May 10, 2022

Summary of the Consolidated Financial Results
for the Fiscal Year Ended March 31, 2022 (FY3/22)[Japanese GAAP]

Company name:

Yodogawa Steel Works, Ltd.
Listing: Tokyo Stock Exchange
Stock code:
5451
URL: https://www.yodoko.co.jp/
Representative:
Satoshi Nitta, President and Representative Director
Inquiries:
Takayuki Deguchi, General Manager of IR Department
Tel: +(81)6-6245-1113
Scheduled date of Annual General Meeting of Shareholders:June 21, 2022
Scheduled date of payment of dividend:
June 22, 2022
Scheduled date of filing of Annual Securities Report:
June 21, 2022
Preparation of supplementary materials for financial results:
Yes
Holding of financial results meeting:Yes (for analysts and institutional investors)(All amounts are rounded down to the nearest million yen)

1. Consolidated Financial Results for FY3/22 (April 1, 2021 to March 31, 2022)(1) Consolidated results of operations(Percentages represent year-on-year changes)
Net sales
Fiscal year ended Mar. 31, 2022
Fiscal year ended Mar. 31, 2021

Millions of yen

201,655
145,963

Note: Comprehensive income (millions of yen):

Operating profit% Millions of yen

38.2-% Millions of yen

14,3497,880

Profit attributable toowners of parent

Ordinary profit

82.1-% Millions of yen

17,916
9,791

Fiscal year ended Mar. 31, 2022:
Fiscal year ended Mar. 31, 2021:

83.0
-

9,789
6,257

14,161 (down13.4%)
16,352 (-%)

%

56.4
-

Net income per
share

Diluted net
income per share

Return on
equityOrdinary profit
on total assets

Operating profit to
net sales339.77215.58338.42214.62

5.9
4.0

7.6
4.6

7.1
5.4

Net assets

Shareholders’ equity
ratio

Net assets per share

69.6
71.9

5,907.11
5,644.23

Yen

Fiscal year ended Mar. 31, 2022
Fiscal year ended Mar. 31, 2021

Yen

Reference: Equity in earnings of affiliates (millions of yen):

%

%

%

Fiscal year ended Mar. 31, 2022
589
Fiscal year ended Mar. 31, 2021
404
Note: The Company has adopted “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020), from the
beginning of the fiscal year ended March 31, 2022, and the figures for the fiscal year ended March 31, 2021 have been adjusted
retroactively to conform with this accounting standard. Accordingly, the year-on-year changes for the fiscal year ended March 31,
2021 are not indicated.

(2) Consolidated financial position
Total assets
Millions of yen

As of Mar. 31, 2022
As of Mar. 31, 2021

Millions of yen

244,671
226,004

Yen%

191,937
180,296

Reference: Shareholders’ equity (millions of yen):
As of Mar. 31, 2022:
170,296
As of Mar. 31, 2021: 162,472
Note: The Company has adopted “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020), from the
beginning of the fiscal year ended March 31, 2022, and the figures for the fiscal year ended March 31, 2021 have been adjusted
retroactively to conform with this accounting standard.

(3) Cash flow position

Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash equivalents
at end of period(10,645)
17,149(1,985)(4,672)(1,226)(3,998)30,961
43,116

Millions of yen

Fiscal year ended Mar. 31, 2022
Fiscal year ended Mar. 31, 2021

2. Dividends

Millions of yen

Dividend per share
1Q-endFiscal year ended Mar. 31, 2021
Fiscal year ended Mar. 31, 2022
Fiscal year ending Mar. 31, 2023
(Forecast)Millions of yen

Yen

2Q-end3Q-end Year-end
Yen

Total
dividends

Total

-

35.00
35.00

Yen

Yen

-

40.00
67.00

75.00
102.00

Yen Millions of yen

-

-

-

-

-

2,185
2,969

Millions of yen

Payout ratio(consolidated)
%

34.8
30.0

Dividend on
equity(consolidated)
%

1.4
1.8

-

There is currently no dividend forecast for the fiscal year ending March 31, 2023.

3. Consolidated Forecasts for FY3/23 (April 1, 2022 to March 31, 2023)
No consolidated forecast for the fiscal year ending March 31, 2023 is shown because of the difficulty of determining a reliable forecast.
For further details, please refer to “1. Overview of Results of Operations, (2) Outlook” on page 5.

* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in changes inscope of consolidation): None
(2) Changes in accounting policies and accounting-based estimates, and restatements
1) Changes in accounting policies due to revisions in accounting standards, others: Yes
2) Changes in accounting policies other than 1) above: None
3) Changes in accounting-based estimates: None
4) Restatements: None
Note: For further details, please refer to “3. Consolidated Financial Statements and Notes, (5) Notes to Consolidated Financial
Statements, Changes in Accounting Policies” on page 15.

(3) Number of outstanding shares (common shares)
1) Number of shares outstanding at the end of the period (including treasury shares)
As of Mar. 31, 2022:

34,837,230 shares

As of Mar. 31, 2021:

34,837,230 shares

As of Mar. 31, 2021:

6,051,658 sharesFiscal year ended Mar. 31, 2021:

29,026,357 shares

2) Number of treasury shares at the end of the period
As of Mar. 31, 2022:

6,008,176 shares

3) Average number of shares outstanding during the period
Fiscal year ended Mar. 31, 2022:

28,810,962 shares

Reference: Summary of Non-consolidated Financial Results
Non-consolidated Financial Results for FY3/22 (April 1, 2021 to March 31, 2022)(1) Non-consolidated results of operations

Net sales

Fiscal year ended Mar. 31, 2022
Fiscal year ended Mar. 31, 2021

Millions of yen

127,549
98,788Operating profit% Millions of yen

29.1
-

7,946
7,022

(Percentages represent year-on-year changes)
Ordinary profit
Profit% Millions of yen

13.2-

10,644
8,685

Net income per share

Diluted net income per share

251.720.39

250.73
0.39

Yen

Fiscal year ended Mar. 31, 2022
Fiscal year ended Mar. 31, 2021

% Millions of yen

22.6
-

7,324
11

%

-

Yen

Note: The Company has adopted “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020), from the
beginning of the fiscal year ended March 31, 2022, and the figures for the fiscal year ended March 31, 2021 have been adjusted
retroactively to conform with this accounting standard. Accordingly, the year-on-year changes for the fiscal year ended March 31,
2021 are not indicated.

(2) Non-consolidated financial position
Total assets
Millions of yen

Net assets
Millions of yen

Shareholders’ equity
ratio

As of Mar. 31, 2022
181,246
143,036
As of Mar. 31, 2021
182,765
145,492
Reference: Shareholders’ equity (millions of yen): As of Mar. 31, 2022: 142,849%

Net assets per share
Yen

78.8
4,905.86
79.5
4,996.50
As of Mar. 31, 2021: 145,264

Note: The Company has adopted “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020), from the
beginning of the fiscal year ended March 31, 2022, and the figures for the fiscal year ended March 31, 2021 have been adjusted
retroactively to conform with this accounting standard.

* The current financial report is not subject to audit by certified public accountants or auditing firms.
* Cautionary statement with respect to forward-looking statements and other special items
Forecasts of future performance in these materials are based on assumptions judged to be valid and information available to the
management of Yodogawa Steel Works at the time the materials were prepared. These materials are not promises by Yodogawa
Steel Works regarding future performance. Actual results may differ significantly from these forecasts for a number of reasons.
For a discussion of the assumptions for forecasts, precautions concerning usage and other information, please refer to “1.
Overview of Results of Operations, (2) Outlook” on page 5.

Contents of Attachments
1. Overview of Results of Operations

2(1) Results of Operations and Financial Position

2(2) Outlook

5(3) Basic Policy for Profit Distribution and Dividends in the Current and Next Fiscal Years5

2. Basic Approach to the Selection of Accounting Standards

5

3. Consolidated Financial Statements and Notes

6(1) Consolidated Balance Sheet

6(2) Consolidated Statements of Income and Comprehensive Income

8

Consolidated Statement of Income

8

Consolidated Statement of Comprehensive Income

9(3) Consolidated Statement of Changes in Equity

10(4) Consolidated Statement of Cash Flows

12(5) Notes to Consolidated Financial Statements

14

Going-concern Assumption

14

Significant Accounting Policies in the Preparation of Consolidated Financial Statements

14

Changes in Accounting Policies

15

Notes to Consolidated Balance Sheet

15

Segment Information

16

Per-share Information

18

Subsequent Events18

4. Non-consolidated Financial Statements

19(1) Non-consolidated Balance Sheet

19(2) Non-consolidated Statement of Income21(3) Non-consolidated Statement of Changes in Equity221. Overview of Results of Operations(1) Results of Operations and Financial Position
1) Summary of results of operations
In the fiscal year ended March 31, 2022, there were signs of an economic recovery in Japan centered on consumer
spending as more people were vaccinated and countries began to live with the pandemic. However, the economy
remained unstable because of the high prices of resources and energy and shortages of semiconductors and otherparts and materials.
In Europe and the United States, economics have started to recover, mainly due to consumer spending, because
these regions have passed the peak of the pandemic. In China, economic growth is slow primarily because of
weakness in the real estate market and lockdowns of major cities due to the country’s zero-COVID policy.
Currently, the outlook for the global economy is extremely unclear because of the Ukraine crisis and the shift of
the United States to monetary tightening.
In the steel industry, the business climate is improving in Japan along with upturns in housing starts and orders
for machinery. Market conditions were generally sluggish in the fiscal year’s second half because of declining
automobile production caused by shortages of semiconductors and other reasons.
In overseas steel markets, there was a recovery worldwide during the first half of the fiscal year along with an
economic recovery from the downturn caused by the pandemic. Expectations for rising prices of steel products
was another reason for the relative strength of overseas steel markets. During the second half, the pace of growthbegan to slow because of declining economic growth in China, high prices of many products and other reasons.
In response to the rapid and unprecedented increase in the cost of raw materials and energy, the Yodogawa SteelGroup took many actions to maintain a stable supply of products for customers and lower expenses. In addition,group companies provided customers with thorough explanations of measures involving the selling prices of
products that can be reproduced.
The Yodogawa Steel Group’s net sales in the fiscal year increased 55,691 million yen to 201,655 million yen.
Operating profit increased 6,469 million yen to 14,349 million yen, ordinary profit increased 8,125 million yen to
17,916 million yen, and profit attributable to owners of parent increased 3,531 million yen to 9,789 million yen.
Total assets at the end of the fiscal year increased 18,666 million yen from one year earlier to 244,671 million yen.
This difference attributable mainly to increases in trade receivables and inventories, a decrease in cash flows fromoperating activities and a decrease in the valuation of investment securities as financial markets were down.
Liabilities increased 7,025 million yen to 52,733 million yen. This difference attributable mainly to an increase intrade payables and a decrease in deferred tax liabilities. Net assets increased 11,640 million yen to 191,937
million yen. This difference attributable mainly to increases in retained earnings and foreign currency translation
adjustment, and a decrease in valuation difference on available-for-sale securities.
Business segment performance was as follows.
Steel Sheet-related BusinessNet sales totaled 192,428 million yen and operating profit was 14,213 million yen.
Roll BusinessNet sales totaled 2,689 million yen and operating profit was 8 million yen.
Grating BusinessNet sales totaled 3,443 million yen and operating profit was 109 million yen.
Real Estate BusinessNet sales totaled 1,263 million yen and operating profit was 857 million yen.
Other Businesses
Net sales totaled 1,829 million yen and operating profit was 445 million yen.

Cash and cash equivalents at the end of the fiscal year decreased 12,154 million yen from the end of the previous
fiscal year to 30,961 million yen mainly due to the negative operating cash flows.
Cash flows from operating activities
Net cash used in operating activities was 10,645 million yen (compared with 17,149 million yen provided in theprevious fiscal year) mainly due to the difference between operating profit and the increases in trade receivables
and inventories.
Cash flows from investing activities
Net cash used in investing activities decreased 2,687 million yen to 1,985 million yen mainly due to the purchaseof property, plant and equipment.
Cash flows from financing activities
Net cash used in financing activities decreased 2,771 million yen to 1,226 million yen mainly due to thedifference between cash dividends paid and an increase in borrowings.
2) Analysis and review of results of operations
Net sales
The business climate was challenging during the fiscal year because of the rapid increase in all categories of
expenses in Japan and other countries. The Yodogawa Steel Group focused on meeting demand that emerged as
economies worldwide began recovering from the pandemic downturn and took actions involving selling prices of
products that can be reproduced.
Sales volumes recovered in Japan and at Taiwan Subsidiary Sheng Yu Steel Co., Ltd. (SYSCO). In China, thesales volume at subsidiary Yodogawa Shengyu (Hegei) High-Tech Steel Co., Ltd. (YSS) increased as theawareness of this brand increased. The result was an increase in consolidated sales.
Operating profit
In Japan, the business climate was challenging as selling price revisions could not keep up with the rising cost of
materials and many other items. Despite these difficulties, earnings increased because of the recovery in thevolume of sales, an inventory valuation gain and other reasons.
Although market conditions were challenging for all overseas subsidiaries, the consolidated operating profit was
higher than in the previous fiscal year because of a big improvement in the earnings of SYSCO as prices of steel
products increased worldwide and an operating profit at YSS.
Ordinary profit
Ordinary profit increased more than operating profit did mainly due to the recording of foreign exchange gains
and increases in dividend income and gain on sale of investment securities in non-operating income.
Profit attributable to owners of parent
The increase in profit attributable to owners of parent was smaller than the increase in ordinary profit mainly
because of an increase in income taxes-current. In addition, the increase was smaller than the increase inconsolidated profit because of the high percentage of non-controlling interests at SYSCO, which was a major
reason that the consolidated profit increased.
The Yodogawa Steel Group’s basic strategy for capital policy is to maintain consistent operating cash flows inorder to secure funds needed for substantial investments for sustained growth as well as the greatest possible
shareholder distributions while maintaining financial soundness.
As of the end of March 2022, there were no significant capital expenditures planned that would require theprocurement of funds from external sources. For working capital and capital expenditures, the policy is to useinternal resources as the main source of funding and use loans from financial institutions as needed for the time
being.
As an objective target for monitoring progress concerning management policies, strategic goals and businessgoals, the Yodogawa Steel Group Medium-Term Management Plan 2022, which was announced in May 2020, has
the following goal: consolidated ordinary profit of at least 9 billion yen in the fiscal year ending on March 31,
2023.
The business climate was challenging during the fiscal year that ended on March 31, 2022 because of the rapid
increase in all categories of expenses in Japan and other countries. The Yodogawa Steel Group used the speed andflexibility that is one of its key strengths in order to cut costs, improve prices of its products, establish
relationships with new customers and make progress in other ways. As a result, consolidated ordinary profit in thefiscal year surpassed the target for the fiscal year ending on March 31, 2023.
An analysis and review of the financial position and results of operations for business segments are as follows.
Steel Sheet-related Business
Steel Sheet
In Japan, there was a recovery in the sales volumes of all product categories, particularly for specifichigh-demand customers, because of demand in the building construction sector was relatively strong. In addition,
there were measures involving price revisions for both specific high-demand customers and general distribution.
An inventory valuation gain also contributed to the performance of this segment in Japan, resulting in higher
sales and earnings.
Overseas, SYSCO in Taiwan increased earnings because of the growth of sales volumes in Taiwan and of exports
as well as improvements in selling prices. YSS, a subsidiary in China, became profitable primarily due to thelarger volume of sales of pre-painted and plated steel sheets in China. PCM Processing (Thailand) Ltd. (PPT), ourThai subsidiary, reported a small improvement in earnings although it continued to experience progress andsetbacks.
Building Material & Exterior Products
In the building materials category, the sales volume of exterior products was lower than in the previous fiscal year
when sales benefited from demand associated with people staying home for safety during the pandemic. In thebuilding exterior materials products category, sales were down because of a change in the method used to sell
YODO Roof and other reasons.
As a result, sales and earnings increased in the Steel Sheet-related Business segment.
Roll Business
Sales and earnings increased because sales volume of rolls used in the steel industry remained firm.
Grating Business
Sales and earnings decreased mainly because of a lower number of orders involving government and roadprojects.
Real Estate Business
Sales were almost the same as one year earlier but earnings decreased mainly because of an increase indepreciation associated with renovations and improvements at leased properties.
Other Businesses
Sales and earnings increased due to higher sales in the materials sales business and an increase in the volume ofcargo handled in the warehousing and transportation businesses.

(2) Outlook
The outlook for the global economy is expected to remain extremely unclear for the time being due to numerous
risk factors. Significant sources of risk in 2022 include supply chain disruptions and high prices of resources andenergy caused by Russia’s invasion of Ukraine, impact of pandemic lockdowns of Shanghai and other cities on
the Chinese economy, and the shift of the United States to monetary tightening. In Japan, the outlook is for a
mixture of progress and setbacks involving the pandemic as the risk factors affecting the global economy also
have a significant impact on the Japanese economy.
In the steel markets in Japan and other countries, prices of raw materials used for steelmaking and of steel
products of all types continue to surge. Furthermore, there is a risk of more increases in the cost of resources andenergy along with limited supplies due to sanctions on Russia and other effects of the Ukraine crisis. Due to thissituation, the steel market, including the balance between supply and demand, is likely to remain unstable for thetime being.
The Yodogawa Steel Group as well is likely to continue to operate in a challenging business climate due to theunpredictability and instability of demand and expenses in all regions.
To succeed in this uncertain business climate, all group companies are focusing on speed and agility concerning
both sales and production activities to respond to rapidly changing market conditions. To become even more
profitable, group companies are also establishing positions in new markets and increasing sales of value-added
products.
There is no forecast for the fiscal year ending in March 2023 at this time because of the increasing uncertainty
about the business climate in Japan and other countries. An announcement will be made promptly once it
becomes possible to determine a reliable forecast.
(3) Basic Policy for Profit Distribution and Dividends in the Current and Next Fiscal Years
Distributing earnings to shareholders is one of the highest priorities of Yodogawa Steel. Earnings are distributedby paying dividends that reflect results of operations, repurchasing stock and in other ways. The basic policy for
dividends that are in line with our results of operations is to make payments that are stable and continuous.
Dividends also take into consideration the need for funds for investments and other actions for increasing
corporate value, the outlook for sales and earnings, the need to maintain financial soundness, and other items. To
pay dividends that reflect results of operations, the target consolidated payout ratio is between about 30% and50%. In addition, there is a goal of paying an annual dividend of at least 50 yen per share for each of the threefiscal years ending on March 31, 2021, 2022 and 2023.
The basic policy is to pay interim and year-end dividends. In accordance with Article 459, Paragraph 1 of theCompanies Act, the Yodogawa Steel Articles of Incorporation state that dividends can be paid based on a
resolution of the Board of Directors, except in cases where stipulated otherwise by laws and regulations.
The year-end dividend for the fiscal year that ended March 31, 2022 is to be 67 yen per share. With the interim
dividend of 35 yen, this will result in a dividend of 102 yen per share for this fiscal year.
There is currently no dividend forecast for the fiscal year ending March 31, 2023. An announcement will be madepromptly once it becomes possible to disclose a dividend forecast.
2. Basic Approach to the Selection of Accounting Standards
The Yodogawa Steel Group will continue to prepare consolidated financial statements using generally accepted
accounting principles in Japan for the time being to permit comparisons with prior years and with the financial
data of other companies.
We will take suitable actions with regard to the application of the International Financial Reporting Standards(IFRS) by taking into account associated factors in Japan and other countries.

3. Consolidated Financial Statements and Notes(1) Consolidated Balance Sheet(Millions of yen)
FY3/22(as of Mar. 31, 2022)

FY3/21(as of Mar. 31, 2021)
AssetsCurrent assets
Cash and deposits

42,03531,872

Notes and accounts receivable-trade41,229--53,671

3,005

3,412

Notes and accounts receivable-trade, and contract assets
Electronically recorded monetary claims-operating
Securities

6,821

2,120

Merchandise and finished goods

12,672

22,027Work in process

4,158

6,801

Raw materials and supplies

9,258

17,499

Other

4,783

7,229

Allowance for doubtful accounts
Total current assets

(147)

(110)

123,818

144,523

Non-current assets
Property, plant and equipment
Buildings and structures

60,78966,010

Accumulated depreciation(46,857)(46,954)

Buildings and structures, net

13,931

19,056

Machinery, equipment and vehicles
Accumulated depreciation
Machinery, equipment and vehicles, net
Land
Leased assets
Accumulated depreciation

136,185

144,768(124,722)(130,382)

11,463

14,386

18,964

19,312

125

173

(62)

(81)

Leased assets, net

63

92

Construction in progress

7,335

2,439

Other
Accumulated depreciation
Other, net

11,877

12,374(11,035)(11,202)

841

1,172

52,59956,459

Other

1,752

1,966

Total intangible assets

1,752

1,966

Investment securities

46,86540,678Retirement benefit asset

285

441

Deferred tax assets

215

182

Other

468

419

Total property, plant and equipment
Intangible assets

Investments and other assets

Total investments and other assets
Total non-current assets
Total assets

47,834

41,721102,185

100,147

226,004

244,671

(Millions of yen)
FY3/22(as of Mar. 31, 2022)

FY3/21(as of Mar. 31, 2021)
Liabilities
Current liabilities
Notes and accounts payable-trade

13,744

20,676

Electronically recorded obligations-operating

2,247

2,329

Short-term borrowings

-

1,320

Lease liabilities

40

76

2,717

3,590

-

169

1,365

1,658

Income taxes payable
Contract liabilities
Provision for bonuses

336

671

Other

Provision for product warranties

7,921

7,064

Total current liabilities

28,37337,557

Non-current liabilities
Lease liabilities
Deferred tax liabilities

26

18

5,579

4,103

856

844

Deferred tax liabilities for land revaluation
Provision for retirement benefits for directors (and otherofficers)
Retirement benefit liability

52

39

6,907

6,285

Other

3,911

3,885

Total non-current liabilities
Total liabilities

17,333

15,17545,70752,73323,22023,220Net assets
Shareholders’ equity
Share capital
Capital surplus

18,10818,272Retained earnings

110,822

118,475

Treasury shares(12,091)(11,992)

Total shareholders’ equity

140,060

147,977

19,207

16,174-(0)

Revaluation reserve for land

1,636

1,609

Foreign currency translation adjustment

1,458

4,433

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges

Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Share acquisition rights

109

101

22,412

22,319227

187

Non-controlling interests

17,596

21,454

Total net assets

180,296

191,937

226,004

244,671

Total liabilities and net assets

(2) Consolidated Statements of Income and Comprehensive Income(Consolidated Statement of Income)(Millions of yen)
FY3/22(Apr. 1, 2021 to Mar. 31, 2022)

FY3/21(Apr. 1, 2020 to Mar. 31, 2021)
Net sales

145,963

201,655

Cost of sales

121,104

168,471

Gross profit

24,85833,183

Selling, general and administrative expenses

16,97818,834

Operating profit

7,880

14,349Interest income

262

320

Dividend income

597

1,104

Insurance claim income

100

135

Non-operating income

Gain on sale of investment securities

503

797

Foreign exchange gains

152

404

Gain on valuation of derivatives
Share of profit of entities accounted for using
equity method
Other

11

-

404

589

244

565

2,277

3,918

Interest expenses

66

67

Commitment fees
Cost for employees transferred temporarily tooverseas subsidiaries
Other

21

21

166

174

111

87

Total non-operating expenses

366

351

9,791

17,916

1

148

Total non-operating income
Non-operating expenses

Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Insurance claim income

13-

Total extraordinary income

14

148

67

510

45

459

Extraordinary losses
Loss on sale and retirement of non-current
assetsImpairment losses
Loss on valuation of investment securities
Loss on liquidation of subsidiaries andassociates
Other

-

1

12

-

0

-

Total extraordinary losses

125

971

Profit before income taxes

9,680

17,092

Income taxes-current

3,329

4,999

Income taxes-deferred

(325)

(167)

Total income taxes

3,003

4,831

Profit6,676

12,261

419

2,471

6,257

9,789

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

(Consolidated Statement of Comprehensive Income)
FY3/21(Apr. 1, 2020 to Mar. 31, 2021)(Millions of yen)
FY3/22(Apr. 1, 2021 to Mar. 31, 2022)

Profit6,676

12,261Other comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges

8,803(3,156)

Foreign currency translation adjustment
Remeasurements of defined benefit plans, netof taxShare of other comprehensive income ofentities accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to:Comprehensive income attributable to ownersof parent
Comprehensive income attributable tonon-controlling interests

-

(0)

59

5,142

699

(105)

112

20

9,675

1,899

16,352

14,161

15,646

9,722

706

4,438

(3) Consolidated Statement of Changes in Equity
FY3/21 (Apr. 1, 2020 to Mar. 31, 2021)(Millions of yen)
Shareholders’ equity

Share capital
Balance at beginning of period
Cumulative effects of changes
in accounting policies
Restated balance

Retained
Total shareholders’
Treasury sharesearnings
equity106,763(13,351)
137,014

Capital surplus

23,22020,381(12)
23,22020,381

106,750(12)(13,351)

137,001

Changes during period
Dividends of surplus
Profit attributable to owners ofparentPurchase of treasury shares(2,185)(2,185)

6,257

6,257
(1,068)(1,068)

Disposal of treasury shares

(12)

30

18

Cancellation of treasury shares
Purchase of shares of
consolidated subsidiaries
Net changes in items other thanshareholders’ equity
Total changes during period(2,298)

2,298

-

37

Balance at end of period

37-(2,273)

4,071

1,260

3,058

23,22018,108110,822(12,091)

140,060

Accumulated other comprehensive income
Valuation
Foreign
Revaluationdifference on
currency
reserve fortranslation
available-forland
adjustment
sale securities
Balance at beginningof period
Cumulative effects
of changes inaccounting policies
Restated balance
Changes during period
Dividends ofsurplusProfit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesCancellation oftreasury shares
Purchase of sharesof consolidated
subsidiaries
Net changes in
items other thanshareholders’ equity
Total changes during
periodBalance at end of
period10,476

1,636

1,489

RemeasureTotal
Share
NonTotal net
ments ofaccumulatedacquisition controlling
assetsdefinedotherrightsinterests
benefit comprehensive
plansincome(578)

13,023224

17,029167,291(12)

10,476

1,636

1,489

(578)

13,023224

17,029167,278(2,185)
6,257(1,068)
18
37

8,730

(30)

688

9,388

3

567

9,959

8,730

-

(30)

688

9,388

3

567

13,01819,207

1,636

1,458

109

22,412

227

17,596180,296FY3/22 (Apr. 1, 2021 to Mar. 31, 2022)(Millions of yen)
Shareholders’ equity

Share capital
Balance at beginning of period

Capital surplus

23,220Retained earnings Treasury shares

18,108110,822

Total shareholders’equity(12,091)

140,060

Changes during period
Dividends of surplus
Profit attributable to owners ofparent(2,162)(2,162)

9,789

9,789

Purchase of treasury shares
Disposal of treasury shares(16)

Purchase of shares of
consolidated subsidiaries
Reversal of revaluation reserve
for landNet changes in items other thanshareholders’ equity

(5)

(5)

105

88

181

181
26

Total changes during period
Balance at end of period

26

-

164

7,652

99

7,917

23,22018,272

118,475(11,992)

147,977

Accumulated other comprehensive income
Valuation
Total
NonSharedifference Deferred
Foreign Remeasureaccumulated
Revaluationacquisition controlling
gains orcurrency
ments ofon
otherreserve forinterests
rightsdefinedavailable- losses ontranslation
landcomprehensive
hedgesfor-saleadjustment benefit plansincomesecurities
Balance at
beginning of
periodChanges during
periodDividends ofsurplusProfitattributable toowners ofparentPurchase oftreasury shares
Disposal oftreasury shares
Purchase ofshares of
consolidated
subsidiaries
Reversal ofrevaluation
reserve for land
Net changes in
items other thanshareholders’equityTotal changes
during period
Balance at end of
period19,207

-

1,636

1,458

109

22,412

227

17,596

Total net
assets180,296(2,162)

9,789

(5)
88

181

26

(3,032)

(0)

(26)

2,975

(8)

(93)

(40)

3,857

3,723

(3,032)

(0)

(26)

2,975

(8)

(93)

(40)

3,857

11,64016,174

(0)

1,609

4,433

101

22,319187

21,454

191,937

(4) Consolidated Statement of Cash Flows
FY3/21(Apr. 1, 2020 to Mar. 31, 2021)(Millions of yen)
FY3/22(Apr. 1, 2021 to Mar. 31, 2022)

Profit before income taxes

9,680

17,092

Depreciation
Share of loss (profit) of entities accounted forusing equity method
Increase (decrease) in retirement benefit liability
Increase (decrease) in provision for retirement
benefits for directors (and other officers)
Increase (decrease) in provision for bonuses
Increase (decrease) in allowance for doubtful
accounts
Interest and dividend income

3,684

4,154

(404)

(589)

338

(874)

(27)

(13)

436

234

15

(36)

(859)

(1,424)

Cash flows from operating activities

66

67

Insurance claim income

Interest expenses

(114)

(135)

Loss (gain) on sale of investment securities

(503)

(797)

Loss (gain) on valuation of investment securities-

1

Loss (gain) on valuation of derivatives
Loss (gain) on sale and retirement of non-current
assetsImpairment losses

(11)

-

66

362

45

459

(5,102)(12,437)

Decrease (increase) in inventories

5,725(19,044)

Increase (decrease) in trade payables

3,068

6,786

Decrease (increase) in trade receivables

Increase (decrease) in accrued consumption taxes

815(1,119)Other, net

145

(570)

Subtotal

17,064(7,883)

Proceeds from insurance income

114

135

Interest and dividends received

1,000

1,393

Interest paid

(67)

(67)

Payments associated with disaster loss

(22)

-

Income taxes paid

(938)

(4,222)

Net cash provided by (used in) operating activities

17,149(10,645)(Millions of yen)

Cash flows from investing activities
Investments in time deposits with a maturity ofmore than three months
Proceeds from time deposits with a maturity ofmore than three months
Proceeds from sale and redemption of securities
Purchase of property, plant and equipment
Proceeds from sale of property, plant andequipment
Purchase of intangible assets

FY3/21(Apr. 1, 2020 to Mar. 31, 2021)

FY3/22(Apr. 1, 2021 to Mar. 31, 2022)(8,132)(9,294)

9,182

12,834-321(6,720)(7,939)

0

213

(256)

(306)

Purchase of investment securities
Proceeds from sale and redemption of investment
securities
Loan advances

(6)

(738)

929

3,615

(2)

-

Proceeds from collection of loans receivable

177

118

Purchase of shares of subsidiaries
Proceeds from liquidation of subsidiaries andassociates
Other, net

-

(808)

154

-

1

-

(4,672)(1,985)

Net increase (decrease) in short-term borrowings

(600)

1,321

Repayments of lease obligations

(24)

(46)

0

0

Net cash provided by (used in) investing activities
Cash flows from financing activities

Proceeds from sale of treasury shares
Purchase of treasury shares(1,065)(2)

Dividends paid

(2,207)(2,184)

(91)

(315)

(10)

-

Dividends paid to non-controlling interests
Purchase of shares of subsidiaries not resulting inchange in scope of consolidation(3,998)(1,226)

Effect of exchange rate change on cash and cash
equivalents

Net cash provided by (used in) financing activities

(19)

1,702

Net increase (decrease) in cash and cash equivalents

8,457(12,154)

Cash and cash equivalents at beginning of period

34,658

43,116

Cash and cash equivalents at end of period

43,11630,961

(5) Notes to Consolidated Financial Statements
Going-concern Assumption
Not applicable.
Significant Accounting Policies in the Preparation of Consolidated Financial Statements
1. Scope of consolidation(1) Number of consolidated subsidiaries: 8
Takada Kozai Kogyo Co., Ltd.
Sheng Yu Steel Co., Ltd. (SYSCO)
Yodoko Shoji Co., Ltd.
Keiyo Tekko Futo Co., Ltd.
Yodoko Kohatsu Co., Ltd.
Yodogawa-Shengyu (Hefei) High-Tech Steel Co., Ltd. (YSS)
PCM Processing (Thailand) Ltd. (PPT)Fukui Yodoko Co., Ltd.
(2) Names of major non-consolidated subsidiaries
Yodoko Kosan Co., Ltd., Yodogawa-Fuyo Co.,Ltd., YIL, YBMH, ARDUC Co.,Ltd.
The sum of total assets, sales, profit or loss (equity-method amount), retained earnings (equity-method
amount) and other financial items of non-consolidated subsidiaries is small in relation to all of thecorresponding consolidated figures. Consequently, these subsidiaries are excluded from consolidation because
they would not have a material impact on the consolidated financial statements.
2. Application of equity method(1) Number of non-consolidated subsidiaries and affiliates accounted for using the equity method and names ofmajor companies
Non-consolidated subsidiaries: None
Affiliates: 1

SADOSHIMA CORPORATION(2) Names of major non-consolidated subsidiaries and affiliates not accounted for using the equity method andreason for exclusion
Non-consolidated subsidiaries: Yodoko Kosan Co., Ltd., Yodogawa-Fuyo Co.,Ltd., YIL, YBMH, ARDUC
Co.,Ltd.
Affiliates:

FUJIDEN INTERNATIONAL CORP.

The profit or loss (equity-method amount), retained earnings (equity-method amount) and other financial
items of the non-consolidated subsidiaries and affiliates not accounted for using the equity method are
negligible and the sum of these items for all of these subsidiaries and affiliates is immaterial in relation to theconsolidated financial statements. Consequently, the cost method is used for the valuation of investments inthese companies and the equity method is not used.
3. Fiscal year-end of consolidated subsidiaries
For consolidated subsidiaries, the fiscal year-end of SYSCO, YSS and PPT is the end of December. For the
preparation of the consolidated financial statements, the financial statements as of the end of December are used
for SYSCO, YSS and PPT. Consolidation adjustments are then made as needed for any significant transactions
that occurred between January 1 and March 31, the end of the consolidated fiscal year.

Changes in Accounting Policies
Application of the Accounting Standard for Revenue Recognition
Yodogawa Steel Works started to apply the Accounting Standard for Revenue Recognition (ASBJ Statement No.
29, March 31, 2020) at the beginning of the fiscal year ended on March 31, 2022. Based on this standard, revenue
expected to be received in exchange for the provision of goods and services is recognized when the control of thepromised goods and services is transferred to customers. The main change is that of the transactions that werepreviously recognized as revenue based on the total amount of consideration received from the customer, thosethat fall under the category of agency transactions are now recognized as revenue on a net basis. In addition, sales
incentives, which were previously included in selling, general and administrative expenses, are now treated as adecrease in sales.
This change in accounting policy has been applied retrospectively in principle, and the consolidated financial
statements and consolidated financial statements for the previous fiscal year have been adjusted retrospectively.
However, Yodogawa Steel Works has applied the following method as stipulated in Paragraph 85 of the
Accounting Standard for Revenue Recognition.
(1) No retroactive adjustment to the comparative information for contracts for which almost all the revenue
amounts have been recognized in accordance with the previous treatment prior to the beginning of theprevious fiscal year.
(2) To retrospectively adjust the comparative information for the amount of variable consideration included incontracts for which almost all of the revenue amounts have been recognized in accordance with the previous
treatment prior to the beginning of the current fiscal year, using the amount at the time when the uncertainty
about the amount of the variable consideration is resolved.
(3) No retroactive adjustment to the consolidated financial statements for the previous fiscal year for contracts
that began and ended during the previous fiscal year.
As a result, net sales decreased by 4,394 million yen, cost of sales decreased by 3,899 million yen, selling,
general and administrative expenses decreased by 494 million yen, and operating profit, ordinary profit and profit
attributable to owners of parent each decreased by 0 million yen, respectively, compared with the results before
the retrospective application. In addition, as the cumulative effect was reflected in net assets at the beginning of
the previous fiscal year, the balance of retained earnings at the beginning of the previous fiscal year decreased by
12 million yen.
Due to the application of the Accounting Standard for Revenue Recognition, “Notes and accounts
receivable-trade,” which was presented in “Current assets” in the consolidated balance sheet for the previous
fiscal year, is included in “Notes and accounts receivable-trade, and contract assets“ from the current fiscal year.
Application of the Accounting Standard for Fair Value Measurement
Yodogawa Steel Works has applied the Accounting Standard for Fair Value Measurement (ASBJ Statement No.
30, July 4, 2019) and other standards from the beginning of the current fiscal year, and has applied the new
accounting policies prescribed in the Accounting Standard for Fair Value Measurement prospectively inaccordance with the transitional treatment prescribed in Paragraph 19 of the Accounting Standard for Fair Value
Measurement and Paragraph 44-2 of the Accounting Standard for Financial Instruments (ASBJ Statement No. 10,
July 4, 2019). There is no effect of this application on the consolidated financial statements.

Notes to Consolidated Balance Sheet
Contingent liabilities
Yodogawa Steel Works has determined that, depending on the location, conditions and other aspects of their use,
there have been problems involving the appearance and durability of some building exterior pre -painted steel
sheets manufactured between 2007 and 2016 that have occurred prior to the end of the expected lifetime of thesesheets. Yodogawa Steel Works has explained this problem to companies that sell these sheets and is covering
repair and other expenses.
Repair and other expenses, including expenses for problems that have occurred but where repairs and otheractivities have not been completed, are recorded as period costs. The costs of the problems involving these sheets
have not been expensed because it is not possible to determine a reliable forecast of how many problems will
occur.
There may be significant repair and other expenses involving these sheets in the coming years depending on
number of problems that occur.

Segment Information
1. Overview of reportable segments
Segments used for financial reporting are the Yodogawa Steel Group’s constituent units for which separate
financial information is available and for which the Board of Directors performs periodic studies for the purposesof determining the allocation of resources and evaluating performance.
The Yodogawa Steel Group has business divisions based on the products and services of Yodogawa Steel and its
consolidated subsidiaries. Each division determines strategies and conducts business operations for its products
and services. Accordingly, the Yodogawa Steel Group is composed of segments classified by products or services
based on the business divisions and there are four reportable segments: Steel Sheet-related business, Rollbusiness, Grating business and Real Estate business.
The Steel Sheet-related business manufactures and sells cold-rolled steel sheets, steel strips, plated steel sheets,galvanized steel sheets and other steel sheets, manufactures and sells building materials (roofing and printed
products, liner panels, siding and other products) and exterior products (storage sheds, garages, bicycle parking
units, trash receptacles and other products), and performs design and contracting for construction. The Rollbusiness manufactures and sells rolls for section steel, rolls for non-ferrous metals and other products. The
Grating business manufactures and sells gratings. The Real Estate business is engaged in leasing and buying andselling buildings, parking lots and other real estate.
2. Calculation method for net sales, profit/loss, assets, and other items for each reportable segment
The calculation method for each reportable segment complies with accounting principles and procedures used forthe preparation of the consolidated financial statements.
3. Information related to net sales, profit/loss, assets, and other items for each reportable segment
FY3/21 (Apr. 1, 2020 to Mar. 31, 2021)
Reportable segments
Steel
Real
Roll
Grating
Sheet-related
EstateBusiness BusinessBusiness
Business

Total

Others(Note 1)

Total

(Millions of yen)Amounts
shown on the
Adjustment consolidated
financialstatements

Net sales
External sales
Inter-segment
sales and transfers
Total
Segment profit(loss)

137,098

2,344

3,529

1,239

144,212

-

-

-

431

431

137,098

2,344

3,529

1,670

144,643

8,254

(412)

174

871

8,887

Segment assets

161,336

4,478

3,362

9,330

178,508

1,751 145,963-

145,963

2,661(2,661)-3,980 148,624(2,661)
Note 2(1,204)Note 437,008145,963
Note 3
7,880

2,229

197

9,085

10,486 188,995

226,004

Other items
3,022
103
49
142
3,317
300
3,618
65
3,684
Depreciation
Investment in
5,313
0
481
4
5,799
5,799
5,799
equity-method
affiliates
Increases inproperty, plant
Note 5
8,365
44
33
163
8,606
98
8,704
8,997
and equipment292
and intangible
assets
Notes: 1. Others represent businesses which are not included in any of the reportable segments and mainly consist oftransportation, warehouse, golf course, machinery plant, electric power (sale of solar power) and other businesses.
2. The adjustment to segment profit (loss) includes unallocated expenses of (1,205) million yen and an elimination
for inter-segment transactions of 0 million yen.
3. Segment profit (loss) is adjusted to be consistent with the operating profit on the consolidated statement ofincome.
4. The adjustment to segment assets includes corporate assets of 37,347 million yen and an elimination forinter-segment transactions of (338) million yen.
5. The adjustment of 292 million yen to increases in property, plant and equipment and intangible assets is capital
expenditures mainly for corporate tools, furniture and fixtures.

FY3/22 (Apr. 1, 2021 to Mar. 31, 2022)
Reportable segments
Steel
Real
Roll
Grating
Sheet-related
EstateBusiness BusinessBusiness
Business

Others(Note 1)

Total

Total

(Millions of yen)Amounts
shown on the
Adjustment consolidated
financialstatements

Net sales
External sales
Inter-segment
sales and transfers
Total

192,428

2,689

3,443

1,263

199,826

-

-

-

419

419

192,428

2,689

3,443

1,683

200,246

Segment profit

14,213

8

109

857

15,188Segment assets

199,558

5,259

3,566

9,663

218,047

1,829 201,655-

201,655

3,102(3,102)-

4,511 204,757(3,102)
Note 2(1,285)Note 4
15,248201,655
Note 3
14,3492,682

445

15,634

11,374 229,422

244,671

Other items
3,536
85
47
159
3,828
234
4,063
91
4,154
Depreciation
Investment in
5,810
0
512
4
6,327
6,327
6,327
equity-method
affiliates
Increases inproperty, plant
Note 5
6,178
110
49
509
6,848
400
7,248
7,218
and equipment(30)
and intangible
assets
Notes: 1. Others represent businesses which are not included in any of the reportable segments and mainly consist oftransportation, warehouse, golf course, machinery plant, electric power (sale of solar power) and other businesses.
2. The adjustment to segment profit includes unallocated expenses of (1,281) million yen and an elimination forinter-segment transactions of (3) million yen.
3. Segment profit is adjusted to be consistent with the operating profit on the consolidated statement of income.
4. The adjustment to segment assets includes corporate assets of 15,670 million yen and an elimination forinter-segment transactions of (421) million yen.
5. The adjustment of (30) million yen to increases in property, plant and equipment and intangible assets is capital
expenditures mainly for corporate tools, furniture and fixtures.

Information related to impairment of non-current assets for each reportable segment
FY3/21 (Apr. 1, 2020 to Mar. 31, 2021)(Millions of yen)

Impairment
lossesSteel
Sheet-related Roll BusinessBusiness-

Grating
Business-

Real EstateBusiness-

Elimination or
corporate

Others
-

0

Total

45

45

FY3/22 (Apr. 1, 2021 to Mar. 31, 2022)(Millions of yen)

Impairment
lossesSteel
Sheet-related Roll BusinessBusiness--

Grating
Business

Real EstateBusiness-

Others-458

Elimination or
corporate

1

Total

459

Per-share Information(Yen)
FY3/21(Apr. 1, 2020 to Mar. 31, 2021)

FY3/22(Apr. 1, 2021 to Mar. 31, 2022)

Net assets per share

5,644.23

5,907.11

Net income per share

215.58339.77

Diluted net income per share
214.62
Note: Basis for calculation of net income per share and diluted net income per share is as follows.

338.42

FY3/21(Apr. 1, 2020 to Mar. 31, 2021)

FY3/22(Apr. 1, 2021 to Mar. 31, 2022)

6,257

9,789

-

-

6,257

9,789

29,026

28,810Net income per share
Profit attributable to owners of parent(Millions of yen)Amount not available to common shareholders(Millions of yen)
Profit attributable to common shareholders of parent(Millions of yen)
Average number of common shares outstanding
during period (Thousands of shares)
Diluted net income per share
Adjustment to profit attributable to owners of parent(Millions of yen)
Increase in the number of common shares (Thousands
130
115
of shares)[of which share acquisition rights (Thousands of
[130]
[115]
shares)]Summary of potential stock not included in thecalculation of diluted net income per share since there
was no dilutive effectNote: As explained in “Application of Accounting Standard for Revenue Recognition” in “Change in Accounting Policies,”changes in accounting policies in the fiscal year ended March 2022 have been applied retrospectively. The new revenue
recognition standard has been applied to the consolidated financial statements for the fiscal year ended March 2021,
resulting in reductions in net assets per share, net income per share and diluted net income per share of 0.45 yen, 0.02
yen and 0.02 yen, respectively.

Subsequent Events
Not applicable.

4. Non-consolidated Financial Statements(1) Non-consolidated Balance Sheet(Millions of yen)
FY3/22(as of Mar. 31, 2022)

FY3/21(as of Mar. 31, 2021)
AssetsCurrent assets
Cash and deposits

19,842

5,580

955

-

-

50,932

Electronically recorded monetary claims-operating

1,302

1,113

Accounts receivable-trade

37,804-

Securities

6,700

2,000

Merchandise and finished goods

9,933

14,487Work in process

3,010

4,963

Raw materials and supplies

5,400

9,054

Notes receivable-trade
Notes and accounts receivable-trade, and contract assets

Prepaid expenses
Other
Allowance for doubtful accounts
Total current assets

162

172

3,696

6,374

(4)

(5)

88,805

94,671

7,109

9,791

681

1,125

4,380

4,135

Non-current assets
Property, plant and equipment
Buildings
Structures
Machinery and equipment
Vehicles24

9Tools, furniture and fixtures

359

496

Land

13,806

12,537

Construction in progress

3,843

288

Total property, plant and equipment

30,20428,384

Software

229

202

Other

611

819

Total intangible assets

840

1,022

Investment securities

38,95632,103

Shares of subsidiaries and associates

21,84922,919Long-term loans receivable

Intangible assets

Investments and other assets

1,854

1,926

Other

255

218

Allowance for doubtful accounts

(0)

(0)

Total investments and other assets

62,91557,16893,96086,574

182,765

181,246

Total non-current assets
Total assets

(Millions of yen)
FY3/22(as of Mar. 31, 2022)

FY3/21(as of Mar. 31, 2021)
Liabilities
Current liabilities
Notes payable-trade3

4

Electronically recorded obligations-operating

2,247

2,199

Accounts payable-trade

10,646

16,075

Short-term borrowings

1,940

1,640

Accounts payable-other

336

673

Accrued expenses

2,269

2,347

Income taxes payable

2,336

1,773

Contract liabilities-

42

Advances received

126

105

Deposits received

97

97

Provision for bonuses

849

899

Provision for product warranties

336

671

Other

2,794

844

Total current liabilities

23,98427,374

Provision for retirement benefits

6,017

5,061

Long-term guarantee deposits

1,352

1,422

Deferred tax liabilities

5,438

3,916

247

223

Non-current liabilities

Asset retirement obligations
Other
Total non-current liabilities
Total liabilities

232

211

13,288

10,83537,27338,20923,22023,220Net assets
Shareholders’ equity
Share capital
Capital surplus
Legal capital surplus

5,805

5,805

Other capital surplus

13,251

13,234

Total capital surplus

19,056

19,040829

739

Retained earnings
Other retained earnings
Reserve for tax purpose reduction entry of non-current
assetsReserve for special depreciation

102-

General reserve

71,382

71,382Retained earnings brought forward

25,17325,78997,48897,911

Treasury shares

Total retained earnings(13,249)(13,146)

Total shareholders’ equity

126,516

127,026

Valuation difference on available-for-sale securities

18,74815,823

Total valuation and translation adjustments

18,74815,823

227

187

145,492

143,036

182,765

181,246

Valuation and translation adjustments

Share acquisition rights
Total net assets
Total liabilities and net assets

(2) Non-consolidated Statement of Income
FY3/21(Apr. 1, 2020 to Mar. 31, 2021)(Millions of yen)
FY3/22(Apr. 1, 2021 to Mar. 31, 2022)

Net sales

98,788

127,549

Cost of sales

77,807

104,455

Gross profit

20,981

23,094

Selling, general and administrative expenses

13,95815,148Operating profit

7,022

7,946

Non-operating income
Interest income

251

361

Dividend income

799

1,537

Gain on sale of investment securities

503

528

396

602

1,949

3,029

Interest expenses

57

61

Other

229

269

Other
Total non-operating income
Non-operating expenses

286

330

8,685

10,644Gain on sale of non-current assets

0130

Insurance claim income

13-

Total extraordinary income

14

130

Loss on sale and retirement of non-current assets

51

487

Loss on valuation of investment securities-

1

Impairment losses

Total non-operating expenses
Ordinary profit
Extraordinary income

Extraordinary losses

45

1

Loss on valuation of shares of subsidiaries andassociates

5,988

-

Loss on liquidation of subsidiaries and associates

12

-

Other

0

-

6,098

491

Profit before income taxes

2,600

10,283

Income taxes-current

2,918

3,175

Income taxes-deferred

(328)

(216)

Total income taxes

2,589

2,958

11

7,324

Total extraordinary losses

Profit(3) Non-consolidated Statement of Changes in Equity
FY3/21 (Apr. 1, 2020 to Mar. 31, 2021)(Millions of yen)
Shareholders’ equity
Capital surplus

Balance at beginningof period
Changes during
periodReversal of reserve
for tax purpose
reduction entry of
non-current assets
Reversal of reserve
for special
depreciation
Dividends ofsurplusProfitPurchase oftreasury shares
Disposal oftreasury shares
Cancellation oftreasury shares
Net changes in
items other thanshareholders’equityTotal changes during
periodBalance at end of
periodRetained earnings

SharecapitalLegalcapitalsurplus

OthercapitalsurplusTotal
capitalsurplus23,2205,805

15,562

21,367

Other retained earnings
Reserve for tax
Reserve forpurpose reduction
Generalspecialentry ofreservedepreciation
non-current assets
863

232

Total
Retainedearnings retainedbrought earnings
forward71,382

27,205

99,683

33

-

130

-

(2,207)(2,207)

11

11

(33)

(130)

(12)

(12)

(2,298)(2,298)--(2,310)(2,310)

(33)

(130)

-

(2,032)(2,195)23,2205,805

13,251

19,056829

102

71,382

25,173

97,488

Balance at beginning of
periodChanges during period
Reversal of reserve for tax
purpose reduction entry of
non-current assets
Reversal of reserve for
special depreciation
Dividends of surplus
ProfitPurchase of treasury
shares
Disposal of treasury
sharesCancellation of treasury
sharesNet changes in items otherthan shareholders’ equity
Total changes during
periodBalance at end of period

Shareholders’ equity
Valuation and translation adjustments
Total
Valuation difference Total valuation
Treasuryshareholders’ on available-for-sale and translation
sharesequitysecurities
adjustments(14,512)

129,759

10,383

10,383

ShareacquisitionrightsTotal net assets

224

140,367

-

-

-

-

(2,207)(2,207)11

11(1,065)(1,065)(1,065)

30

18

18

2,298

-

8,364

8,364

3

8,368

1,263

(3,243)

8,364

8,364

3

5,125

(13,249)

126,516

18,74818,748227

145,492

FY3/22 (Apr. 1, 2021 to Mar. 31, 2022)(Millions of yen)
Shareholders’ equity
Capital surplus

Balance at beginningof period
Changes during
periodReversal of reserve
for tax purpose
reduction entry of
non-current assets
Reversal of reserve
for special
depreciation
Decrease bycorporate division- split-off typeDividends ofsurplusProfitPurchase oftreasury shares
Disposal oftreasury shares
Net changes in
items other thanshareholders’equityTotal changes during
periodBalance at end of
periodRetained earnings

SharecapitalLegalcapitalsurplus

OthercapitalsurplusTotal
capitalsurplus23,2205,805

13,251

19,056

Other retained earnings
Reserve for tax
Reserve forpurpose reduction
Generalspecialentry ofreservedepreciation
non-current assets
829

102

Total
Retainedearnings retainedbrought earnings
forward71,382

25,173

97,488

27

-

(38)

38

-

(64)

(4,593)(4,719)(2,181)(2,181)

7,324

7,324

(27)

(62)

(16)

(16)

-

-

(16)

(16)

(89)

(102)

-

616

423

23,2205,805

13,234

19,040739-

71,38225,78997,911

Balance at beginning of
periodChanges during period
Reversal of reserve for tax
purpose reduction entry of
non-current assets
Reversal of reserve for
special depreciation
Decrease by corporate
division - split-off typeDividends of surplus
ProfitPurchase of treasury
shares
Disposal of treasury
sharesNet changes in items otherthan shareholders’ equity
Total changes during
periodBalance at end of period

Shareholders’ equity
Valuation and translation adjustments
Total
Valuation difference Total valuation
Treasuryshareholders’ on available-for-sale and translation
sharesequitysecurities
adjustments(13,249)

126,516

18,74818,748

ShareacquisitionrightsTotal net assets

227

145,492

-

-

-

-

(4,719)(4,719)(2,181)(2,181)

7,324

7,324

(2)

(2)

(2)

105

88

88
(2,925)(2,925)(40)(2,966)102

510(2,925)(2,925)(40)(2,456)(13,146)

127,026

15,823

15,823

187

143,036

This summary report is solely a translation of “Kessan Tanshin” (in Japanese, including the attachments), which has been
prepared in accordance with accounting principles and practices generally accepted in Japan, for the convenience of readers
who prefer an English translation.