Note:This document is a translation of a part of the original Japanese version and provided for reference purposes only. In the event of any discrepancy
between the Japanese original and this English translation, the Japanese original shall prevail.

Consolidated Financial Results
for the Six Months Ended September 30, 2022
[Japanese GAAP]
November 11, 2022
Company name: YOTAI REFRACTORIES CO.,LTD.
Stock exchange listing: Tokyo
Code number: 5357
URL: https://www.yotai.co.jp/
Representative: Mitsuo TaguchiContact: Shinichiro Takebayashi

President
Managing Director, General Manager of General Affairs
Department of Head Office

Phone: 072-430-2100
Scheduled date of filing quarterly securities report: November 14, 2022
Scheduled date of commencing dividend payments: December 09, 2022
Availability of supplementary briefing material on quarterly financial results: No
Schedule of quarterly financial results briefing session: No(Amounts of less than one million yen are rounded down)
1. Consolidated Financial Results for the Six Months Ended September 30, 2022 (April 01, 2022 to September 30, 2022)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable toNet sales
Operating profit
Ordinary profit
owners of parent
Million yen%
Million yen%
Million yen%
Million yen%Six months ended
September 30, 2022
13,56910.1
1,997(6.8)
2,037(5.6)
1,424(11.6)
September 30, 2021
12,325
10.1
2,143
68.9
2,158
62.1
1,611
78.7
(Note) Comprehensive income:Six months ended September 30, 2022:¥
1,528 million [(9.8) %]Six months ended September 30, 2021:¥1,694 million [79.6%]
Basic earnings
per share
Six months ended
September 30, 2022
September 30, 2021

Diluted earnings pershareYen

Yen

69.72
75.39-(2) Consolidated Financial Position
Total assets
Million yen
As ofSeptember 30, 2022
38,968March 31, 2022
38,750(Reference) Equity: As of September 30, 2022:
As of March 31, 2022:

Net assets

Capital adequacy ratio

Million yen¥¥

30,43730,10930,437 million
30,109 million

%

78.1
77.7

2. Dividends
Annual dividends
1stquarter-end

2ndquarter-end

3rdquarter-end

Yen

Yen

Yen

Yen

Yen

Fiscal year ended March 31, 2022

-16.00-27.0043.00

Fiscal year ending March 31, 2023

-20.00
-

18.00

38.00

Fiscal year ending March 31, 2023
(Forecast)(Note) Revision to the forecast for dividends announced most recently:

Year-end

TotalYes

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2023(April 01, 2022 to March 31, 2023)(% indicates changes from the previous corresponding period.)
Profit attributable to Basic earnings
Net sales
Operating profit
Ordinary profit
owners of parent
per share%

Million yen%

Million yen%

Yen

Full year
26,5002.3
3,400 (16.9)(Note) Revision to the financial results forecast announced most recently:

Million yen%

Million yen

3,500
No

(15.1)

2,400(19.1)

116.45(2) Accounting policies adopted specially for the preparation of quarterly consolidated financial statements:

No* Notes:(1) Changes in significant subsidiaries during the six months ended September 30, 2022
(changes in specified subsidiaries resulting in changes in scope of consolidation):No(3) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards: No
2) Changes in accounting policies other than 1) above: No
3) Changes in accounting estimates: No4) Retrospective restatement: No(4) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):
September 30, 2022:
25,587,421 shares
March 31, 2022:
25,587,421 shares2) Total number of treasury shares at the end of the period:
September 30, 2022:
5,411,331 shares
March 31, 2022:
4,977,129 shares
3) Average number of shares during the period:
Six months ended September 30, 2022:
Six months ended September 30, 2021:

20,434,697 shares
21,373,096 shares

Quarterly Consolidated Financial Statements
Quarterly Consolidated Balance Sheets(Thousand yen)
As of March 31,2022
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract
assetsElectronically recorded monetary claims operating
Finished goods
Work in process
Raw materials and supplies
OtherAllowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

As of September 30,2022

8,537,563

6,948,096

9,851,329

9,791,520

2,554,830

1,978,017

3,960,175
280,783
4,772,665
327,940(2,894)30,282,393

4,651,684
299,478
5,309,381
954,316(4,824)29,927,671

5,838,968
71,284

6,302,684
132,784

2,279,417
295,357(16,986)
2,557,789
8,468,042
38,750,436

2,187,989
436,988(19,989)
2,604,988
9,040,458
38,968,129

(Thousand yen)
As of March 31,2022
Liabilities
Current liabilities
Accounts payable - trade
Electronically recorded obligations - operating
Income taxes payable
Provision for bonuses
Provision for bonuses for directors (and otherofficers)
Other
Total current liabilities
Non-current liabilities
Retirement benefit liability
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Total net assets
Total liabilities and net assets

As of September 30,2022

2,387,340
2,104,994
724,299-

2,042,219
2,451,862
696,881395,155

35,60019,0201,983,827
7,236,062

1,334,226
6,939,364

1,381,292
23,5801,404,872
8,640,935

1,377,413
213,871
1,591,284
8,530,649

2,654,519
1,762,031
26,994,021(2,319,009)
29,091,563

2,654,519
1,803,525
27,862,181(3,004,267)
29,315,960

757,432

688,313468
285,705(25,668)
1,017,937
30,109,501
38,750,436(48)
453,052(19,797)
1,121,519
30,437,480
38,968,129

Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income (For the six months)(Thousand yen)
For the six months
ended September 30,2021
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating incomeInterest income
Dividend income
Rental income from real estate
Other
Total non-operating income
Non-operating expenses
Interest expenses
Commission for purchase of treasury shares
Foreign exchange losses
Loss on retirement of non-current assets
Other
Total non-operating expenses
Ordinary profit
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

For the six months
ended September 30,2022

12,325,314
9,048,082
3,277,231
1,133,386
2,143,84513,569,672
10,383,091
3,186,581
1,189,023
1,997,558

3,472
36,897
10,062
15,716
66,1484,740
50,6809,104
9,195
73,721

236
8,841
705
38,364
3,673
51,821
2,158,172
2,158,172
586,481(39,535)
546,945
1,611,227
1,611,227

140
4,256
1,174
20,8296,981
33,3812,037,898
2,037,898
649,753(36,493)613,260
1,424,638
1,424,638

Quarterly Consolidated Statements of Comprehensive Income (For the six months)(Thousand yen)
For the six months
ended September 30,2021
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners ofparent
Comprehensive income attributable to non-controllinginterests

For the six months
ended September 30,2022

1,611,227

1,424,638

10,402443
63,9998,020
82,866
1,694,093(69,119)(516)
167,347
5,871
103,582
1,528,220

1,694,093

1,528,220--Quarterly Consolidated Statements of Cash Flows(Thousand yen)
For the six months
ended September 30,2021
Cash flows from operating activities
Profit before income taxes
Depreciation
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in retirement benefit liability
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for bonuses for
directors (and other officers)
Interest and dividend income
Interest expenses
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Purchase of treasury shares
Dividends paid
Decrease (increase) in deposits for purchase oftreausury shares
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

For the six months
ended September 30,2022

2,158,172
398,630(13,852)
20,428367,030

2,037,898
452,905
2,771(3,879)395,155(16,872)(16,580)(40,369)
236(129,606)(1,265,131)
998,812(545,498)
1,931,979
40,369(236)(391,910)
1,580,202(55,421)140
1,162,864(1,198,205)(467,628)(486,284)
1,823,735
55,421(140)(634,799)
1,244,217(466,205)
5,745(6,389)(33,264)(3,500)(503,612)(753,763)(27,544)(7,650)(7,591)(796,549)(1,263,095)(260,879)(713,752)(558,890)(277,207)(825,952)(12,023)(1,813,205)(15,903)(2,114,499)

22,32477,364(714,291)
11,390,772
10,676,481(1,589,467)
8,537,563
6,948,096