toward normalcy as capital
investment showed signs of recovery and the state of emergency and other restrictive measures were lifted.
Nevertheless, the outlook remains uncertain because of global shortages of semiconductors and electronic
components, soaring raw material prices, and the spread of new mutant strains of the COVID-19 virus.
Overseas economies are also headed toward recovery as restrictions due to the COVID -19 pandemic are being
eased. However, concerns about risks of economic downturn remain due to rising tensions in Ukraine which
has led to sharply higher energy prices and supply chains disruptions.
Iwaki has been taking many actions in Japan to improve its corporate value based on the core policy of“winning by improving customer satisfaction.” Overseas, there were activities encompassing 21 affiliatedcompanies in 15 countries to increase sales. The Iwaki Group continued to accelerate the implementation ofvarious measures for achieving numerical targets of the Iwaki Gr oup 10-year vision of net sales of 40 billion
yen and an operating margin of 10% in the fiscal year ending on March 31, 2025 based on the policy of“supplying the world’s best products as All Iwaki.”
The semiconductor/liquid crystal market remained strong, increasing 51.2% from one year earlier and driving
up sales against the backdrop of strong production of semiconductor manufacturing equipment. In addition,
sales were also higher than one year earlier in all other markets. As a result, overall sales were favorable.
Sales in Japan increased 7.9% from one year earlier to 17,997 million yen as a result of higher sales
particularly in the semiconductor/liquid crystal, medical equipment and surface treatment equipment markets.
Overseas, sales in Europe increased 34.0% to 3,972 million yen. This was because the four Iwaki Nordic
Group companies (Denmark, Sweden, Finland, and Norway) were included in the consolidation for the fullyear (only from the third quarter in the previous fiscal year). In addition, overall sales, excluding the Iwaki
Nordic Group, were also strong. Sales in the United States rose 21.4% to 4,301 million yen because sales
largely increased particularly in the water treatment market. In Asia, sales rose mainly in thesemiconductor/liquid crystal and surface treatment equipment markets for South Korea and Taiwan. As a result,sales were 2,865 million yen (up 31.1% year-on-year). Sales in China were up 15.6% to 2,044 million yen
because sales to the semiconductor/liquid crystal and new energy markets increased, although the recovery inthe medical equipment market was lackluster throughout the fiscal year. Sales were higher in all regional
markets.
By product category, sales of pneumatic drive pumps for the semiconductor/liquid crystal market have also
made a significant contribution to the increase in sales. Sales of core versatile magnetic drive pumps werestrong, and sales of metering pumps remained steady.
As a result, consolidated net sales increased 15.2% to 32,439 million yen.
Higher sales offset the rise in the cost of sales ratio and increase in selling, general and administrative
expenses. As a result, operating profit increased 25.4% from one year earlier to 2,139 million yen. Ordinary
profit was up 34.7% to 2,992 million yen as the share of profit of entities accounted for using equity methodrose sharply. Profit attributable to owners of parent increased 14.6% to 2,396 million yen as there was no
extraordinary income as in the previous fiscal year, increase in income taxes and other factors.
There is no business segment information because chemical pumps are the only bus iness of the Iwaki Group.
2) Outlook
Although the impact of the difficulties in parts procurement, soaring raw material prices and prolonged
geopolitical risks resulting from the invasion of Ukraine on the economy is unclear, we forecast higher sales in
the fiscal year ending March 31, 2023 because of the expected recovery in capital expenditures and the steady
growth in orders for the products of the Iwaki Group .

2

IWAKI CO.,LTD. (6237) Financial Results for the Third Quarter of FY3/22

While continuing to focus on the theme of “winning by improving customer satisfaction,” we w ill use many
activities in Japan for meeting the demand for product replacement and maintenance services. Overseas, wewill create even closer ties with affiliated co mpanies with the goal of more growth in overseas markets.
Based on this outlook, we forecast a 7.4% increase in consolidated net sales to 34,830 million yen, a 28.5%
increase in operating profit to 2,748 million yen, a 14.0% increase in ordinary profit to 3,411 million yen, anda 6.3% increase in profit attributable to owners of parent to 2,547 million yen in the fiscal year ending on
March 31, 2023.
These projections are based on information available at the time this report was released. Actual results may
differ from projections due to a variety of factors.
(2) Financial Position
1) Assets, liabilities and net assets
AssetsThe balance of current assets at the end of the current fiscal year was 27,370 million yen, up 4,646 million yen
from the end of the previous fiscal year. This was mainly due to increases of 1,654 million yen in cash anddeposits, 727 million yen in electronically recorded monetary claims-operating, and 1,153 million yen in raw
materials and supplies. The balance of non-current assets was 10,592 million yen at the end of the current
fiscal year, up 1,105 million yen from the end of the previous fiscal year. This was mainly because of increasesof 216 million yen in investment securities and 887 million yen in retirement benefit asset.
As a result, total assets increased 5,751 million yen from the end of the previous fiscal year to 37,963 million
yen.
Liabilities
The balance of current liabilities at the end of the current fiscal year was 11,034 million yen, up 3,301 million
yen from the end of the previous fiscal year. This was mainly due to an increase of 3,209 million yen inelectronically recorded obligations-operating. The balance of non-current liabilities was 1,677 million yen at
the end of the current fiscal year, down 280 million yen from the end of the previous fiscal year. This was
mainly due to a decrease of 264 million yen in retirement benefit liability.
As a result, total liabilities increased 3,020 million yen from the end of the previous fiscal year to 12,711
million yen.
Net assets
The balance of net assets at the end of the current fiscal year was 25,251 million yen, up 2,731 million yen
from the end of the previous fiscal year. The main factors include increases of 1,668 million yen in retained
earnings and 739 million yen in remeasurements of defined benefit plans.
Consequently, the capital adequacy ratio was 66.3% (69.7% at the end of the previous fiscal year).
2) Cash flows
Cash and cash equivalents (hereinafter, “net cash”) at the end of the current fiscal year was 8,573 million yen,
up 1,637 million yen over the end of the previous fiscal year (a n increase of 1,229 million yen in the previous
fiscal year).
The cash flow components during the current fiscal year and the main reasons for changes are as described
below.
Cash flows from operating activities
Net cash provided by operating activities was 2,710 million yen (2,089 million yen provided in the previous
fiscal year). Positive factors include profit before income taxes of 3,107 million yen, which offset negative3

IWAKI CO.,LTD. (6237) Financial Results for the Third Quarter of FY3/22

factors including income taxes paid of 598 million yen.
Cash flows from investing activities
Net cash used in investing activities was 429 million yen (920 million yen used in the previous fiscal year).
Negative factors include purchase of property, plant and equipment and intangible assets of 628 million yen,which offset positive factors including proceeds from sale of investment securities of 198 million yen.
Cash flows from financing activities
Net cash used in financing activities was 579 million yen (149 million yen provided in the previous fiscal year).
Negative factors include dividends paid of 723 million yen, which offset positive factors including a netincrease in short-term borrowings of 489 million yen.
2. Basic Approach to the Selection of Accounting Standards
The Iwaki Group will continue to prepare consolidated financial statements using Japanese accounting
standards for the time being to permit comparisons with prior years and with the financial data of othercompanies.
We will take suitable actions with regard to the application of International Financia l Reporting Standards(IFRS) by taking into account associated factors in Japan and other countries.

4

IWAKI CO.,LTD. (6237) Financial Results for the Third Quarter of FY3/22

3. Consolidated Financial Statements and Notes(1) Consolidated Balance Sheet(Thousands of yen)
FY3/22(As of Mar. 31, 2022)

FY3/21(As of Mar. 31, 2021)
AssetsCurrent assets
Cash and deposits

7,127,637

8,781,886

Notes and accounts receivable-trade

6,396,840-

Notes receivable-trade-793,843

Accounts receivable-trade-

5,781,820

Electronically recorded monetary claims-operating

3,168,898

3,896,433

Merchandise and finished goods

2,587,283

3,274,488

Work in process
Raw materials and supplies

57,518

119,888

3,131,450

4,285,302

Other282,115

489,283

Allowance for doubtful accounts(26,955)(52,156)

22,724,788

27,370,790

7,571,174

7,866,212(3,988,958)(4,184,745)

3,582,216

3,681,467

Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation and impairment
Buildings and structures, net
Machinery, equipment and vehicles
Accumulated depreciation and impairment
Machinery, equipment and vehicles, net
Tools, furniture and fixtures
Accumulated depreciation and impairment
Tools, furniture and fixtures, net
Land
Leased assets

3,005,576

3,246,918(2,563,625)(2,775,483)

441,951

471,435

2,013,058

2,071,207(1,675,948)(1,770,695)

337,110

300,511

1,041,934

1,043,711

343,294

350,172(140,243)(176,849)

Leased assets, net

203,051

173,323

Construction in progress

84,481

16,369

Accumulated depreciation

Other
Accumulated depreciation
Other, net

37,184

44,400(28,490)(34,044)

8,694

10,356

5,699,439

5,697,174

Goodwill

769,340

706,796

Trademark right

33,044

26,788Other

333,210529,048

1,135,596

1,262,634

Investment securities

1,893,584

2,110,109

Deferred tax assets

460,137

323,464-

887,160

Total property, plant and equipment
Intangible assets

Total intangible assets
Investments and other assets

Retirement benefit asset
Other
Total investments and other assets
Total non-current assets
Total assets

5298,217

312,168

2,651,939

3,632,902

9,486,975

10,592,711

32,211,764

37,963,502

IWAKI CO.,LTD. (6237) Financial Results for the Third Quarter of FY3/22(Thousands of yen)
FY3/22(As of Mar. 31, 2022)

FY3/21(As of Mar. 31, 2021)
Liabilities
Current liabilities
Notes and accounts payable-trade

3,804,556

2,492,928

Electronically recorded obligations-operating

675,5713,884,760

Short-term borrowings

820,592

1,244,747

Current portion of long-term borrowings

75,00075,000

Lease liabilities

76,25974,399

Income taxes payable

280,804

587,120-

44,987

Provision for bonuses

752,791

1,022,448

Provision for bonuses for directors (and other officers)

90,332

131,504

Contract liabilities

Provision for product warranties

73,23590,778Other

1,084,479

1,385,959

Total current liabilities

7,733,624

11,034,634

Long-term borrowings

637,500

562,500

Lease liabilities

154,294

124,271Retirement benefit liability

264,352-

Asset retirement obligations

196,119

223,382

Other

705,395

767,173

1,957,661

1,677,327

9,691,286

12,711,961

Share capital

1,044,691

1,044,691

Capital surplus

675,384

674,127

Retained earnings

20,673,009

22,341,167

Treasury shares(456,247)(586,764)

Total shareholders’ equity

21,936,836

23,473,221

Valuation difference on available-for-sale securities

102,329

1,460

Foreign currency translation adjustment

123,917669,870

Remeasurements of defined benefit plans

293,781

1,033,434

Total accumulated other comprehensive income

520,029

1,704,765

63,61173,554

22,520,477

25,251,541

32,211,764

37,963,502

Non-current liabilities

Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity

Accumulated other comprehensive income

Non-controlling interests
Total net assets
Total liabilities and net assets

6

IWAKI CO.,LTD. (6237) Financial Results for the Third Quarter of FY3/22(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statement of Income
FY3/21(Apr. 1, 2020 – Mar. 31, 2021)(Thousands of yen)
FY3/22(Apr. 1, 2021 – Mar. 31, 2022)

Net sales

28,162,392

32,439,738

Cost of sales

18,459,042

21,410,373

Gross profit

9,703,349

11,029,364

Selling, general and administrative expenses

7,996,815

8,889,922

Operating profit

1,706,534

2,139,442

Non-operating income
Interest income

7,438

3,059

Dividend income
Share of profit of entities accounted for using
equity method
Foreign exchange gains

21,902

16,224509,391

801,694-

38,450Other50,32137,190Total non-operating income

589,054896,619

24,553

17,936

Commission expenses

5,749

9,424

Foreign exchange losses
Loss on amortization of restricted stock
remuneration
Other

23,965

-

6,944

-

12,312

16,199Total non-operating expenses

73,52543,5602,222,063

2,992,500

243

172

Non-operating expenses
Interest expenses

Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities-

140,267

Gain on step acquisitions

381,161-

Insurance claim income-

39,668

Other
Total extraordinary income

-

1,005

381,405

181,113

7,164

10,555-862

Extraordinary losses
Loss on retirement of non-current assets
Loss on sale of non-current assets
Settlement payments
Total extraordinary losses
Profit before income taxes-

55,0007,164

66,4182,596,303

3,107,195

Income taxes-current

494,677

841,884

Income taxes-deferred

1,576(150,515)

496,253

691,369

2,100,049

2,415,826

8,855

19,0792,091,193

2,396,747

Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

7

IWAKI CO.,LTD. (6237) Financial Results for the Third Quarter of FY3/22

Consolidated Statement of Comprehensive Income(Thousands of yen)
FY3/21
FY3/22(Apr. 1, 2020 – Mar. 31, 2021) (Apr. 1, 2021 – Mar. 31, 2022)
Profit2,100,049

2,415,826

Other comprehensive income
Valuation difference on available-for-sale securities

13,862(100,962)

Foreign currency translation adjustment(52,157)

376,587

Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities
accounted for using equity method

429,414739,653

23,766

171,730

Total other comprehensive income
Comprehensive income
Comprehensive income attributable to owners ofparentComprehensive income attributable tonon-controlling interests

8414,887

1,187,008

2,514,937

3,602,835

2,507,249

3,581,482

7,687

21,352

IWAKI CO.,LTD. (6237) Financial Results for the Third Quarter of FY3/22(3) Consolidated Statement of Changes in Equity
FY3/21 (Apr. 1, 2020 – Mar. 31, 2021)(Thousands of yen)
Shareholders’ equity
Share capital
Balance at beginningof period

1,044,691

Capital surplus

Retained earnings

Treasury shares

Total shareholders’equity675,803

19,143,574(475,730)

20,388,338

Changes during period
Dividends of surplus
Profit attributable toowners of parent
Disposal of treasury
sharesNet changes in items
other thanshareholders’ equity
Total changes during
periodBalance at end of
period(561,759)(561,759)

2,091,193

2,091,193(419)

19,482

19,063-(419)

1,529,434

19,482

1,548,498

1,044,691

675,384

20,673,009(456,247)

21,936,836(Thousands of yen)

Accumulated other comprehensive income

Balance at beginningof period

Valuationdifference on
available-for-salesecurities

Foreigncurrencytranslation
adjustment

88,669150,937

Total
Remeasurements accumulated Non-controllinginterestsof definedotherbenefit plans comprehensive
income(135,633)

103,974

31,510Total net
assets

20,523,823

Changes during period
Dividends of surplus
Profit attributable toowners of parent
Disposal of treasury
sharesNet changes in items
other thanshareholders’ equity
Total changes during
periodBalance at end of
period(561,759)
2,091,193
19,063
13,660(27,019)

429,414416,055

32,100448,156

13,660(27,019)

429,414416,055

32,1001,996,654

102,329

123,917

293,781520,029

63,611

22,520,477

9

IWAKI CO.,LTD. (6237) Financial Results for the Third Quarter of FY3/22

FY3/22 (Apr. 1, 2021 – Mar. 31, 2022)(Thousands of yen)
Shareholders’ equity
Share capital
Balance at beginningof period

1,044,691

Capital surplus

Retained earnings

Treasury shares

Total shareholders’equity675,384

20,673,009(456,247)

21,936,836

Changes during period
Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesNet changes in items
other thanshareholders’ equity
Total changes during
periodBalance at end of
period(725,680)(725,680)

2,396,747

2,396,747(181,687)(181,687)(1,257)(2,908)51,17147,005-(1,257)

1,668,157(130,516)

1,536,384

1,044,691

674,127

22,341,167(586,764)

23,473,221(Thousands of yen)

Accumulated other comprehensive income

Balance at beginningof period

Valuationdifference on
available-for-salesecurities

Foreigncurrencytranslation
adjustment

102,329

123,917

Total
Remeasurements accumulated Non-controllinginterestsof definedotherbenefit plans comprehensive
income293,781520,029

63,611

Total net
assets

22,520,477

Changes during period
Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesNet changes in items
other thanshareholders’ equity
Total changes during
periodBalance at end of
period(725,680)
2,396,747(181,687)
47,005(100,869)

545,952

739,653

1,184,735

9,943

1,194,678(100,869)

545,952

739,653

1,184,735

9,943

2,731,063

1,460

669,870

1,033,434

1,704,765

73,55425,251,541

10

IWAKI CO.,LTD. (6237) Financial Results for the Third Quarter of FY3/22(4) Consolidated Statement of Cash Flows(Thousands of yen)
FY3/21
FY3/22(Apr. 1, 2020 – Mar. 31, 2021) (Apr. 1, 2021 – Mar. 31, 2022)
Cash flows from operating activities
Profit before income taxes

2,596,303

3,107,195

Depreciation

725,795

759,607

Amortization of goodwill

39,832

83,520

Increase (decrease) in allowance for doubtful accounts(955)

22,280

Increase (decrease) in provision for bonuses
Increase (decrease) in provision for bonuses for directors(and other officers)
Increase (decrease) in retirement benefit liability
Increase (decrease) in provision for retirement benefits
for directors (and other officers)
Interest and dividend income

26,713

269,179

47,03741,014(27,924)(88,664)(51,687)-(29,340)(19,283)

Insurance claim income
Interest expenses
Loss (gain) on sales of investment securities
Foreign exchange losses (gains)Share of loss (profit) of entities accounted for using
equity method
Loss (gain) on step acquisitions-(39,668)

24,553

17,936-(140,267)

32,17074,171(509,391)(801,694)(381,161)-

Decrease (increase) in trade receivables

49,062(786,800)

Decrease (increase) in inventories

7,477(1,707,470)

Increase (decrease) in trade payables(244,575)

1,819,770

Increase (decrease) in accounts payable-other(85,764)

61,376

Increase (decrease) in accrued expenses
Increase (decrease) in accrued consumption taxes
Settlement payments

42,893

88,104(267,890)(14,130)-

55,000

Other, net

33,539(6,403)

Subtotal

2,026,686

2,794,773

Interest and dividends received

358,225

542,956

Proceeds from insurance income-

39,668(17,739)(12,664)-(55,000)

Income taxes paid

(277,642)(598,827)

Net cash provided by (used in) operating activities

2,089,531

2,710,905(213,621)(201,063)

342,008

199,563(594,693)(628,194)

770

2,233

-

198,967(442,071)-(12,506)(697)(920,113)(429,191)

Interest paid
Settlement paid

Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment and intangible
assetsProceeds from sale of property, plant and equipment andintangible assets
Proceeds from sale of investment securities
Purchase of shares of subsidiaries resulting in change inscope of consolidation
Other, net
Net cash provided by (used in) investing activities

11

IWAKI CO.,LTD. (6237) Financial Results for the Third Quarter of FY3/22

FY3/21(Apr. 1, 2020 – Mar. 31, 2021)(Thousands of yen)
FY3/22(Apr. 1, 2021 – Mar. 31, 2022)

Net increase (decrease) in short-term borrowings

107,249

489,092

Proceeds from long-term borrowings

750,000-

Repayments of long-term borrowings(37,500)(75,000)

Repayments of lease liabilities(53,913)(76,957)

Cash flows from financing activities

Purchase of treasury shares-(181,687)

Dividends paid
Dividends paid to previous shareholders of new
subsidiaries
Dividends paid to non-controlling interests(560,932)(723,377)(50,172)-(5,653)(11,409)

Net cash provided by (used in) financing activities

149,076(579,340)

Effect of exchange rate change on cash and cash
equivalents(89,087)(64,610)Net increase (decrease) in cash and cash equivalents

1,229,406

1,637,764

Cash and cash equivalents at beginning of period

5,706,726

6,936,133

Cash and cash equivalents at end of period

6,936,133

8,573,897

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IWAKI CO.,LTD. (6237) Financial Results for the Third Quarter of FY3/22(5) Notes to Consolidated Financial Statements
Going Concern Assumption
Not applicable.
Changes in Accounting Policies
Application of the Accounting Standard for Revenue Recognition
Iwaki started to apply the Accounting Standard for Revenue Recognition (Accounting Standards Board ofJapan (ASBJ) Statement No. 29, March 31, 2020) and the Implementation Guidance on Accounting Standard
for Revenue Recognition (ASBJ Guidance No. 30, March 26, 2021) at the beginning of the current fiscal year.
Based on this standard, revenue expected to be received in exchange for the provision of goods and services isrecognized when the control of the goods and services is transferred to customers.
In prior years, revenue for some export sales was recognized by using the shipping date standard. Due to theuse of this new standard, revenue for these sales is now recognized when risk concerning the products istransferred to the customer in accordance with trade terms stipulated by International Commercial Terms(Incoterms) and other guidelines.
For sales of products in Japan, the alternate treatment specified in Paragraph 98 of the Implementation
Guidance on Accounting Standard for Revenue Recognition is also applied. Revenue is recognized when aproduct is shipped in cases where the time between the shipment of a product and the transfer of control to acustomer is the normal length of time.
The new revenue recognition standard is applied in accordance with the transitional treatment prescribed in theproviso to Paragraph 84 of this standard. There was no effect on retained earnings at the beginning of thecurrent fiscal year. In addition, the application of this standard had no effect on earnings in the current fiscal
year.
Due to the application of the new revenue recognition standard, the “notes and accounts receivable-trade” itemin the current assets section of the consolidated balance sheet in the previous fiscal year is, beginning with thecurrent fiscal year, presented as “notes receivable-trade” and “accounts receivable-trade.” In addition, the“other” item in the current liabilities section is, beginning with the current fiscal year, presented as “contract
liabilities” and “other.” In accordance with the transitional treatment prescribed in Paragraph 89-2 of this new
standard, no reclassification has been made to the prior year ’s consolidated financial statements to conform to
the new presentation.
Application of the Accounting Standard for Measurement of Fair Value
Iwaki started to apply the Accounting Standard for Measurement of Fair Value, etc. (ASBJ Statement No. 30,
July 4, 2019) at the beginning of the current fiscal year, and has applied the new accounting policies set forth
by the Accounting Standard for Measurement of Fair Value, etc. prospectively in accordance with thetransitional measures in Paragraph 19 of the Accounting Standard for Measurement of Fair Value andParagraph 44-2 of the Accounting Standard for Financial Instruments (ASBJ Statement No. 10, July 4, 2019).
There is no effect of the application of these standards on the consolidated financial statements.
Reclassifications
Consolidated Statement of Income“Commission expenses,” included in “Other” under non-operating expenses in the previous fiscal year, ispresented separately from the current fiscal year due to an increase in its monetary materiality. To conform tothis change, the consolidated financial statements for the previous fiscal year are reclassified.
As a result, “Other” (18,062 thousand yen) under non-operating expenses presented in the previous fiscal
year’s consolidated statement of income has been reclassified and divided into “Commission expenses” (5,749
thousand yen) and “Other” (12,312 thousand yen).
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IWAKI CO.,LTD. (6237) Financial Results for the Third Quarter of FY3/22

Segment and Other Informationa. Segment information
Omitted because chemical pumps are the only business of the Iwaki Group.
b. Related information
FY3/21 (Apr. 1, 2020 – Mar. 31, 2021)
1. Information by product or service

External sales

Magnetic drivepumps
9,044,181
Air pumps
1,589,987

Metering pumps
5,211,942
System products
1,419,265

Pneumatic drive
pumps
2,687,164
Purchased products
2,575,477(Thousands of yen)
Rotary displacementpumps
2,134,797
Other
3,499,577

Total
28,162,392

2. Information by region(1) Net sales(Thousands of yen)Japan
EuropeAmericas
Asia
China
Other
Total
16,686,089
2,963,399
3,543,310
2,186,612
1,768,836
1,014,145
28,162,392
Note: Classification of net sales is based on the location of the client and categorized by country or region.

(2) Property, plant and equipment
Japan4,819,080

Europe661,234

Americas170,342

Asia
48,782(Thousands of yen)Total
5,699,439

3. Information by major client
Omitted because no specific external client accounts for 10% or more of net sales in the consolid ated statementof income.
FY3/22 (Apr. 1, 2021 – Mar. 31, 2022)
1. Information by product or service

External sales

Magnetic drive
pumps
10,828,106
Air pumps
1,566,008

Metering pumps
5,483,689
System products
1,625,220

Pneumatic drivepumps
4,243,157
Purchased products
2,750,359(Thousands of yen)
Rotary displacement
pumps
2,118,435
Other
3,824,760

Total
32,439,738

2. Information by region(1) Net sales(Thousands of yen)Japan
EuropeAmericas
Asia
China
Other
Total
17,997,597
3,972,181
4,301,038
2,865,598
2,044,069
1,259,253
32,439,738
Note: Classification of net sales is based on the location of the client and categorized by country or region.

(2) Property, plant and equipment
Japan4,770,657

Europe686,983

Americas188,834

Asia
50,698(Thousands of yen)Total
5,697,174

3. Information by major client
Omitted because no specific external client accounts for 10% or more of net sales in the consolidated statementof income.

14

IWAKI CO.,LTD. (6237) Financial Results for the Third Quarter of FY3/22

c. Information related to impairment losses on non-current assets for each reportable segment
Not applicable.
d. Information related to goodwill amortization and the unamortized balance for each reportable segment
Omitted because chemical pumps are the only business of the Iwaki Group.
e. Information related to gain on bargain purchase for each reportable segment
Not applicable.
Per Share Information
FY3/21(Apr. 1, 2020 – Mar. 31, 2021)(Yen)
FY3/22(Apr. 1, 2021 – Mar. 31, 2022)

Net assets per share

1,018.96

1,149.41

Net income per share

94.90

109.37

Notes: 1. Diluted net income per share is not presented because there are no latent shares.
2. The basis of calculating the net income per share is as follows:
FY3/21
FY3/22(Apr. 1, 2020 – Mar. 31, 2021) (Apr. 1, 2021 – Mar. 31, 2022)
Profit attributable to owners of parent
2,091,193
2,396,747(Thousands of yen)Amount not attributable to common shareholders(Thousands of yen)
Profit attributable to owners of parent applicable to2,091,193
2,396,747
common shares (Thousands of yen)
Average number of shares outstanding (Shares)

22,035,190

21,913,149

Subsequent Events
Not applicable.

This financial report is solely a translation of “Kessan Tanshin” (in Japanese, including attachments), which has been
prepared in accordance with accounting principles and practices generally accepted in Japan, for the convenience ofreaders who prefer an English translation.

15