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, 2023
(Based on Japanese GAAP)
August 7, 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
Department

toshio matsuo
hideo nakanishi

TEL

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

August 10, 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 three months ended June 30, 2023 (from April 1, 2023 to June 30, 2023)(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, 2023
54,75121.6
2,755 324.9
3,517 127.5
2,452 372.6
Three months ended June 30, 2022
45,029(2.1)
648 (82.5)
1,546 (62.3)
518 (82.9)
Earnings per share

Diluted earnings per share

Yen
33.33
7.05

Three months ended June 30, 2023
Three months ended June 30, 2022

Yen––(2) Consolidated financial position
Total assets

Net assets

Millions of yen
348,049
348,358

As of June 30, 2023
As of March 31, 2023

Equity ratio

Millions of yen
161,363
160,636

%
45.9
45.7

2. Cash dividends
Annual dividends per share

Year ended March 31, 2023
Year ending March 31, 2024

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen
––Yen
29.00

Yen–

Yen
29.00

Yen
58.00

29.00

–

29.00

58.00

Year ending March 31, 2024 (Forecast)Total

3. Forecast of consolidated financial results for the year ending March 31, 2024 (from April 1, 2023 to March 31, 2024)
Percentages indicate year-on-year changes
Net sales
Full year

Millions of yen
280,000

Operating profit% Millions of yen
17.3
18,500Ordinary profit% Millions of yen
33.6
19,0001Profit% Millions of yen
27.0
14,000Earnings per share%
16.9

Yen
190.26

4. Notes(1) Changes in significant subsidiaries during the three months ended June 30, 2023
(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:

No
No

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, 2023

74,387,779 shares As of March 31, 2023

74,387,779 shares

Number of treasury shares at the end of the period
As of June 30, 2023

804,480 shares As of March 31, 2023

804,399 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Three months ended June 30, 2023

73,583,354 shares Three months ended June 30, 2022

273,569,120 shares

Quarterly consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of March 31, 2023
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 June 30, 2023

87,286
68,524
3,672
5,668
76,245
8,839
13,988(369)

85,02557,591
4,009
5,948
83,042
9,559
16,793(369)

263,856

261,601

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

21,197
11,084
12,301

21,16812,029
11,574

Total property, plant and equipment

44,58344,773

242
1,294

202
1,241

1,537

1,443

Investments and other assets
Investment securities
Other
Allowance for doubtful accounts

19,38819,244(251)

21,243
19,239(252)

Total investments and other assets

38,381

40,23084,501

86,448348,358

348,049

34,71534,481
10,9052,523
1,605
33,358
512
1,541
744
17,02429,37637,277
12,313
1,326
1,238
31,286
512
1,539
704
20,466

Total current liabilities

137,412

136,041

Non-current liabilities
Long-term borrowings
Provisions
Retirement benefit liability
Asset retirement obligations
Other29,11844
11,174
1,401
8,569

29,04443
11,246
1,408
8,900

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 wind power generator business
Provision for business restructure
Other provisions
Other

Total non-current liabilities
Total liabilities

350,308

50,643

187,721

186,685

(Millions of yen)
As of March 31, 2023
Net assets
Shareholders' equityShare capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity

As of June 30, 2023

19,7995,531
131,093(2,315)

19,7995,531
131,411(2,316)

154,108

154,427

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

2,956
(359)
1,168
1,225

4,250
(1,245)
1,264
1,190

Total accumulated other comprehensive income

4,991

5,459

1,536

1,477

160,636

161,363

348,358

348,049

Non-controlling interests
Total net assets
Total liabilities and net assets

4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, 2022

June 30, 2023

Net sales
Cost of sales

45,02936,37954,75142,434Gross profit

8,649

12,317

Selling, general and administrative expenses

8,000

9,561

648

2,755

Interest income
Dividend income

6324

16335

Foreign exchange gains
Gain on non-current assets rent

212
145

214
91

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

–
312

15198

1,001871

Operating profit
Non-operating income

Total non-operating income
Non-operating expenses
Interest expenses

5252

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

843–
56

Total non-operating expenses

104

109

1,546

3,517

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

1–

619

Total extraordinary income

125

Extraordinary losses
Loss on sale of non-current assets

0–95
177

3843

Ordinary profit
Extraordinary income

Loss on retirement of non-current assets
Loss on inappropriate conduct in quality inspections

273

81

Profit before income taxes

Total extraordinary losses

1,273

3,462

Income taxes - current
Income taxes - deferred

1,196(471)

1,460(499)

Total income taxes

724

960

Profit549

2,501

Profit attributable to non-controlling interests

30

48

Profit attributable to owners of parent

518

2,452

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

ProfitOther comprehensive income

Three months ended

Three months ended

June 30, 2022

June 30, 2023
549

2,501

Valuation difference on available-for-sale securities
Deferred gains or losses on hedges

350
(550)

1,293(886)Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax

632
(40)

105
(35)

Total other comprehensive income

392

477

941

2,978

882

2,920

5958

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