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 Nine Months Ended December 31, 2022
(Based on Japanese GAAP)
February 13, 2023
Company name:
The Japan Steel Works, Ltd.
Stock exchange listing: Tokyo
Stock code:
Representative:

5631
URL https://www.jsw.co.jp/
Representative Director & President

Inquiries:

General Manager, General Affairs
Departmenttoshio matsuo
hideo nakanishi

TEL

Scheduled date to file Quarterly Securities Report:
Scheduled date to commence dividend payments:

February 13, 2023–

Preparation of supplementary material on quarterly financial results:
Holding of quarterly financial results meeting:NoNo

03-5745-2001(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the nine months ended December 31, 2022 (from April 1, 2022 to December 31, 2022)(1) Consolidated operating results (cumulative)
Percentages indicate year-on-year changes
Profit attributable toNet sales
Operating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Nine months ended December 31, 2022
162,196
10.3
6,041 (40.4)
7,444 (34.3)
3,319 (63.3)
Nine months ended December 31, 2021
147,041
5.2
10,13015.9
11,331
21.2
9,047
51.5
Earnings per share

Diluted earnings per share

Yen
45.13
123.00Nine months ended December 31, 2022
Nine months ended December 31, 2021

Yen––(2) Consolidated financial position
Total assets

Net assetsMillions of yen
341,237
339,729

As of December 31, 2022
As of March 31, 2022

Equity ratio

Millions of yen
151,520
151,083

%
43.9
44.0

2. Cash dividends
Annual dividends per share

Year ended March 31, 2022
Year ending March 31, 2023

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––Yen
22.50
29.00

Yen––

Yen
34.50

Yen
57.00

29.00

58.00

Year ending March 31, 2023 (Forecast)Total

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
Full year

Millions of yen
242,000

Operating profit% Millions of yen
13.2
13,000Ordinary profit% Millions of yen(15.9)
14,0001Profit% Millions of yen(16.5)
12,000Earnings per share%(14.0)

Yen
163.11

4. Notes(1) Changes in significant subsidiaries during the nine months ended December 31, 2022
(changes in specified subsidiaries resulting in the change in scope of consolidation):No(2) Application of special accounting methods for preparing quarterly consolidated financial statements:

No(3) 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:
Changes in accounting policies due to other reasons:

NoNo

Changes in accounting estimates:
Restatement of prior period financial statements:

NoNo(4) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of December 31, 2022

74,387,779 shares As of March 31, 2022

74,373,265 shares

Number of treasury shares at the end of the period
As of December 31, 2022

804,316 shares As of March 31, 2022

804,074 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Nine months ended December 31, 2022

73,569,048 shares Nine months ended December 31, 2021

273,555,368 shares

Quarterly consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of March 31, 2022
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Electronically recorded monetary claims - operating
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts

As of December 31, 2022

106,239
55,8403,723
4,735
62,863
6,985
12,036(333)

84,52754,9954,821
5,975
80,541
8,977
15,670(405)

252,091

255,103

Non-current assets
Property, plant and equipment
Buildings and structures, net
Machinery, equipment and vehicles, net
Other, net

22,004
10,635
11,86921,673
10,563
12,154

Total property, plant and equipment

44,50944,391

407
1,543

284
1,308

1,951

1,592

Investments and other assets
Investment securities
OtherAllowance for doubtful accounts

19,602
21,894(319)

19,43020,990(272)

Total investments and other assets

41,177

40,14987,63886,133339,729

341,237

31,50024,407
10,412
15,9393,136
31,083
734
1,617
1,290
14,29133,81733,967
10,7082,210
589
39,290
512
1,617
1,032
13,625

Total current liabilities

134,413

137,372

Non-current liabilities
Long-term borrowings
Provisions
Retirement benefit liability
Asset retirement obligations
Other

31,142
41
12,341
1,377
9,330

29,71443
12,446
1,395
8,744

Total current assets

Intangible assets
Goodwill
Other
Total intangible assets

Total non-current assets
Total assets
Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating
Short-term borrowings
Current portion of long-term borrowings
Income taxes payable
Contract liabilities
Provision for loss on wind power generator business
Provision for business restructure
Other provisions
Other

Total non-current liabilities
Total liabilities

354,232

52,344

188,646

189,716(Millions of yen)
As of March 31, 2022

As of December 31, 2022

Net assets
Shareholders' equity
Share capital

19,77819,799

Capital surplus
Retained earnings

5,510
123,790

5,531
122,438

Treasury shares(2,314)(2,315)

Total shareholders' equity

146,765

145,453

2,217(453)

2,336
(228)

250
661

1,757
540

2,674

4,406

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

4

1,643

1,659

151,083

151,520

339,729

341,237

Consolidated statements of income (cumulative) and consolidated statements of comprehensive income(cumulative)
Consolidated statements of income (cumulative)(Millions of yen)
Nine months ended

Nine months ended

December 31, 2021

December 31, 2022

Net sales
Cost of sales

147,041
113,707

162,196
130,771

Gross profit

33,334

31,425

Selling, general and administrative expenses

23,20325,383Operating profit

10,1306,041Interest income
Dividend income

25700

25624

Foreign exchange gains
Gain on non-current assets rent

99
380

151
426

Share of profit of entities accounted for using equity method
Miscellaneous income

10325

–
476

1,543

1,704

Non-operating income

Total non-operating income
Non-operating expenses
Interest expenses

208

158

Share of loss of entities accounted for using equity method
Miscellaneous losses

–
134

26116

Total non-operating expenses

342

301

11,331

7,444

Gain on sale of non-current assets
Gain on sale of investment securities

125
2,209

438

Total extraordinary income

2,335

43

1–

143
94

194–––

343
745

239

1,282

Profit before income taxes

13,427

6,205

Income taxes - current
Income taxes - deferred

3,463
795

2,226
569

Total income taxes

4,259

2,795

Profit

9,168

3,409

Ordinary profit
Extraordinary income

Extraordinary losses
Loss on sale of non-current assets
Loss on retirement of non-current assets
Loss on sale of investment securities
Loss on valuation of investment securities
Loss on inappropriate conduct in quality inspections
Total extraordinary losses

Profit attributable to non-controlling interests
Profit attributable to owners of parent

5121

89

9,047

3,319

Consolidated statements of comprehensive income (cumulative)(Millions of yen)

ProfitOther comprehensive income

Nine months ended

Nine months ended

December 31, 2021

December 31, 2022

9,168

3,409

Valuation difference on available-for-sale securities
Deferred gains or losses on hedges(2,733)
24

119
225

Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax

378
(119)

1,550(120)(2,450)

1,774

6,718

5,184

6,610

5,051

107

132

Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

6