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

		February 14, 2022
	Summary of Consolidated Financial Results
	for the Third Quarter of Fiscal Year Ending March 31, 2022
	(Nine Months Ended December 31, 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:										February 14, 2022
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 Third Quarter Ended December 31, 2021
(April 1, 2021 - December 31, 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	%
Nine months ended Dec. 31, 2021		23,927	18.5			1,946		89.4		2,608	88.6		2,052	46.5
Nine months ended Dec. 31, 2020		20,199	(5.2)			1,027	(35.5)		1,382	(29.1)		1,401	(8.1)
Note: Comprehensive income (million yen)	Nine months ended Dec. 31, 2021:	2,342	(up 72.9%)
		Nine months ended Dec. 31, 2020:	1,354	(up 14.0%)
	Net income per share		Diluted net income per
					share
				Yen									Yen
Nine months ended Dec. 31, 2021			93.65								-
Nine months ended Dec. 31, 2020			63.60								-
(2) Consolidated financial position
	Total assets			Net assets				Capital adequacy ratio
		Million yen					Million yen			%
As of Dec. 31, 2021			35,660			23,998				67.1
As of Mar. 31, 2021			32,211			22,520				69.7
Reference: Owner's equity (million yen)	As of Dec. 31, 2021: 23,928		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				-		12.00			-
Fiscal year ending Mar. 31, 2022 (forecasts)															19.00		31.00

Note: Revisions to the most recently announced dividend forecasts: Yes

Regarding revisions to the dividend forecast, please see the press release dated today (February 14, 202 2) concerning the revisions to the earnings forecast and dividend forecast (Japanese version only).

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
Full year	31,860		13.1	2,014	18.0	2,852		28.4	2,228	6.6	101.72
Note: Revisions to the most recently announced consolidated earnings forecasts: Yes

Regarding revisions to the earnings forecast, please see the press release dated today (February 14, 2022) concerning the revisions to the earnings forecast and dividend forecast (Japanese version only).

* 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 Dec. 31, 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 Dec. 31, 2021:	585,863 shares	As of Mar. 31, 2021:	451,856 shares
3) Average number of shares outstanding during the period
Nine months ended Dec. 31, 2021:	21,915,850 shares	Nine months ended Dec. 31, 2020:	22,033,902 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 disclosed on the Company's website today (February 14, 2022).

	IWAKI CO.,LTD. (6237) Financial Results for the Third 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 Nine-month Period	6
	Quarterly Consolidated Statement of Comprehensive Income
	For the Nine-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

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

1. Qualitative Information on Quarterly Consolidated Financial Performance

(1) Explanation of Results of Operations

During the first nine months of the fiscal year ending March 31, 2022, the Japanese economy showed signs of recovery as the severity of the recent pandemic situation gradually eased due to progress in COVID-19 vaccinations. However, the identification of new mutant strains and other factors means that the outlook remains uncertain, both in Japan and overseas.

Meanwhile, capital investment is expected to pick up on the back of improved corporate earnings and other factors, and orders continue to be brisk with a focus on semiconductor manufacturing equipment. Nevertheless, the situation remains unpredictable due to factors such as supply shortages for raw materials and parts and disruptions in international logistics, especially marine transportation.

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 based on the policy of "supplying the world's best products as All Iwaki,"

As a result, sales to the semiconductor/liquid crystal market were still strong, increasing by 59.6% year-on-year, and driving up overall sales. In addition, sales in the first nine months were higher than one year earlier in all other markets.

Sales in Japan increased 11.1% from one year earlier to 13,322 million yen as a result of higher sales particularly in the semiconductor/liquid crystal, medical equipment and surface treatment equipment markets. Overseas, sales in Europe increased 43.8% to 2,911 million yen. They rose year-on-year in all markets, even when excluding those of the four Iwaki Nordic Group companies (Denmark, Sweden, Finland, and Norway). In addition, the profit and loss of the Iwaki Nordic Group was included in the results for the entire period (in the same period of the previous fiscal year, the results were included from the third quarter). Sales in the United States rose 18.5% to 3,083 million yen because sales were higher than one year earlier in all markets, particularly in the water treatment market. In Asia, sales rose in the semicondu ctor/liquid crystal and surface treatment equipment markets, mainly for South Korea and Taiwan. As a result, sales were 2,225 million yen (up 45.3% year-on-year). Sales in China were up 13.1% to 1,514 million yen. Sales to the semiconductor/liquid crystal and new energy markets increased, although the recovery in the medical equipment market was lackluster.

By product category, sales in the core magnetic drive pump category were strong. Sales of pneumatic drive pumps for the semiconductor/liquid crystal market have also made a significant contribution to the increase in sales.

As a result, consolidated net sales increased 18.5% to 23,927 million yen.

Higher sales contributed to an increase in earnings. Operating profit incre ased 89.4% to 1,946 million yen, ordinary profit increased 88.6% to 2,608 million yen and profit attributable to owners of parent increased 46.5% to 2,052 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 third quarter of the current fiscal year was 26,099 million yen, up 3,374 million yen from the end of the previous fiscal year. This was mainly due to increases of 773 million yen in electronically recorded monetary claims -operating, 607 million yen in merchandise and finished goods and 716 million yen in raw materials and supplies . The balance of non-current assets was 9,561 million yen at the end of the third quarter, up 74 million yen from the end of the previous fiscal year. This was mainly

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

because of an increase of 71 million yen in buildings and structures.

As a result, total assets increased 3,449 million yen from the end of the previous fiscal year to 35,660 million yen.

Liabilities

The balance of current liabilities at the end of the third quarter was 9,748 million yen, up 2,014 million yen from the end of the previous fiscal year. This was mainly due to increase s of 3,115 million yen in electronically recorded obligations -operating and 355 million yen in short-term borrowings, while there was a decrease of 1,509 million yen in notes and accounts payable-trade. The balance of non-current liabilities was 1,913 million yen at the end of the third quarter, down 44 million yen from the end of the previous fiscal year. This was mainly due to a decrease of 75 million yen in long -term borrowings.

As a result, total liabilities increased 1,970 million yen from the end of the previous fiscal year to 11,661 million yen.

Net assets

The balance of net assets at the end of the third quarter was 23,998 million yen, up 1,478 million yen from the end of the previous fiscal year. The main factors include an increase of 1,340 million yen in retained earnings.

Consequently, the capital adequacy ratio was 67.1% (69.7% at the end of the previous fiscal year).

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

The forecast for the fiscal year ending on March 31, 2022 has been revised to reflect the results of operations in the first nine months. For more information, please see the press release dated today (February 14, 2022) concerning the revisions to the earnings forecast and dividend forecast (Japanese version only).

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