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5/17 Effect of M&A (FY2021/3 2Q Results)

We will continue to explain the impact of M&A, which has led to an increase in the scale of the Group. First of all, net sales decreased JPY41,771 million YoY. The breakdown is as follows. Total sales at conventional Kaga Electronics group companies declined JPY8,880 million. Sales at FEI were down JPY51,494 million. Excel, which was consolidated in the first quarter, posted sales of JPY18,604 million. Gross profit of the overall Group decreased JPY2,130 million. The conventional Kaga Electronics Group incurred a decline of JPY494 million, FEI saw a decline of JPY2,633 million, and Excel enjoyed a rise of JPY1,009 million. The gross profit margin for the conventional Kaga Electronics Group was 14.3%, up from 13.7% in the same period of the previous year. FEI’s GPM was 8.0%, up from 6.7%. SG&A expenses were down JPY1,325 million in total. The conventional Kaga Electronics Group slashed SG&A expenses by JPY1,104 million, and FEI by JPY1,278 million. SG&A expenses at Excel, which joined the Group in the current year, pulled up the total expense amount by JPY1,058 million. Finally, the Group’s overall operating income was down JPY805 million YoY. The conventional Kaga Electronics Group posted a rise of JPY667 million, FEI incurred a fall of JPY1,370 million, and Excel saw a decline of JPY106 million.