Iwaki : Summary of Consolidated Financial Results for the First Quarter of Fiscal Year Ending March 31, 2022

		August 10, 2021
	Summary of Consolidated Financial Results
	for the First Quarter of Fiscal Year Ending March 31, 2022
	(Three Months Ended June 30, 2021)
		[Japanese GAAP]
Company name:	IWAKI CO.,LTD.	Listing: Tokyo Stock Exchange, First Section
Stock code:	6237	URL: https://www.iwakipumps.co.jp/
Representative:	Shigeru Fujinaka, President
Contact:	Makoto Inoue, Executive Officer,

Senior General Manager of Business Management Head Office	Tel: [phone]
Scheduled date of filing of Quarterly Report:			August 11, 2021
Scheduled date of payment of dividend:			-
Preparation of supplementary materials for quarterly financial results: Yes
Holding of quarterly financial results meeting:			None
					(All amounts are rounded down to the nearest million yen)
1. Consolidated Financial Results for the First Quarter Ended June 30, 2021
(April 1, 2021 - June 30, 2021)
(1) Consolidated results of operations							(Percentages represent year-on-year changes)
		Net sales		Operating profit		Ordinary profit	Profit attributable to
				owners of parent
		Million yen		%	Million yen	%		Million yen		%	Million yen	%
Three months ended Jun. 30, 2021		7,603		12.9	374	26.9		568		37.4	509	(18.6)
Three months ended Jun. 30, 2020		6,736		(0.7)	295	(12.9)		413		(8.9)	626	52.8

Note: Comprehensive income (million yen)	Three months ended Jun. 30, 2021:	736	(up 36.1%)
		Three months ended Jun. 30, 2020:	540	(up 114.4%)
	Net income per share	Diluted net income per
	share
		Yen			Yen
Three months ended Jun. 30, 2021		23.22				-
Three months ended Jun. 30, 2020		28.45				-
(2) Consolidated financial position
	Total assets		Net assets			Capital adequacy ratio
		Million yen		Million yen			%
As of Jun. 30, 2021		33,964		22,619			66.4
As of Mar. 31, 2021		32,211		22,520			69.7
Reference: Owner's equity (million yen)	As of Jun. 30, 2021: 22,548	As of Mar. 31, 2021: 22,456

2. Dividends

		Dividend per share
	1Q-end	2Q-end	3Q-end		Year-end	Total
	Yen	Yen	Yen		Yen	Yen
Fiscal year ended Mar. 31, 2021	-	8.00	-		21.00	29.00
Fiscal year ending Mar. 31, 2022	-
Fiscal year ending Mar. 31, 2022 (forecasts)		10.00	-		15.50	25.50

Note: Revisions to the most recently announced dividend forecasts: None

3. Consolidated Earnings Forecasts for the Fiscal Year Ending March 31, 2022 (April 1, 2021 - March 31, 2022)

(Percentages represent year-on-year changes)

	Net sales		Operating profit		Ordinary profit		Profit attributable to	Net income per
				owners of parent	share
	Million yen		%	Million yen		%	Million yen		%	Million yen	%	Yen
First half	14,824		12.6	712		0.0	965		3.2	815	(23.7)	37.26
Full year	30,297		7.6	1,752		2.7	2,243		0.9	1,831	(12.4)	83.78

Note: Revisions to the most recently announced consolidated earnings forecasts: None

* Notes

1. Changes in consolidated subsidiaries during the period (changes in scope of consolidation): None
2. Application of special accounting methods for presenting quarterly consolidated financial statements: Yes
   Note: Please refer to page 8 "2. Quarterly Consolidated Financial Statements and Notes, (3) Notes to Quarterly Consolidated Financial Statements, Application of Special Accounting Methods for Presenting Quarterly Consolidated Financial Statements" for details.
3. Changes in accounting policies and accounting-based estimates, and restatements

1)	Changes in accounting policies due to revisions in accounting standards, others:	Yes
2)	Changes in accounting policies other than 1) above:	None
3)	Changes in accounting-based estimates:	None
4)	Restatements:	None

Note: Please refer to page 8 "2. Quarterly Consolidated Financial Statements and Notes, (3) Notes to Quarterly Consolidated Financial Statements, Changes in Accounting Policies" for details.

(4) Number of outstanding shares (common shares)

1) Number of shares outstanding at the end of the period (including treasury shares)

As of Jun. 30, 2021:	22,490,910 shares	As of Mar. 31, 2021:	22,490,910 shares
2) Number of treasury shares at the end of the period
As of Jun. 30, 2021:	636,956 shares	As of Mar. 31, 2021:	451,856 shares
3) Average number of shares outstanding during the period
Three months ended Jun. 30, 2021:	21,954,487 shares	Three months ended Jun. 30, 2020:	22,023,600 shares

• The current quarterly financial report is not subject to quarterly review by certified public accountants or auditing firms .
• Cautionary statement with respect to forward-looking statements Note concerning forward-looking statements
  Forecasts of future performance in these materials are based on assumption judged to be valid and information available to Iwaki's management at the time the materials were prepared, but are not promises by Iwaki regarding future performance. Actual results may differ materially from the forecasts.
  How to view supplementary information at the quarterly financial results meeting
  The supplementary information materials for quarterly financial results are disc losed on the Company's website on August 10, 2021.

	IWAKI CO.,LTD. (6237) Financial Results for the First Quarter of FY3/22
Contents of Attachments
1. Qualitative Information on Quarterly Consolidated Financial Performance	2
(1)	Explanation of Results of Operations	2
(2)	Explanation of Financial Position	2
(3)	Explanation of Consolidated Earnings Forecasts and Other Forward -looking Statements	3
2. Quarterly Consolidated Financial Statements and Notes	4
(1)	Quarterly Consolidated Balance Sheet	4
(2)	Quarterly Consolidated Statements of Income and Comprehensive Income	6
	Quarterly Consolidated Statement of Income
	For the Three-month Period	6
	Quarterly Consolidated Statement of Comprehensive Income
	For the Three-month Period	7
(3)	Notes to Quarterly Consolidated Financial Statements	8
	Going Concern Assumption	8
	Significant Changes in Shareholders' Equity	8
	Application of Special Accounting Methods for Presenting Quarterly Consolidated Financial Statements	8
	Changes in Accounting Policies	8

1

IWAKI CO.,LTD. (6237) Financial Results for the First Quarter of FY3/22

1. Qualitative Information on Quarterly Consolidated Financial Performance

(1) Explanation of Results of Operations

During the first quarter of the fiscal year ending March 31, 2022, the Japanese economy continued to be impacted by the prolonged COVID-19 pandemic, although capital expenditures and production began to recover. Economic activity is expected to return to normal as more people receive vaccinations. However, the outlook is still unclear because of new waves of COVID -19 infections in Japan and other countries.

In Japan, Iwaki took many actions to improve its corporate value based on the core policy of "winning by improving customer satisfaction." Overseas, there were activities encompassing 21 affiliated companies in 15 countries to increase sales. The Iwaki Group continued to accelerate the implementation of various measures for achieving numerical targets of the Iwaki Group 10 -year vision of net sales of 40 billion yen and an operating margin of 10% in the fiscal year ending on March 31, 2025.

In addition, in order to fulfill our responsibility to provide for the needs of customer s, the Iwaki Group continued to supply products while taking various actions, such as the use of teleworking for safety during the pandemic and implementing procedures to prevent infections both inside and outside the company. Group companies will continue to implement these pandemic countermeasures.

First quarter sales were higher than one year earlier in all markets except the medical equipment market. Sales were particularly strong in the semiconductor/liquid crystal market as companies make large invest ments.

Sales in Japan increased 6.0% from one year earlier to 4,209 million yen as a result of higher sales in the semiconductor/liquid crystal and new energy markets. Overseas, sales in Europe increased 44.7% to 861 million yen because of the inclusion of the four companies of the Iwaki Nordic Group (Denmark, Sweden, Finland and Norway). Sales in the United States fell 0.8% to 899 million yen. In Asia, sales rose in the semiconductor/liquid crystal and surface treatment equipment markets . As a result, sales were 831 million yen (up 40.8% year-on-year). Sales in China were up 7.6% to 481 million yen. Although China was affected by the global semiconductor shortage, sales increased in the semiconductor/liquid crystal market, but decreased in the medical equipment market.

By product category, sales in the core magnetic drive pump category began to recover. In the metering pump category, sales remained strong. Sales of pneumatic drive pumps for the semiconductor/liquid crystal market increased significantly.

As a result, consolidated net sales increased 12.9% to 7,603 million yen.

Earnings were affected by higher sales. Operating profit increased 26.9% to 374 million yen and ordinary profit increased 37.4% to 568 million yen. In the first quarter of the previous fiscal year, there was extraordinary income due to a step acquisition gain involving Iwaki Nordic A/S. Due to this one -time contribution to earnings one year earlier, profit attributable to owners of parent in the current fiscal year's first quarter decreased 18.6% to 509 million yen.

There is no business segment information because chemical pumps are the only business of the Iwaki Group.

(2) Explanation of Financial Position

Assets

The balance of current assets at the end of the first quarter of the current fiscal year was 24,535 million yen, up 1,810 million yen from the end of the previous fiscal year. This was mainly due to increases of 813 million yen in cash and deposits, 516 million yen in electronically recorded monetary claims -operating and 204 million yen in raw materials and supplies. The balance of non-current assets was 9,429 million yen at the end of the first quarter, down 57 million yen from the end of the previous fiscal year. This was mainly because of a decrease of 83 million yen in investment securities.

As a result, total assets increased 1,753 million yen from the end of the previous fiscal year to 33,964 million yen.

2

IWAKI CO.,LTD. (6237) Financial Results for the First Quarter of FY3/22

Liabilities

The balance of current liabilities at the end of the first quarter was 9,406 million yen, up 1,673 million yen from the end of the previous fiscal year. This was mainly due to an increase of 2,757 million yen in electronically recorded obligations -operating, while there was a decrease of 1,550 million yen in notes and accounts payable-trade. The balance of non-current liabilities was 1,938 million yen at the end of the first quarter, down 18 million yen from the end of the previous fiscal year. This was mainly due to a decrease of 37 million yen in long-term borrowings.

As a result, total liabilities increased 1,654 million yen from the end of the previous fiscal year to 11,345 million yen.

Net assets

The balance of net assets at the end of the first quarter was 22,619 million yen, up 98 million yen from the end of the previous fiscal year. The main factors include increases of 181 million yen in treasury shares and 329 million yen in foreign currency translation adjustment .

Consequently, the capital adequacy ratio was 66.4% (69.7% at the end of the previous fiscal year).

(3) Explanation of Consolidated Earnings Forecasts and Other Forward-looking Statements

We maintain the first-half and full-year consolidated earnings forecasts that were disclosed in the "Summary of Consolidated Financial Results for the Fiscal Year Ended March 31, 2021" dated May 13, 2021.

3