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.

Summly of Consolidated Financial Results
for the Year Ended December 31, 2023
[Japanese GAAP]
February 8, 2024
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: +81-92-473-8831
Scheduled date of Annual General Meeting of Shareholders: March 27, 2024
Scheduled date of commencing dividend payments: March 12, 2024
Scheduled date of filing annual securities report: March 27, 2024
Availability of supplementary briefing material on annual financial results: Yes
Schedule of annual financial results briefing session: Yes(Amounts of less than one million yen are rounded down.)
1. Consolidated Financial Results for the Fiscal Year Ended December 31, 2023 (January 1, 2023 to December 31, 2023)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable toNet sales
Operating profit
Ordinary profit
owners of parent
Millions of yen%
Millions of yen%
Millions of yen%
Millions of yen%
Fiscal year ended
December 31, 2023
27,071
8.3
1,622
12.6
1,816
12.7
1,202
11.1
December 31, 2022
25,007
1.7
1,440
2.5
1,612
4.7
1,082
2.5
(Note) Comprehensive income:Fiscal year ended December 31, 2023:¥2,015 million [96.9%]
Fiscal year ended December 31, 2022:¥
1,023 million [(4.8) %]Basic earnings per Diluted earnings per Rate of return on
shareshareequity
Yen
Fiscal year ended
December 31, 2023
98.92
December 31, 2022
89.25
(Reference) Equity in earnings (losses) of affiliated companies:

Yen

Ordinary profit tototal assets ratio

%

9.7
9.6
Fiscal year ended December 31, 2023:
Fiscal year ended December 31, 2022:

Operating profit to
net sales ratio

%%

6.4
6.0¥
¥

6.0
5.8
- million- million(2) Consolidated Financial Position
Total assets

Net assetsMillions of yen
As ofDecember 31, 2023
28,755
December 31, 2022
28,055(Reference) Equity: As of December 31, 2023:
As of December 31, 2022:

Capital adequacy ratio

Millions of yen¥¥

13,212
11,565
13,212 million
11,565 million

Net assets per share%

Yen

45.9
41.2

1,086.03
952.59(3) Consolidated Cash Flows
Cash flows fromoperating activities
Fiscal year ended
December 31, 2023
December 31, 2022

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash
equivalents at the endof period

Millions of yenMillions of yen

Millions of yen

Millions of yen

3,190
(79)

(771)
(498)

(2,499)
1,040

2,248
2,319

2. Dividends
Annual dividends
1st
2nd
3rd
quarter-end quarter-end quarter-end

Year-end

Total

Fiscal year ended

Yen

Yen

Yen

Yen

December 31, 2022

-

15.00

-

15.00

30.00

December 31, 2023

-

17.50

-

17.50

35.00

-

20.00

-

20.00

40.00

Payoutratio

Total
dividends(consolidated)

Yen Millions of yen

Dividends
to netassets(consolidated)

%%

364

33.6

3.2

425

35.4

3.4

Fiscal year ending
December 31, 2024

37.3(Forecast)(Note) Breakdown of the year-end dividend for the fiscal year ended December 31, 2023 :Commemorative dividend- yenSpecial dividend- yen
3. Consolidated Financial Results Forecast for the Fiscal Year Ending December 31, 2024 (January 1, 2024 to December 31, 2024)(% indicates changes from the previous corresponding period.)
Profit attributable Basic earnings per
Net sales
Operating profit
Ordinary profit
to owners of parent
share
Six months ending June 30,2023
Full year

Millions ofyen%Millions ofyen%Millions ofyen%Millions ofyen%

Yen

13,0003.5

850

0.9880(7.3)

620

0.2

49.19

30,000

10.8

2,000

23.2

2,050

12.9

1,350

12.3

107.11* Notes:(1) Changes in significant subsidiaries during the period under review (changes in specified subsidiaries resulting in changes inscope of consolidation): NoNew(Company name:)
Exclusion:(Company name:)(2) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards: No
2) Changes in accounting policies other than 1) above: No
3) Changes in accounting estimates: No4) Retrospective restatement: No(3) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):December 31, 2023:
12,603,595 shares
December 31, 2022:
12,603,595 shares
2) Number of treasury shares at the end of the period:
December 31, 2023:
437,446 shares
December 31, 2022:
462,384 shares
3) Average number of shares outstanding during the period:
Fiscal Year ended December 31, 2023:
Fiscal Year ended December 31, 2022:

12,156,602 shares
12,132,934 shares

(Reference) Summary of Non-consolidated Financial Results
1. Non-consolidated Financial Results for the Fiscal Year Ended December 31, 2023 (January 1, 2023 to December 31, 2023)(1) Non-consolidated Operating Results(% indicates changes from the previous corresponding period.)
Net sales
Fiscal year ended
December 31, 2023
December 31, 2022

Operating profit

Ordinary profit

Net income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

19,07318,141

5.1
(5.5)

1,351
1,17415.1
2.2

1,541
1,415

9.0
0.2

1,046990

5.6
(4.1)

Basic earnings per share Diluted earnings per share
Fiscal year ended
December 31, 2023
December 31, 2022

Yen

Yen

86.06
81.66

-(2) Non-consolidated Financial Position
Total assets
Millions of yen
As ofDecember 31, 2023
23,528December 31, 2022
25,325(Reference) Equity: As of December 31, 2023:
As of December 31, 2022:

Net assets

Capital adequacy ratio

Millions of yen¥¥12,244
10,82812,244 million
10,828 million

Net assets per share%Yen

52.042.8

1,006.42
891.88

Consolidated Financial Statements
Consolidated Balance Sheets(Millions of yen)
As of December 31, 2022
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
Accumulated depreciation
Buildings and structures, net
Machinery, equipment and vehicles
Accumulated depreciation
Machinery, equipment and vehicles, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Land
Leased assets
Accumulated depreciation
Leased assets, net
Construction in progress
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

As of December 31, 2023

2,327

2,257

13,965

13,181

535
1,727
403
423
(16)
19,365

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

8,772(4,843)
3,928
1,585(1,452)132
1,415(1,318)
96
827
516
(275)
241
48
5,276
232

9,023
(5,051)3,972
1,541(1,417)124
1,414(1,324)
90
1,148
450
(252)
197
235
5,768
226

3,047
142(8)
3,181
8,689
28,055

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

(Millions of yen)
As of December 31, 2022
Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating
Short-term borrowings
Income taxes payable
Contract liabilities
Provision for loss on construction contracts
Other
Total current liabilities
Non-current liabilitiesLong-term borrowings
Deferred tax liabilities
Retirement benefit liability
Other
Total non-current liabilities
Total liabilities
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 December 31, 2023

4,484
1,322
4,253
404
68312,016
13,167

5,548
1,492
2,466
409
317
4
2,032
12,271

1,009
118
1,935
259
3,322
16,490

780
455
1,797
237
3,271
15,542

2,607
1,974
6,229
(215)
10,594

2,607
1,988
7,036
(204)
11,428

1,107

1,875

(78)
(58)
970
11,56528,055

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

Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income(Millions of yen)
For the fiscal year
ended December 31, 2022
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Remuneration for directors (and other officers)
Salaries and allowances
Bonuses
Retirement benefit expenses
Other
Total selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Rental income
Subsidy income
Gain on sale of investment securities
Gain on sale of non-current assets
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 fiscal year
ended December 31, 2023

25,007
20,536
4,470

27,071
22,400
4,671

262
1,045
361
72
1,287
3,030
1,440

273
1,044
359
68
1,303
3,048
1,622

0
84
14
44
64
26
234

0
92
15
50
70
31
261

33
10
18
63
1,612
1,612
524
4
529
1,082
1,082

35
9
23
67
1,816
1,816
599
14
613
1,202
1,202

Consolidated Statements of Comprehensive Income(Millions of yen)
For the fiscal year
ended December 31, 2022
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 fiscal year
ended December 31, 2023

1,082

1,202(96)927(59)1,023

767
243813
2,015

1,023

2,015

Consolidated Statements of Changes in Equity
For the fiscal year ended December 31, 2022
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginningof period
Changes during
periodDividends ofsurplus
Profit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesNet changes in
items other thanshareholders' equity
Total changes
during period
Balance at end ofperiod

Balance at beginningof period
Changes during
periodDividends ofsurplus
Profit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesNet changes in
items other thanshareholders' equity
Total changes
during period
Balance at end ofperiod

Capital surplus

2,607

Retained earnings

1,958

5,570

Treasury shares(225)

Total shareholders'equity
9,910

(424)

(424)

1,082

1,082
-

15

10

25-

15

658

10

684

2,607

1,974

6,229

(215)

10,594

Accumulated other comprehensive income
Valuation difference Foreign currency
Total accumulated
Remeasurements ofon available-for-saletranslation
other comprehensive
defined benefit planssecurities
adjustment
incomeTotal net assets

1,204

(87)

(86)

1,029

10,940

(424)
1,082
25
(96)

927(59)

(59)

(96)

927(59)625

1,107(78)

(58)

970

11,565

For the fiscal year ended December 31, 2023
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginningof period
Changes during
periodDividends ofsurplus
Profit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesNet changes in
items other thanshareholders' equity
Total changes
during period
Balance at end ofperiod

Balance at beginningof period
Changes during
periodDividends ofsurplus
Profit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesNet changes in
items other thanshareholders' equity
Total changes
during period
Balance at end of
periodCapital surplus

2,607

Retained earnings

1,974

6,229

Treasury shares(215)

Total shareholders'equity10,594(395)

(395)

1,202

1,202

14(0)

(0)

1126-

14807

11833

2,607

1,988

7,036

(204)

11,428

Accumulated other comprehensive income
Valuation difference Foreign currency
Total accumulated
Remeasurements ofon available-for-saletranslation
other comprehensive
defined benefit planssecurities
adjustment
incomeTotal net assets

1,107

(78)

(58)

970

11,565(395)
1,202(0)26767243813813

767

2438131,647

1,875(76)

(15)

1,784

13,212

Consolidated Statements of Cash Flows(Millions of yen)
For the fiscal year
ended December 31, 2022
Cash flows from operating activities
Profit before income taxes
Depreciation
Amortization of goodwill
Increase (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
Loss (gain) on sale of investment securities
Increase (decrease) in contract liabilities
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
equivalents
Net 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 fiscal year
ended December 31, 2023

1,612
387
5(6)
2(84)
33(0)
(1,788)45
93(64)
252(179)
31084(32)
(441)
(79)

1,816
388
(87)
(0)
(93)
35(70)
805
(66)
1,226
(50)
(366)
188
3,724
93
(34)
(593)
3,190

(3)
3(476)
0
(71)
(34)
70
12(498)(8)8(926)
151
(26)
(84)
117
(3)
(771)

1,754
(228)
(424)
(60)
1,040

(1,814)
(228)
(0)
(395)
(61)
(2,499)

10

11

473
1,845
2,319

(70)
2,319
2,248