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 Three Months Ended June 30, 2022
(Based on Japanese GAAP)
August 8, 2022
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
Department

toshio matsuo
hideo nakanishi

TEL

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

August 10, 2022–

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 three months ended June 30, 2022 (from April 1, 2022 to June 30, 2022)(1) Consolidated operating results (cumulative)
Percentages indicate year-on-year changes
Profit attributable toNet salesOperating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Three months ended June 30, 2022
45,029(2.1)
648 (82.5)
1,546 (62.3)
518 (82.9)
Three months ended June 30, 2021
46,00010.6
3,704 269.1
4,105 245.8
3,035 236.3
Earnings per share

Diluted earnings per share

Yen
7.05
41.26

Three months ended June 30, 2022
Three months ended June 30, 2021

Yen––(2) Consolidated financial position
Total assets

Net assets

Millions of yen
330,578
339,729As of June 30, 2022
As of March 31, 2022

Equity ratio

Millions of yen
149,371
151,083

%
44.7
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

Yen–

Yen
34.50

Yen
57.00

––––

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)
Net sales
Full year

Millions of yen
266,000

Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
Earnings per shareowners of parent% Millions of yen% Millions of yen% Millions of yen%
Yen
24.4
21,50039.1
22,00031.2–––

1

4. Notes(1) Changes in significant subsidiaries during the three months ended June 30, 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 June 30, 2022

74,373,265 shares As of March 31, 2022

74,373,265 shares

Number of treasury shares at the end of the periodAs of June 30, 2022

804,171 shares As of March 31, 2022

804,074 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Three months ended June 30, 2022

73,569,120 shares Three months ended June 30, 2021

273,555,503 shares

Quarterly consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of March 31, 2022

As of June 30, 2022

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade106,239
55,84091,777
45,115

Electronically recorded monetary claims - operatingMerchandise and finished goods

3,723
4,735

4,814
7,159

Work in process
Raw materials and supplies

62,863
6,985

69,581
8,784

Other
Allowance for doubtful accounts

12,036(333)

15,208(352)

Total current assets

252,091

242,089

Buildings and structures, net
Machinery, equipment and vehicles, net

22,004
10,63521,933
10,666

Other, net

11,86911,882

Total property, plant and equipment

44,50944,483

Goodwill
Other

407
1,543

366
1,467

Total intangible assets

1,951

1,834

Investments and other assets
Investment securities

Non-current assets
Property, plant and equipment

Intangible assets

19,602

20,124

Other
Allowance for doubtful accounts

21,894(319)

22,362(317)

Total investments and other assets

41,17742,170Total non-current assets
Total assets

3

87,63888,488339,729

330,578(Millions of yen)
As of March 31, 2022

As of June 30, 2022

Liabilities
Current liabilities
Notes and accounts payable - trade

31,50031,522

Electronically recorded obligations - operating
Short-term borrowings

24,407
10,412

28,172
11,304Current portion of long-term borrowings
Income taxes payable

15,939
3,136

2,173
898

Contract liabilities
Provision for loss wind power generator business

31,083734

33,906
733

Provision for business restructure
Other provisions

1,617
1,290

1,617
885

Other

14,291

17,167

Total current liabilities

134,413

128,381Long-term borrowings
Provisions

31,142
41

29,87142

Retirement benefit liability
Asset retirement obligations

12,341
1,377

12,482
1,383

Other

9,330

9,045

Non-current liabilities

Total non-current liabilities

54,232

52,825

188,646

181,207

Share capital
Capital surplus

19,7785,510

19,7785,510

Retained earnings
Treasury shares

123,790(2,314)

121,771(2,315)

Total shareholders' equity

146,765

144,745

2,217

2,567

Deferred gains or losses on hedges
Foreign currency translation adjustment

(453)
250

(1,004)853

Remeasurements of defined benefit plans

661

621

2,674

3,038

Total liabilities
Net assets
Shareholders' equity

Accumulated other comprehensive income
Valuation difference on available-for-sale securities

Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

41,643

1,586

151,083

149,371339,729

330,578

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

Three months ended

June 30, 2021

June 30, 2022

Net sales
Cost of sales

46,00035,01145,02936,379Gross profit

10,989

8,649

Selling, general and administrative expenses

7,284

8,000

Operating profit

3,704

648

Interest income
Dividend income

4271

6324

Foreign exchange gains
Gain on non-current assets rent

4127

212
145

Miscellaneous income

111312

Total non-operating income

518

1,001

Interest expenses
Share of loss of entities accounted for using equity method

68
252
8

Miscellaneous losses

46

43

Non-operating income

Non-operating expenses

Total non-operating expenses

117

104

4,105

1,546

Extraordinary income
Gain on sale of non-current assets

120

1

Total extraordinary income

1201

Ordinary profit

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

–075–

95
17775273

Profit before income taxes

4,150

1,273

Income taxes - current
Income taxes - deferred

1,837(754)

1,196(471)

Total income taxes

1,082

724

Profit

3,068

549

3230

3,035

518

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

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

ProfitOther comprehensive income

Three months ended

Three months ended

June 30, 2021

June 30, 2022
3,068

549

Valuation difference on available-for-sale securitiesDeferred gains or losses on hedges

(483)
3350
(550)

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

380
(39)

632
(40)

Total other comprehensive income

(139)

392

2,928

941

2,883

882

44

59

Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests6