Notice: This document has been translated from a part of the Japanese original for reference purposes only. In the event of any
discrepancy between this translated document and the Japanese original, the original shall prevail.

Summary of Consolidated Financial Results
for the Fiscal Year Ended March 31, 2022
(Under IFRS)DATE: April 28, 2022
Company name:
JTEKT Corporation
Stock exchange listing: Tokyo, Nagoya
Stock code:
6473
URL: https://www.jtekt.co.jp/e/Representative:
Kazuhiro Sato, President, Member of the Board
Contact:
Takanori Iwai, General Manager of Accounting Department
Telephone:+81-566-25-7326
Scheduled date of annual general meeting of shareholders:June 28, 2022
Scheduled date to commence dividend payments:
May 24, 2022
Scheduled date to file annual securities report (Japanese only):
June 28, 2022
Preparation of supplementary material on financial results:
Yes
Holding of financial results briefing:
Yes (for analysts and institutional investors)(Amounts less than one million yen are omitted.)

1. Consolidated financial results for the fiscal year ended March 31, 2022 (from April 1, 2021 to March 31, 2022)(1) Consolidated operating results(Percentages indicate year-on-year changes.)

Revenue

Profit before income
taxes

Business profit

Profit for the year

Fiscal year ended

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%March 31, 2022

1,428,426

14.6

42,346166.1

43,934

186.2

23,616633.0

March 31, 2021

1,246,286(12.2)

15,912(57.6)

15,352

1.9

3,221－Profit attributable toowners of the parent
company
Fiscal year ended

Millions of yen

March 31, 2022

20,682

March 31, 2021

800

Comprehensive income
for the year%

Basic earnings
per shareDiluted earnings
per share

Millions of yen%

Yen

Yen－

84,660

33.3

60.31

60.28

－

63,506－

2.33－

Ratio of profit before
income taxes to totalassets

Ratio of business profit torevenue

Ratio of profit to equity
attributable to owners of
the parent company
Fiscal year ended%%%March 31, 2022

3.5

3.3

3.0

March 31, 2021

0.2

1.2

1.3

Reference:

Share of the profit of associates and joint ventures accounted for using the equity method:
Fiscal year ended March 31, 2022: 486 million yen
Fiscal year ended March 31, 2021: 263 million yen

(2) Consolidated financial position
Total assets

As ofTotal equity

Equity attributableto owners of theparent company

Ratio of equity
attributable toowners of theparent company tototal assets

Equity attributableto owners of theparent company pershare%

Yen

Millions of yen

Millions of yen

Millions of yen

March 31, 2022

1,386,463

660,415624,01245.0

1,819.47

March 31, 2021

1,291,300

585,088

550,90842.7

1,606.30(3) Consolidated cash flows
Net cash provided by(used in) operating
activities

Net cash provided by(used in) investing
activities

Net cash provided by(used in) financing
activities

Cash and cash
equivalents at end of year

Fiscal year ended

Millions of yen

Millions of yen

Millions of yen

Millions of yen

March 31, 2022

67,039(25,265)(43,531)

124,254

March 31, 2021

91,757(52,515)(57,957)

118,645

2. Cash dividends
Annual dividends per shareFirstSecond
Third
quarter-end quarter-end quarter-end

Yen
Fiscal year ended

March 31, 2021
Fiscal year ended

March 31, 2022

Yen

Fiscalyear-end

Yen

TotalYen

Ratio ofdividends toTotal amountequityPayout ratioof dividends
attributable to(Consolidated)(Total)owners ofparent(Consolidated)

Yen Millions of yen%

%

－

8.00

－

8.00

16.00

5,488

685.2

1.0

－

8.00

－

10.00

18.00

6,174

29.8

1.1

－

11.00

－

11.00

22.00

Fiscal year ending

March 31, 2023－

(Forecast)

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.)
Revenue

Full year

Business profit

Millions ofyen%Millions ofyen

1,600,000

12.0

60,000%41.7

Profit before incometaxes

Profit attributable toowners of the parentcompany

Millions ofyen

Millions ofyen

48,500%10.4

25,000%20.9

Basic earnings
per share
Yen

72.89

* Notes(1) Changes in significant subsidiaries during the period(changes in specified subsidiaries resulting in the change in scope of consolidation):
Excluded:
1 company (Company name: JTEKT AUTOMOTIVE TEXAS, LP.)Yes

(2) Changes in accounting policies and changes in accounting estimates(i) Changes in accounting policies required by IFRS: None(ii) Changes in accounting policies due to other reasons: None(iii) Changes in accounting estimates: None
(3) Number of issued shares (ordinary shares)(i)

Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2022

343,286,307 shares

As of March 31, 2021

343,286,307 shares(ii) Number of treasury shares at the end of the period
As of March 31, 2022

321,786 shares

As of March 31, 2021

319,571 shares(iii) Average number of shares outstanding during the period
Fiscal year ended March 31, 2022

342,965,632 sharesFiscal year ended March 31, 2021

342,968,125 shares* Financial results reports are exempt from audit conducted by certified public accountants or an audit corporation.
* Proper use of earnings forecasts, and other special matters
The forecasts included in this documents are based on the information that the Company has obtained at the time ofdisclosure.
Actual results may differ significantly from the forecast due to a various factors in the future.

Consolidated financial statements(1) Consolidated Statement of Financial Position(Millions of yen)
As of March 31, 2021As of March 31, 2022

AssetsCurrent assets
Cash and cash equivalents

118,645

124,254

Trade and other receivables

290,568

319,084

Inventories

182,872

229,074

Other financial assets

3,394

5,099

Income tax receivable

1,952

943

Other current assets

3,205

4,522

600,639

682,979

Assets held for sale

－2,518

Total current assets

600,639

685,497

Property, plant and equipment

463,344460,012Goodwill and Intangible assets

31,656

34,590

Other financial assets

144,226

139,771

Investments accounted for using equity method

11,786

13,091

Deferred tax assets

14,225

17,414

Other non-current assets

25,421

36,085

Total non-current assets

690,660

700,965

1,291,300

1,386,463

Sub total

Non-current assets

Total assets

(Millions of yen)
As of March 31, 2021

As of March 31, 2022

Liabilities and equity
Liabilities
Current liabilities
Trade and other payables

286,634

317,672

Bonds and borrowings

62,97185,749Other financial liabilities

2,857

3,128

Income taxes payable

5,558

13,375

Provisions

5,529

6,547

Other current liabilities

4,894

6,258

368,446

432,732－2,047368,446434,779

Bonds and borrowings

223,248

176,012

Other financial liabilities

6,695

7,657

Retirement benefit liabilities

79,20375,110

224

228

Deferred tax liabilities

19,97624,432Other non-current liabilities

8,417

7,827

Total non-current liabilities

337,765

291,268

706,212726,048

Capital stock

45,59145,591

Capital surplus

107,397

107,638

Treasury stock

(428)

(430)

Other components of equity(5,934)27,253Retained earnings

404,281443,960

Equity attributable to owners of the parent company

550,908

624,012Non-controlling interests

34,17936,402

Total equity

585,088

660,415

1,291,300

1,386,463

Sub total
Liabilities directly associated with assets held forsale
Total current liabilities
Non-current liabilities

Provisions

Total liabilities
EquityTotal liabilities and equity

(2) Consolidated statement of income and consolidated statement of comprehensive incomeConsolidated Statement of Profit or Loss
(Millions of yen)
Fiscal year ended
March 31, 2021

Fiscal year ended
March 31, 2022

Revenue

1,246,286

1,428,426

Cost of revenue(1,074,581)(1,218,547)

Gross profit

171,705

209,878

Selling, general and administrative expenses(155,792)(167,532)

Business profit

15,912

42,346

Other income

11,815

8,939

Other costs(14,807)(14,885)

Operating profit

12,92036,401

Finance income

5,997

10,466

Finance costs(3,828)(3,419)263

486

Profit before income taxes

15,352

43,934

Income tax expense(12,130)(20,317)

Profit for the year

3,221

23,616800

20,682

2,421

2,933

Basic (Yen)

2.33

60.31

Diluted (Yen)－60.28

Share of the profit of associates and joint venturesaccounted for using the equity method

Attributable toOwners of the parent company
Non-controlling interests

Earnings per shareConsolidated Statement of Comprehensive Income(Millions of yen)
Fiscal year ended
March 31, 2021
Profit for the year

Fiscal year ended
March 31, 2022
3,221

23,616

Net fair value gain (loss) on equity instruments
designated as FVTOCI

32,73815,092Remeasurements of defined benefit pension plans

8,436

9,517

76(12)

41,25024,596

18,88935,423

144

1,023

19,03436,446

Total other comprehensive income

60,28461,043Comprehensive income for the year

63,506

84,660Owners of the parent company

59,37178,470Non-controlling interests

4,134

6,189

Other comprehensive income
Items that will not be reclassified subsequently to profit
or loss

Share of other comprehensive income of investments
accounted for using equity method
Total
Items that may be reclassified subsequently to profit orloss
Exchange differences on translation of foreign
operations
Share of other comprehensive income of investments
accounted for using equity method
Total

Attributable to(3) Consolidated Statement of Changes in Equity(Millions of yen)
Equity attributable to owners of the parent company
Other components of equity
その他の資本の構成要素
Capital stock

As of April 1, 2020

Capital surplus

Net fair value gain
Exchange(loss) on equity Remeasurements
differences on
instrumentsof defined benefit
translation ofdesignated as
pension plansforeign operations
FVTOCI

Treasury stock

45,591

107,273(426)－－(23,322)

－

－

－－

－

－

45,591

107,273(426)－－(23,322)

Profit for the year

－－

－

－－

－

Other comprehensive income－－－

32,7328,450

17,388Comprehensive income for the year－－－

32,7328,450

17,388Acquisition of treasury stock

－

－(2)

－

－

－

Dividends

－－－

－

－

－

Transfer to retained Earnings

－

－

－

(32,732)(8,450)－Change of scope of consolidation

－

43

－

－

－

－

Changes in the ownership interest in
subsidiaries without a loss of control

－

80

－

－

－

－

Total transactions with the owners

－

124

(2)

(32,732)(8,450)－45,591

107,397

(428)

－

－

(5,934)

－

－

－

－

－

－

45,591

107,397

(428)

－

－

(5,934)

Profit of the year

－

－

－

－

－

－

Other comprehensive income－－－

15,1089,491

33,187

Comprehensive income for the year

－

－

－

15,1089,491

33,187

Acquisition of treasury stock

－

－

(2)

－

－

－

Disposal of treasury stock

－

(0)

0

－

－

－

Dividends

－－

－

－

－

－

Transfer to retained Earnings

－

－

－

(15,108)(9,491)－

Change of scope of consolidation

－

(27)

－

－

－

－

Changes in the ownership interest insubsidiaries without a loss of control

－

269

－

－

－

－

Total transactions with the owners

－

241

(2)

(15,108)(9,491)－45,591

107,638(430)－－

27,253

Increase (Decrease) based on
inflation accounting of Argentina
consolidated subsidiary
As of April 1, 2020 (adjusted)

As of March 31, 2021
Increase (Decrease) based on
inflation accounting of Argentina
consolidated subsidiary
As of April 1, 2021 (adjusted)

As of March 31, 2022

(Millions of yen)
Equity attributable to owners of the parent company
Other componentsof equity
Total
合計
As of April 1, 2020

Retained Earnings

Non-controllinginterests

Total

Total equity(23,322)370,228

499,343

32,207

531,551

－

177

177

－177

(23,322)370,405

499,521

32,207531,728

－

800

800

2,421

3,221

Other comprehensive income

58,570－58,5701,713

60,284Comprehensive income for the year

58,570800

59,371

4,134

63,506

Acquisition of treasury stock

－

－

(2)

－

(2)

Dividends－(8,232)(8,232)(2,039)(10,271)(41,182)

41,182－－－

Change of scope of consolidation

－

125

169

12181

Changes in the ownership interest in
subsidiaries without a loss of control

－

－

80

(135)

(54)

(41,182)

33,075(7,984)(2,162)(10,146)(5,934)404,281

550,908

34,179585,088

－

(108)

(108)

－

(108)

(5,934)404,172550,799

34,179584,979－

20,682

20,682

2,933

23,616

Other comprehensive income

57,788－57,7883,255

61,043Comprehensive income for the year

57,78820,68278,4706,189

84,660Acquisition of treasury stock

－－

(2)

－

(2)

Disposal of treasury stock

－

－

0－

0

Dividends－(5,488)(5,488)(2,149)(7,637)(24,600)

24,600－－－Change of scope of consolidation

－

(8)

(36)

(1)

(37)

Changes in the ownership interest in
subsidiaries without a loss of control

－

－

269

(1,815)(1,546)(24,600)

19,104(5,257)(3,966)(9,224)27,253443,960

624,01236,402

660,415

Increase (Decrease) based on
inflation accounting of Argentina
consolidated subsidiary
As of April 1, 2020 (adjusted)
Profit for the year

Transfer to retained Earnings

Total transactions with the owners
As of March 31, 2021
Increase (Decrease) based on
inflation accounting of Argentina
consolidated subsidiary
As of April 1, 2021 (adjusted)
Profit of the year

Transfer to retained Earnings

Total transactions with the owners
As of March 31, 2022

(4) Consolidated Statement of Cash Flows(Millions of yen)Fiscal year ended
March 31, 2021

Fiscal year ended
March 31, 2022

Cash flows from operating activities
Profit before income taxes

15,352

43,934

Depreciation and amortization

63,056

66,990

Impairment losses

428

3,540

Finance income (costs)

529

(740)

Share of the loss (profit) of associates and joint
ventures accounted for using the equity method

(263)

(486)

(1,165)

619

Increase (Decrease) in retirement benefit liabilities(183)(5,192)

Decrease (Increase) in retirement benefit assets(11,557)(10,622)

Decrease (Increase) in inventories

14,598(32,556)

Net decrease (increase) in trade and otherReceivables(10,741)(13,071)

Net increase (decrease) in trade and other Payables

13,23020,413

Other

17,76811,089Subtotal

101,051

83,918Interest received

1,024

1,361

Dividends received

1,790

2,288

Interest paid

(3,328)(2,907)

Income taxes paid

(8,781)(17,622)Net cash provided by (used in) operating activities

91,757

67,039(55,248)(42,684)

1,887

1,383

Payment of purchases of investment securities

(383)

(82)

Proceeds from sales of investment securities

3,463

24,161－6Other(2,235)(8,050)Net cash provided by (used in) investing activities(52,515)(25,265)

Net increase (decrease) in provisions

Cash flows from investing activities
Payment of Purchases of property, plant andequipment
Proceeds from sales of property, plant andequipment

Payment of acquisition of subsidiaries' stock
resulting in change in scope of consolidation

(Millions of yen)
Fiscal year ended
March 31, 2021

Fiscal year ended
March 31, 2022

Cash flows from financing activities
Net increase (decrease) in short-term Borrowings(28,696)(3,311)

Proceeds from long-term borrowings

11,443

134,777

Repayment of long-term borrowings(28,915)(143,624)－(20,000)

Dividends paid

(8,232)(5,488)Dividends paid to non-controlling interests(2,039)(2,149)(54)(1,590)

Redemption of bonds

Payment of acquisition of subsidiaries' stock notresulting in change in scope of consolidation
Proceeds from sale and leaseback

955

－

Other

(2,418)(2,143)

Net cash provided by (used in) financing activities(57,957)(43,531)

Foreign currency translation adjustments on cash andcash equivalents

2,530

7,588

Net increase (decrease) in cash and cash equivalents(16,186)

5,830

Cash and cash equivalents at beginning of year

134,852

118,645－1(20)(222)

118,645

124,254

Net increase in cash and cash equivalents from newly
consolidated subsidiaries
Decreases in cash and cash equivalents from exclusionof subsidiaries from consolidation
Cash and cash equivalents at end of year

Segment information
For the year ended March 31, 2021
(Millions of yen)
Reportable segment
Automotive

Industrial andMachine tools
Bearings

TotalAdjustments

ConsolidatedRevenueCustomers
Intersegment
Total
Segment profit (loss):
Business profit

845,715

270,284

130,286

1,246,286－

1,246,286

922

16,061

22,124

39,107(39,107)－846,638

286,345

152,410

1,285,394(39,107)

1,246,286

12,970

(478)

2,177

14,6691,243

15,912Other income

11,815

Other costs(14,807)

Operating profit

12,920Finance income

5,997

Finance costs(3,828)

Share of the profit of associates
and joint ventures accounted forusing the equity method

263

Profit before income taxes

15,352Other items
Depreciation and Amortization

35,83817,867

9,349

63,056－

63,056

Impairment losses

250

129

48

428

－

428

Capital expenditure

35,913

10,071

8,372

54,357－54,357(Notes) “Adjustments” of segment profit is the elimination of inter-segment transactions.

For the year ended March 31, 2022
(Millions of yen)
Reportable segment
Automotive

Industrial andMachine tools
Bearings

Total

Adjustments

Consolidated

Revenue
Customers

965,363311,588

151,474

1,428,426－

1,428,426

Intersegment

1,281

19,577

19,96840,828(40,828)－

966,645

331,165

171,443

1,469,254(40,828)

1,428,426

14,776

16,391

9,936

41,104

1,242

42,346

TotalSegment profit (loss):
Business profit
Other income

8,939

Other costs(14,885)

Operating profit

36,401

Finance income

10,466

Finance costs(3,419)

Share of the profit of associates
and joint ventures accounted forusing the equity method

486

Profit before income taxes

43,934

Other items
Depreciation and Amortization

39,21017,565

10,21566,990－66,990

Impairment losses

3,227

313

－

3,540

－

3,540

Capital expenditure

37,118

6,697

10,307

54,122－

54,122(Notes) “Adjustments” of segment profit is the elimination of inter-segment transactions.