Translation
Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any
discrepancy between this translated document and the original Japanese document, the latter shall prevail.

Summary of Consolidated Financial Results
for the Six Months Ended September 30, 2022
(Based on Japanese GAAP)
October 31, 2022
Company name:
MEIJI ELECTRIC INDUSTRIES CO.,LTD.
Stock exchange listing: Tokyo
Stock code:
Representative:

3388
URL https://www.meijidenki.co.jp/President and Representative Director
Hiroki SugiwakiInquiries:
Administration General Manager
Scheduled date to file Quarterly Securities Report:

Yoshihide Atsumi
November 14, 2022

Scheduled date to commence dividend payments:
Preparation of supplementary material on quarterly financial results:

November 28, 2022
Yes

Holding of quarterly financial results meeting:

NoTEL 052-451-7661(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the six months ended September 30, 2022 (from April 1, 2022 to September 30, 2022)(1) Consolidated operating results (cumulative)
Net sales
Six months ended September 30, 2022
Six months ended September 30, 2021

Millions of yen
30,541
31,879Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
owners of parent% Millions of yen% Millions of yen% Millions of yen%(4.2)
586 (34.2)
808 (29.6)
574 (32.6)
9.6
891
35.4
1,147
47.9
851
60.7

Earnings per share

Diluted earnings per share

Yen
45.37
74.18

Six months ended September 30, 2022
Six months ended September 30, 2021

Yen––(2) Consolidated financial position
Total assets
As of September 30, 2022
As of March 31, 2022

Net assets

Millions of yen
42,692
44,666Equity ratio

Millions of yen
27,86727,328

%
64.8
60.7

2. Cash dividends
Annual dividends per share

Year ended March 31, 2022
Year ending March 31, 2023

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––

Yen
20.00
20.00

Yen–

Yen
27.00

Yen
47.00

–

28.00

48.00

Year ending March 31, 2023 (Forecast)Total

3. Forecast of consolidated financial results for the year ending March 31, 2023 (from April 1, 2022 to March 31, 2023)
Percentages indicate year-on-year changes
Profit attributable toNet sales
Operating profit
Ordinary profit
Earnings per shareowners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Yen
Full year
73,500
8.5
2,710
34.9
2,870
17.7
2,000
12.3
173.041

4. Notes(1) Changes in significant subsidiaries during the six months ended September 30, 2022
(changes in specified subsidiaries resulting in the change in scope of consolidation):No(2) Application of special accounting methods for preparing quarterly consolidated financial statements:

Yes(3) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
Changes in accounting policies due to revisions to accounting standards and other regulations:
Changes in accounting policies due to other reasons:

No
No

Changes in accounting estimates:
Restatement of prior period financial statements:

NoNo(4) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of September 30, 2022

12,717,120 shares As of March 31, 2022

12,717,120 shares

Number of treasury shares at the end of the period
As of September 30, 2022

65,771 shares As of March 31, 2022

65,771 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Six months ended September 30, 2022

12,651,349 shares Six months ended September 30, 2021

2

11,481,920 shares

Quarterly consolidated financial statements
Consolidated balance sheets(Thousands of yen)
As of March 31, 2022
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Electronically recorded monetary claims - operating
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts

As of September 30, 2022

7,749,181
16,252,930
8,527,181
4,095,061
342,20946,338509,507(32,235)

5,660,208
14,112,901
7,979,653
5,478,837
630,456
44,424
1,070,033(61,626)

37,490,176

34,914,890

Non-current assets
Property, plant and equipment
Intangible assets
Investments and other assets

3,662,614
240,850
3,272,517

4,223,355
408,453
3,145,306

Total non-current assets

7,175,983

7,777,116

44,666,159

42,692,006

8,756,239
5,667,843
225,658
479,206
481,571
2,240
1,344,064

6,685,101
5,355,847
209,784
279,708
434,026
37,6481,474,138

16,956,824

14,476,254

3,550

3,550

377,442

344,782

Total 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 bonuses for directors (and other officers)
Other
Total current liabilities
Non-current liabilities
Provision for retirement benefits for directors (and otherofficers)
Other

380,992

348,332

Total liabilities

Total non-current liabilities

17,337,817

14,824,587

Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares

1,624,866
1,957,909
22,204,363(32,756)

1,624,866
1,957,909
22,436,795(32,756)

25,754,383

25,986,815

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustmentRemeasurements of defined benefit plans

1,340,636
13,72523,703

1,216,281
387,118
51,245

Total accumulated other comprehensive income

1,378,066

1,654,645

Total shareholders' equity

Non-controlling interests
Total net assets
Total liabilities and net assets

3

195,892

225,959

27,328,342

27,867,419

44,666,159

42,692,006

Consolidated statements of income (cumulative) and consolidated statements of comprehensive income(cumulative)
Consolidated statements of income (cumulative)(Thousands of yen)Six months ended

Six months ended

September 30, 2021

September 30, 2022

Net sales
Cost of sales

31,879,881
27,541,548

30,541,927
26,254,221

Gross profit

4,338,332

4,287,705

Selling, general and administrative expenses

3,446,824

3,700,915

891,508

586,790

Interest income
Dividend income

1,249
35,293

1,367
47,044Purchase discounts
Foreign exchange gains

60,18234,01173,81583,910Subsidy income
Other

113,538
19,9324,000
16,898

Total non-operating income

264,208

227,036

Operating profit
Non-operating income

Non-operating expenses
Interest expenses

2,519

4,284

Loss on valuation of derivatives
Other

2,671
2,798

1,361
–

Total non-operating expenses

7,989

5,646

1,147,727

808,180

Gain on sale of non-current assets
National subsidies

657
1,173

7,992
1,156

Total extraordinary income

1,830

9,148

32

51

Ordinary profit
Extraordinary income

Extraordinary losses
Loss on retirement of non-current assets
Total extraordinary losses

32

51

1,149,525

817,277

Income taxes

284,028

237,613

Profit865,496

579,663

Profit attributable to non-controlling interests

13,735

5,646

Profit attributable to owners of parent

851,761

574,017

Profit before income taxes

4Consolidated statements of comprehensive income (cumulative)(Thousands of yen)

ProfitOther comprehensive income

Six months ended

Six months ended

September 30, 2021

September 30, 2022

865,496

579,663

Valuation difference on available-for-sale securities
Foreign currency translation adjustment

431,554
142,797(124,355)
397,813

Remeasurements of defined benefit plans, net of tax

19,13027,541

593,481

300,999

Comprehensive income

Total other comprehensive income

1,458,978880,663

Comprehensive income attributable toComprehensive income attributable to owners of parent

1,445,439

850,596

13,53830,066Comprehensive income attributable to non-controllinginterests

5