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 Three Months Ended March 31, 2022
[Japanese GAAP]
April 22, 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 Division

Contact: Tsutomu Tanaka

Phone: 092-473-8831
Scheduled date of filing quarterly securities report: May 10, 2022
Scheduled date of commencing dividend payments: Availability of supplementary briefing material on quarterly financial results: No
Schedule of quarterly financial results briefing session: No(Amounts of less than one million yen are rounded down)
1. Consolidated Financial Results for the Three Months Ended March 31, 2022 (January 01, 2022 to March 31, 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%Three months ended
March 31, 2022
6,686
15.3
636
20.8
659
23.6
430
27.5
March 31, 2021
5,801
(1.5)
526
57.3
533
81.2
337
16.4
(Note) Comprehensive income:Three months ended March 31, 2022:¥
188 million [(74.2) %]Three months ended March 31, 2021:¥
733 million [437.8%]
Basic earnings
per share
Three months ended
March 31, 2022
March 31, 2021

Diluted earnings pershareYenYen

35.48
27.86

-

(2) Consolidated Financial Position
Total assets
Million yen
As ofMarch 31, 2022
27,353
December 31, 2021
25,793(Reference) Equity: As of March 31, 2022:
As of December 31, 2021:

Net assets

Capital adequacy ratio

Million yen¥¥

10,886
10,94010,886 million
10,940 million

%

39.8
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(Forecast)(Note) Revision to the forecast for dividends announced most recently:
No(Note) Breakdown of the 1st quarter dividend for the fiscal year ending December 31, 2022 :Commemorative dividend
5.00 yen

15.00

30.00

Year-end

Fiscal year ending December 31, 2022

Total

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 Basic earnings
Net sales
Operating profit
Ordinary profit
to owners of parent
per share%

Million yen

Six months ended June 30,12,000
3.6
720
5.82022
Full year
30,000
22.0
2,000
42.2
(Note) Revision to the financial results forecast announced most recently:

Million yen%

Million yen

740

1.5480

1.8

39.60

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 three months ended March 31, 2022
(changes in specified subsidiaries resulting in changes in scope of consolidation):%2) Total number of treasury shares at the end of the period:
March 31, 2022:
483,903 shares
December 31, 2021:
483,903 shares
3) Average number of shares during the period:
Three months ended March 31, 2022:
Three months ended March 31, 2021:

12,119,692 shares
12,108,647 shares%

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):
March 31, 2022:
12,603,595 shares
December 31, 2021:
12,603,595 shares

Million yen

Yen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
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 March 31,2022

1,853
12,155

1,758--

14,642

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

586
1,422
341
207
(11)
18,946

4,038
1,360
5,399
174

3,992
1,345
5,338
168

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

2,792
117
(8)
2,900
8,407
27,353

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

4,474
1,627
4,587
108
460
14
1,669
12,942

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

1,180
1,951
391
3,524
16,466

(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 March 31,2022

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

2,607
1,9585,758(225)
10,098

1,204

951

(87)
(86)
1,029
10,94025,793

(82)
(80)
788
10,88627,353

Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income (For the three months)(Million yen)
For the three months
ended March 31,2021
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Foreign exchange gains
Rental income
Subsidy income
Other
Total 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 three months
ended March 31,2022

5,801
4,565
1,236
709
526

6,686
5,287
1,399
763
636

0
6
3
7
170
8
2
22
3
37

62
1
10533
533
94
101
196
337
337

8
3
2
13
659
659
109
120
229
430
430

Quarterly Consolidated Statements of Comprehensive Income (For the three months)(Million yen)
For the three months
ended March 31,2021
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 three months
ended March 31,2022
337

430

382
93395
733

(252)
55(241)
188

733

188