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, 2023
(Based on Japanese GAAP)
October 31, 2023
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 Sugiwaki

Inquiries:
Administration General Manager
Scheduled date to file Quarterly Securities Report:

Yoshihide Atsumi
November 14, 2023

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

November 27, 2023
Yes

Holding of quarterly financial results meeting:Yes

TEL 052-451-7661(for institutional investors and analysts)(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the six months ended September 30, 2023 (from April 1, 2023 to September 30, 2023)(1) Consolidated operating results (cumulative)

Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
owners of parent% Millions of yen% Millions of yen% Millions of yen
%
11.2
1,100
87.6
1,362
68.6
964
68.0
(4.2)
586 (34.2)
808 (29.6)
574 (32.6)

Net sales
Six months ended September 30, 2023
Six months ended September 30, 2022

Millions of yen
33,96930,541

Earnings per share

Diluted earnings per share

Yen
76.17
45.37

Six months ended September 30, 2023
Six months ended September 30, 2022

Yen
–
–

(2) Consolidated financial position
Total assets
As of September 30, 2023
As of March 31, 2023

Net assets

Millions of yen
47,64651,351Equity ratio

Millions of yen
30,646
29,411

%
63.8
56.8

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

2nd quarter-end

3rd quarter-end

Fiscal year-end

Year ended March 31, 2023

Yen
–

Yen
20.00

Yen
–

Yen
32.00

Yen
52.00

Year ending March 31, 2024

–

20.00
–

33.00

53.00

Year ending March 31, 2024 (Forecast)Total

3. Forecast of consolidated financial results for the year ending March 31, 2024 (from April 1, 2023 to March 31, 2024)
Percentages indicate year-on-year changes
Profit attributable to
Net 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
76,000
7.1
2,960
8.6
3,180
4.2
2,200
0.4
173.891

4. Notes(1) Changes in significant subsidiaries during the six months ended September 30, 2023
(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, 2023

12,717,120 shares As of March 31, 2023

12,717,120 shares

Number of treasury shares at the end of the period
As of September 30, 2023

47,312 shares As of March 31, 2023

65,771 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Six months ended September 30, 2023

12,658,268 shares Six months ended September 30, 2022

2

12,651,349 shares

Quarterly consolidated financial statements
Consolidated balance sheets(Thousands of yen)
As of March 31, 2023
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
Total current assets
Non-current assets
Property, plant and equipment
Intangible assets
Investments and other assets
Total non-current assets

As of September 30, 2023

4,875,795
19,927,577
9,823,015
6,448,144
1,025,611
63,494940,062(63,530)

4,607,015
14,937,109
10,518,020
7,182,029
894,809
62,079747,715(92,247)

43,040,171

38,856,532

4,168,923
590,600
3,551,464

4,107,979
716,208
3,965,321

8,310,989

8,789,509

51,351,160

47,646,041

10,302,900
5,911,011
2,496,297
557,559
559,466
4,300
1,594,038

6,586,752
5,443,994
1,704,050
395,894508,197
41,002
1,685,776

21,425,575

16,365,667

3,550

3,550

510,566

630,665

514,116

634,215

Total liabilities

21,939,691

16,999,882

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

1,624,866
1,957,909
23,801,342(32,756)

1,624,866
1,974,862
24,360,738(23,591)

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
Total non-current liabilities

27,351,362

27,936,875

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

Total shareholders' equity

1,469,730
256,588
103,140

1,777,553
565,169
104,390

Total accumulated other comprehensive income

1,829,459

2,447,114

230,647

262,170

29,411,469

30,646,159

51,351,160

47,646,041

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

3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, 2022

September 30, 2023

Net sales
Cost of sales

30,541,927
26,254,221

33,969,137
28,949,226

Gross profit

4,287,705

5,019,911

Selling, general and administrative expenses

3,700,915

3,919,042

586,790

1,100,868

Interest income
Dividend income

1,367
47,044

8,601
57,582

Purchase discounts
Foreign exchange gains

73,81583,91076,041
112,490

Subsidy income
Other

4,000
16,898–31,683

Total non-operating income

227,036

286,398

Operating profit
Non-operating income

Non-operating expenses
Interest expenses

4,284

8,112

Loss on valuation of derivatives
Other

1,361
–

13,351
3,522

Total non-operating expenses

5,646

24,986808,180

1,362,280

Gain on sale of non-current assets
National subsidies

7,992
1,156

2,515
–

Total extraordinary income

9,148

2,515

51

51

Ordinary profit
Extraordinary income

Extraordinary losses
Loss on retirement of non-current assets

51

51

Profit before income taxes

Total extraordinary losses

817,277

1,364,744

Income taxes

237,613386,633

Profit

579,663

978,1115,646

13,872574,017964,239

Profit attributable to non-controlling interests
Profit attributable to owners of parent

4

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

ProfitOther comprehensive income

Six months ended

Six months ended

September 30, 2022

September 30, 2023

579,663

978,111

Valuation difference on available-for-sale securities
Foreign currency translation adjustment(124,355)
397,813

307,822
326,231

Remeasurements of defined benefit plans, net of tax

27,541

1,250

Total other comprehensive income

300,999

635,304

Comprehensive income

880,663

1,613,416

Comprehensive income attributable toComprehensive income attributable to owners of parent

850,596

1,581,893

30,066

31,522Comprehensive income attributable to non-controllinginterests

5