SWCC Corporation
Q2 Financial Results Briefing for the Fiscal Year Ending March 2024
November 8, 2023

Event Summary[Company Name]

SWCC Corporation[Company ID]

5805-QCODE[Event Language]

JPN[Event Type]Earnings Announcement[Event Name]

Q2 Financial Results Briefing for the Fiscal Year Ending March 2024

[Fiscal Period]

FY2024 Q2[Date]

November 8, 2023

[Number of Pages]

34[Time]

10:00 – 11:02(Total: 62 minutes, Presentation: 39 minutes, Q&A: 23 minutes)[Venue]Webcast[Venue Size][Participants][Number of Speakers][Analyst Names]*

1
Takayo Hasegawa

Takuya Maeda

President and Representative Director(Group CEO)SMBC Nikko Securities*Analysts that SCRIPTS Asia was able to identify from the audio who spoke during Q&A or
whose questions were read by moderator/company representatives.

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Presentation
Moderator: Thank you for taking time out of your busy schedules to attend today’s meeting. Today’s briefingis also being livestreamed. For those participating via livestreaming, please click on the Presentation Materials
link at the bottom center of the screen to download the presentation materials.
It is now time, so we will now begin SWCC Corporation’s Q2 financial results briefing.
First, I would like to introduce the attendees. This is Mr. Takayo Hasegawa, President and Representative, andGroup CEO.
Hasegawa: My name is Hasegawa. Thank you for your cooperation.
Moderator: We only have one person today.
The end time is scheduled for 11:00 AM. Now, I will let President Hasegawa discuss.
Hasegawa: Good morning. My name is Hasegawa and I am the president of SWCC Corporation. Thank you fortaking time out of your busy schedules to attend today’s briefing on our H1 financial results that weannounced on the 2nd.
I will start with an overview of our financial results for H1 with our financial results for Q2, followed by ouroutlook for the current fiscal year, or what will happen in the future. Lastly, I would like to talk about ourmeasures toward realizing capital cost-conscious management, and how these measures are progressing,which I mentioned in the previous year’s financial results briefing in May.

First, here are the results for H1.

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As described in detail here, looking at the big picture, Japan also experienced a variety of events in H1,
including the resumption of various economic activities after the change in the COVID-19 measures in May,
the ongoing war between Ukraine and Russia, and a slight change in the global supply-demand balance that
led to inflation, higher interest rates, and a weakening of the Japanese yen.
In this context, as I will explain later, our domestic business accounts for about 92% of our total business, andH1 of the fiscal year was a time when we took on the challenge of how much we can strengthen our businessand respond to changes in the world in the absence of such a large impact from the exchange rate.

Let us look at the figures. When I announced the outlook for the current fiscal year in May, I also mentionedthat a disproportionate emphasis will be put on H2 in this fiscal year. I told everyone that the ratio would be
about 3 for H1 and 7 for H2.
Looking at the profit after H1, it is JPY4.5 billion. Last year, the amount was JPY4.3 billion, so it came out alittle on the positive side compared to that. We have managed to accumulate earnings despite the difficult
situation.
However, this does not mean that the disproportionate emphasis on H2 has shifted to H1. The emphasis will
still be on H2. Considering this, we thought it would be better to announce the full-year results properly when
we looked at the H1 results, so we revised the full-year forecast upward to JPY11.5 billion from the initial
target of JPY10.7 billion. The same applies to ordinary profit.
This JPY11.5 billion is our highest profit in 33 years. The highest profit was achieved right around the time of
the bubble economy, but since then, we have been going through a difficult period. Now, we are finally in astate where we can challenge our highest profit to date.

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Please look at our progress.
With regard to progress, if look at it in terms of operating profit, then it means that the result is 38.8%. It was
roughly 43% in the past years, so as I have said from the beginning, the bias will remain in H2. We believe that
H1 is where we finished well.
The denominator for the progress rate is the upwardly revised figure, so I hope you will read the progress as
38.8% toward the full-year target.
This is a comparison with the same period last year.

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4You are looking at the waterfall diagram. I am sorry to keep repeating this, but sales are down slightly
compared to the same period last year because orders are more biased toward H2.
Although orders increased a little due to the effect of the price of copper, sales of our businesses itself havebeen gradually declining, so the sales in FY2023 were slightly lower than last year. H2 of the fiscal year was
more heavily weighted toward energy and infrastructure, but we also sell electrical equipment andcomponents, which are similar to copper materials used by our customers as parts for their vehicles.
The automotive industry seems to be recovering quite well since the end of last year, but we supply coppermaterials, so we are quite upstream. While we interpret this as a result of various inventory adjustments andother factors, sales in H1 were slightly lower than in previous years.
As for operating profit, raw material prices remain high, but we have been able to push back the cost of raw
materials by passing on the higher prices and reducing costs at our plants, so we have been able to keep theoperating profit level. This is the way we have been operating since last year, but we are maintaining a balance.
One thing that has slightly increased is our production efficiency. We have been working within the Company
for the past 3 years on business restructuring, relocation, and combining our previously dispersed
manufacturing bases into one location to improve production efficiency. The effects of these efforts arecoming through even in this kind of environment.
We have been changing our business portfolio since 2019, and recently we have been reviewing our productportfolio in each business segment, mainly shifting from products that do not increase our profits to thosethat do. I think it was in H1 when the effects gradually appeared.

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We have three business segments.
The energy and infrastructure business at the top of the list is our business of electrical wires and power
equipment used in buildings. This is where our seismic isolation business belongs.
The electrical equipment and components business handles copper for automobiles, magnet wires used in
automobile motors, and magnet wires used in general-purpose industrial motors and generators.
At the bottom is our communication and industrial devices business, where we handle various kinds of cables,such as communication cables that are used throughout the city, communication cables are always usedindoors, and LAN cables. The communication and industrial devices business mainly handles wires and cables
for home appliances and parts for photocopiers. We are supported by these three major infrastructure
projects.
What is notable about this is that the energy and infrastructure business accounts for 54% of our sales and
73% of our profits, making it a very strong base for our business. In particular, electrical wires for use inconstruction have managed to increase their profitability and are finally becoming a cash cow business for us.
Even under these circumstances, sales and profits have not changed that much. This means that it exists as abusiness that firmly supports the Company.

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The energy and infrastructure business. As I have just explained, is a business that has steadily increased sales
and profits over the past several years within a broad structure of construction, electric power, and seismic
isolation businesses. As I will explain later, our electric power business has a very unique business model, andwe have a significant share of the market, mainly in substations. I believe that we are now in a position to
make a solid profit even in the face of various risks.
Since the subject of electric power is concentrated in H2, our profits and sales are also higher in H2.

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In terms of electrical equipment and components for cars, as I mentioned earlier, we have had a lot ofdifficulties since H2 of last year. We had a period of time when our factory operations did not pick up, but wehave managed to turn a profit while having a flexible manufacturing schedule.
Although the business appears to be on a steady decline, it has finally found its footing and seems to be
returning to normal since the summer, so I am hopeful that it will somehow return to its previous course in
H2.

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8This is the communication and industrial devices business. What is distinctive about this segment is that we
consolidated our production bases from three to one at the end of the year before last.
We wanted to make it an efficient business by having the three companies operate under one company, ouraffiliate Fuji Electric Cable, but we stumbled a bit at the start of last year. While our consolidation and theintegration of systems did not work as well as expected last year, things are going more smoothly this year
than last year. Therefore, we have seen a slight increase in revenues.
Another thing that will put more weight into H2 is that we have ventured into high-performance LAN cables
for automobiles and have entered full operation since around August. All our cars are now equipped withmany cameras and sensors, and when the world of automatic driving arrives, we will definitely need a reliablehigh-speed transmission cable with high transmission speed inside the car. With our company’s release ofsuch a product, I believe we can expect a lot in this segment in the future.

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9You are looking at our balance sheet.
Noteworthy about this is that our fixed assets decreased, but we sold some of our cross-shareholdings policies
in September. This is why our fixed assets are falling.
Since cash was generated from that sale, we are using it to repay interest-bearing debts at this stage, so ourinterest-bearing debts have fallen significantly and the DE ratio has improved. That is how we ended H1 ofthe fiscal year.

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In terms of cash flow, the changes in our balance sheet are also more evident.
The Board of Directors has been discussing various ways to use the assets we sold through cross-shareholdings
policies, but first of all, what I hope you get from this is that we achieved this balance at the end of H1 of the
fiscal year.
We have also been working hard since last year to manage cash flow, and as copper prices inevitably rise,inventories will increase. We will find a way to reduce that. Then we will ask for a shortening of the debt
collection sites. We have been working hard to generate such cash since the beginning of this fiscal year, andwe believe that what we are doing has had some effect.

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11This is our full-year business results forecast.
As I mentioned earlier, for the full year, net sales have been left unchanged, but operating profit has beenraised to JPY11.5 billion. The same applies to ordinary profit.
Last year, net profit increased by more than JPY2 billion due to the replacement of pension assets, but thishas dissipated and net profit is slightly lower than last year. However, this will contribute to the temporary
deposit and withdrawal of pension assets. We hope you understand.
As for dividends, we recently decided to pay an interim dividend in conjunction with the disclosure of our
financial results, so we are proceeding as planned.

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Please look at our full-year forecasts per segment.
First, in the energy and infrastructure business, we have revised our initial sales and profit forecasts
significantly, and now expect sales of JPY120 billion and operating profit of JPY8.6 billion.
As I mentioned last May, the target for the electric power segment for FY2026 in our current mid-term
management plan is JPY8 billion. The most recent figures show that the increase in sales and profit in theelectric power segment, so while we are currently reviewing our mid-term plan, we believe that this is asegment where we can make a very strong mid-term plan.
In the electrical equipment and components business, operating profit is at JPY1.8 billion. Sales may be slightly
lower than planned on a full-year basis due to the effect of the slight halt in copper for automobiles in H1 ofthe fiscal year, but we are determined to make a solid profit.
In the communication and industrial devices business, while the communication cable business has been
recovering steadily, the two businesses of assembled electric wires for home appliances and parts for copiers,
which had enjoyed considerable sales and profit growth in 2020, 2021 and 2022 due to demand from theincreasing number of COVID-19 homes, have temporarily declined. As a result, this segment has slightly
lowered its profit targets.

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13You are looking at the balance of our H1 and H2 figures.
As I mentioned at the beginning of this presentation, our current plan is to achieve a balance with JPY4.5
billion in H1 and JPY7 billion in H2. Our six main businesses have not changed that much from what I
mentioned when I talked about H1.
Again, we are looking forward to seeing how much the recovery in automobiles after the summer willcontribute to our profits in Q3 and Q4.
We are also looking forward to H2 to see how far the production of high-speed communication cables for invehicle use that we switched to full-fledged operations this year, as I mentioned earlier, will expand.

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14You are viewing the increase or decrease for the full year.
As for sales, they have not changed that much from the beginning, but as for the operating profit, [unclear
audio] the concept of reflecting the higher cost of energy and raw materials in the sales price has not changed.
The effect of the structural reforms is expected to increase as sales and earnings rise, so for the full year, given
the projection that the product portfolio shift will add JPY1 billion and the effect of structural reforms will add
JPY200 million, we believe that this is where our profits will grow considerably for the current year.

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15This is the breakdown per segment. As I have already talked about it earlier, I will then leave this out. But what
factors are affecting each segment positively and negatively in H2 are stated here, so please take a look. The
figures are as explained in the table earlier.

As I have said, we are also tackling a variety of issues under these circumstances.
First, let us go to the energy and infrastructure business, which supports the foundation of our company.
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In the case of construction, we have to consider the 2024 logistics problem, while in the case of electric power,
our business model is to sell electric power components, power cables, construction work, and maintenanceas a package, mainly in the substation market. Therefore, we need to consider the 2024 problem inconstruction as an issue to be addressed.
We have already taken some steps. First of all, I will talk about products. With regard to the shortage of humanresources for construction work, electric power work involves connecting extremely high voltage cables andthat requires a very high level of skill.
Based on the assumption that the number of such human resources will gradually decrease, we have been
considering whether we can create a product lineup that is easier to use in general and with which evenpeople with less advanced skills can perform power construction to some extent. It is a universal design. We
would like to treat the terminals of power cables and assemble the connections and terminals of power cables
in a way that places as little burden on the site as possible, and we are developing connection methods in thisarea.
Also, with regard to the carrying of things, we have changed the package to a weight that is easy to carry evenfor the elderly and women.
Another step is the training of sustainable human resources. We have been talking about this for about 2
years now, but we are not looking to have a single company hold all of the construction personnel. Rather,
we have come up with a training program and the construction personnel employed by electric power
construction companies throughout Japan undergo such program and then engage in such work in various
places.
We plan to train those who are currently working with lower voltages to work with higher voltages, and tosecure sales and construction personnel by having them use our products. We are making good progress inthis area.
One other thing, and it has to do with logistics for the transportation of goods. We have a logistics company.
We are reducing the driver’s workload. We are now able to collect all the information on DX with asmartphone and manage all the information at once on the smartphone, such as what route and how muchcargo is most efficient to transport, where the trucks are now, when the cargo will be delivered to thecustomer, how much inventory is available, and the availability of the distribution center. We have heard that
it is quite convenient to use.

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17This is the electrical equipment and components business.
As I mentioned earlier, I sense that the electrical equipment and components business has managed to pickup since this summer. We have three products, and the high-performance windings are for automobile motors
and inverters.
Heaters are seat heaters, steering wheel heaters, floor heaters, and heaters in various places.
MiDIP is sold as a copper agent.
Therefore, the further you go this way, the more upstream our products become.
It was exactly in the summer that MiDIP started to recover, and compared to the pre-COVID-19 period, it wasbarely back to normal around Q3. Heater wires have recovered a little more before MiDIP, while in the areaof high-performance windings, we are a newcomer in a sense, so I hope you can see that we are making steadyprogress.

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18This is the communication and industrial devices business.
We are quite good at manufacturing and selling LAN cables. We have a large share of the domestic market.
This is one of the reasons why we have shifted our product lineup to high-performance LAN cables and highvalue-added products.
The high-performance LAN cables that you use in your offices today are Cat. 6A. However, we are also
developing Cat. 8, and in July we added twisted pair cables for use in vehicle and those used in cameras andsensors to our product lineup. We will continue to strengthen our strong LAN cable business so that they canbe used in various places.

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Cash flow is for the same reason as I mentioned earlier. The shape has changed a little from last year, and wehope you will take a look.

Finally, we are committed to achieving capital cost-conscious management.
We disclosed this information in May. We have been advancing our medium-term business plan with thefollowing targets: ROE of 10% or more, ROIC of 10% or more, PBR of 1x or more, and dividend of JPY120. To
this end, we have broken down our business strategies, financial strategies, and non-financial strategies, andare now in the process of formulating various policies for each.
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As for our major initiatives after the May 12 disclosure, we held a small meeting on September 4 to discuss
our medium-term management plan, which we are currently rolling out, and the three basic business segment
managers spoke about the policies they were considering.
Then, in September, we sold our cross-shareholdings policies. We are in the process of selling our crossshareholdings policies in line with our policy of not holding any cross-shareholdings policies. Our immediatetarget is to achieve a consolidated net asset ratio of 10% or less, and we have managed to get to that point.
As for non-financial information, we have released our Integrated Report at the end of September. I hope you
have a chance to take a look at some of them, as I am sure you have some in your possession.
Also, on November 2, we paid the interim dividend I mentioned earlier. On the same day, we also resolved tobuy back JPY1 billion of our own shares. It may be just a little less than 2% of the total number of our shares,
but we decided to purchase our own shares to achieve that goal.
We have decided to do this in the hope that employees will take an interest in our company’s value and stock
price, and play a role in improving our company’s value by receiving a portion of this money in the form of an
ESOP trust and providing incentives to employees.
We are acquiring our own shares because we were able to generate some cash through the sale of crossshareholdings policies, and we would like to return a portion of this cash to our shareholders.
The Board of Directors spent more than a month discussing this matter, and since we are preparing to invest
in growth in various ways, the Board of Directors, including the outside directors, had considerable discussions
on whether or not it was appropriate to do so, and this is the final decision we made.

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As for capital efficiency, we introduced ROIC in 2019 and first used it as an index for reviewing our businessportfolio. Until last year, we have been engaged in various consolidations.
ROIC is staying at 7% so far, but I believe that this index is not yet widespread among all employees and there
is still a lot of room for improvement.

And then there is the evaluation from the market.

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As of the disclosure on the 2nd, the PBR was 0.91. We have been conducting our business based on therealization that what we are doing is not well received by the market. The Board of Directors and the Executive
Committee have been involved in various discussions on why this is the case.
Our growth strategy is not very attractive, and we have come to the conclusion that we cannot be judged as
a company that will grow in the future. I think we need to explain our growth strategy a little more to everyone.
We have come to the conclusion that we must be recognized as an attractive company.

We are still in the process of reviewing the medium-term management plan, and I cannot tell you everything
about how we will expand our business in the future. The most important idea is to invest in our corebusinesses and growth-driving businesses within the three main businesses. We are going to put our fundswith the first priority being how much we can improve that business, including the seepage field first there,
and make it a profitable business.
Our distinctive electric power component called SICONEX is now experiencing balanced supply and demand
as we have received quite a few inquiries and our customers have been waiting for a long time. With theincrease in production there, the amount of equipment will be about 1.5 times bigger. We believe that if we
produce well, we will be able to double our current production. We are investing over JPY2 billion this year,
and we believe that if we do this, our electric power business will become even stronger.
Next is infrastructure, our core. We took over Furukawa Electric’s construction business into SFCC, which
accounts for a large percentage of our earnings, and first established a sales company, and then integrated
production to achieve efficient production.
When the merger was just completed, there were five locations, but these have now been consolidated into
two and are being handled by our company. We have a much more efficient way of making things now, andwe are also planning to relocate some of the copper wire drawing equipment currently in Sendai to the Ibaraki
plant, so that all processes from copper wire making to wire finishing can be carried out in one plant. We
believe that it will allow us to work even more efficiently.

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We are also investing in communication cables for automobiles.
While it is a new field, we are now working on human resource training for connection work and using AVR,
and we have also started to produce probe pins for semiconductors as a derivative product using copper. We
would like to transform our businesses, and not just this business, into more value-added businesses, and I
believe that we must invest in this area in the future.

These are our financial strategies.
The indicators I mentioned earlier are written here. We are not yet a very profitable company, with anoperating margin of just over 5%, but we believe that we can still improve profitability by firmly transforming
our portfolio and changing our product portfolio. So, we will continue to pursue this policy without any change.
Of course, there will also be no change in our stance of generating profits and returning profits to shareholders.

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24This is our cash allocation strategy.
I won’t go into details because I will repeat them again, but I would like to say that our company, where I am
not in my sixth year since I took office as president, has been reorganized considerably over the past 5 years,
and we are now in a state where we have gained a lot of muscle as a company. Financial strength has also
improved as initially targeted.
What is left for us to do is to grow the Company.
I believe that we cannot contribute to you unless we do this properly. We have to find ways to motivate our
employees and grow this company in the future. How do we invest in that? With this in mind, we intend tobalance investments in new businesses and returns to shareholders.

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25This is a non-financial strategy, but if you are interested, you can look at our Integrated Report for details.
First and foremost, we would like to emphasize the importance of diversity, and by diversity I do not mean
only for women, but also for everyone, regardless of age, nationality, gender, career, or anything else to headtoward the same direction in order for the Company to grow. We are working on a project to promote this.
We are also extending the retirement age to 65 years old.
Also, we must not forget to improve engagement. Of course, we must create a workplace that is easy to workin, but I believe that it is also important for employees to be able to fully express their talents, so we must
hold dialogues with employees while rolling out various systems.

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This is our contribution to a decarbonized society.
We have released a mid-term plan for CO2 reduction, and so far we are making good progress. In 2022, ourcompany reduced its emissions by 37% compared to FY2013. We are currently implementing various
measures to achieve a 50% reduction by 2030.
However, progress is a little slow in the introduction of renewable energy. We are working on PPA and offsite PPA for solar panels, but we are a little behind schedule. We expect the numbers to start rising in the next
fiscal year.
We may have to consider carbon offsets and credits in the near future, but I think we will proceed with one
measure at a time while carefully considering the situation.
That ends my incoherent explanation, but that is our report on our business performance at the end of Q2.
Thank you very much.

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