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.

Summly of Consolidated Financial Results
for the Six Months Ended June 30, 2024
[Japanese GAAP]
July 30, 2024
Company name: SEIKO ELECTRIC CO., LTD.
Listing: Tokyo, Fukuoka
Securities code: 6653
URL: https://www.seiko-denki.co.jp/
Representative: Hidetoshi Soeda

President and Representative Director
Managing Director, General Manager of Corporate Planningand Development Division

Inquiries: Tsutomu Tanaka

Telephone: +81-92-473-8831
Scheduled date to file semi-annual securities report: August 8, 2024
Scheduled date to commence dividend payments: August 30, 2024
Preparation of supplementary material on financial results: Yes
Holding of financial results briefing: None
(Yen amounts are rounded down to millions, unless otherwise noted.)
1. Consolidated Financial Results for the Six Months Ended June 30, 2024 (January 1, 2024 to June 30, 2024)(1) Consolidated Operating Results(Percentages indicate year-on-year changes.)
Profit attributable toNet sales
Operating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%Six months ended
June 30, 2024
14,237
13.4
1,013
20.2
1,297
36.7
844
36.5
June 30, 2023
12,556
(2.1)
842
20.2
948
15.9
618
17.9
(Note) Comprehensive income:Six months ended June 30, 2024:¥1,376 million [45.7%]
Six months ended June 30, 2023:¥944 million [266.8%]
Basic earnings
per share
Six months ended
June 30, 2024
June 30, 2023

Diluted earnings pershare
YenYen69.41
50.93

-

(2) Consolidated Financial Position
Total assets
Millions of yen
As ofJune 30, 2024
27,083
December 31, 2023
28,755(Reference) Equity: As of June 30, 2024:
As of December 31, 2023:

Net assets

Capital adequacy ratio

Millions of yen¥¥

14,406
13,212
14,406 million
13,212 million

%

53.2
45.9

2. Dividends
Annual dividends
1stquarter-end

2ndquarter-end

3rdquarter-end

Yen

Yen

Yen

Yen

Yen

Fiscal year ended December 31, 2023

-

17.50

-

17.50

35.00

Fiscal year ending December 31, 2024-

20.00-20.00

40.00

Fiscal year ending December 31, 2024
(Forecast)(Note) Revision to the forecast for dividends announced most recently:
None(Note) Breakdown of the 2nd quarter dividend for the fiscal year ending December 31, 2024 :Commemorative dividend- yenSpecial dividend- yenYear-endTotal

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

Full year
30,000
10.8
2,000
23.2
(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:

2,050
None

% Millions of yen

12.9

1,350%

Yen

12.3

107.11None))(2) Adoption of accounting treatment specific to the preparation of semi-annual consolidated financial statements:(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:
2) Changes in accounting policies due to other reasons: None
3) Changes in accounting estimates: None
4) Restatement: None

None

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:
12,603,595 shares
December 31, 2023:
12,603,595 shares
2) Number of treasury shares at the end of the period:
June 30, 2024:
415,053 shares
December 31, 2023:
437,446 shares
3) Average number of shares outstanding during the period:
Six months ended June 30, 2024:
Six months ended June 30, 2023:

12,172,547 shares
12,148,368 shares* Semi-annual financial results reports are exempt from review conducted by certified public accountants or an audit firm.
* Proper use of earnings forecasts, and other special matters

Semi-annual Consolidated Financial Statements
Semi-annual Consolidated Balance Sheets(Millions of yen)
As of December 31, 2023
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract
assetsMerchandise and finished goods
Work in process
Raw materials
Other
Allowance 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 liabilities
Long-term borrowings
Retirement benefit liability
Other
Total non-current liabilities
Total liabilities

As of June 30, 2024

2,257

2,804

13,181

10,286

330
1,936
475
317
(17)
18,480

351
1,915
472
258
(15)
16,072

3,972
1,796
5,768
226

4,298
1,558
5,857
217

4,140
145
(6)
4,279
10,27428,755

4,807
135
(6)
4,935
11,01027,083

5,548
1,492
2,466
4094
2,349
12,271

4,388
1,792
643
362
512
6
1,614
9,321

780
1,797
693
3,271
15,542

666
1,694
994
3,355
12,676

(Millions of yen)
As of December 31, 2023
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 assetsAs of June 30, 2024

2,607
1,988
7,036(204)
11,4282,607
2,008
7,668(193)
12,091

1,875

2,352(76)
(15)
1,784
13,21228,755

(68)
31
2,315
14,40627,083

Semi-annual Consolidated Statements of Income and Comprehensive Income(Millions of yen)
For the six months
ended June 30, 2023
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Gain on sale of non-current assets
OtherTotal non-operating income
Non-operating expenses
Interest expenses
Guarantee commission
Other
Total non-operating expenses
Ordinary profit
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to owners of parent

For the six months
ended June 30, 2024

12,556
10,164
2,392
1,549
842

14,237
11,608
2,629
1,615
1,013

0
44
70
22
138

0
49
218
52
321

19
4
8
32
948
948
212
117
330
618
618

12
3
21
37
1,297
1,297
315
136
452
844
844

(Millions of yen)
For the six months
ended June 30, 2023
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Foreign 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, 2024
618

844

310
68325
944

477
746531
1,376

944

1,376

Semi-annual Consolidated Statements of Cash Flows(Millions of yen)
For the six months
ended June 30, 2023
Cash flows from operating activities
Profit before income taxes
DepreciationIncrease (decrease) in retirement benefit liability
Increase (decrease) in allowance for doubtful accounts
Interest and dividend income
Interest expenses
Loss (gain) on sale of property, plant and equipment
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Increase (decrease) in contract
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sale of investment securities
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Repayments of long-term borrowings
Purchase of treasury shares
Dividends paid
Repayments of lease liabilities
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash
equivalentsNet increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

For the six months
ended June 30, 2024

948
187(56)0(45)19(70)
3,245
(12)
(362)
(1)
(399)
3,454
45
(19)
(388)
3,091

1,297
198
(54)
(3)
(49)
12(218)2,928
29(872)99(266)
3,101
49
(12)
(367)
2,770

(3)
3(257)
151
(24)
(23)
(8)
(162)

(3)
3(208)
220
(15)
(3)
4(2)
(5)

(3,083)
(114)
(0)
(182)
(34)
(3,413)(1,885)
(114)
(212)
(34)
(2,247)1029(474)
2,319
1,844

547
2,248
2,796