Shindengen Electric Manufacturing : Summary of Consolidated Financial Results for the Year Ended March 31, 2022 (Based on Japanese GAAP)（NaNKB）

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 Year Ended March 31, 2022
		(Based on Japanese GAAP)
		May 12, 2022
Company name:	Shindengen Electric Manufacturing Co., Ltd
Stock exchange listing:	Tokyo
Stock code:	6844	URL https://www.shindengen.co.jp/
Representative:	President	Yoshinori Suzuki

Inquiries:	Manager of Corporate Planning Group,	Isao matsubara	TEL [phone]
Planning Dept.
Scheduled date of ordinary general meeting of shareholders:	June 29, 2022
Scheduled date to file Securities Report:	June 30, 2022
Scheduled date to commence dividend payments:	June 30, 2022
Preparation of supplementary material on financial results:	Yes
Holding of financial results meeting:	Yes	(for analysts and institutional investors)

(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the year ended March 31, 2022 (from April 1, 2021 to March 31, 2022)

(1) Consolidated operating results											Percentages indicate year-on-year changes
			Net sales			Operating profit		Ordinary profit	Profit attributable to
						owners of parent
		Millions of yen		%	Millions of yen		%	Millions of yen	%	Millions of yen		%
Year ended March 31, 2022		92,168		14.6	5,562		-			5,828	-	5,902		-
Year ended March 31, 2021		80,437		(13.5)	(1,080)		-			(1,164)	-	(5,561)		-
Note: Comprehensive income Year ended March 31, 2022	¥7,808 million	[-%]
	Year ended March 31, 2021	¥(3,163) million	[-%]
						Diluted earnings per	Profit attributable to		Ordinary profit/total	Operating profit/net
		Earnings per share				owners of
							share			parent/equity			assets		sales
			Yen			Yen					%				%			%
Year ended March 31, 2022		572.70		-					11.1				4.4			6.0
Year ended March 31, 2021		(539.73)		-				(10.8)			(0.9)			(1.3)
Reference: Share of loss (profit) of entities accounted for using equity method
	Year ended March 31, 2022	¥165 million
	Year ended March 31, 2021	¥103 million
(2) Consolidated financial position
		Total assets			Net assets			Equity ratio	Net assets per share
			Millions of yen	Millions of yen					%				Yen
As of March 31, 2022			135,041				57,229					42.4	5,552.41
As of March 31, 2021			127,806				49,413					38.7	4,794.83
Reference: Equity	As of March 31, 2022				¥57,229 million
	As of March 31, 2021				¥49,413 million
(3) Consolidated cash flows
		Cash flows from	Cash flows from		Cash flows from	Cash and cash equivalents
		operating activities	investing activities	financing activities		at end of period
			Millions of yen	Millions of yen		Millions of yen		Millions of yen
Year ended March 31, 2022				8,290				(7,907)					1,273				29,161
Year ended March 31, 2021		(3,618)				(5,675)					9,936				26,646

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2. Cash dividends

		Annual dividends per share		Total cash	Dividend payout	Ratio of dividends
						to net assets
	1st quarter-end	2nd quarter-end	3rd quarter-end	Fiscal year-end	Total	dividends (Total)	ratio (Consolidated)	(Consolidated)
	Yen	Yen	Yen	Yen	Yen	Millions of yen	%	%
Year ended March 31, 2021	-	0.00	-	0.00	0.00	-	-	-
Year ended March 31, 2022	-	0.00	-	100.00	100.00	1,030	17.5	1.9
Year ending March 31, 2023	-	0.00	-	130.00	130.00		28.5
(Forecast)

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

	Net sales		Operating profit	Ordinary profit		Profit attributable to	Earnings per share
			owners of parent
Six months ending	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%	Yen
51,500	12.2	2,400	(31.2)	2,400	(29.2)		2,000	(41.3)	194.04
September 30, 2022
Full year	108,000	17.2	5,700	2.5	5,700	(2.2)		4,700	(20.4)	456.01
4. Notes
(1) Changes in significant subsidiaries during the year ended March 31, 2022			No
(changes in specified subsidiaries resulting in the change in scope of consolidation):
(2) 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:	Yes
Changes in accounting policies due to other reasons:					No
Changes in accounting estimates:							No
Restatement of prior period financial statements:					No

(3) Number of issued shares (common shares)

Total number of issued shares at the end of the period (including treasury shares)

	As of March 31, 2022	10,338,884	shares	As of March 31, 2021	10,338,884	shares
Number of treasury shares at the end of the period
	As of March 31, 2022	31,820	shares	As of March 31, 2021	33,380	shares
Average number of shares during the period
	Year ended March 31, 2022	10,306,719	shares	Year ended March 31, 2021	10,304,706	shares

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(Reference)								(Amounts less than one million yen are rounded down)
1. Non-consolidated financial results for the year ended March 31, 2022 (from April 1, 2021 to March 31, 2022)
(1) Non-consolidated operating results							Percentages indicate year-on-year changes
			Net sales	Operating profit	Ordinary profit		Profit
		Millions of yen		%	Millions of yen		%	Millions of yen		%	Millions of yen	%
Year ended March 31, 2022		78,842		14.7	2,921		-	4,517		60.5	4,275	-
Year ended March 31, 2021		68,742		(11.3)	(2,510)		-	2,815		-	(234)	-
			Earnings per share	Diluted earnings per share
					Yen			Yen
Year ended March 31, 2022			414.83			-
Year ended March 31, 2021			(22.73)			-
(2) Non-consolidated financial position
			Total assets	Net assets		Equity ratio		Net assets per share
			Millions of yen	Millions of yen			%		Yen
As of March 31, 2022				111,353			42,712			38.4	4,143.97
As of March 31, 2021				111,345			38,930			35.0	3,777.60
Reference: Equity	As of March 31, 2022		¥42,712 million
	As of March 31, 2021		¥38,930 million

• Financial results reports are exempt from audit conducted by certified public accountants or an audit corporation.
• Explanation of proper use of financial results forecast, and other special matters (Caution concerning forward-looking statements)
  The forward-looking statements, including the financial results forecast shown in this document, are based on information currently available to the Company and on certain assumptions deemed to be reasonable by the Company. As such, they do not constitute guarantees by the Company of future performance. Actual performance and other results may also differ materially due to various factors.
  (How to obtain a copy of the supplementary material on financial results and earnings results briefing materials)
  The Company plans to hold a presentation of the financial results for securities analysts and institutional investors on May 19, 2022.
  The earnings results briefing materials distributed at the meeting will be posted promptly on the Company website after the meeting is held.

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Consolidated financial statements

Consolidated balance sheets

			(Millions of yen)
		As of March 31, 2021	As of March 31, 2022
Assets
Current assets
Cash and deposits	26,646	29,613
Notes and accounts receivable - trade	18,589	18,919
Merchandise and finished goods	7,593	8,790
Work in process	4,500	5,561
Raw materials and supplies	10,976	13,938
Other	5,989	5,156
Allowance for doubtful accounts	(21)	(22)
Total current assets	74,273	81,958
Non-current assets
Property, plant and equipment
Buildings and structures, net	6,594	17,962
Machinery, equipment and vehicles, net	8,596	8,907
Land	4,535	4,560
Leased assets, net	1,237	905
Construction in progress	13,217	1,753
Other, net	1,909	1,984
Total property, plant and equipment	36,090	36,073
Intangible assets
Software	648	454
Leased assets	13	8
Other	294	284
Total intangible assets	956	747
Investments and other assets
Investment securities	15,370	14,807
Deferred tax assets	334	703
Retirement benefit asset	-	36
Other	829	760
Allowance for doubtful accounts	(48)	(46)
Total investments and other assets	16,485	16,262
Total non-current assets	53,532	53,083
Total assets		127,806	135,041

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			(Millions of yen)
		As of March 31, 2021	As of March 31, 2022
Liabilities
Current liabilities
Notes and accounts payable - trade	14,443	16,657
Short-term borrowings	5,125	5,100
Current portion of bonds payable	1,525	1,450
Lease liabilities	464	331
Income taxes payable	48	414
Provision for bonuses	763	951
Other	9,301	4,907
Total current liabilities	31,670	29,813
Non-current liabilities
Bonds payable	5,300	3,850
Long-term borrowings	25,075	28,275
Lease liabilities	1,065	874
Deferred tax liabilities	406	334
Retirement benefit liability	12,760	12,217
Provision for product warranties	1,897	1,589
Asset retirement obligations	170	803
Other	47	55
Total non-current liabilities	46,722	47,999
Total liabilities	78,393	77,812
Net assets
Shareholders' equity
Share capital	17,823	17,823
Capital surplus	7,731	7,733
Retained earnings	24,046	29,949
Treasury shares	(122)	(117)
Total shareholders' equity	49,478	55,388
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	2,897	2,396
Foreign currency translation adjustment	(2,678)	(871)
Remeasurements of defined benefit plans	(284)	314
Total accumulated other comprehensive income	(65)	1,840
Total net assets	49,413	57,229
Total liabilities and net assets		127,806	135,041

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