Consolidated Financial Results

for the Three Months Ended June 30, 2023

＜Under Japanese GAAP＞

July 28, 2023

Company name: Stanley Electric Co., Ltd.

Securities code: 6923

(URL: https://www.stanley.co.jp/)

Stock exchange listing: Tokyo Stock Exchange

Representative: Yasuaki Kaizumi, President and Representative Director

Contact: Ikuo Kuwata, Executive Officer, Executive General Manager, Accounting & Finance Control Division

Phone: +81 3 6866 2222

Scheduled date of filing of the quarterly financial report (Shihanki Houkokusho): August 10, 2023

Scheduled date of commencement of dividend payments: -

Availability of supplementary briefing material on quarterly results: No

Schedule of quarterly results briefing session: No

(Figures are rounded down to the nearest million yen.)

1. Consolidated Financial Results for the Three Months Ended June 30, 2023 (from April 1, 2023 to June 30, 2023)

(1) Consolidated Results of Operations (cumulative)

(% figures

denote year-on-year

change.)

Net Sales

Operating Income

Ordinary Income

Net Income Attributable to

Owners of Parent

Three months ended

Millions of Yen

%

Millions of Yen

%

Millions of Yen

%

Millions of Yen

%

June 30, 2023

111,726

19.5

3,664

12.8

6,927

36.7

2,347

(8.8)

June 30, 2022

93,468

(1.3)

3,248

(62.5)

5,067

(51.8)

2,573

(57.5)

Note: Comprehensive income: Three months ended June 30, 2023: ¥32,095 million [19.7%]

Three months ended June 30, 2022: ¥26,811 million [114.2%]

Net Income per Share

Net Income per Share

(Basic)

(Diluted)

Three months ended

Yen

Yen

June 30, 2023

14.27

14.27

June 30, 2022

16.09

-

Note: Effective from the three months ended June 30, 2023, the Company changed the method of presentation. Year-on-year percentage changes are based on comparison with the figures after reclassification to reflect the change.

(2) Consolidated Financial Position

Total Assets

Net Assets

Shareholders' Equity Ratio

Millions of Yen

Millions of Yen

%

Three months ended

665,703

554,636

74.3

June 30, 2023

Fiscal year ended

629,611

536,128

75.6

March 31, 2023

(Reference) Equity: As of June 30, 2023: ¥494,746 million; As of March 31, 2023: ¥476,217 million

2. Dividends

Cash Dividends per Share

End of First Quarter

End of Second Quarter

End of Third Quarter

Year-end

Annual

Yen

Yen

Yen

Yen

Yen

Fiscal year ended

-

25.00

-

25.00

50.00

March 31, 2023

Fiscal year ending

-

March 31, 2024

Fiscal year ending

March 31, 2024

26.00

-

26.00

52.00

(Forecast)

Note: Revision to the dividend forecast from recently released figures: No

- 1 -

3. Consolidated Business Forecasts for the Fiscal Year Ending March 31, 2024 (from April 1, 2023 to March 31, 2024)

(% figures denote year-on-year change.)

Net Sales

Operating Income

Ordinary Income

Net Income Attributable

Net Income

to Owners of Parent

per Share

Millions of Yen

%

Millions of Yen

%

Millions of Yen

%

Millions of Yen

%

Yen

First half

217,000

1.4

11,000

(29.0)

14,500

(27.7)

6,000

(41.8)

36.51

Full year

464,000

5.6

35,000

(4.7)

42,500

(5.3)

25,500

(3.8)

155.30

Note: Revision to the consolidated business forecasts from recently released figures: No

Effective from the three months ended June 30, 2023, the Company changed the method of presentation. Year-on-year percentage changes are based on comparison with the figures after reclassification to reflect the change.

4. Others

  1. Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in changes in scope of consolidation): No
  2. Adoption of special accounting treatment for preparing quarterly consolidated financial statements: No
  3. Changes in accounting policies, changes in accounting estimates, and corrections of errors
    1. Changes in line with revision to accounting standards: No
    2. Other changes in accounting policies: No
    3. Changes in accounting estimates: No
    4. Corrections of errors: No
  5. Number of shares issued and outstanding (common stock)
    1. Number of shares issued and outstanding at the end of the period (including treasury stock)

Three months ended June 30, 2023:

171,200,000 shares

Fiscal year ended March 31, 2023:

173,000,000 shares

2)

Number of shares of treasury stock at the end of the period

Three months ended June 30, 2023:

7,170,181 shares

Fiscal year ended March 31, 2023:

7,367,901 shares

3)

Average number of shares during the period

Three months ended June 30, 2023:

164,540,584 shares

Three months ended June 30, 2022:

159,972,901 shares

  • These quarterly financial statements are outside the scope of quarterly review by certified public accountants or audit corporations.
  • Explanation for the appropriate use of performance forecasts and other special notes:

At this point in time, there are no changes to the consolidated business forecasts.

The Company made these projections in forecasts based on currently available economic and business information; as such, these projections include certain risks and other uncertainties, and the Company does not intend to guarantee the achievement of these projections. Actual business performance may differ significantly from current projections resulting from various critical factors.

- 2 -

5. Quarterly Consolidated Financial Statements and Major Notes

(1) Quarterly Consolidated Balance Sheets

(Millions of Yen)

As of March 31, 2023

As of June 30, 2023

Assets

Current assets

Cash and deposits

173,408

186,984

Notes and accounts receivable-trade

70,317

76,720

Inventories

46,226

53,729

Other

31,490

29,283

Allowance for doubtful accounts

(7)

(8)

Total current assets

321,435

346,709

Noncurrent assets

Property, plant and equipment

Buildings and structures, net

73,148

73,492

Machinery, equipment and vehicles, net

63,908

66,331

Tools, furniture and fixtures, net

22,671

18,652

Land

14,795

14,947

Lease assets, net

3,429

3,613

Construction in progress

16,936

12,287

Total property, plant and equipment

194,889

189,326

Intangible assets

Goodwill

704

734

Other

7,364

7,877

Total intangible assets

8,069

8,612

Investments and other assets

Investment securities

98,863

114,397

Net defined benefit asset

584

692

Deferred tax assets

2,645

2,862

Other

3,123

3,103

Total investments and other assets

105,217

121,055

Total noncurrent assets

308,175

318,993

Total assets

629,611

665,703

- 3 -

(Millions of Yen)

As of March 31, 2023

As of June 30, 2023

Liabilities

Current liabilities

Notes and accounts payable-trade

37,902

42,131

Current portion of bonds payable

-

10,000

Lease obligations

1,348

1,543

Income taxes payable

3,234

4,239

Provision for product warranties

4,522

5,864

Provision for bonuses

5,087

3,677

Provision for directors' bonuses

342

79

Other

17,412

25,455

Total current liabilities

69,849

92,991

Noncurrent liabilities

Bonds payable

10,000

-

Lease obligations

2,820

3,186

Deferred tax liabilities

7,820

12,050

Provision for directors' retirement benefits

53

50

Other provisions

274

274

Net defined benefit liability

2,011

1,868

Asset retirement obligations

496

474

Other

155

169

Total noncurrent liabilities

23,633

18,074

Total liabilities

93,483

111,066

Net assets

Shareholders' equity

Capital stock

30,514

30,514

Capital surplus

29,852

29,852

Retained earnings

373,682

367,147

Treasury stock

(18,938)

(18,906)

Total shareholders' equity

415,111

408,608

Accumulated other comprehensive income

Valuation difference on available-for-sale

26,163

36,996

securities

Foreign currency translation adjustment

34,898

49,123

Remeasurements of defined benefit plans

44

19

Total accumulated other comprehensive

61,106

86,138

income

Subscription rights to shares

425

441

Non-controlling interests

59,485

59,448

Total net assets

536,128

554,636

Total liabilities and net assets

629,611

665,703

- 4 -

  1. Quarterly Consolidated Statements of Income and Comprehensive Income Quarterly Consolidated Statements of Income
    Three-month period

(Millions of Yen)

Three months ended

Three months ended

June 30, 2022

June 30, 2023

Net sales

93,468

111,726

Cost of sales

79,044

96,490

Gross profit

14,423

15,235

Selling, general and administrative expenses

11,175

11,570

Operating income

3,248

3,664

Non-operating income

Interest income

474

1,103

Dividends income

86

53

Equity in earnings of affiliates

568

493

Foreign exchange gains

655

1,445

Miscellaneous income

184

257

Total non-operating income

1,970

3,352

Non-operating expenses

Interest expenses

41

27

Foreign withholding tax

31

27

Miscellaneous loss

77

33

Total non-operating expenses

150

89

Ordinary income

5,067

6,927

Extraordinary income

Gain on sales of noncurrent assets

29

42

Total extraordinary income

29

42

Extraordinary losses

Impairment losses

-

103

Loss on retirement of noncurrent assets

55

981

Total extraordinary losses

55

1,084

Income before income taxes

5,041

5,885

Income taxes

1,127

2,233

Net income

3,914

3,652

Net income attributable to non-controlling interests

1,340

1,305

Net income attributable to owners of parent

2,573

2,347

- 5 -

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Stanley Electric Co. Ltd. published this content on 24 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 August 2023 09:04:04 UTC.