Financial Results
for the Third Quarter FY2023(April 1, 2022 to December 31, 2022)

February 3, 2023
IDEC CORPORATION
Securities code：6652
Copyright IDEC Corporation. All rights reserved.

1

Financial Results for the Third Quarter
Both sales and income have continued to increase,and the results of cumulative Q3 made a new record high.
Operating income margin of 17.8% was achieved.
Net
Sales

Income■Net Sales

JPY64.1 billion(YoY +22.7％)– Sales including switches and safety/explosion protection businesses mainly
increased in Japan and overseas.

■ Operating Income■ Ordinary Income■ Net Income

JPY11.4 billion (YoY +58.9％)
JPY11.7 billion (YoY +55.7％)
JPY 8.0 billion (YoY +50.8％)– In addition to the effect of increased income, proper sales prices absorbed
the impact of rising prices of raw materials.
Achieved significant increased income by the contribution of the effect of
weak yen and improved gross margin ratio.

Copyright IDEC Corporation. All rights reserved.

2

Consolidated performance [Consolidated income statement] -1(Unit: million yen)

FY2022 Cumulative 3Q

FY2023 Cumulative 3Q※Round down to the millions

ActualSales Ratio

ActualYoY

Sales Ratio

Net sales

52,255100.0%

64,107100.0%+22.7%

Gross income

22,43442.9%

28,75644.9%+28.2%

SG&A

15,23929.2%

17,32527.0%+13.7%

Operating income

7,194

13.8%

11,43117.8%+58.9%

Ordinary Income

7,491

14.3%

11,66418.2%+55.7%Net income attributable toowners of parent company

5,303

10.1%

7,999

12.5%

+50.8%

Earnings per share(EPS)(before diluting) (JPY)176.81－275.01－+98.20USD-yen rate (JPY)111.14136.52+25.38EUR-yen rate (JPY)129.86136.05+ 6.19CNY-yen rate (JPY)

17.26

19.88

+ 2.62

Copyright IDEC Corporation. All rights reserved.

3

Changing factors of consolidated operating income
Operating income increased by approximately 4.2 billion yen due to the effectof increased sales, proper sales prices and impact of weak yen, etc.
(unit: million yen) *Round down to the million+3,690Sales
increase+1,000-1,290

Cost rate
decrease

SG&A
increase＋840
Impact ofexchange

11,431

7,194

FY2022 3Q
Copyright IDEC Corporation. All rights reserved.

FY2023 3Q
4

Consolidated performance [Consolidated income statement] -1
 The result with a new record high for 3Q (Oct to Dec.) was achieved.
 Gross margin is 46.6％ due to the changes of region and product mix
in addition to price revision and cost reduction.
(Unit: million yen)

FY2022

FY2023
3Q (Oct.to Dec.)

3Q (Oct.to Dec.)
Sales
Actualratio

4Q (Jan.to Mar.)
Sales
Actualratio

1Q (Apr.to Jun.)
Sales
Actualratio

2Q (Jul.to Sep.)
Sales
Actualratio

Net sales

17,399 100.0%

18,533 100.0%

20,157100.0%

23,022100.0%

Gross income

7,514

43.2%

7,876

42.5%

8,629

42.8%

10,376

45.1%

9,750

46.6% +29.7%

SG&A

5,173

29.7%

5,398

29.1%

5,476

27.2%

5,970

25.9%

5,878

28.1% +13.6%

Operating income

2,340

13.5%

2,477

13.4%

3,153

15.6%

4,406

19.1%

3,871

18.5% +65.4%

Ordinary income

2,468

14.2%

2,906

15.7%

3,562

17.7%

4,577

19.9%

3,523

16.8% +42.7%

1,776

10.2%

2,592

14.0%

2,555

12.7%

3,138

13.6%

2,305

11.0% +29.7%※Round down to themillions

Net income
attributable to ownersof parent company
Earnings per
share(EPS)(before diluting) (JPY)

59.22

－

Copyright IDEC Corporation. All rights reserved.

87.38

－

88.09

－

107.94－

Actual

Sales
ratio

YoY

20,927 100.0% +20.3%

79.03

－

+19.81

5

Net sales and operating income margin (per quarter transition)(Unit: million yen) *Round down to the millions
25,00025.0%

Net Sales

23,022

Operating Income Margin

20,927

20,15720,00017,27014,637

15,16515,00014,28014,272

17,58520.0%

18,533
17,399

19.1%

18.5%

14,84515.0%

13,75012,837

15.6%

12,549

13.3%

14.5%

13.5%

13.4%

10,000

10.0%

9.3%
8.3%

7.5%

8.2%

7.0%

5,000

6.6%

8.6%
5.0%

6.2%

0

0.0%
1Q

2Q

3Q

4Q

FY2020
Copyright IDEC Corporation. All rights reserved.

1Q

2Q

3Q

FY2021

4Q

1Q

2Q

3Q

FY2022

4Q

1Q

2Q

3Q

FY2023

6

Sales by regions
FY2022
Cumulative
3Q

FY2022
Cumulative
3Q

YoY

Japan

22,477(43.0%)

25,894(40.4%)+15.2%

Overseas

29,778(57.0%)

38,213(59.6%)+28.3%

Americas8,411(16.1%)

12,014(18.7%)+42.8%

8,744(16.7%)

10,113(15.8%)

Asia Pacific

12,621(24.2%)

16,085(25.1%)+27.4%

 In Ameri cas an d EMEA, d eman d h as
con tinu ed in h ig h l ev el, an d th e sal es
increased with the effect of weak yen.

Total

52,255(100.0%)64,107+22.7%(100.0%) Th e d eman d of oth er Asi an reg i on s inaddition to China has moved firmly.

(Unit: million yen)
*Round down to the millions(Sales ratio)

EMEA(Europe, Middle
East, Africa)

Copyright IDEC Corporation. All rights reserved.

+15.6%Japan

YoY ＋15.2%

 As th e d eman dofsemi con d u ct or,
au t omotiv e, mach in e t ool s an d rob oti cs
indu stri es, et c. h as mov ed fir mly f ollow ing
p rev i ou squ art er, and w eh av e r esp on d ed t oth e mark et d eman d ex actly, th e sal es h asincreased.
Overseas

YoY ＋28.3%

7

Sales by regions (per quarter transition)(Unit: million yen) *Round down to the millions
Japan

Americas

EMEA

Asia PacificOverseas Ratio

25,00080.0%

20,000

54.6%

55.3%
52.3%

50.4%

55.4%

54.0%

61.2%

57.5% 58.5%

55.0%

52.8%

50.5%

54.5%

58.7%

7,343
6,646

7,237

10,000

7,088

7,059

5,732

6,126

2,329

2,927

2,770

8,426

2,330

1,971

1,925

2,314

2,264

2,257

1,846

2,322
2,348

40.0%

4,273
4,283

3,457

5,767

2,140

5,000

7,828

7,012
2,715

2,403

7,305

3,009

2,686

60.0%

8,630

8,319
15,000

58.8%

8,944

3,121

3,615
3,314

2,289
2,975

2,996

2,772

3,002

4,234

4,274

4,112

3,983

1Q

2Q

3Q

4Q

3,183

20.0%

2,417

2,659

2,827

2,736

2,618

2,876

3,010

2,953

3,125

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

5,065

6,189

4,829

0

0.0%

FY2020
Copyright IDEC Corporation. All rights reserved.

FY2021

FY2022

1Q

2Q
FY2023

3Q

8

Sales by products(Unit: million yen)
*Round down to the millions(Sales ratio)

FY2022
Cumulative
3Q

FY2022
Cumulative
3Q

YoY

Industrial Switches

24,542(47.0%)

29,491+20.2%(46.0%)

Industrial Relays &Components

10,062(19.3%)

12,206+21.3%(19.0%)

Automation & Sensing

7,527(14.4%)

9,278+23.3%(14.5%)

Safety & Explosion
Protection

6,549(12.5%)

8,597+31.3%(13.4%)

2,645(5.1%)

3,577+35.2%(5.6%)

928(1.7%)

957+ 3.1%(1.5%)

52,255(100.0%)64,107+22.7%(100.0%)

Systems
OthersTotal

Copyright IDEC Corporation. All rights reserved.

Industrial Switches
Sales expanded in all global regions due to the rapid expansionof the demand for capital investment.

Industrial Relays & Components
Sales of control relays increased in main Americas and China.

Automation & Sensing
The dem and f or ope rator i nte rf ace s and pr og ram m ab le l og i ccontrollers has still moved in Japan, Americas, and EMEA.

Safety & Explosion Protection
The dem and f or saf e ty - re l ated dev ice s sig nif i cantly ex pand ed
in Japan and China mainly.

Systems
Sale s of contr ol pane l s f or sem i cond uct or and log i sti c- re l atedequipment increased in Japan.

Others
The system-related demand for the environmental energy
business increased in Japan.
9

Sales by products (per quarter transition)(Unit: million yen) *Round down to the millions
25,00020,000Industrial Switches
Industrial Relays & Components
Automation & Sensing
Safety & EX
Systems
Others

10,283

9,483
9,724

15,000

8,115
7,093

7,195

6,587

6,203

2,573

2,723

2,479

2,110

0

1,584
638
635
1Q

2,495
1,721

2,020

2,332

1,635
780
777

1,717

771
257
2Q
3Q
FY2020857
351
4Q

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5,630

6,495

4,519
3,684
2,550

2,562

5,000

8,648
8,201

6,725

6,452

10,000

8,225

2,491

2,292

2,469

1,629

1,975

2,164

1,595
724
193
1Q

1,491
906
254
2Q

1,618
775
227
3Q

FY2021

3,264

3,459

3,338

2,433

2,499

2,574

2,453

1,808

2,085

2,231

2,232

1,111
215
4Q

901
403
1Q

853
240
2Q

890
283
3Q
FY2022

3,563

4,002

2,431

2,578

2,359

2,577

1,097
434

950
323
1Q

4Q

3,665

3,034

2,976

3,043

1,213
365
2Q

1,413
268
3Q

FY202310

Orders receivedThe amount of orders received has decreased due to the impact of economic
slowdown in China.
Filling backlogs has been proceeded due to the calm advance order and theimpact of enhanced production.

(Unit: million yen)
*Round down to the millions

FY2022 Cumulative 3Q
Amount oforders received

Backlog

FY2023 Cumulative 3Q
Amount oforders received

YoY

Backlog

YoY

Japan

35,174

16,06928,317 - 19.5％

17,057+ 6.1%

Americas10,952

4,459

13,094 +19.6%

6,038+35.4%EMEA(Europe, Middle East, Africa)

11,182

5,853

11,431 + 2.2%

8,531

+45.8%

Asia Pacific

12,4695,345

9,236 - 25.9%

4,211- 21.2%

Total

69,77931,72762,079 - 11.0%

35,838+13.0%

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11Orders received (per quarter transition)
 Decreased in Asia Pacific due to the impact of decreased order received in China.
 Decreased in Americas due to the seasonal factors.
FY2022(Unit: million yen)
*Round down to themillions

3Q (Oct.to Dec.)

FY20234Q (Jan.to Mar.)

1Q (Apr.to Jun.)

2Q (Jul.to Sep.)

3Q (Oct.to Dec.)

Ordersreceived

Backlog

Ordersreceived

Backlog

Ordersreceived

Backlog

Ordersreceived

Backlog

OrdersreceivedJapan

12,204

16,06911,12918,048

11,057 19,875

8,524

17,9408,736 17,057

Americas

3,547

4,459

3,688

5,060

4,874

6,405

4,515

6,635

3,703

6,038

2,677

5,853

3,730

6,708

3,555

7,428

4,418

8,229

3,457

8,531

Asia Pacific

4,003

5,345

6,125

8,048

3,746

7,232

2,901

5,411

2,588

4,211

Total

22,432

31,727

24,67337,86623,233 40,942

20,35938,218 18,486 35,838

EMEA(Europe, Middle East,

Backlog

Africa)Copyright IDEC Corporation. All rights reserved.

12

Consolidated performance [Consolidated balance sheet]
Highlights of assets

Highlights of liabilities

Highlights of net assets

 While cash and de posit s de cre ase d,i nve nt ory asse ts, trade re ce iv ab le s, andf ixed asse ts i ncre ase d . The re f ore, tot alasse t s i ncre ase d by 8.4 2 b illi on ye ncompared to the end of previous FY.

While i ncom e tax pay ab le s de cre ase d,
trad e pay ab le s and le ase i ncre ase d .
The re f ore, tot al li ab ilitie s de cre ase d by
0 .6 7 b illi on ye n com pared to the e nd of
previous FY.

Due to the increase of earned surplus
and foreign currency translation
adjustment, net assets increased by
7.75 billion yen compared to the endof previous period.

(Unit: million yen)
*Round down to the millions

FY2022(previous FY)

FY2023(end of December)

YoY

Current assets

47,171

53,613+6,442

Fixed assets

47,78949,766+1,976

Current liabilities

21,66022,887+1,227

Fixed liabilities

24,291

23,736-

Net assets

49,00856,755+7,746

Total assets

94,960103,379+8,419

Shareholders’ equity ratio

51.2%

54.6%

+3.4%

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555

13

Consolidated performance [Consolidated cash flow statement]
Cash Flows by operation activities

Cash Flows by investing activities

Cash Flows by financing activities

I t w as appr ox im ate ly 3 .9 1 b illi on ye nd ue tothe i ncre ase d i nve nt ory asse ts and trad e
receivables, etc.

Due to the acquisition of fixed
assets, etc., it was -1.48 billionyen.

It was-3.74 billion yen due torepayment of borrowings andexpenses including dividends(Unit: million yen)

•
•

YoY

FY2022 Cumulative 3Q

FY2022 Cumulative 3Q

CF from operating activities

6,107

3,912

- 2,195

CF from investing activities-2,142-2,628-

Free cash flows (FCF)

3,964

1,283

- 2,680

CF from financing activities-5,595-3,736+1,858Cash and cash equivalents at end of year

13,831

13,019-

Capital expenditure

1,498

3,057

+1,558Depreciation and amortization expense

2,436

2,621

+

*Round down to the millions

485

811

185

As the right-of-use assets including rental cost of overseas were allocated as the capital expenditure, it increased compared to previous FY.
We revised the capital expenditure of full year from 3.3 billion yen of the initial plan of this period to 3.7 billion yen (right-of-use asset wasapproximately 1 billion yen).

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14

Forecast for FY2023

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15

Consolidated business forecast for FY2023
 There is no change in business forecast.
FY2023

FY2022(Unit: million yen)
*Round down to the millions

ActualSales ratio

Sales ratio

Forecast

YoY

Net sales

70,789100.0%

83,500100.0%+18.0%

Gross income

30,31042.8%

36,15043.3%+19.3%

SG&A

20,63829.2%

22,75027.2%+10.2%

Operating income

9,672

13.7%

13,40016.0%+38.5%

Ordinary income

10,39814.7%

14,00016.8%+34.6%

7,896

11.2%

9,400

11.3%

+19.0%

ー

323.77ー+59.65

Net income attributable toowners of parent company

Earnings per share(before diluting) (JPY)264.12

USD-yen rate (JPY)112.40134+21.60EUR-yen rate (JPY)129.91135+5.09

CNY-yen rate（JPY）

17.51

19.5

+1.99

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16

Consolidated business forecast for FY2023(Unit: million yen)
*Round down to the millions

FY2022
ActualFY2023
Forecast

YoY

Industrial Switches

33,19139,400+18.7%

Industrial Relays & Components

13,62517,000+24.8%

Automation & Sensing

9,958

10,600+ 6.4%

Safety & Explosion Protection

8,908

10,900+22.4%

Systems

3,742

4,500

+20.2%

Others

1,363

1,100

- 19.3%70,78983,500+18.0%

Domestic sales

30,90434,200+10.7%

Overseas sales

39,88549,300+23.6%(Ratio of overseas sales)

56.3%

59.0%

Total

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17

FY2023 exchange rate and exchange rate sensitivity

Currency

Exchange
assumption

Effect by 1 yen change of exchange rate
*For CNY, effect by 0.1 yen change

Net sales

Operating income

USD

JPY134

Approx. 80 mil. yen

Approx. 20 mil. yen

EUR

JPY135

Approx. 140 mil. yen

Approx. 10 mil. yen

CNY

JPY19.5

Approx. 60 mil. yen

Approx. 15 mil. yen

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18

Initiatives for FY2023

Copyright IDEC Corporation. All rights reserved.

CONFIDENTIAL

19

New Medium-Term Management Plan Initiatives
Four Basic Strategies
Promote Growth Strategy

Improve Profitability

 Strengthen sales based on technical problem-solving
 Accelerate product development and launch products
based on regional and industry needs
 Expand business in China, India and other focus markets,and by M&A and alliances Optimize production structure and processes to reduce
cost, inventory and improve lead time Review and optimize SG&A costs
 Identify and consolidate unprofitable products andbusinesses

Enhance Business Foundation

Enhance ESG Initiatives

 Promote decent work practices
 Strengthen the business structure by promoting PMI
and rigorous management of key projects
 Promote digital marketing at global level

Promote initiatives to reduce environmental impacts
Promote diversity
Improve management transparency and efficiency

Create well-being through Safety and ANSHIN technology
Improve product quality and manufacturing capabilities

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CONFIDENTIAL

20

Development status at IDEC ALPS Technologies


Developing unique products by combining the technologies of IDEC and ALPS ALPINE
The first product launch will be announced soon

Goal

 Promoting product development, market development, and branding by leveraging thestrengths of both companies
 Joint development of high-value-added HMI, safety, and sensing equipment, as well as
provision of solutions

Current
situation

 Conceptualizing a wide range of products in the HMI, safety, and sensing categories withflexible creativity driven by the unaddressed issues and requirements of the market
 Currently developing three series of products related to safety and sensing

Overviewof thefirst
product

Products launching soon (sensing category) Hardware configurations utilizing technologies honed in consumer andautomotive applications
 Features functionality perfectly matched to industrial market applications
 Providing a variety of user interfaces to improve usability in the field

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21

Collaboration with ez-Wheel
 We have proposed the products of ez-Wheel (France) according to eachcustomer’s needs, and the number of leads from end users and assembly
manufacturers are increasing.
 Inqu iri es ab ou t " El ect ric Pow er Wh eel " ar e oft en receiv ed
manufacturers, where heavy loads are often transported by human.

from au t omob il e- rel at ed

 F or “S af et y Wh eel D ri ve” comp li ed w ith saf ety st and ard ah ead of th e w orld, bu sin ess
op p ortun iti es f or in tr od u cing t o l og i sti cs an d p rodu cti on lin es of man u f actu ring in du stri es wh i chconsider to introduce AMR with safety functions for labor saving and work saving are proceeding.

Electric Power Wheel (left) and an electric assist cart introduced at IDEC’s Amagasaki factory (right)
Copyright IDEC Corporation. All rights reserved.

Safety Wheel Drive (left) and AMR under testing of verification at
logistic centers (right)

22

Enhance Business Foundation (1) Delivering further improvements to operational efficiency
by promoting global ERP implementation
 Currently, Group companies in Japan and overseas are using different systems, which
is an inefficient arrangement
Two systems will be implemented that can deliver ERP platform building and global
SCP This implementation will enable management of sales activities, taking orders,
production planning, purchasing, inventory, and quality in the same system The system will be introduced first at the IDEC head office, then system construction
promoted, moving on to gradual global rollout

 Integrating existing systems such as digital marketing tools andSFA (Sales Force Automation) will enable efficient operations
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23

Enhance Business Foundation (2) All global sites including APEM had a common digitalmarketing platform in place by 2022
 Providing optimized content personalized for individual customers based ondata such as customer attributes, purchasing, and internet access logs
 Increasing and developing potential customers (leads) as well as creatingprocesses that help capture business opportunities

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24

Enhance Business Foundation (3) In Japan, promoting improvement of sales efficiency by more effectively
utilizing SFA, which we have used as a sales tool for some time Solving problems, speeding up business negotiations, and identifying customer, market,
and industry trends by consolidating all information into a utilization platform shared with otherdepartments Increasing efficiency through consolidating data managed by individual systems into SFA

Examples of SFA utilization
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25

Sustainability initiativesEstablishing committees in five fields reporting to the
CSR Committee - chaired by the CEO - to promotevarious initiatives, including ESG and IDEC’s strengths insafety and quality.

The
environment
strategycommittee
reviews
environmental aspects of environmentally-friendly
products, selects internal carbon price model cases,
analyzes risks and opportunities for TCFD recommended
disclosure items, and organizes and holds environmental
eventsEnvironment
Strategy
Committee

Sustainability promotion system

Regularly conducting engagement surveys
Identifying issues from the survey results and promoting action on priority items



The Risk Management Committee conducts group-wide risk monitoring and assessment,
and promotes programs regarding high-risk events such as in BCP preparation

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26

Formulation of BCP (Business Continuity Plan)The Risk Management Committee, manufacturing
departments, and leaders at business locations
concerned collaborate to prepare basic plans fordisaster response, initial response flows, andbusiness continuity plansThe business continuity plan for eachmanufacturing site makes ongoing deliveries tocustomers in the event of a disaster the top priority,
preparing a continuity and recovery plan that
limits suspension of shipments to no morethan one week

Risk management system

Based on the initial response flow, we havepromoted the development of manuals andhandbooks,
communications
infrastructure
available in an emergency, a safety confirmation
system that can check on employees andbusiness partners, and stockpiles of supplies
IDEC Group BCP Framework

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27

Introduction of New Products

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CONFIDENTIAL

28

New Product (1)A non-contact, hygienic touchless switch that meets noncontact needs as a measure to prevent infectious diseases[Target facilities for mounting] Med i cal sit es, air sh ow ers of cl ean rooms, an d op er ativ e p art s of f ood mach in ew ith th en ecessi ty
of considering hygiene.

 Au t omati c d oor s and el ev at or s f or ind oor an d ou td oor pub li c f aciliti es, ti ck et mach in es f or
parking , etc.
Up to 270 mm

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29

New Product (2)The HT4P Safety Commander, which makes it easy to attach an emergency
stop switch and enabling switch onto a tablet
 In January 2021, we launched the wireless LAN-type HT3P
 We launched the HT4P, which supports wired LAN connections[Usage Examples]

Robot teaching
Operation control of large equipment and machines
Control of automobile production lines and conveyor lines
Control of semiconductor manufacturing equipment, food-processing
machines, etc.
 Manual control of AVGs and AMRs, etc.

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30

New Product (3)New RC Series PCB relays for control device
 Increasing demand for miniaturization, wiring reduction, and labor saving ofcontrol panels and control units has driven growth in PCB-mounted control units We have launched the RC Series - a high capacity yet compact and low-profile
relay - as part of our expanding range of PCB devices delivering compact size,
less wiring, and labor saving

 Less wiring
 Less man-hours
 Less space

Copyright IDEC Corporation. All rights reserved.

31

References

Copyright IDEC Corporation. All rights reserved.

32

Industry Trend (Transition of shipment data of NECA*)*Nippon Electric Control Equipment Industries Association

Transition of the industrial shipment and YoY status (between October, 2019 and December, 2022)(Unit: million yen)
80,000200%
Shipment Data

75,170

YoY

71,05570,00063,58961,88960,00056,362

61,62062,158150%

57,545

55,11350,397

126%

49,911

123%

122%

50,000

115%

113%
98%

96%

40,000

117%

108%

108%

96%

72,964

68,632

91%

100%

87%

30,00020,00050%

10,000

0

0%

19/10

20/1

20/4

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20/7

20/10

21/1

21/4

21/7

21/10

22/1

22/4

22/7

22/10

33

Sales classification by segment
Industrial Switches
・Industrial switches
・Joysticks
・Pilot lights

Industrial Relays &Components

Automation &Sensing・Switching power supplies
・Terminal blocks
・Industrial relays/sockets
・Circuit protectors
・LED illumination units

・Programmable logic
controllers
・Operator interfaces
・Photoelectric switches
・Automatic identification
devices

Safety & Explosion
Protection
・Safety-related products
・Explosion protection
products

Systems

Others・Collaborative robot systems ・Environmental energy・Interface complex systems
related business・Security systems
・Next generation
・Other various systems
agricultural solutions

APEM products

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34

This material contains our plans and performance forecast, which we have planned and expected inaccordance with available information as of November 4, 2022.
Therefore, actual performances may vary from aforementioned plans and expected values due tounforeseeable events and factors.
The original language is Japanese in financial results materials. The English version is translated
into the original Japanese version. In the case of any discrepancy between the English translationand the Japanese original, the latter shall prevail.

IDEC CORPORATION
Strategic Planning Head Quarter
TEL ：+81-6-6398-2505
FAX ：+81-6-6398-2587
E-mail : yasuyuki.ogawa@idec.com

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35