Note:This document is a translation of a part of the original Japanese version and provided for reference purposes only. In the event of any discrepancy
between the Japanese original and this English translation, the Japanese original shall prevail.

Consolidated Financial Results
for the Six Months Ended June 30, 2022
[Japanese GAAP]
July 29, 2022
Company name: SEIKO ELECTRIC CO., LTD.
Stock exchange listing: Tokyo,Fukuoka
Code number: 6653
URL: https://www.seiko-denki.co.jp/
Representative: Hidetoshi Soeda

President and Representative Director
Managing Director, General Manager of Corporate Planning andDevelopment DivisionContact: Tsutomu Tanaka

Phone: 092-473-8831
Scheduled date of filing quarterly securities report: August 04, 2022
Scheduled date of commencing dividend payments: August 29, 2022
Availability of supplementary briefing material on quarterly financial results: Yes
Schedule of quarterly financial results briefing session: No(Amounts of less than one million yen are rounded down)
1. Consolidated Financial Results for the Six Months Ended June 30, 2022 (January 01, 2022 to June 30, 2022)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable toNet sales
Operating profit
Ordinary profit
owners of parent
Million yen%
Million yen%
Million yen%
Million yen%Six months ended
June 30, 2022
12,822
10.7
700
3.0
818
12.3
524
11.3
June 30, 2021
11,584
8.7
680
32.8
728
41.5
471
5.0
(Note) Comprehensive income:Six months ended June 30, 2022:¥
257 million [(49.9) %]Six months ended June 30, 2021:¥513 million [15.7%]
Basic earnings
per share
Six months ended
June 30, 2022
June 30, 2021

Diluted earnings pershareYen

Yen

43.28
38.95

-

(2) Consolidated Financial Position
Total assets
Million yen
As ofJune 30, 2022
26,274
December 31, 2021
25,793(Reference) Equity: As of June 30, 2022:
As of December 31, 2021:

Net assets

Capital adequacy ratio

Million yen¥¥

10,981
10,94010,981 million
10,940 million

%

41.8
42.4

2. Dividends
Annual dividends
1stquarter-end

2ndquarter-end

3rdquarter-end

Yen

Yen

Yen

Yen

Yen

Fiscal year ended December 31, 2021

-10.00-20.0030.00

Fiscal year ending December 31, 2022-15.00
-

15.00

30.00

Fiscal year ending December 31, 2022
(Forecast)(Note) Revision to the forecast for dividends announced most recently:
No(Note) Breakdown of the 2nd quarter dividend for the fiscal year ending December 31, 2022 :Commemorative dividend
5.00 yen

Year-endTotal

3. Consolidated Financial Results Forecast for the Fiscal Year Ending December 31, 2022(January 01, 2022 to December 31, 2022)(% indicates changes from the previous corresponding period.)
Profit attributable to Basic earnings
Net sales
Operating profit
Ordinary profit
owners of parent
per share%

Million yen%

Million yen%

Yen

Full year
30,000
22.0
2,000
42.2
(Note) Revision to the financial results forecast announced most recently:

Million yen%

Million yen

2,050
No

33.1

1,370

29.7

113.04(2) Accounting policies adopted specially for the preparation of quarterly consolidated financial statements:

No* Notes:(1) Changes in significant subsidiaries during the six months ended June 30, 2022
(changes in specified subsidiaries resulting in changes in scope of consolidation):No(3) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards: Yes
2) Changes in accounting policies other than 1) above: No
3) Changes in accounting estimates: No4) Retrospective restatement: No(4) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):
June 30, 2022:
12,603,595 shares
December 31, 2021:
12,603,595 shares2) Total number of treasury shares at the end of the period:
June 30, 2022:
462,384 shares
December 31, 2021:
483,903 shares
3) Average number of shares during the period:
Six months ended June 30, 2022:
Six months ended June 30, 2021:

12,125,840 shares
12,111,798 shares

Quarterly Consolidated Financial Statements
Quarterly Consolidated Balance Sheets(Million yen)
As of December 31,2021
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Notes and accounts receivable - trade, and contract
assetsMerchandise and finished goods
Work in process
Raw materials
OtherAllowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Other, net
Total 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 loss on construction contracts
Other
Total current liabilities
Non-current liabilitiesLong-term borrowings
Retirement benefit liability
Other
Total non-current liabilities
Total liabilities

As of June 30,2022

1,853
12,1552,651--

12,454

753
1,621
320
252
(13)
16,945

563
1,501
370
431
(11)
17,961

4,038
1,360
5,399
174

3,960
1,333
5,293
166

3,142
140
(8)
3,274
8,848
25,793

2,744
117
(8)
2,853
8,313
26,274

4,459
1,243
2,475
321
34
2,718
11,252

4,424
1,369
3,260
162
390
16
2,250
11,873

1,237
1,961
401
3,600
14,853

1,123
1,921
374
3,419
15,292

(Million yen)
As of December 31,2021
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Total net assets
Total liabilities and net assets

As of June 30,2022

2,607
1,958
5,570
(225)
9,910

2,607
1,974
5,853
(215)
10,2181,204915

(87)
(86)
1,029
10,94025,793(77)(74)
762
10,981
26,274

Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income (For the six months)(Million yen)
For the six months
ended June 30,2021
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Subsidy income
Gain on sale of investment securities
Other
Total non-operating income
Non-operating expenses
Interest expenses
Guarantee commission
Other
Total non-operating expenses
Ordinary profit
Profit before income taxesIncome taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to owners of parent

For the six months
ended June 30,2022

11,584
9,460
2,124
1,443
680

12,822
10,603
2,218
1,517
700

0
37
31
69

0
39
22
50
31
143

13
6
2
21
728
728
160
96
257
471
471

16
6
3
26
818
818
166
127
293
524
524

Quarterly Consolidated Statements of Comprehensive Income (For the six months)(Million yen)
For the six months
ended June 30,2021
ProfitOther comprehensive income
Valuation difference on available-for-sale securitiesForeign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners ofparent

For the six months
ended June 30,2022
471

524

25
10642513(288)
1011(267)
257

513

257