May 11, 2021

Summary of the Consolidated Financial Results
for the Fiscal Year Ended March 31, 2021 (FY3/21)[Japanese GAAP]
Company name:

Yodogawa Steel Works, Ltd.
Stock exchange listed: Tokyo, 1st Section
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 22, 2021
Scheduled date of payment of dividend:
June 23, 2021
Scheduled date of filing of Annual Securities Report:
June 22, 2021
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 FY3/21 (April 1, 2020 to March 31, 2021)(1) Consolidated results of operations(Percentages represent year-on-year changes)
Net sales

Operating profit

Millions of yen

Fiscal year ended Mar. 31, 2021
Fiscal year ended Mar. 31, 2020

% Millions of yen

150,358
154,066

Note: Comprehensive income (millions of yen):

(2.4)
(8.0)

43.6
(6.6)

9,792
7,425

Fiscal year ended Mar. 31, 2021
Fiscal year ended Mar. 31, 2020

Net income per
share
Fiscal year ended Mar. 31, 2021
Fiscal year ended Mar. 31, 2020

% Millions of yen

7,880
5,489

Diluted net
income per share

Profit attributable toowners of parent

Ordinary profit% Millions of yen

31.9(24.5)

6,258
3,862

%

62.0
(38.2)

16,352 (up 672.3%)
2,117 (up 256.6%)

Return on
equityOrdinary profit
on total assets

Operating profit to
net sales

Yen

Yen

%

%

%

215.60131.14214.64130.60

4.0
2.6

4.6
3.6

5.2
3.6

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

Fiscal year ended Mar. 31, 2021
Fiscal year ended Mar. 31, 2020

404
475

(2) Consolidated financial position
Total assets

Shareholders’ equity
ratio

Net assets

Net assets per share

Millions of yen

Millions of yen%

Yen

As of Mar. 31, 2021
As of Mar. 31, 2020

225,997
201,125

180,309167,29171.9
74.6

5,644.68
5,115.92

Reference: Shareholders’ equity (millions of yen):

As of Mar. 31, 2021:

162,485

As of Mar. 31, 2020:

150,037(3) Cash flow position
Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash equivalents
at end of period

Millions of yen

Millions of yen

Millions of yen

Millions of yen

17,1495,927(4,672)(1,407)(3,998)(2,265)

43,11634,658

Fiscal year ended Mar. 31, 2021
Fiscal year ended Mar. 31, 2020

2. Dividends
Dividend per share
1Q-endFiscal year ended Mar. 31, 2020
Fiscal year ended Mar. 31, 2021
Fiscal year ending Mar. 31, 2022
(Forecast)

2Q-end3Q-end Year-end

Total
dividends

Total

Yen

Yen

Yen

Yen

-

30.00
35.00

-

40.00
40.00

70.00
75.00

Yen Millions of yen

-

-

-

-

-

2,077
2,185

Payout ratio(consolidated)

Dividend on
equity(consolidated)

%

%

53.4
34.8

1.4
1.4

-

There is currently no dividend forecast for the fiscal year ending March 31, 2022.

3. Consolidated Forecasts for FY3/22 (April 1, 2021 to March 31, 2022)
No consolidated forecast for the fiscal year ending March 31, 2022 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 4.

* 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: None
2) Changes in accounting policies other than 1) above: None
3) Changes in accounting-based estimates: None
4) Restatements: None

(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, 2021:

34,837,230 shares

As of Mar. 31, 2020:

35,837,230 shares

As of Mar. 31, 2020:

6,509,597 sharesFiscal year ended Mar. 31, 2020

29,453,161 shares

2) Number of treasury shares at the end of the period
As of Mar. 31, 2021:

6,051,658 shares

3) Average number of shares outstanding during the period
Fiscal year ended Mar. 31, 2021:

29,026,357 shares

Reference: Summary of Non-consolidated Financial Results
Non-consolidated Financial Results for FY3/21 (April 1, 2020 to March 31, 2021)(1) Non-consolidated results of operations(Percentages represent year-on-year changes)
Net sales

Operating profit

Millions of yen

Fiscal year ended Mar. 31, 2021
Fiscal year ended Mar. 31, 2020

99,283
102,602% Millions of yen

(3.2)
(7.0)

Net income per share
Fiscal year ended Mar. 31, 2021
Fiscal year ended Mar. 31, 2020

7,022
5,940

Ordinary profit% Millions of yen

18.2
(6.2)

8,685
7,763

Profit% Millions of yen

11.9(26.5)

11
4,524

%

(99.7)(23.2)

Diluted net income per share

Yen

Yen

0.39
152.130.39
151.51(2) Non-consolidated financial position
Total assets
Millions of yen

Net assets

Equity ratio

Millions of yen

As of Mar. 31, 2021
182,765
145,492
As of Mar. 31, 2020
166,540
140,367
Reference: Shareholders’ equity (millions of yen): As of Mar. 31, 2021: 145,264

Net assets per share
%

Yen

79.5
4,996.50
84.1
4,732.34
As of Mar. 31, 2020: 140,143* 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 4.

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/21

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

Notes to Consolidated Balance Sheet

15

Segment Information

15

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 Equity

22

1

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/21

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, 2021, the Japanese economy recovered from the impact of the COVID-19
pandemic because of economic stimulus measures by the Japanese government and other reasons. However, theeconomy began to weaken again in 2021 due to another state of emergency in response to a new wave of
infections that started late in 2020 and other effects of this crisis.
There was a significant slowdown of the global economy due to the COVID -19 pandemic. In the United States,
consumer spending and capital expenditures recovered with the support of additional economic measures by the
new Biden administration. In China, the economy recovered at a moderate pace as internal demand reboundedand exports and manufacturing output increased.
The steel market in Japan was sluggish, but there were improvements in some sectors, such as an upturn indemand in the non-residential construction category, including distribution warehouses. The overseas steel market
has been unstable because steel production in China is increasing again along with a recovery in economic
activity and exports of steel are growing.
The Yodogawa Steel Group’s net sales in the fiscal year decreased 3,708 million yen to 150,358 million yen.
Operating profit increased 2,391 million yen to 7,880 million yen, ordinary profit increased 2, 366 million yen to
9,792 million yen, and profit attributable to owners of parent increased 2,395 million yen to 6,258 million yen.
Total assets at the end of the fiscal year increased 24,872 million yen from one year earlier to 225,997 million yen.
This was attributable mainly to an increase in cash flows from operating activities and an increase in thevaluation of investment securities as financial markets recovered. Liabilities increased 11,853 million yen to
45,687 million yen. This was attributable mainly to increases in notes and accounts payable-trade, income taxes
payable and deferred tax liabilities. Net assets increased 13,018 million yen to 180,309 million yen. This was
attributable mainly to increases in retained earnings and valuation difference on available-for-sale securities.
Results by business segment are as follows.
Steel Sheet-related BusinessNet sales totaled 139,479 million yen and operating profit was 8,254 million yen.
Roll BusinessNet sales totaled 2,368 million yen and operating loss was 412 million yen.
Grating BusinessNet sales totaled 3,543 million yen and operating profit was 174 million yen.
Real Estate BusinessNet sales totaled 1,239 million yen and operating profit was 871 million yen.
Other Businesses
Net sales totaled 3,726 million yen and operating profit was 198 million yen.
Cash and cash equivalents at the end of the fiscal year increased 8,457 million yen from the end of the previous
fiscal year to 43,116 million yen mainly due to an increase in operating cash flows.
Cash flows from operating activities
Net cash provided by operating activities increased 11,222 million yen to 17,149 million yen. Operating profit of
7,880 million yen was the primary source of cash.
Cash flows from investing activities
Net cash used in investing activities was 4,672 million yen (compared with 1,407 million yen used in the previous

2

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/21

fiscal year) mainly due to the purchase of non-current assets.
Cash flows from financing activities
Net cash used in financing activities was 3,998 million yen (compared with 2,265 million yen used in theprevious fiscal year) mainly due to cash dividends paid and the purchase of treasury shares.
2) Analysis and review of results of operations
Net sales
The operating environment was very challenging in Japan and other countries because of the COVID-19
pandemic. Sales volumes in Japan and at Taiwan subsidiary Sheng Yu Steel Co., Ltd. (SYSCO) were down in thefirst half of the fiscal year. In China, where the economy recovered quickly from the COVID -19 downturn, thesales volume of Yodogawa Shengyu (Hefei) High-Tech Steel Co., Ltd. (YSS) increased. However, consolidated
sales were lower than in the previous fiscal year.
Operating profit
Operating profit was higher in Japan primarily because of cost-cutting measures and the lower cost of energy.
Although market conditions were challenging for all overseas subsidiaries, there was a big improvement in theearnings of SYSCO in the fiscal year’s second half and the earnings of PCM Processing (Thailand) Ltd. (PPT), a
subsidiary in Thailand, improved. As a result, operating profit was higher than in the previous fiscal year.
Ordinary profit
Operating profit increased by about the same amount as the increase in operating profit. In non -operating income,there were foreign exchange gains but gain on sale of investment securiti es decreased.
Profit attributable to owners of parent
A smaller loss on valuation of investment securities, which is an extraordinary loss, and other factors resulted in
an increase in consolidated profit that was larger than the increase in ordinary profit. However, the earnings of
SYSCO, which has a high percentage of non-controlling interests, was a major reason for the higher consolidated
profit. Consequently, the increase in profit attributable to owners of parent was smaller than the increase inconsolidated profit.
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 2021, 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 businessgoals, 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.
In the fiscal year that ended on March 31, 2021, the operating environment was challenging because of sluggish
demand in Japan, trade protectionism in all regions of the world and other reasons. The Yodogawa Steel Group
used the speed and flexibility 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 the fiscal year surpassed the target for the fiscal year ending on March 31, 2023.

3

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/21

An analysis and review of the financial position and results of operations for business segments are as follows.
Steel Sheet-related Business
Steel Sheet Segment
In Japan, although the sales volume of steel sheets for general distribution increased, total sales were lowe r. The
main reason was a large volume of steel sheet processing orders in the previous fiscal year involving specifichigh-demand customers.
Overseas, operating profit increased significantly at SYSCO in Taiwan mainly because of an improvement insteel prices in overseas markets in the second half. Sales were lower due to a decline in sales of pre-painted steel
sheets in Taiwan. At YSS, a subsidiary in China, sales increased but there was only a small improvement inearnings. Sales benefited from China’s recovery from the COVID-19 downturn and an increase in the sales
volume resulting from a focus on sales activities to add new customers. The business climate for PPT in Thailand
continues to be difficult. Although sales decreased, profitability improved due to an increase in the sales volume
of value-added products, resulting in fiscal year profitability.
Building Material & Exterior Products Segment
In the building materials category, sales decreased as sales of fire-proof wall materials (Yodo Grand Wall)increased but the sales volume of YODO Roof decreased due to a reexamination of the policy for selling thisproduct. Sales of exterior products increased. One reason was higher sales of storage sheds in the first half
associated with spending by people staying home for safety during the COVID-19 pandemic. Consistently strong
sales of garages, which have earned an excellent reputation among consumers, also contributed to sales growth.
Construction sales decreased, partly because of the completion of a large p roject in the previous fiscal year.
As a result, sales declined and earnings increased in this segment.
Roll Business
Sales and earnings decreased due to lower sales of rolls used in the steel industry.
Grating Business
Market conditions were challenging in the public-works sector but private-sector business remained firm. The
performance of this segment also benefited from measures to revise selling prices. As a result, earnings increased
even though sales were about the same as one year earlier.
Real Estate Business
Sales and earnings increased because of a higher occupancy rate at tenant -occupied buildings.
Other Businesses
Sales decreased but earnings increased due to higher profitability along with growth in the volume of cargohandled in the transportation and warehouse businesses despite lower sales in the engineering business.

4

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/21(2) Outlook
The outlook for the global economy is becoming increasingly uncertain because of the inability to predict when
the COVID-19 pandemic will end, prolonged U.S.-China trade friction and other reasons.
In Japan, although some sectors of the economy are recovering, there is still a long way to go until a significant
percentage of the population has received COVID-19 vaccinations. The outlook is therefore for a combination ofprogress and setbacks concerning the pandemic and economic activity.
In the steel market, there are concerns about instability of the balance between the supply and demand for steel
for the time being in Japan and other countries. As a result, the steel market is likely to remain difficult with anuncertain outlook.
The Yodogawa Steel Group anticipates a challenging business environment. In all regions, our overseas
subsidiaries continue to be affected by protectionist measures amid an unpredictabl e and unstable environment
for demand and expenses.
To succeed in this uncertain business climate, all group companies are dedicated to achieving the goals of the
Yodogawa Steel Group Medium-term Management Plan 2022. To become even more profitable, compa nies are
establishing positions in new markets and increasing sales of value-added products while taking full advantage ofthe speed and flexibility that are a key strength of the Yodogawa Steel Group.
There is no forecast for the fiscal year ending in March 2022 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 way s. 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, 2021 is to be 40 yen per share. With the interim
dividend of 35 yen, this will result in a dividend of 75 yen per share for this fiscal year.
There is currently no dividend forecast for the fiscal year ending March 31, 202 2. 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.

5

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/21

3. Consolidated Financial Statements and Notes(1) Consolidated Balance Sheet(Millions of yen)
FY3/21(as of Mar. 31, 2021)

FY3/20(as of Mar. 31, 2020)
AssetsCurrent assets
Cash and deposits

32,65042,035

Notes and accounts receivable-trade

39,11741,229-3,005

Securities

8,652

6,821

Merchandise and finished goods

15,406

12,672Work in process

4,145

4,158

Raw materials and supplies

12,216

9,258

Other

4,496

4,783

Electronically recorded monetary claims-operating

Allowance for doubtful accounts

(131)

(147)

116,553

123,818

60,66360,789

Accumulated depreciation(46,096)(46,857)

Buildings and structures, net

14,566

13,931

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

Machinery, equipment and vehicles

135,668

136,185

Accumulated depreciation(123,356)(124,722)

12,312

11,46319,001

18,964

91

125

(50)

(62)

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

4163Construction in progress

802

7,335

Other

11,838

11,877(11,069)(11,035)

769

841

47,49352,599

Other

1,641

1,752

Total intangible assets

1,641

1,752

34,77846,865-

285

Deferred tax assets

234

208

Other

424

468

35,437

47,827

84,572102,179

201,125

225,997

Accumulated depreciation
Other, net
Total property, plant and equipment
Intangible assets

Investments and other assets
Investment securities
Retirement benefit asset

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

6

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/21(Millions of yen)
FY3/21(as of Mar. 31, 2021)

FY3/20(as of Mar. 31, 2020)
Liabilities
Current liabilities
Notes and accounts payable-trade

10,582

13,744

Electronically recorded obligations-operating

2,340

2,247

Short-term borrowings

640-

Lease obligations

23

40

Income taxes payable

250

2,717

Provision for bonuses

923

1,365

-

336

Provision for product warranties
Other

4,748

7,902

Total current liabilities

19,50928,353

22

26

2,044

5,579

856

856

79

52

7,281

6,907

Non-current liabilities
Lease obligations
Deferred tax liabilities
Deferred tax liabilities for land revaluation
Provision for retirement benefits for directors (and otherofficers)
Retirement benefit liability
Other

4,041

3,911

Total non-current liabilities

14,324

17,333

33,83445,687

Share capital

23,22023,220Capital surplus

20,381

18,108

Total liabilities
Net assets
Shareholders’ equity

Retained earnings

106,763

110,835

Treasury shares(13,351)(12,091)

Total shareholders’ equity

137,014140,073

Valuation difference on available-for-sale securities

10,476

19,207

Revaluation reserve for land

1,636

1,636

Foreign currency translation adjustment

1,489

1,458

Accumulated other comprehensive income

Remeasurements of defined benefit plans

(578)

109

Total accumulated other comprehensive income

13,023

22,412

224

227

Share acquisition rights
Non-controlling interests

17,02917,596

Total net assets

167,291

180,309

201,125

225,997

Total liabilities and net assets

7

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/21(2) Consolidated Statements of Income and Comprehensive Income(Consolidated Statement of Income)
FY3/20(Apr. 1, 2019 to Mar. 31, 2020)
154,066(Millions of yen)
FY3/21(Apr. 1, 2020 to Mar. 31, 2021)
150,358

Cost of sales

131,540

125,004

Gross profit

22,52525,354

Selling, general and administrative expenses

17,036

17,473Operating profit

5,489

7,880

Interest income

450

262

Dividend income

773

597

Insurance claim income

76

100

Net sales

Non-operating income

Gain on sale of investment securities

1,028

503

Foreign exchange gains-

152

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

-

11

475

404

230

244

3,035

2,277

Interest expenses

81

66

Foreign exchange losses

121-

Commitment fees
Cost for employees transferred temporarily tooverseas subsidiaries
Loss on valuation of derivatives

24

21

161

166

653

-

Other

55

111

Total non-operating income
Non-operating expenses

Total non-operating expenses
Ordinary profit

1,099

366

7,425

9,792

Extraordinary income
Gain on sale of non-current assets

01

Insurance claim income

295

13

Total extraordinary income

295

14

92

67

Extraordinary losses
Loss on sale and retirement of non-current
assetsImpairment losses

0

45

214

-

Loss on valuation of investment securities
Loss on liquidation of subsidiaries andassociates
Other

1,905

-

-

12

-

0

Total extraordinary losses

Loss on disaster

2,213

125

Profit before income taxes

5,507

9,681

Income taxes-current

1,782

3,329

Income taxes-deferred

236

(325)

Total income taxes

2,019

3,003

ProfitProfit (loss) attributable to non-controllinginterests
Profit attributable to owners of parent

3,488

6,677

(373)

419

3,862

6,258

8

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/21(Consolidated Statement of Comprehensive Income)
FY3/20(Apr. 1, 2019 to Mar. 31, 2020)(Millions of yen)
FY3/21(Apr. 1, 2020 to Mar. 31, 2021)

3,488

6,677

(1,608)

8,803

281

59

44

699

(88)

112

ProfitOther comprehensive income
Valuation difference on available-for-salesecurities
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

9(1,371)

9,675

2,117

16,352

2,158

15,646(41)706

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/21(3) Consolidated Statement of Changes in Equity
FY3/20 (Apr. 1, 2019 to Mar. 31, 2020)(Millions of yen)
Shareholders’ equity
Share capital
Balance at beginning of period

Retainedearnings

Capital surplus

23,22020,385

Treasury shares

Total shareholders’equity(13,061)

135,505

104,961

Changes during period
Dividends of surplus
Profit attributable to owners ofparent(2,063)(2,063)

3,862

3,862

Purchase of treasury shares
Disposal of treasury shares

(300)

(300)

10

6

(3)

Reversal of revaluation reserve
for landNet changes in items other thanshareholders’ equity

2

Total changes during period
Balance at end of period

2

-

(3)

1,802

(290)

1,508

23,22020,381

106,763(13,351)

137,014

Accumulated other comprehensive income
Valuation
Foreign
Revaluationdifference on
currency
reserve foravailable-fortranslation
landsale securities
adjustment
Balance at beginningof period

12,213

1,639

1,378

RemeasureTotal
Share
NonTotal net
ments ofaccumulatedacquisition controlling
assetsdefinedotherrightsinterests
benefit comprehensive
plansincome(500)

14,730210

17,225

167,671

Changes during period
Dividends ofsurplusProfit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
shares
Reversal ofrevaluation reserve
for landNet changes in
items other thanshareholders’ equity
Total changes during
periodBalance at end of
period(2,063)
3,862
(300)
6
2

(1,736)

(2)

111

(78)

(1,706)13(195)(1,889)(1,736)

(2)

111

(78)

(1,706)

13

(195)

(380)

10,476

1,636

1,489

(578)

13,023224

17,029167,29110

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/21

FY3/21 (Apr. 1, 2020 to Mar. 31, 2021)(Millions of yen)
Shareholders’ equity
Share capital
Balance at beginning of period

Retainedearnings

Capital surplus

23,22020,381

Treasury shares

Total shareholders’equity(13,351)

137,014106,763

Changes during period
Dividends of surplus
Profit attributable to owners ofparent(2,185)(2,185)

6,258

6,258

Purchase of treasury shares(1,068)(1,068)

(12)

30

18

(2,298)2,298-

Disposal of treasury shares
Cancellation of treasury shares
Purchase of shares of
consolidated subsidiaries
Net changes in items other thanshareholders’ equity

37

Total changes during period
Balance at end of period

37-(2,273)

4,072

1,260

3,059

23,22018,108110,835(12,091)

140,073

Accumulated other comprehensive income
Valuation
Foreign
Revaluationdifference on
currency
reserve foravailable-fortranslation
landsale securities
adjustment
Balance at beginningof period

10,476

1,636

1,489

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

13,023224

17,029167,291

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
period(2,185)
6,258(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

17,596

180,309

11

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/21(4) Consolidated Statement of Cash Flows
FY3/20(Apr. 1, 2019 to Mar. 31, 2020)(Millions of yen)
FY3/21(Apr. 1, 2020 to Mar. 31, 2021)

Profit before income taxes

5,507

9,681

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

3,788

3,684

(475)

(404)

74

338

13

(27)

(47)

436

(1)

15

(1,224)

(859)

81

66

Cash flows from operating activities

Interest expenses
Insurance claim income
Loss (gain) on sale of investment securities

(371)

(114)

(1,028)(503)

Loss (gain) on valuation of investment securities

1,905

-

Loss (gain) on valuation of derivatives
Loss (gain) on sale and retirement of non-current
assetsLoss on disaster

653

(11)

92

66

214

-

0

45

4,915

(5,102)

249

5,725

(4,955)

3,068

(215)

815

Other, net(1,034)

144

Subtotal

Impairment losses
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Increase (decrease) in accrued consumption taxes

8,143

17,064

Proceeds from insurance income

371

114

Interest and dividends received

1,311

1,000

Interest paid

(81)

(67)

Payments associated with disaster loss
Income taxes paid
Net cash provided by (used in) operating activities

12

(609)

(22)

(3,209)

(938)

5,927

17,149

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/21(Millions of yen)
FY3/20(Apr. 1, 2019 to Mar. 31, 2020)

FY3/21(Apr. 1, 2020 to Mar. 31, 2021)(6,667)(8,132)

5,896

9,182

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

1,700

-

(2,691)(6,720)

0

0

(314)

(256)

(607)

(6)

1,421

929

(200)

(2)

52

177

-

154

1

1

(1,407)(4,672)

Net increase (decrease) in short-term borrowings

283

(600)

Repayments of lease obligations

(14)

(24)

Proceeds from collection of loans receivable
Proceeds from liquidation of subsidiaries andassociates
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities

Proceeds from sale of treasury shares
Purchase of treasury shares
Dividends paid

0

0

(297)

(1,065)(2,083)(2,207)

Dividends paid to non-controlling interests
Purchase of shares of subsidiaries not resulting inchange in scope of consolidation

(154)

(91)

-

(10)

Net cash provided by (used in) financing activities(2,265)(3,998)87(19)

Net increase (decrease) in cash and cash equivalents

2,341

8,457

Cash and cash equivalents at beginning of period

32,31634,658Cash and cash equivalents at end of period

34,658

43,116

Effect of exchange rate change on cash and cash
equivalents

13

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/21(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., Yodoko International Ltd. (YIL), Yodoko Building
Materials (Hangzhou) Co.,Ltd. (YBMH)
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., Yodoko International Ltd.
(YIL), Yodoko Building Materials (Hangzhou) Co.,Ltd. (YBMH)
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 met hod 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 statem ents 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.

14

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/21

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 f or 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 print ed
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 complies with accounting principles and procedures used for the preparation of theconsolidated financial statements.

15

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/21

3. Information related to net sales, profit/loss, assets, and other items for each reportable segment
FY3/20 (Apr. 1, 2019 to Mar. 31, 2020)
Reportable segments
Steel
Roll
Sheet-related
Business
Business

Grating
BusinessReal
EstateBusiness

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)

142,418

2,833

3,481

1,205

149,939

-

-

-

442

442

142,418

2,833

3,481

1,647

150,381

5,898

(311)

80

847

6,515

Segment assets

142,409

4,345

3,278

9,279

159,312

4,127 154,066-

154,066

2,774(2,774)-6,460 156,841(2,774)Note 2(1,213)Note 432,707

154,066
Note 3
5,489

2,332

186

6,702

9,105 168,417

201,125

Other items
3,142
93
57
132
3,424
304
3,729
59
3,788
Depreciation
Investment in
4,911
406
3
5,321
5,321
5,321
equity-method
affiliates
Increases inproperty, plant
Note 5
1,889
130
2
101
2,123
184
2,308
2,538
and equipment
230
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 (1,214) million yen and an elimination
for inter-segment transactions of 1 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 32,976 million yen and an elimination forinter-segment transactions of (269) million yen.
5. The adjustment of 230 million yen to increases in property, plant and equipment and intang ible assets is capital
expenditures mainly for corporate tools, furniture and fixtures.

16

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/21

FY3/21 (Apr. 1, 2020 to Mar. 31, 2021)
Reportable segments
Steel
Roll
Sheet-related
Business
Business

Grating
BusinessReal
EstateBusiness

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)

139,479

2,368

3,543

1,239

146,631

-

-

-

431

431

139,479

2,368

3,543

1,670

147,063

8,254

(412)

174

871

8,887

Segment assets

161,336

4,478

3,362

9,330

178,508

3,726 150,358-

150,358

2,661(2,661)-

5,956 153,019(2,661)
Note 2(1,204)Note 437,008150,358
Note 3
7,880

2,229

198

9,085

10,480 188,988

225,997

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 statemen t 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.

17

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/21

Per-share Information(Yen)
FY3/20(Apr. 1, 2019 to Mar. 31, 2020)

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

Net assets per share

5,115.92

5,644.68

Net income per share131.14215.60

Diluted net income per share
130.60Note: Basis for calculation of net income per share and diluted net income per share is as follows.

214.64

FY3/20(Apr. 1, 2019 to Mar. 31, 2020)

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

3,862

6,258

-

-

3,862

6,258

29,45329,026

-

-

121

130

[121]

[130]

Net 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 (Thousandsof shares)[of which share acquisition rights (Thousands ofshares)]Summary of potential stock not included in thecalculation of diluted net income per share since there
was no dilutive effect-

Subsequent Events
Not applicable.

18

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/21

4. Non-consolidated Financial Statements(1) Non-consolidated Balance Sheet(Millions of yen)
FY3/21(as of Mar. 31, 2021)

FY3/20(as of Mar. 31, 2020)
AssetsCurrent assets
Cash and deposits

14,657

19,842

Notes receivable-trade

2,007

955

-

1,302

Accounts receivable-trade33,15337,804

Securities

8,577

6,700

Merchandise and finished goods

12,652

9,933

Work in process

3,041

3,010

Raw materials and supplies

6,188

5,400

57

162

1,235

3,696

(3)

(4)

81,56788,805

Buildings

7,335

7,109

Structures

693

681

4,906

4,380

34

24

Electronically recorded monetary claims-operating

Prepaid expenses
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment

Machinery and equipment
VehiclesTools, furniture and fixtures

354

359

13,85113,806

187

3,843

27,36330,204

Software

181

229

Other

597

611

Total intangible assets

778

840

Investment securities

27,476

38,956

Shares of subsidiaries and associates

27,896

21,849Long-term loans receivable

1,224

1,854

Other

231

255

Allowance for doubtful accounts

(0)

(0)

Total investments and other assets

56,83062,915Land
Construction in progress
Total property, plant and equipment
Intangible assets

Investments and other assets

Total non-current assets
Total assets

19

84,972

93,960166,540

182,765

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/21(Millions of yen)
FY3/21(as of Mar. 31, 2021)

FY3/20(as of Mar. 31, 2020)
Liabilities
Current liabilities
Notes payable-trade3

3

Electronically recorded obligations-operating

2,340

2,247

Accounts payable-trade

7,864

10,646

Short-term borrowings

1,940

1,940

Accounts payable-other

337

336

Accrued expenses

1,976

2,269

Income taxes payable

124

2,336

Advances received

108

126

Deposits received

96

97

Provision for bonuses

793

849

Provision for product warranties

-

336

798

2,794

16,38323,984

Provision for retirement benefits

5,691

6,017

Long-term guarantee deposits

1,330

1,352

Deferred tax liabilities

2,237

5,438

Asset retirement obligations

246

247

Other

283

232

9,789

13,28826,17337,27323,22023,220Legal capital surplus

5,805

5,805

Other capital surplus

15,562

13,251

Total capital surplus

21,367

19,056

863

829

232

102

General reserve

71,382

71,382Retained earnings brought forward

27,20525,173

99,683

97,488Treasury shares(14,512)(13,249)

Total shareholders’ equity

129,759

126,516

Valuation difference on available-for-sale securities

10,38318,748

Total valuation and translation adjustments

10,38318,748224

227

140,367

145,492

166,540

182,765

Other
Total current liabilities
Non-current liabilities

Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Share capital
Capital surplus

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

Total retained earnings

Valuation and translation adjustments

Share acquisition rights
Total net assets
Total liabilities and net assets

20

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/21(2) Non-consolidated Statement of Income
FY3/20(Apr. 1, 2019 to Mar. 31, 2020)(Millions of yen)
FY3/21(Apr. 1, 2020 to Mar. 31, 2021)

Net sales

102,602

99,283

Cost of sales

82,85777,807Gross profit

19,745

21,476

Selling, general and administrative expenses

13,804

14,453Operating profit

5,940

7,022

Interest income

277

251

Dividend income

1,043

799

Gain on sale of investment securities

1,028

503

Non-operating income

156

396

2,505

1,949

Interest expenses

64

57

Loss on valuation of derivatives

302

-

Other

315

229

Total non-operating expenses

683

286

7,763

8,685

0

0

Insurance claim income

104

13

Total extraordinary income

104

14

62

51

Other
Total non-operating income
Non-operating expenses

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

Extraordinary losses
Loss on sale and retirement of non-current assets

1,581

-

Impairment losses

045

Loss on disaster

30-

Loss on valuation of shares of subsidiaries andassociates

-

5,988

Loss on liquidation of subsidiaries and associates-

12

Loss on valuation of investment securities

-

0

1,676

6,098

Profit before income taxes

6,191

2,600

Income taxes-current

1,513

2,918

Income taxes-deferred

154

(328)

Total income taxes

1,667

2,589

Profit

4,524

11

Other
Total extraordinary losses

21

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/21(3) Non-consolidated Statement of Changes in Equity
FY3/20 (Apr. 1, 2019 to Mar. 31, 2020)(Millions of yen)
Shareholders’ equity
Capital surplus

Retained earnings
Other retained earnings

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
Net changes in
items other thanshareholders’equityTotal changes during
periodBalance at end ofcurrent period

SharecapitalLegalcapitalsurplus

Othercapitalsurplus23,2205,805

15,565

Total
capitalsurplus21,370Reserve fortax purpose
reduction
entry ofnon-current
assets897

Reserve forGeneralspecialreservedepreciation

363

71,382Retainedearnings
brought
forwardTotal
retainedearnings

24,60097,242

34

-

130

-

(2,083)(2,083)

4,524

4,524

(34)

(130)

(3)

(3)

-

-

(3)

(3)

(34)

(130)

-

2,605

2,440

23,2205,805

15,562

21,367863

232

71,382

27,205

99,683

Shareholders’ equity
Valuation and translation adjustments
Total
Valuation difference Total valuation
Treasuryshareholders’ on available-for-sale and translation
sharesequitysecurities
adjustments
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
sharesNet changes in items
other than shareholders’equityTotal changes during
periodBalance at end of period(14,225)

127,608

12,037

12,037

ShareacquisitionrightsTotal net assets

210

139,856

-

-

-

-

(2,083)(2,083)

4,524

4,524

(297)

(297)

(297)

10

6

6
(1,653)(1,653)13(1,639)

(287)

2,150

(1,653)(1,653)13

510(14,512)

129,759

10,383

10,383

224

140,36722

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/21

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

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

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.
23