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.

[Summary]
Consolidated Financial Results for the First Quarter of the Year Ending March 31, 2023 [IFRS]
August 5, 2022
Company Name

Nihon Dempa Kogyo Co., Ltd.

Code
Representative

URL https://www.ndk.com/en/index.html
6779
Hiromi Katoh, Representative Director and President

Contact person

Yuzuru Takeuchi , Senior Corporate Officer and General Manager of Administration Division Phone: +81-3-5453-6711

Stock Exchange Listing: Tokyo Stock Exchange, Prime Market

Scheduled date to file quarterly securities report:

August 5, 2022

Scheduled date to commence dividend payments:-

Availability of supplementary material on financial results: None
Holding of the briefing session for quarterly financial results: None
(Figures less than a million yen are omitted)

1. Consolidated Financial Results for the First Quarter of the Year Ending March 31, 2023 (April 1, 2022 - June 30, 2022)(Percentages indicate year-on-year changes.)(1) Consolidated Operating Results (year-to-date)
Net sales

Operating income

Net income
attributable toowners of parent

Net income
for the period

Income before
income tax

Three months ended
June 30, 2022

Million Yen

12,493

15.6

1,549

150.2

1,718

222.2

1,397

198.8

June 30, 2021

10,809

43.5

619

-

533

-

467

-

% Million Yen% Million Yen

Basic earnings per share
Three months ended
June 30, 2022

61.74

June 30, 2021

23.83

% Million Yen% Million Yen

Totalcomprehensive
income for theperiod% Million Yen

1,397 198.8
467

-

%

1,957

157.5

760

-

Diluted earnings per share

Yen

Yen

12.02

(2) Consolidated Financial Position
Total assets
As at

Ratio of equity
attributable to ownersof parent

Equity attributable toowners of parent

Total equity

Million Yen

Million Yen

Million Yen%

June 30, 2022

62,426

19,654

19,654

31.5

March 31, 2022

61,22020,037

20,037

32.7

2. Dividends
Annual dividends per share
1st quarter-end

2nd quarter-end
Yen

Fiscal year ended
March 31, 2022
Fiscal year ending
March 31, 2023
Fiscal year ending
March 31, 2023 (Forecast)-

3rd quarter-end
Yen

Fiscal year-end
Yen

Total

Yen

Yen

0.00

-

5.00

5.00

10.00

-

10.00

20.00

-

(Notes) Revision of dividends forecast from the latest announcement : None

The above chart concerns common stock dividends. Please see "(Reference) Dividends on Class A Shares" below for information onclass shares (unlisted) that have different rights from common stock issued by the Company.

3. Consolidated Financial Forecast for the Year Ending March 31, 2023 (April 1, 2022 - March 31, 2023)(% figures represent the changes from the same period of the previous year)

Net sales
Million Yen

Operating income% Million Yen

Income before
income tax% Million Yen

Net income
Basic earnings
attributable toper shareowners of parent

Net income
for the period% Million Yen

Six months ending
24,2008.7
2,300 (19.0)
2,100 (19.3)
1,800
September 30, 2022
Fiscal year ending
10.1
(6.5)
4,000
50,000
5,000
(3.5)
4,600
March 31, 2023
(Note) Revision of consolidated financial forecast from the latest announcement : None

% Million Yen%

Yen(25.9)

1,800(25.9)

91.72(26.7)

4,000(26.7)

203.83Notes(1) Significant changes in subsidiaries during this period(Changes in "Specified Subsidiaries" accompanying changes in scope of consolidation) : None
(2) Changes in accounting policies and accounting estimatesi ) Changes in accounting policies required by IFRS : None
: Noneiii) Changes in accounting estimates: Noneii) Changes in accounting policies other than i )(3) Number of issued shares (Ordinary shares)i ) Number of issued shares at the end of the period(including treasury shares)ii) Number of treasury shares at the end of the period

June 30, 2022

23,128,605 March 31, 2022

20,757,905

June 30, 2022

105 March 31, 2022

1,133,805iii) Average number of shares outstanding for theperiod (year-to-date)June 30, 2022

June 30, 2021

19,624,150(shares)

22,635,940* This summary of the business results and the attached financial statements are unaudited.
* Explanation about appropriate use of consolidated financial forecast, other special notes
Forward-looking statements in this document about our future performance are based on the information that are available to us at thetime of disclosure and certain assumptions that are deemed to be reasonable. Due to unforeseen circumstances, actual results may
differ significantly from such estimates.

(Reference) Dividends on Class A Shares
Dividends per share related to Class A Shares with different rights from those of common shares are as follows:
Annual dividends per share

Class A SharesFiscal year ended
March 31, 2022
Fiscal year ending
March 31, 2023
Fiscal year ending
March 31, 2023 (forecast)

1st quarter-end

2nd quarter-end

Yen

3rd quarter-end

Yen

-

0.00

Fiscal year-end

Yen

Total

Yen

Yen

-

19,283.75

19,283.75

-

-

-

-

(Note)The number of Class A Shares in issue as of March 31, 2022 was 5,000 shares; the total amount of dividends on the class shareswas ¥96 million for the fiscal year ended March 31, 2022. They were initially issued on August 5, 2020, all of which were acquiredby the Company in exchange for money and canceled on May 26, 2022, based on the resolution made at the Board of Directors'
meeting dated March 29, 2022. Hence, Class A shares will incur no dividends in the fiscal year ending March 2023.

Nihon Dempa Kogyo Co., Ltd. (6779) Q1 FY2023

Table of Contents
1. Qualitative Information on the Financial Results for the Three Months Ended June 30, 2022
(1) Operating Environment and Results of Operations ･･･････････････････････････････････････････････ 2(2) Financial Condition ･･･････････････････････････････････････････････････････････････････････････ 2(3) Forecasts for the Year Ending March 31, 2023 ･･･････････････････････････････････････････････････2

2. Notes to Summary Information(1) Changes in Significant Subsidiaries During the Period ････････････････････････････････････････････3(2) Changes in Accounting Policies, Changes in Accounting Estimates and Restatements ･･･････････････ 3

3. Consolidated Financial Statements for the Three Months Ended June 30, 2022
(1) Consolidated Statements of Financial Position ･･･････････････････････････････････････････････････ 4(2) Consolidated Statements of Comprehensive Income ･･･････････････････････････････････････ 5(3) Consolidated Statements of Changes in Equity ･･･････････････････････････････････････････ 6(4) Consolidated Statements of Cash Flows ････････････････････････････････････････････････ 8(5) Notes to Consolidated Financial Statements ･････････････････････････････････････････････ 9-1-Nihon Dempa Kogyo Co., Ltd. (6779) Q1 FY2023
1. Qualitative Information on the Financial Results for the Three Months Ended June 30, 2022
(1) Operating Environment and Results of Operations
The first quarter of the fiscal year ending March 31, 2023 (April to June 2022) witnessed a recovery in demand from the
COVID-19 pandemic in the world economy, while inflation accelerated globally due to soaring energy and grain prices caused
by Russia's invasion of Ukraine. While Europe and the United States have raised interest rates to cope with inflation, the U.S.
GDP growth rate for the April to June period registered negative growth for the second consecutive quarter. In Europe, too,concerns about an economic slowdown have intensified. In China, economic activity stagnated due to city blockage by its "ZeroCOVID" policy, with the country's economy slowing sharply. Governments are pressed to deal with inflation while keeping aneye on the economy.
In the automotive and smartphone markets, the Company's primary business domains, logistic confusion caused by the
lockdown based on China's "Zero-COVID" policy affected Shanghai City for two months until the end of May. On top of that,the shortage of procuring parts, including semiconductors, became prolonged, and the demand for smartphones continued to
decline in China. Under such unfavorable circumstances, in automotive applications, which account for nearly half of theCompany's net sales, the orders from Tier 1 customers, i.e., manufacturers who supply parts to finished car manufacturers,
remained high overall. On the sales side, despite the negative impact of logistic turmoil due to city blockage in Shanghai,
consolidated net sales for the first quarter under review increased by nearly 20% compared to the same quarter of the previous
year. In mobile communications applications, which account for around 20% of net sales, sales of 76.8MHz crystal units withbuilt-in thermistors declined due to lower demand from Chinese smartphone manufacturers. Nonetheless, consolidated net sales
for the first quarter decreased only slightly year on year due to sales growth in ultra-compact crystal units to other major
smartphone manufacturers. In industrial equipment applications, which represent nearly 10% of the sales, net sales of crystal
oscillators for data centers increased year on year. In addition, net sales for consumer, IoT and Factory Automation (FA)applications increased year on year. Substantial yen depreciation compared to the previous year's level also led to a revenue
increase of around ¥950 million.
Accordingly, consolidated net sales for the first quarter under review recorded ¥12,493 million, a 15.6% increase year on
year from ¥10,809 million.
Regarding income and losses, in the first quarter under review, the Company reported an operating income of ¥ 1,549
million, a 150.2% increase year on year from ¥619 million the year before; income before income taxes of ¥1,718 million, up
222.2% year on year from ¥533 million; and net income of ¥1,397 million, up 198.8% year on year from ¥467 million.
While an income increase of around ¥280 million was attributable to significant yen depreciation, profits increased year on
year, even excluding foreign exchange factors.
(2) Financial Condition
As of the first quarter-end (June 30, 2022), total assets stood at ¥ 62,426 million, a ¥ 1,206 million increase from the previous
fiscal year-end, reflecting the following factors: a decrease of ¥1,753 million in cash and cash equivalents, an increase of ¥1,656
million in inventories, an increase of ¥ 1,325 million in property, plant and equipment. Total liabilities amounted to ¥ 42,772
million, a ¥1,589 million increase from the previous fiscal year-end, owing mainly to a ¥1,044 million increase in trade and otherpayables, a ¥712 million increase in lease liabilities and a ¥271 million decrease in loans and borrowings. Equity attributable tothe owners of the Company stood at ¥ 19,654 million, a ¥ 383 million decrease from the year earlier, reflecting the following
factors: a ¥2,146 million decrease in share premium due to issuance of new shares, disposal of treasury shares and cancellation ofClass A shares; comprehensive income of ¥1,957 million; and dividends declared of ¥194 million.
As a result, the ratio of equity attributable to the owners of the Company was 31.5%, 1.2 percentage points lower than theprevious fiscal year-end of 32.7%.
(3) Consolidated Financial Forecasts for the Year Ending March 31, 2023
There is no change from the Consolidated Financial Forecasts announced on May 13, 2022.
Forward-looking statements about our future performance are based on the information available to us at the time of disclosure and certain
assumptions that are deemed to be reasonable. Due to unforeseen circumstances, actual results may differ significantly from such estimates.

-2-

Nihon Dempa Kogyo Co., Ltd. (6779) Q1 FY2023
2. Notes to Summary Information(1) Changes in Significant Subsidiaries During the Period
Not applicable(2) Changes in Accounting Policies, Changes in Accounting Estimates and Restatements
Not applicable-3-

Nihon Dempa Kogyo Co., Ltd. (6779) Q1 FY2023
Financial Statements(1) Consolidated Statements of Financial Position(Millions of yen)March 31, 2022

June 30, 2022

AssetsCurrent assets:
Cash and cash equivalents

10,3628,609

Trade receivables

12,287

13,480Inventories

11,79013,447

3

3

Income taxes refundable
Others

3,531

2,038

Total current assets

37,97437,57916,791

18,117

167

173

Investments accounted for using the equity method

2,762

2,935

Other financial assets

1,039

1,047

Deferred tax assets

1,917

2,021

Non-current assets:
Property, plant and equipment
Intangible assets

OthersTotal non-current assets
Total assets

566

551

23,24524,84761,22062,426

1,261

1,261

Liabilities
Current liabilities:
Loans and borrowings
Lease liabilities

407

581

8,650

9,694

Derivative liabilities

466

790

Provisions

687

701

Income taxes payable

953

603

Others714

823

13,141

14,457Loans and borrowings

24,022

23,751

Lease liabilities

1,443

1,981

Trade and other payables

Total current liabilities
Non-current liabilities:

Deferred tax liabilities

0

2

2,140

2,145

Provisions

163

164

Deferred government grants

3130

Employee benefits

Others239

239

28,04028,315

41,182

42,772

Share capital

5,596

5,596

Share premium

5,515

3,369

201

761

Total non-current liabilities
Total liabilities
EquityEquity attributable to owners of the Company:

Other components of equity
Retained earnings

8,724

9,927

Total equity attributable to owners of the Company

20,037

19,654

20,037

19,654

61,22062,426

Total equity
Total liabilities and equity-4-

Nihon Dempa Kogyo Co., Ltd. (6779) Q1 FY2023(2) Consolidated Statements of Comprehensive Income(Millions of yen)Three Months Ended
June 30, 2021
10,809Three Months Ended
June 30, 2022
12,493

Cost of sales

8,133

8,594

Gross profit

2,675

3,898

Selling, general and administrative expenses

1,583

1,868

Research and development expenses

344

410

Other operating income

75

83

Other operating expenses

203

154

Operating income

619

1,549

Financial income

75

143

Financial expenses

136

132

Share of loss of investments accounted for using the equity method

(25)

(38)

Net sales

Gain on change in equity-

196

Income before income tax

533

1,718

Income tax expenses

65

321

Net income for the period

467

1,397

Financial assets measured at fair value through other comprehensive income

(3)

(5)

Income tax relating to items that will not be reclassified

(0)

(0)

Subtotal

(3)

(6)

136

551

-

14

1

-

Other comprehensive income:Items that will not be reclassified to profit or loss:

Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations
Share of other comprehensive income of entities accounted forusing equity method
Cash flow hedges
Income tax relating to items that may be reclassified

157-

Subtotal

296

566

292

559

760

1,957

467

1,397

760

1,957

Other comprehensive income for the period, net of income tax
Total comprehensive income for the period
Net income attributable to:
Owners of the Company
Total comprehensive income attributable to:
Owners of the Company(Yen)
Earnings per share:
Basic earnings per share

23.83

61.74

Diluted earnings per share

12.02

-

-5-

Nihon Dempa Kogyo Co., Ltd. (6779) Q1 FY2023(3) Consolidated Statements of Changes in Equity
Three months ended June 30, 2021

(Millions of yen)

Share premium
Share Capital
5,596

Balance at April 1, 2021

Additional
paid-in
capital
8,305

Total
share premium

Treasuryshares(2,790)5,515

Total comprehensive income for the period-

Net income
Other comprehensive income
Net change in financial assets measured at fairvalue through other comprehensive income
Exchange differences on translation of foreign
operations
Cash flow hedges-

Total comprehensive income for the period
Balance at June 30, 2021

-

-

-

-

5,596

8,305

(2,790)

5,515

Other components of equity
FinancialassetsExchangemeasured at differences onfair valuetranslation offoreignthrough othercomprehensive operations
incomeBalance at April 1, 2021

(39)

(715)

Cash flow
hedges(18)

Total othercomponentsof equity

Retainedearnings

Attributableto owners of
the Company

(773)

3,213

13,552

13,552

-

467

467

467

(3)

(3)

(3)

294

294

294

Total
equityTotal comprehensive income for the period
Net income
Other comprehensive income
Net change in financial assets measured at fairvalue through other comprehensive income
Exchange differences on translation of foreign
operations
Cash flow hedges
Total comprehensive income for the period
Balance at June 30, 2021

(3)
294
1

1

1

1

(3)

294

1

292

467

760

760

(42)

(421)

(16)

(480)

3,681

14,312

14,312-6-

Nihon Dempa Kogyo Co., Ltd. (6779) Q1 FY2023

Three months ended June, 30 2022

(Millions of Yen)
Share premium
Share Capital
5,596

Balance at April 1, 2022

Additional
paid-in
capital8,305

TreasurysharesTotalshare premium(2,790)5,515

Total comprehensive income for the period-

Net income
Other comprehensive income
Net change in financial assets measured at fairvalue through other comprehensive income
Exchange differences on translation of foreign
operations
Share of other comprehensive income of entities
accounted for using equity method
Total comprehensive income for the period

-

-

-

-

1,398

1,398
(31)

(31)

(1,398)

1,398

1,398

Transactions with owners, recorded directly in equity-

Dividends declaredIssuance of new shares
Share issuance costs
Transfer from share capital to share premium
Purchase of treasury shares

1,398(6,250)(6,250)

Disposal of treasury shares(1,452)

2,790

1,337

Cancellation of treasury shares(6,250)

6,250

-

-

(4,936)2,790(2,146)

5,596

3,369

(0)

3,369

Total transactions with owners
Balance at June 30, 2022

Other components of equity
Financial
Share of otherassetsExchange comprehensiv
Total othermeasured at differences on e income oftranslation ofcomponents
fair value
entities
foreignthrough otheraccounted forof equity
comprehensive operations
using equity
methodincomeBalance at April 1, 2022

23

178

Retainedearnings

Attributableto owners of
the Company

201

8,724

20,037

20,037

-

1,397

1,397

1,397

(6)

(6)

(6)

551

551

551

14

14

14

14

14

559

1,397

1,957

1,957

-

(194)

(194)

(194)

-

Total
equityTotal comprehensive income for the period
Net income
Other comprehensive income
Net change in financial assets measured at fairvalue through other comprehensive income
Exchange differences on translation of foreign
operations
Share of other comprehensive income of entities
accounted for using equity method
Total comprehensive income for the period

(6)
551

(6)

551

Transactions with owners, recorded directly in equity
Dividends declaredIssuance of new shares

-

2,797

2,797

Share issuance costs

-

(31)

(31)

Transfer from share capital to share premium

-

-

-

Purchase of treasury shares-(6,250)(6,250)

Disposal of treasury shares

-

1,337

1,337

-

-

-

-

-

-

(194)

(2,340)(2,340)

16

730

14

761

9,927

19,654

19,654

Cancellation of treasury shares
Total transactions with owners
Balance at June 30, 2022

-7-

Nihon Dempa Kogyo Co., Ltd. (6779) Q1 FY2023(4) Consolidated Statements of Cash Flows(Millions of yen)Three Months Ended
June 30, 2021

Three Months Ended
June 30, 2022

Income before income tax

533

1,718

Depreciation and amortisation

731

757

Share of loss of investments accounted for using equity method

25

38

Operating activities:

Loss/(gain) on change in equity

-

(196)

(702)

(613)

Decrease/(increase) in inventories(152)(1,275)Decrease/(increase) in consumption tax/value-added tax receivables

1,063

1,107

Increase/(decrease) in trade payables

(174)

224

Increase (decrease) in accounts payable - other

206

356

Increase/(decrease) in accrued bonus

(100)

(74)

Decrease/(increase) in trade receivables

Interest and dividend income

(47)

(13)

Interest expense

132

128

Interest and dividends received

47

13Interest paid

(178)

(83)

Income tax refunded/(paid), net

(479)

(680)

Increase/(decrease) in derivative liabilities

(240)

324

Other, net

208

(445)

Net cash provided/(used in) by operating activities

871

1,286

Investing activities:
(295)

(518)

Purchase of intangible assets

Purchase of property, plant and equipment

(1)

(22)

Proceeds from sales of property, plant and equipment

06

Proceeds from sales of other financial assets

2-

Other, net

(9)

(0)

(303)

(533)

Repayment of long-term loans and borrowings

(737)

(315)

Repayments of lease liabilities

(102)

(93)

Net cash provided by/(used in) investing activities
Financing activities:

Dividends paid

-

(169)

Proceeds from issuance of shares

-

2,797

Purchase of treasury shares-(6,250)

Proceeds from disposal of treasury shares
Net cash provided by/(used in) by financing activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of year
Net effect of currency translation on cash and cash equivalents
Cash and cash equivalents at end of period

-8-

-

1,337

(840)

(2,692)(273)(1,940)16,707

10,362130

187

16,564

8,609

Nihon Dempa Kogyo Co., Ltd. (6779) Q1 FY2023(5) Notes to Consolidated Financial Statements for the Three Months Ended June 30, 2022
1. Going Concern Assumption
Not applicable
2. Significant Changes in Equity Attributable to Owners of the Parent
Not applicable
3. Change in Classification(Consolidated Statements of Cash Flows)"Increase/(decrease) in provisions", which was separately presented in "Operating activities" for the firstquarter ended June 30, 2021, is included in "Others" for the first quarter ended June 30, 2022; whereas"Increase/(decrease) in accounts payable - other" and "Increase/(decrease) in derivative liabilities", whichwere included in "Others" in "Operating activities" are separately presented for the first quarter under review
to improve the presentation clarity of the consolidated financial statements.
Reflecting this change, comparative consolidated statements of cash flows for the first quarter ended June30, 2021 have been reclassified.
As a result, "Increase/(decrease) in provisions" of ¥4 million and "Others" of ¥170 million in "Operating
activities" for the first quarter ended June 30, 2021 are reclassified as "Increase/(decrease) in accounts payable- other" of ¥206 million, "Increase/(decrease) in derivative liabilities" of ¥(240) million and "Others" of ¥208
million.
4. Segment Information(a) General information
The main activities of the Group are the integrated manufacture and sale of quartz crystal units, crystal
devices, ultrasonic transducers and synthetic quartz crystals, and there are no separate operating segments.
Therefore, the Group has a single reportable segment.
(b) Information about products and services
Net sales by type of products are as follows:(Millions of Yen, Figures less than a million yen are omitted)

Three Months Ended
June 30, 2021

Three Months Ended
June 30, 2022

Increase/(decrease)

AmountAmountAmountComposition(%)

Composition(%)

Change(%)

Quartz crystal units

7,262

67.2

8,807

70.5

1,545

21.3

Crystal devices

2,705

25.0

2,528

20.2

(176)

(6.5)

Others
Total

841

7.8

1,156

9.3

315

37.5

10,809100.0

12,493

100.0

1,684

15.6

-9-