1

Overview of Consolidated Results of Operations(YoY Change)

Yodogawa Steel Works, Ltd.

(Billions of yen, rounded down to the nearest 10 million yen)

1H FY3/22

1H FY3/21

ChangeNet sales

93.87

67.46

26.40

Gross profit

14.96

11.37

3.59

Selling, general and administrative
expenses

9.30

8.31

0.99

Operating profit

5.65

3.05

2.60

Non‐operating income

1.62

1.29

0.32

Non‐operating expenses

0.14

0.14

0.00

Ordinary profit

7.13

4.20

2.92

Extraordinary income

0.01

0.01

0.00

Extraordinary losses

0.08

0.04

0.03

Profit before income taxes

7.07

4.17

2.89

Income taxes

1.74

1.31

0.42

Profit attributable to non‐controllinginterests

1.22(0.04)

1.26

Profit attributable to ownersof parent

4.11

2.91

1.19

142.74 yen

99.75 yen42.99 yen

6.63

8.56

(1.92)EPS (Yen/Share)

Comprehensive income

Remarks

Change (%)

39.1%
Net sales
Increase in sales due to recovery in sales of steel
sheets both in Japan and overseas

85.3%

Operating profit
Japan: Lower due to higher expenses
Overseas：Higher due to improved performanceNon‐operating expenses (income)
Increases in dividend income, share of profit ofentities accounted for using equity method andother items

69.5%

69.4%

41.1%

Comprehensive income
1H FY3/22： Profit of 5.3 billion yen, valuationdifference on available‐for‐sale securities of (1.7)
billion yen, foreign currency translation adjustmentof 2.9 billion yen*Yodogawa Steel started applying Accounting Standard for Revenue Recognition from FY3/22. This standard has been applied retrospectively for FY3/21.

Yodogawa Steel Group Financial Results for the Second Quarter of the Fiscal Year Ending March 31, 2022

2

Copyright (C) 2021 Yodogawa Steel Works, Ltd. All Rights Reserved

Overview of Consolidated Results of Operations(vs. Forecasts)

1

Yodogawa Steel Works, Ltd.

(Billions of yen, rounded down to the nearest 10 million yen)

1H FY3/22

Results

Forecasts(Announced in August 2021)

Differences

Net sales

93.87

92.00

1.87

Operating profit

5.65

5.00

0.65

Ordinary profit

7.13

6.40

0.73

Profit attributable toowners of parent

4.11

3.60

0.51

Remarks• The earnings forecasts used conservative assumptions for the costof resources, energy and other expenses.
Yodogawa Steel Group Financial Results for the Second Quarter of the Fiscal Year Ending March 31, 2022

Copyright (C) 2021 Yodogawa Steel Works, Ltd. All Rights Reserved2

3

Consolidated Net Sales

Yodogawa Steel Works, Ltd.
(Billions of yen, rounded down to the nearest 10 million yen)

167.41154.06145.96
93.87

83.67

78.26

67.46
Not
disclosed.

0.0
1H
上期

通期
Full
year

2019年3月期
FY3/19

1H
上期

通期
Full
year

上期
1H

2020年3月期
FY3/20

通期
Full
year

Full year
通期予想

上期
1H

forecasts

2021年3月期
FY3/212022年3月期
FY3/22

Breakdown of the 26.4 billion yen increase in net sales:• Yodogawa Steel Works: +12 billion yen (46.4 → 58.4)
Mainly due to a recovery in sales of steel sheets. Sales of exterior products were steady.
• Taiwan subsidiary Sheng Yu Steel Co., Ltd. (SYSCO): +10.3 billion yen (15.0 → 25.4)
Primarily due to a recovery in sales in Taiwan and export sales (mainly Canada)• Chinese subsidiary Yodogawa Shengyu (Hefei) High‐Tech Steel Co., Ltd. (YSS): +3.6 billion yen (3.0 → 6.7)
Increasing sales activities to become profitable; higher sales volumes to building materials companies and home
appliance manufacturers affiliated with Japanese companies• Thai subsidiary PCM Processing (Thailand) Ltd. (PPT): +0.4 billion yen (1.6 → 2.0)
Sales of value‐added products were solid.
Yodogawa Steel Group Financial Results for the Second Quarter of the Fiscal Year Ending March 31, 2022

4

Copyright (C) 2021 Yodogawa Steel Works, Ltd. All Rights Reserved

Consolidated Profit and Loss

Yodogawa Steel Works, Ltd.

Consolidated
連結営業利益Consolidated
連結経常利益Profit attributable to
親会社株主利益

operating profit

ordinary profit

owners of parent(Billions of yen, rounded down to the nearest 10 million yen)

9.82
5.87

上期
1H

9.79

FY3/192019年3月期

6.25

5.48
3.31
2.90
1.99

通期
Full
year

7.88

7.42

6.25

4.55
3.05 2.83

3

上期
1H

3.86

通期
Full
year

FY3/202020年3月期

4.20
3.05 2.91

上期
1H

通期
Full
year

7.13
5.65
4.11

72.0
58.0
49.0
Not

上期
1H

通期予想
Full
year
forecasts

FY3/212021年3月期

disclosed.

2022年3月期
FY3/22

Breakdown of the 2.6 billion yen increase in operating profit:• Yodogawa Steel Works: (1.0) billion yen (3.5 → 2.5)
Although sales volume increased, earnings were down because expenses were higher.
• SYSCO: +2.89 billion yen ( (0.08) → 2.8)
An improvement in profitability due to a higher sales volume as market conditions recovered and higher selling prices• YSS: +0.55 billion yen ((0.46) → 0.09)
Became profitable because of higher sales of value‐added products (GL Color series)• PPT: +0.04 billion yen ((0.02) → 0.01)
Focusing on raising selling prices to reflect the higher cost of raw materials
Yodogawa Steel Group Financial Results for the Second Quarter of the Fiscal Year Ending March 31, 2022

Copyright (C) 2021 Yodogawa Steel Works, Ltd. All Rights Reserved

4

5

Segment Information

Yodogawa Steel Works, Ltd.
(Billions of yen, rounded down to the nearest 10 million yen)

Net sales
1H FY3/22

1H FY3/21

Segment profit
Change (%)

1H FY3/22

1H FY3/21

Change (%)

Steel Sheet‐related

89.80

63.28

41.9%

5.53

3.25

69.7%

Roll

1.16

1.40

(16.8)%

0.04(0.13)‐

Grating

1.66

1.59

4.1%

0.05

0.04

10.5%

Real Estate

0.62

0.61

1.3%

0.41

0.43

(4.5)%

Total reportablesegments

93.26

66.90

39.4%

6.04

3.61

67.3%

Others

0.60

0.56

7.5%

0.19

0.05

252.7%

Total

93.87

67.46

39.1%

6.23

3.66

70.1%

(0.57)(0.61)

5.65

3.05

Adjustment
Amounts shown on
the consolidated
statement of income

93.87

67.46

Yodogawa Steel Group Financial Results for the Second Quarter of the Fiscal Year Ending March 31, 2022

6

39.1%

85.3%

Copyright (C) 2021 Yodogawa Steel Works, Ltd. All Rights Reserved

Consolidated Financial Position

5

Yodogawa Steel Works, Ltd.
(Billions of yen, rounded down to the nearest 10 million yen)

As of Sep. 30,
2021

As of Mar. 31,
2021

Total assets

228.46226.002.45

1.1%

Current assets

125.62123.811.80

1.5%

Non‐current assets

102.83102.180.65

0.6%

Liabilities

43.04

45.70

(2.66)(5.8)%

Current liabilities

27.34

28.37

(1.02)(3.6)%

Non‐current liabilities

15.69

17.33

(1.64)(9.5)%Net assets

185.42180.295.12

2.8%

Shareholders’ equity

143.26140.06

3.20

2.3%

Accumulated othercomprehensive income

22.58

22.41

0.17

0.8%

Non‐controlling interests

19.35

17.59

1.76

10.0%

5,756.16 yen

5,416.59 yen

339.57 yen

Shareholders’ equity

165.85

162.47

3.37

Equity ratio

72.6%

71.9%

0.7pt

BPS (Yen/Share)

Yodogawa Steel Group Financial Results for the Second Quarter of the Fiscal Year Ending March 31, 2022

ChangeRemarks
Change (%)
Assets(Current) Increase in tradereceivables, inventories, etc.
(Non‐current) Increase in property,
plant and equipment, decrease invaluation of investment securities, etc.
Liabilities(Current) Increase in trade payables,
decrease in income taxes payable, etc.
(Non‐current) Decrease in retirement
benefit liability, etc.

Shareholders’ equity
1H FY3/22：Profit of 4.11 billion yen,
dividends of (1.15) billion yen, etc.
Accumulated other comprehensive
incomeDecrease in valuation difference on
available‐for‐sale securities

2.1%

Copyright (C) 2021 Yodogawa Steel Works, Ltd. All Rights Reserved

6

7

Consolidated Cash Flows

Yodogawa Steel Works, Ltd.
(Billions of yen, rounded down to the nearest 10 million yen)

1H
FY3/22

1H
FY3/21

Cash flows fromoperating activities(7.13)Cash flows frominvesting activities

YoY

Remarks(Amount shown is approximate)

ChangeChange (%)

8.82(15.96)‐

Increase in trade receivables,
inventories, etc.

(3.07)(0.71)(2.36)‐

Increase in purchase of property,
plant and equipment, etc.

Cash flows fromfinancing activities(1.52)(2.40)

0.88‐

1H FY3/22: Dividends paid of (1.16)
billion yen, etc.

Cash and cash
equivalents

32.37

40.38

(8.01)(19.8)%(Billions of yen )Cash and cash equivalents at end of period
43.11

39.04
27.27

2017年3月期
FY3/172018年3月期
FY3/18

32.31

34.65

2019年3月期
FY3/192020年3月期
FY3/20

Yodogawa Steel Group Financial Results for the Second Quarter of the Fiscal Year Ending March 31, 2022

8

32.37

2021年3月期
FY3/212022年3月期
1H FY3/22
上期末Copyright (C) 2021 Yodogawa Steel Works, Ltd. All Rights Reserved

Capital Expenditures and Depreciation

7

Yodogawa Steel Works, Ltd.

(Property, plant and equipment including construction in progress) (Billions of yen, rounded down to the nearest 10 million yen)

1H FY3/21

3.23

3.70

(0.47)

1.73

1.72

0.00

0.96

2.10

(1.13)(54.2)%

0.84

0.94

(0.10)(10.9)% No significant changes

Capitalexpenditures(consolidated)
Depreciation(consolidated)
Capitalexpenditures(non‐consolidated)
Depreciation(non‐consolidated)(Billions of yen)

Capital expenditures
設備投資額（連結）

Change

3.90
1.90

1H
上期

2.24

Full通期
year

FY3/192019年3月期

0.95

1.80

1H
上期

2.22

3.66

Full
year
通期

2020年3月期
FY3/20

Yodogawa Steel Group Financial Results for the Second Quarter of the Fiscal Year Ending March 31, 2022

Change (%)(12.7)%(Amounts shown areapproximate)
2 billion yen (construction inprogress) for a new plant at
Fukui Yodoko, etc.

0.3% No significant changes
1H FY3/21: Kashiwai company
housing of 1.2 billion yen(construction in progress), etc.

Depreciation (consolidated)
減価償却費（連結）(consolidated)

0.99

RemarksYoY

1H FY3/22

8.74
3.70

8.30
3.53

1.73

1.72
1H
上期

4.15

3.23

通期
Full
year

2021年3月期
FY3/21

1H
上期

Full
year
通期予想
forecasts

2022年3月期
FY3/22

Copyright (C) 2021 Yodogawa Steel Works, Ltd. All Rights Reserved8

9

Major Capital Expenditures

Yodogawa Steel Works, Ltd.
(Billions of yen, rounded down to the nearest 10 million yen)Completion dateCompanies

Projects(incl. scheduled
completion date)Total
investments(based on bookvalue)

Yodogawa
Steel Works

Replacement of Ichikawa Plant
office building

January 2022

0.99

Yodogawa
Steel Works

Update of no. 5 plating line drive
system at Kure Plant

December 2021

0.39

Fukui Yodoko

Construction of a new plant(Phase 1)

October 2021

4.90

After
Fukui Yodoko
FY3/22

Construction of a new plant(Phase 2)

Autumn 2022

2.75

FY3/22

Yodogawa Steel Group Financial Results for the Second Quarter of the Fiscal Year Ending March 31, 2022

Copyright (C) 2021 Yodogawa Steel Works, Ltd. All Rights Reserved

10 Consolidated Forecasts

9

Yodogawa Steel Works, Ltd.
(Billions of yen, rounded down to the nearest 10 million yen)

FY3/22

Consolidated
Non‐consolidated•

Full year
forecasts

YoY

1H
results(Reference)
YoY

Net sales

93.87

26.40

Operating profit

5.65

2.60

Ordinary profit

7.13

2.92

Profitattributable toowners ofparent4.11

1.19

Not disclosed.

2H forecasts

YoY

Not disclosed.

Net sales

58.49

12.00

Operating profit

2.55(1.02)

Ordinary profit

3.69(1.05)

Profit2.64

5.39

Determining a reliable forecast at this time is not possible because of the extreme
uncertainty of the outlook for steel prices in Japan and other countries and otheraspects of the business climate.

Yodogawa Steel Group Financial Results for the Second Quarter of the Fiscal Year Ending March 31, 2022

Copyright (C) 2021 Yodogawa Steel Works, Ltd. All Rights Reserved1011 Dividends

Yodogawa Steel Works, Ltd.

(Yen/Shares)

Interim
中間配当
dividend

247.98224.27

Year‐end
期末配当
dividend

EPS
EPS（連結）(consolidated)

215.60211.08142.74131.14

70.00

75.00

70.00

70.00

75.00

40.00

40.00

40.00

40.00

40.00

30.00

35.00

30.00

30.00

35.00

35.00

2017年3月期
FY3/172018年3月期
FY3/182019年3月期
FY3/192020年3月期
FY3/202021年3月期
FY3/212022年3月期
1H FY3/22
中間• The interim dividend will be 35 yen• No year‐end dividend forecast has been disclosed
Yodogawa Steel Group Financial Results for the Second Quarter of the Fiscal Year Ending March 31, 2022

Copyright (C) 2021 Yodogawa Steel Works, Ltd. All Rights Reserved

12 Reference (1)Yodogawa Steel Works, Ltd.

Yodogawa Steel Group Primary Sales Volume of Steel Sheet Products(before eliminations for consolidation)
124

11(10,000 tons)

122
109
98

101

58

Not
disclosed.
0

PPT
YSS
SYSCO
YSW
Total

FY3/17

FY3/18

FY3/19FY3/20FY3/21

1H FY3/22

FY3/22
Forecasts

4
8
48
65
124

3
10
47
62
122

3
7
36
63
109

3
7
33
56
98

3
10
32
56
101

2
6
19
31
58

0
0
Not
0
disclosed.
00• At SYSCO, the sales volume increased for exports and sales in Taiwan• YSS is strengthening sales activities to become profitable in FY3/22
Yodogawa Steel Group Financial Results for the Second Quarter of the Fiscal Year Ending March 31, 2022

Copyright (C) 2021 Yodogawa Steel Works, Ltd. All Rights Reserved1213 Reference (2)Yodogawa Steel Works, Ltd.

Yodogawa Steel Group Regional Primary Sales Volume (before eliminations for consolidation)
140(10,000 tons)

124

122

120

109
98

100

101

80
58

60
40
20
0
Other
Oceania
North / Central / South America
Other Asia
Other Asia
(excluding Middle East)
China / Hong Kong
TaiwanJapan
Total

FY3/17

FY3/18

FY3/19FY3/20FY3/21

1H FY3/22

1
3
11

3
3
10

2
1
6

0
1
2

1
1
4

1
1
3

10

8

7

8

7

4

7
30
61
124

9
27
60
122

7
25
61
109

6
25
55
98

10
24
55
101

6
13
31
58

Yodogawa Steel Group Financial Results for the Second Quarter of the Fiscal Year Ending March 31, 2022

Copyright (C) 2021 Yodogawa Steel Works, Ltd. All Rights Reserved

14 Other Topics 1‐(1)13

Yodogawa Steel Works, Ltd.

Rebuilding of production/logistics for exterior products (Progress report)• Fukui Yodoko Co., Ltd., which was established in April 2020, is building a
new factory for exterior products. (The first stage of this project is expected
to begin operating in November 2021.)

Fukui Yodoko No.2 Plant (No.1 Building)• A spin‐off on April 1, 2021 was used to transfer part of the
manufacturing operations for building materials and exterior products
to Fukui Yodoko.
Yodogawa Steel Group Financial Results for the Second Quarter of the Fiscal Year Ending March 31, 2022

Copyright (C) 2021 Yodogawa Steel Works, Ltd. All Rights Reserved1415 Other Topics 1‐(2)Yodogawa Steel Works, Ltd.

Rebuilding of production/logistics for exterior products (Progress report)
Yodogawa Steel Works, Ltd.

Fukui Yodoko Co., Ltd.

YODO House

Fukui Plant
Production
items

Trash receptacles(for small stations)

Spin‐off

No.1 Plant
Transferred by using anabsorption‐type spin‐off (Effective April 1, 2021)

Cycle spaces, etc.

YODO Monooki
Storage Shed
Esumo

Osaka Plant YODO Storage
Production Sheds
YODO Large
items

Storage Sheds
YODO bicycle
parking units
Trash receptacles(for apartmentbuildings)

Yodogawa Steel Group Financial Results for the Second Quarter of the Fiscal Year Ending March 31, 2022

16 Other Topics 2

No.2 Plant (Building
No.1)
Completion(Plan to start operation in
November 2021)
Transfer ofNo.2 Plant (Building
manufacturing

No.2)
Under construction(Plan to start operation in
the autumn of 2022)

Copyright (C) 2021 Yodogawa Steel Works, Ltd. All Rights Reserved

15

Yodogawa Steel Works, Ltd.

The Coleman Model to commemorate YODOKO Monooki’s 50th anniversary
Start of order acceptance in April 2021

All 2,000 Coleman Model sheds created by Yodogawa Steel Works and Coleman Japan have been sold.
We plan to use the success of this joint project for more products with brands that target a broad range ofage segments and for selling sheds that have distinctive features and are fun to use.
Yodogawa Steel Group Financial Results for the Second Quarter of the Fiscal Year Ending March 31, 2022

Copyright (C) 2021 Yodogawa Steel Works, Ltd. All Rights Reserved1617 Other Topics 3

Yodogawa Steel Works, Ltd.

Acquisition of 100% of ARDUC Co., Ltd. on June 30, 2021
• ARDUC is a software design and development company that mainly creates control systems
for manufacturing semiconductors, liquid crystal displays, solar panels and other products.
• Adding ARDUC to the Yodogawa Steel Group will facilitate the visualization of all data atgroup companies from production to shipments. This company’s ICT and other expertise forinventory management, product sales trend analysis and other tasks will be used to build an
ICT infrastructure for quickly meeting a broad range of customers’ needs.
• As a member of the Yodogawa Steel Group, ARDUC will continue to create innovative IT
system solutions for its customers just as in prior years.
Company Overview
Company name

ARDUC Co., Ltd.

Location

5‐13‐16, Shimizu, Asahi‐ku, Osaka City, Osaka

EstablishedMarch 1986

Representative

Sadahiro Hashimoto

Business

Software design and development

Capital

9,860 million yen

Employees

37 (As of July 2021)

Sales

310 million yen (FY2/21)

Yodogawa Steel Group Financial Results for the Second Quarter of the Fiscal Year Ending March 31, 2022

Copyright (C) 2021 Yodogawa Steel Works, Ltd. All Rights Reserved

17