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 Year Ended March 31, 2021
[Japanese GAAP]May 13, 2021
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
Director, General Manager of General Affairs Department of
Head Office

Phone: 072-430-2100
Scheduled date of Annual General Meeting of Shareholders: June 24, 2021
Scheduled date of commencing dividend payments: June 25, 2021
Scheduled date of filing annual securities report: June 25, 2021
Availability of supplementary briefing material on annual financial results: No
Schedule of annual financial results briefing session: Yes(Amounts of less than one million yen are rounded down)
1. Consolidated Financial Results for the Fiscal Year Ended March 31, 2021 (April 01, 2020 to March 31, 2021)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable to
Net sales
Operating profit
Ordinary profit
owners of parent
Million yen%
Million yen%
Million yen%
Million yen%
Fiscal year ended
March 31, 2021
23,554(11.6)
2,921(27.3)
3,021(26.9)
1,845(34.0)March 31, 2020
26,654(4.4)
4,017(21.7)
4,134(20.9)
2,794(22.6)(Note) Comprehensive income:Fiscal year ended March 31, 2021:¥
2,191 million [(12.5) %]Fiscal year ended March 31, 2020:¥
2,503 million [(23.0) %]Basic earnings per Diluted earnings per Rate of return on
share
share
equityFiscal year ended
March 31, 2021
March 31, 2020

Ordinary profit tototal assets ratio

Operating profit to
net sales ratio

Yen

Yen

%

%

%

84.59
127.17

-

6.6
10.7

8.7
12.0

12.4
15.1

(2) Consolidated Financial Position
Total assets
As ofMarch 31, 2021
March 31, 2020
(Reference) Equity:

Net assets

Million yen

35,39634,443As of March 31, 2021:
As of March 31, 2020:

Capital adequacy ratio

Million yen¥¥

29,032
27,23429,032 million
27,234 million

Net assets per share

%

Yen

82.0
79.1

1,332.86
1,239.17(3) Consolidated Cash Flows
Cash flows fromoperating activities
Fiscal year ended
March 31, 2021
March 31, 2020

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash
equivalents at the endof period

Million yen

Million yen

Million yen

Million yen

4,803
5,413

(1,202)(1,111)

(418)
(398)

11,3908,206

2. Dividends
Annual dividends
1st
2nd
3rd
quarter-end quarter-end quarter-end

Year-end

Total

Payoutratio

Total
dividends(consolidated)

Dividends
to netassets(consolidated)

Fiscal year ended

Yen

Yen

Yen

Yen

Yen

Million yen%%

March 31, 2020

-

9.00

-

7.00

16.00

351

12.6

1.3

March 31, 2021

-

5.00

-

12.00

17.00

370

20.1

1.3

-

16.00

-

16.00

32.00

Fiscal year ending
March 31, 2022

31.7

(Forecast)(Note) Breakdown of the 2nd quarter dividend for the fiscal year ending March 31, 2020 :ordinary dividend 7.00 yen andcommemorative dividend 2.00 yen (70th-anniversary of the listing)
3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2022 (April 01, 2021 to March 31, 2022)(% indicates changes from the previous corresponding period.)
Profit attributable Basic earnings per
Net sales
Operating profit
Ordinary profit
to owners of parent
share
Six months ended
September 30, 2021
Full year

Million yen%

Million yen%

Million yen%

Million yen%

Yen

12,100

8.1

1,550

22.1

1,600

20.2

1,100

22.0

50.50

24,200

2.7

3,100

6.1

3,200

5.9

2,200

19.2

101.00* Notes:(1) Changes in significant subsidiaries during the period under review (changes in specified subsidiaries resulting in changes inscope of consolidation): No(2) 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(3) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):
March 31, 2021:
25,587,421 shares
March 31, 2020:
25,587,421 shares2) Total number of treasury shares at the end of the period:
March 31, 2021:
3,805,354 shares
March 31, 2020:
3,609,808 shares
3) Average number of shares during the period:
Fiscal Year ended March 31, 2021:
Fiscal Year ended March 31, 2020:

21,812,639 shares
21,977,687 shares

(Reference) Summary of Non-consolidated Financial Results
1. Non-consolidated Financial Results for the Fiscal Year Ended March 31, 2021 (April 01, 2020 to March 31, 2021)(1) Non-consolidated Operating Results(% indicates changes from the previous corresponding period.)
Net sales
Fiscal year ended
March 31, 2021
March 31, 2020

Operating profit

Ordinary profit

Net income

Million yen%

Million yen%

Million yen%

Million yen%

23,554
26,465(11.0)
(3.1)

3,015
4,063

(25.8)(19.9)

3,105
4,179

(25.7)(19.8)

2,154
2,845

(24.3)(21.0)

Basic earnings per share Diluted earnings per share
Fiscal year ended
March 31, 2021
March 31, 2020

Yen

Yen

98.75
129.49-(2) Non-consolidated Financial Position
Total assets
As ofMarch 31, 2021
March 31, 2020
(Reference) Equity:

Net assets

Million yen

35,871
34,632As of March 31, 2021:
As of March 31, 2020:

Capital adequacy ratio

Million yen¥¥

29,57927,45929,579 million
27,459 million

Net assets per share

%

Yen

82.5
79.3

1,357.96
1,249.44

Consolidated Financial Statements
Consolidated Balance Sheets(Thousand yen)
As of March 31,2020
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Electronically recorded monetary claims operating
Finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Machinery, equipment and vehicles, net
Land
Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

As of March 31,2021

8,206,159
9,963,901

11,390,772
8,866,063

1,542,604

1,702,885

3,813,461
473,176
3,398,594
55,097(4,063)27,448,931

2,963,605
369,785
2,518,718
113,146(3,337)27,921,641

1,565,067
1,746,859
1,367,552
438,976
5,118,455
26,927

1,792,690
1,559,226
1,403,391
338,999
5,094,308
21,9381,515,633
242,792
118,494(27,771)
1,849,148
6,994,530
34,443,462

2,116,078
165,376
105,452(28,249)
2,358,657
7,474,904
35,396,546

(Thousand yen)
As of March 31,2020
Liabilities
Current liabilities
Accounts payable - trade
Electronically recorded obligations - operating
Accrued expenses
Income taxes payable
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 March 31,2021

1,855,971
1,800,813
1,136,439
469,731

1,601,393
1,536,325
1,106,146
467,830

28,57029,400583,745
5,875,271

226,075
4,967,171

1,267,635
66,482
1,334,118
7,209,389

1,350,087
46,795
1,396,882
6,364,054

2,654,519
1,750,465
23,039,060(693,422)
26,750,623

2,654,519
1,750,465
24,621,486(823,490)
28,202,981

317,204

673,417

5,783
154,9395,521
483,449
27,234,072
34,443,462

7,789
161,793(13,490)829,51029,032,492
35,396,546

Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income(Thousand yen)
For the fiscal year
ended March 31,2020
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Rental income from real estate
Subsidies for employment adjustment
Gain on sale of scraps
Other
Total non-operating income
Non-operating expenses
Interest expenses
Foreign exchange losses
Loss on retirement of non-current assets
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of investment securities
Gain on sale of non-current assets
Total extraordinary income
Extraordinary losses
Loss on sale of non-current assets
Impairment losses
Loss on valuation of investment securities
Total extraordinary losses
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 fiscal year
ended March 31,2021

26,654,812
20,535,914
6,118,898
2,100,996
4,017,901

23,554,973
18,594,965
4,960,008
2,038,715
2,921,292

9,884
68,284
17,435
6,579
20,179122,363

8,586
66,24017,624
27,6305,361
19,661
145,103

684
549
2,488
2,250
5,972
4,134,293

634
20,457
20,9293,151
45,174
3,021,221

17,212
17,212

4,084
4,084

85,11885,1184,066,387
1,251,877
19,567
1,271,445
2,794,941
2,794,941

11,089225,328
236,417
2,788,889
995,528(51,820)
943,708
1,845,180
1,845,180

Consolidated Statements of Comprehensive Income(Thousand yen)
For the fiscal year
ended March 31,2020
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 ofparentComprehensive income attributable to non-controllinginterests

For the fiscal year
ended March 31,2021

2,794,941

1,845,180(351,800)(3,806)(24,997)
88,970(291,633)
2,503,308

356,2122,006
6,854(19,011)
346,061
2,191,241

2,503,308

2,191,241--

Consolidated Statements of Changes in Net Assets
For the fiscal year ended March 31,2020(Thousand yen)
Shareholders' equity

Balance at beginningof period
Changes during
periodDividends ofsurplusProfit attributable toowners of parent
Purchase of treasury
sharesNet changes in
items other thanshareholders' equity
Total changes
during period
Balance at end of
periodShare capital

Capital surplus

2,654,519

1,750,465

Retainedearnings
20,617,739

Treasury shares

Total
shareholders'equity(693,341)

24,329,383(373,621)(373,621)

2,794,941

2,794,941
(81)

(81)

-

-

2,421,320(81)

2,421,239

2,654,519

1,750,465

23,039,060(693,422)

26,750,623

Accumulated other comprehensive income
Total
Valuation
Foreign currency Remeasurements accumulated Total net assets
difference on Deferred gains ortranslationof defined
otheravailable-for-sale losses on hedges
adjustment
benefit plans comprehensive
securities
incomeBalance at beginningof period
Changes during
periodDividends ofsurplusProfit attributable toowners of parent
Purchase of treasury
sharesNet changes in
items other thanshareholders' equity
Total changes
during period
Balance at end of
period669,004

9,589

179,937(83,449)

775,082

25,104,466(373,621)
2,794,941(81)(351,800)(3,806)(24,997)

88,970(291,633)(291,633)(351,800)(3,806)(24,997)

88,970(291,633)

2,129,606

317,204

5,783

154,9395,521

483,449

27,234,072

For the fiscal year ended March 31,2021(Thousand yen)
Shareholders' equity

Balance at beginningof period
Changes during
periodDividends ofsurplusProfit attributable toowners of parent
Purchase of treasury
sharesNet changes in
items other thanshareholders' equity
Total changes
during period
Balance at end of
periodShare capital

Capital surplus

2,654,519

1,750,465

Retainedearnings
23,039,060

Treasury shares

Total
shareholders'equity(693,422)

26,750,623(262,754)(262,754)

1,845,180

1,845,180(130,067)(130,067)--

1,582,426(130,067)

1,452,358

2,654,519

1,750,465

24,621,486(823,490)

28,202,981

Accumulated other comprehensive income
Total
Valuation
Foreign currency Remeasurements accumulated Total net assets
difference on Deferred gains ortranslationof defined
otheravailable-for-sale losses on hedges
adjustment
benefit plans comprehensive
securities
incomeBalance at beginningof period
Changes during
periodDividends ofsurplusProfit attributable toowners of parent
Purchase of treasury
sharesNet changes in
items other thanshareholders' equity
Total changes
during period
Balance at end of
period317,204

5,783

154,9395,521

483,449

27,234,072(262,754)
1,845,180(130,067)
356,212

2,006

6,854

(19,011)

346,061

346,061

356,212

2,006

6,854

(19,011)

346,061

1,798,419

673,417

7,789

161,793(13,490)829,51029,032,492

Consolidated Statements of Cash Flows(Thousand yen)
For the fiscal year
ended March 31,2020
Cash flows from operating activities
Profit before income taxes
Depreciation
Impairment losses
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in retirement benefit liability
Interest and dividend income
Interest expenses
Subsidies for employment adjustment
Loss (gain) on sale of non-current assets
Loss (gain) on sale of investment securities
Loss (gain) on valuation of investment securities
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Increase (decrease) in provision for bonuses for
directors (and other officers)
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 investment securities
Proceeds from sale of investment securities
Proceeds from withdrawal of time deposits
Proceeds from sale of membership
Net cash provided by (used in) investing activities
Cash flows from financing activities
Purchase of treasury shares
Dividends paid
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 fiscal year
ended March 31,2021

4,066,387
860,6211,516(436)(78,168)684(17,212)
85,1181,356,992
1,467,791(600,436)

2,788,889
867,267
225,328(745)
41,675(74,826)
634(27,630)
7,004
940,070
1,838,088(497,462)

1,100

830

34,7887,178,747
78,168(684)(1,842,502)
5,413,729(390,060)
5,719,064
74,826(634)(989,441)
4,803,813(1,221,206)
4,354(44,769)
33,886
100,000
15,900(1,111,834)(1,113,142)
18,374(107,534)(1,202,302)(81)(372,857)(25,530)(398,468)(130,067)(262,598)(26,257)(418,923)(8,613)2,024

3,894,812
4,311,347
8,206,159

3,184,612
8,206,159
11,390,772

Non-consolidated Financial Statements
Non-consolidated Balance Sheets(Thousand yen)
As of March 31,2020
AssetsCurrent assets
Cash and deposits
Notes receivable - trade
Electronically recorded monetary claims operating
Accounts receivable - tradeFinished goods
Work in process
Raw materials and supplies
Advance payments to suppliers
Prepaid expenses
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings, net
Structures, net
Machinery and equipment, net
Vehicles, net
Tools, furniture and fixtures, net
Land
Leased assets, net
Construction in progress
Total property, plant and equipment
Intangible assets
SoftwareRight to use facilities
Total intangible assets
Investments and other assets
Investment securities
Investments in capital
Investments in capital of subsidiaries andassociates
Long-term loans receivable from subsidiaries
and associates
Long-term prepaid expenses
Deferred tax assets
Facility membership
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

As of March 31,2021

7,689,081
1,186,979

11,121,101
855,762

1,542,604

1,702,885

8,594,583
3,700,451
333,233
3,353,240
22,35929,096(1,800)26,449,830

7,953,992
2,841,928
331,918
2,400,210
1,800
19,42982,973(1,800)27,310,203

1,201,410
284,719
1,425,379
45,457
256,478
1,367,552
85,464
52,634
4,719,098

1,408,757
318,614
1,438,787
38,543247,953
1,403,391
65,142
14,974
4,936,163

799
5,936
6,735

553
5,315
5,868

1,515,633
73

2,116,078
73

1,255,398

1,255,398

337,373-

16,708242,962
51,29038,253(1,150)3,456,542
8,182,376
34,632,206

3,341
155,443
51,29038,359(1,150)3,618,834
8,560,866
35,871,070

(Thousand yen)
As of March 31,2020
Liabilities
Current liabilities
Accounts payable - trade
Electronically recorded obligations - operating
Accounts payable - otherAccrued expenses
Income taxes payable
Accrued consumption taxes
Advances received
Deposits received
Provision for bonuses for directors (and otherofficers)
Other
Total current liabilities
Non-current liabilities
Provision for retirement benefits
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Legal capital surplus
Other capital surplus
Total capital surplus
Retained earnings
Legal retained earnings
Other retained earnings
Reserve for tax purpose reduction entry of
non-current assets
General reserve
Retained earnings brought forward
Total retained earnings
Treasury shares
Total shareholders' equity
Valuation and translation adjustments
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Total valuation and translation adjustments
Total net assets
Total liabilities and net assets

As of March 31,2021

1,836,089
1,800,813
78,692
1,121,673
467,505
418,018
53,273

1,567,821
1,536,325
38,524
1,094,713
467,830
106,967836
48,42028,57029,40025,8195,830,454

23,6304,914,470

1,275,580
66,482
1,342,063
7,172,517

1,330,677
46,795
1,377,472
6,291,943

2,654,519

2,654,519

1,710,876
39,5891,750,465

1,710,876
39,5891,750,465

455,231455,231432,649

406,1154,300,000
18,237,256
23,425,137(693,422)
27,136,700

4,300,000
20,155,077
25,316,424(823,490)
28,897,920

317,204

673,417

5,783
322,987
27,459,688
34,632,206

7,789
681,206
29,579,126
35,871,070

Non-consolidated Statements of Income(Thousand yen)
For the fiscal year
ended March 31,2020
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Rental income from real estate
Subsidies for employment adjustment
Gain on sale of scraps
Other
Total non-operating income
Non-operating expenses
Interest expenses
Foreign exchange losses
Loss on retirement of non-current assets
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of investment securities
Total extraordinary income
Extraordinary losses
Loss on sale of non-current assets
Loss on valuation of investment securities
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
Profit

For the fiscal year
ended March 31,2021

26,465,248
20,479,933
5,985,314
1,921,710
4,063,604

23,554,973
18,653,199
4,901,774
1,886,177
3,015,597

10,343
68,284
17,435
6,579
18,381
121,024

8,556
66,24017,624
27,6305,361
19,661145,074

688
756
2,488
1,449
5,381
4,179,247

584
30,92320,9292,309
54,747
3,105,924

17,212
17,212-

85,11885,1184,111,341
1,249,624
15,792
1,265,416
2,845,924

11,08911,0893,094,835
990,855(50,060)
940,794
2,154,040

Non-consolidated Statements of Changes in Net Assets
For the fiscal year ended March 31,2020(Thousand yen)
Shareholders' equity
Capital surplus

Balance at beginningof period
Changes during
periodDividends ofsurplusProfitReversal of reserve
for tax purpose
reduction entry of
non-current assets
Purchase of treasury
sharesNet changes in
items other thanshareholders' equity
Total changes
during period
Balance at end of
periodShare capital

Legal capitalsurplus

Other capitalsurplus

Total capitalsurplus2,654,519

1,710,876

39,5891,750,465

-

-

-

-

2,654,519

1,710,876

39,5891,750,465

Shareholders' equity
Retained earnings

Legal retained
earnings

Balance at beginningof period
Changes during
periodDividends ofsurplusProfitReversal of reserve
for tax purpose
reduction entry of
non-current assets
Purchase of treasury
sharesNet changes in
items other thanshareholders' equity
Total changes
during period
Balance at end of
period455,231

Other retained earnings
Reserve for tax
Total retained
purpose
Retainedearnings
reduction entry General reserve earnings broughtof non-current
forwardassets
460,796

4,300,000(28,147)

15,736,806

20,952,834(373,621)(373,621)

2,845,924

2,845,924

28,147--(28,147)-

2,500,450

2,472,303

455,231432,649

4,300,000

18,237,256

23,425,137

Shareholders' equity
Treasury shares
Balance at beginningof period
Changes during
periodDividends ofsurplusProfitReversal of reserve
for tax purpose
reduction entry of
non-current assets
Purchase of treasury
sharesNet changes in
items other thanshareholders' equity
Total changes
during period
Balance at end of
periodValuation and translation adjustments

Valuation
Total
Total valuation Total net assets
difference on Deferred gains orshareholders'
and translation
available-for-sale losses on hedges
equityadjustments
securities(693,341)

24,664,478(81)

669,004

9,589

25,343,073(373,621)(373,621)

2,845,924

2,845,924

-

-

(81)

(81)
(351,800)(3,806)(355,606)(355,606)(81)

2,472,222(351,800)(3,806)(355,606)

2,116,615(693,422)

27,136,700

317,204

5,783

322,987

27,459,688

For the fiscal year ended March 31,2021(Thousand yen)
Shareholders' equity
Capital surplus

Balance at beginningof period
Changes during
periodDividends ofsurplusProfitReversal of reserve
for tax purpose
reduction entry of
non-current assets
Purchase of treasury
sharesNet changes in
items other thanshareholders' equity
Total changes
during period
Balance at end of
period678,594

Share capital

Legal capitalsurplus

Other capitalsurplus

Total capitalsurplus2,654,519

1,710,876

39,5891,750,465

-

-

-

-

2,654,519

1,710,876

39,5891,750,465

Shareholders' equity
Retained earnings

Legal retained
earnings

Balance at beginningof period
Changes during
periodDividends ofsurplusProfitReversal of reserve
for tax purpose
reduction entry of
non-current assets
Purchase of treasury
sharesNet changes in
items other thanshareholders' equity
Total changes
during period
Balance at end of
period455,231

Other retained earnings
Reserve for tax
Total retained
purpose
Retainedearnings
reduction entry General reserve earnings broughtof non-current
forwardassets432,649(26,534)

18,237,256

23,425,137(262,754)(262,754)

2,154,040

2,154,040

26,534--(26,534)-

1,917,820

1,891,286

455,231

406,1154,300,000

20,155,077

25,316,424

Shareholders' equity
Treasury shares
Balance at beginningof period
Changes during
periodDividends ofsurplusProfitReversal of reserve
for tax purpose
reduction entry of
non-current assets
Purchase of treasury
sharesNet changes in
items other thanshareholders' equity
Total changes
during period
Balance at end of
period4,300,000(693,422)(130,067)

Valuation and translation adjustments

Valuation
Total
Total valuation Total net assets
difference on Deferred gains orshareholders'
and translation
available-for-sale losses on hedges
equityadjustments
securities
27,136,700

317,204

5,783

322,987

27,459,688(262,754)(262,754)

2,154,040

2,154,040--(130,067)(130,067)
356,2122,006

358,218

358,218(130,067)

1,761,219

356,2122,006

358,218

2,119,438(823,490)

28,897,920

673,417

7,789

681,206

29,579,126