August 9, 2024

Summary of the Consolidated Financial Results for the First Quarterof the Fiscal Year Ending March 31, 2025 (FY3/25)(Three Months Ended June 30, 2024)[Japanese GAAP]

Company name:

Yodogawa Steel Works, Ltd.
Listing: Tokyo Stock Exchange
5451
URL: https://www.yodoko.co.jp/english/
Satoshi Nitta, President and Representative Director
Takayuki Deguchi, General Manager of IR Department
Tel: +(81)6-6245-1113
Scheduled date of payment of dividend:–
Preparation of supplementary materials for financial results:
Yes
Holding of financial results meeting:
None
Stock code:
Representative:
Inquiries:(All amounts are rounded down to the nearest million yen)

1. Consolidated Financial Results for the First Quarter (April 1, 2024 to June 30, 2024) of FY3/25(1) Consolidated results of operations(Percentages represent year-on-year changes)
Net sales

Operating profit

Millions of yen% Millions of yen% Millions of yen

Three months ended Jun. 30, 2024
52,595
3.0
4,061
40.4
Three months ended Jun. 30, 2023
51,062 (11.4)
2,893 (28.2)
Note: Comprehensive income (millions of yen): Three months ended Jun. 30, 2024:
Three months ended Jun. 30, 2023:
Net income per
Diluted net income
share
per share
Yen

Three months ended Jun. 30, 2024
Three months ended Jun. 30, 2023

(2) Consolidated financial position

Profit attributable toowners of parent

Ordinary profit% Millions of yen

5,120
37.1
3,734 (37.5)
5,799 (up 1.3%)
5,727 (up 80.6%)

%

3,210
2,017

59.1
(39.7)

Yen

111.1069.87

110.83
69.68

Total assets

Net assets

Millions of yen

Millions of yen

Equity ratio%

As of Jun. 30, 2024
267,625
215,41271.1
265,863
213,832
71.3
As of Mar. 31, 2024
Reference: Equity (Shareholders’ equity + Accumulated other comprehensive income) (millions of yen):
As of Jun. 30, 2024:
190,190
As of Mar. 31, 2024:
189,580

2. Dividends
1Q-endYen

2Q-endYen

Dividend per share
3Q-endFiscal year ended Mar. 31, 2024–
55.00
Fiscal year ending Mar. 31, 2025–
Fiscal year ending Mar. 31, 2025
100.00(Forecast)
Note: Revisions to the most recently announced dividend forecast: None

Yen

Year-end

Total

Yen

Yen

–

145.00200.00–209.00309.003. Consolidated Forecasts for FY3/25 (April 1, 2024 to March 31, 2025)
Net sales
Millions of yen

Operating profit%

Millions of yen%(Percentages represent year-on-year changes)
Profit attributable to
Net income
Ordinary profit
owners of parent
per share

Millions of yen%

Millions of yen%

Yen

First half
106,000
4.7
7,400
35.2
8,800
14.7
5,300
2.2
183.43Full year
207,000
1.5
12,1000.7
19,20026.3
11,900 167.0
411.85
Note: Revisions to the most recently announced consolidated earnings forecast: Yes
For further details, please refer to “1. Overview of Results of Operations, (3) Explanation of Consolidated Forecast and Other
Forward-looking Statements” on page 4 and the press release dated today (August 9, 2024) “Notice of Revision to Consolidated
Earnings Forecast” (Japanese version only).

* Notes(1) Significant changes in the scope of consolidation during the period: None
(2) Application of special accounting methods for presenting quarterly consolidated financial statements: None
(3) 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

(4) Number of issued shares (common shares)
1) Number of shares issued at the end of the period (including treasury shares)
As of Jun. 30, 2024:

31,837,230 shares

As of Mar. 31, 2024:

34,837,230 shares

As of Mar. 31, 2024:

5,942,958 shares

Three months ended Jun. 30, 2023:

28,870,934 shares

2) Number of treasury shares at the end of the period
As of Jun. 30, 2024:

2,943,149 shares

3) Average number of shares outstanding during the period
Three months ended Jun. 30, 2024: 28,894,177 shares* Review of the attached quarterly consolidated financial statements by a certified public accountant or auditing firm: None
* 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, (3) Explanation of Consolidated Forecast and Other Forward-looking Statements” on page4.

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for 1Q of FY3/25

Contents of Attachments
1. Overview of Results of Operations

2(1) Results of Operations

2(2) Financial Position

3(3) Explanation of Consolidated Forecast and Other Forward-looking Statements

4

2. Quarterly Consolidated Financial Statements and Notes

5(1) Quarterly Consolidated Balance Sheet

5(2) Quarterly Consolidated Statements of Income and Comprehensive Income

7

Quarterly Consolidated Statement of Income
For the Three-month Period

7

Quarterly Consolidated Statement of Comprehensive Income
For the Three-month Period

8(3) Notes to Quarterly Consolidated Financial Statements

9

Going-concern Assumption

9

Significant Changes in Shareholders’ Equity

9

Notes to Quarterly Consolidated Statement of Cash Flows9

Segment and Other Information

10

1

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for 1Q of FY3/25

1. Overview of Results of Operations(1) Results of Operations
During the first three months of the fiscal year ending March 31, 2025, the Japanese economy generally maintained
a gradual recovery, although some sectors showed signs of weakness due to sluggish growth in consumer spending
affected by high prices.
Looking at the world economy, in the United States, the economy remained solid despite slowdowns in the
improvement of employment conditions and in the growth of consumer spending. In China, the economic outlook
remained uncertain due to ongoing weakness in the domestic demand-related sectors, although there were signs of
the economy bottoming out including firm trends mainly in overseas demand. In Europe, the economy showed atrend of a gradual recovery including signs of bottoming out even in the still sluggish manufacturing sector.
In Japan, automobile production, which seemed to be picking up as semiconductor supply shortages eased and byother factors, declined at the end of the previous fiscal year. Residential construction and machinery orders
remained unstable due to factors such as high material prices and a shortage of human resources. Under thesecircumstances, orders and production remained sluggish in the steel industry.
In overseas steel markets, conditions have remained weak amid China’s extremely high level of exports, andconcern and caution about global trade friction are also increasing.
In such an environment, the Yodogawa Steel Group’s net sales for the first three months increased 1,533 million
yen from the same period of the previous fiscal year to 52,595 million yen. Operating profit increased 1,167 million
yen to 4,061 million yen, ordinary profit increased 1,385 million yen to 5,120 million yen, and profit attributableto owners of parent increased 1,192 million yen to 3,210 million yen.
In Japan, sales decreased and earnings increased year on year, largely driven by higher sales volumes of steel sheet
products for general distribution, while sales for specific customers declined.
Overseas, sales increased and earnings decreased year on year, primarily due to higher sales volumes at Sheng Yu
Steel Co., Ltd. (SYSCO), a subsidiary in Taiwan, while a weakening steel market in Taiwan.
Business segment performance was as follows.
1) Steel Sheet-related Business
Sales and earnings increased year on year with net sales of 50,261 million yen and operating profit of 4,042 million
yen.
Steel Sheets
In Japan, selling prices of all types of steel sheets slightly dropped year on year. Earnings increased despite adecrease in sales mainly because of higher sales volumes for general distribution, while sales volumes for specificcustomers declined.
Overseas, sales increased and earnings decreased at SYSCO in Taiwan year on year, mainly because of declines inselling prices in the domestic market despite an increase in sales volumes. At Yodogawa-Shengyu (Hefei) HighTech Steel Co., Ltd. (YSS), a subsidiary in China, the momentum of recovery was sluggish and improvement inbusiness results was modest because of the prolong real-estate recession. Sales and earnings at PCM Processing(Thailand) Ltd. (PPT), a subsidiary in Thailand, decreased year on year, despite its continued steady performance.
Building Materials
Sales and earnings increased year on year due to higher sales volumes of YODO Roof, an exterior construction
material, while sales of exterior products were about the same as in the previous fiscal year.
2) Roll BusinessNet sales totaled 597 million yen and operating profit was 8 million yen.
Sales and earnings decreased year on year mainly due to a decrease in sales volumes in the Japanese market.
2

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for 1Q of FY3/25

3) Grating BusinessNet sales totaled 851 million yen and operating profit was 49 million yen.
Despite a decrease in sales volumes, sales prices improved. As a result, sales decreased and earnings increased
year on year.
4) Real Estate BusinessNet sales totaled 326 million yen and operating profit was 201 million yen.
Both sales and earnings were about the same as one year earlier.
5) Other Businesses
Net sales totaled 558 million yen and operating profit was 159 million yen.
Sales and earnings increased year on year due to a recovery in sales in warehousing and transportation businessand other factors.
(2) Financial Position
AssetsCurrent assets increased by 604 million yen from the end of the previous fiscal year to 156,723 million yen. This
was attributable mainly to increases of 2,048 million yen in notes and accounts receivable-trade, and contract assets,
and 2,560 million yen in raw materials and supplies, which were partially offset by a decrease of 4,752 million yen
in cash and deposits.
Non-current assets increased by 1,157 million yen from the end of the previous fiscal year to 110,901 million yen.
This was attributable mainly to an increase of 1,225 million yen in investment securities.
Total assets increased by 1,762 million yen from the end of the previous fiscal year to 267,625 million yen.
Liabilities
Current liabilities increased by 98 million yen from the end of the previous fiscal year to 28,211 million yen. This
was attributable mainly to an increase of 2,361 million yen in notes and account payable-trade, which was partially
offset by decreases of 668 million yen in income taxes payable, 538 million yen in provision for bonuses, and 941
million yen in accrued consumption taxes included in other.
Non-current liabilities increased by 84 million yen from the end of the previous fiscal year to 24,001 million yen.
This was attributable mainly to an increase of 856 million yen in deferred tax liabilities included in other, which
was partially offset by a decrease of 706 million yen in provision for product warranties.
Total liabilities increased by 182 million yen from the end of the previous fiscal year to 52,213 million yen.
Net assets
Net assets increased by 1,579 million yen from the end of the previous fiscal year to 215,412 million yen. This was
attributable mainly to increases of 3,210 million yen in retained earnings owing to the recording of profit
attributable to owners of parent, 789 million yen in valuation difference on available-for-sale securities, 817 million
yen in foreign currency translation adjustment, and 969 million yen in non-controlling interests, which werepartially offset by a decrease of 4,189 million yen in retained earnings resulted from the payment of dividends.

3

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for 1Q of FY3/25(3) Explanation of Consolidated Forecast and Other Forward-looking Statements
Japanese economy is expected to show gradual recovery trend. However, the pace of this recovery is not anticipatedto accelerate due to the impact of yen depreciation and rising prices. Global economy is expected to show recover
trend, driven by signs of partial improvement in Chinese and European economies and declining inflationworldwide. However, the outlook remains uncertain due to the rising geopolitical risks, including the prolonged
situation in Ukraine and the escalating tensions between the United States and China.
In the steel markets in Japan and overseas, while increases in raw material prices used for steelmaking as well as
the cost of resources and energy are coming to a pause, there are concerns about global trade friction driven byhigh levels of Chinese exports, in addition to geopolitical risks including the prolonged situation in Ukraine. Dueto this situation, the steel market, including the balance between supply and demand, is likely to remain unstable
for the time 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 costs 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. At the same time, by steadily
implementing the “Yodogawa Steel Group Medium-Term Management Plan 2025,” we will work to strengthen ourearning power.
The forecast for consolidated performance of the current fiscal year is based on this outlook for the economy andsteel market.

4

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for 1Q of FY3/25

2. Quarterly Consolidated Financial Statements and Notes(1) Quarterly Consolidated Balance Sheet
FY3/24(as of Mar. 31, 2024)(Millions of yen)First quarter of FY3/25(as of Jun. 30, 2024)

AssetsCurrent assets
Cash and deposits

56,80852,056

Notes and accounts receivable-trade, and contract assets

45,47447,523

Electronically recorded monetary claims-operating

4,823

4,835

Securities

4,009

3,999

Merchandise and finished goods

22,751

22,601Work in process

5,591

6,086

Raw materials and supplies

14,93917,500

Other

1,898

2,298

Allowance for doubtful accounts

(177)

(177)

156,119

156,723

Property, plant and equipment

55,94055,856

Intangible assets

2,203

2,222

Investment securities

49,64350,868Retirement benefit asset

1,422

1,437

534

517

51,60052,823

Total current assets
Non-current assets

Investments and other assets

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

5

109,743

110,901

265,863

267,625

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for 1Q of FY3/25

FY3/24(as of Mar. 31, 2024)(Millions of yen)First quarter of FY3/25(as of Jun. 30, 2024)

Liabilities
Current liabilities
Notes and accounts payable-trade

13,892

16,254

Electronically recorded obligations-operating

2,986

2,718

Short-term borrowings

544

568

Income taxes payable

2,097

1,429

Provision for bonuses

1,117

578

Other

7,475

6,662

Total current liabilities

28,11328,211

28

14

5,315

5,257

Provision for product compensation

9,457

8,751

Other

9,114

9,977

Total non-current liabilities

23,91724,001

52,031

52,213

Share capital

23,22023,220Capital surplus

18,27911,381Retained earnings

126,905

125,926

Treasury shares(11,845)(4,949)Total shareholders’ equity

156,559

155,579

Valuation difference on available-for-sale securities

22,54323,333

Revaluation reserve for land

1,505

1,505

Foreign currency translation adjustment

7,881

8,699

Non-current liabilities
Provision for retirement benefits for directors (and otherofficers)
Retirement benefit liability

Total liabilities
Net assets
Shareholders’ equity

Accumulated other comprehensive income

Remeasurements of defined benefit plans

1,089

1,072

Total accumulated other comprehensive income

33,02034,611

Share acquisition rights

125

125

Non-controlling interests

24,12625,096

Total net assets

213,832

215,412265,863

267,625

Total liabilities and net assets

6

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for 1Q of FY3/25(2) Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statement of Income(For the Three-month Period)First three months of FY3/24(Apr. 1, 2023 to Jun. 30, 2023)(Millions of yen)First three months of FY3/25(Apr. 1, 2024 to Jun. 30, 2024)

Net sales

51,062

52,595

Cost of sales

42,75743,646Gross profit

8,304

8,949

Selling, general and administrative expenses

5,410

4,887

Operating profit

2,893

4,061

Interest income

128

161

Dividend income

Non-operating income
437

551

Foreign exchange gains

2

145

Gain on sale of investment securities
Share of profit of entities accounted for using
equity method
Other

97

–

111

129

151

138

Total non-operating income

927

1,126

34

21

43

35

9

10

Non-operating expenses
Interest expenses
Cost for employees transferred temporarily tooverseas subsidiaries
Other
Total non-operating expenses

86

67

3,734

5,120

Gain on sale of non-current assets

03

Total extraordinary income

0

3

419

20

0

－

419

20

Ordinary profit
Extraordinary income

Extraordinary losses
Loss on sale and retirement of non-current
assetsImpairment losses
Total extraordinary losses
Profit before income taxes

3,315

5,103

Income taxes-current

733

922

Income taxes-deferred

208

545

Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

7

942

1,467

2,373

3,635

356

425

2,017

3,210

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for 1Q of FY3/25

Quarterly Consolidated Statement of Comprehensive Income(For the Three-month Period)First three months of FY3/24(Apr. 1, 2023 to Jun. 30, 2023)
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(Millions of yen)First three months of FY3/25(Apr. 1, 2024 to Jun. 30, 2024)

2,373

3,635

2,604

761

701

1,394

(0)

(11)

47

18

3,353

2,163

5,727

5,799

5,105

4,800

622

998

Comprehensive income attributable to:
Owners of parent
Non-controlling interests

8Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for 1Q of FY3/25(3) Notes to Quarterly Consolidated Financial Statements
Going-concern Assumption
Not applicable.
Significant Changes in Shareholders’ Equity
Not applicable.
Notes to Quarterly Consolidated Statement of Cash FlowsA quarterly consolidated statement of cash flows has not been prepared for the first three months of the current
fiscal year. Depreciation (including amortization of intangible assets) for the first three months of each period is
as follows.

Depreciation

First three months of FY3/24(Apr. 1, 2023 to Jun. 30, 2023)
1,157

9

(Millions of yen)First three months of FY3/25(Apr. 1, 2024 to Jun. 30, 2024)
1,098

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for 1Q of FY3/25

Segment and Other Information
Segment information
I. First three months of FY3/24 (Apr. 1, 2023 to Jun. 30, 2023)
Information related to net sales and profit/loss for each reportable segment
Reportable segments
Steel SheetReal
Roll
Grating
relatedEstateBusiness BusinessBusiness
Business

Total

Others(Note 1)

Total

(Millions of yen)Amounts
shown on the
Adjustment consolidated
statement of(Note 2)income(Note 3)

Net sales
External sales
Inter-segment
sales and transfers
Total

48,470

888

855

312

50,526535

51,062–51,062

–

–

–

103

103

525

629

(629)

–

48,470

888

855

416

50,6301,060

51,691(629)

51,062

Segment profit
2,896
53
16
198
3,164
65
3,230
(336)
2,893
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 (338) million yen and an elimination for intersegment transactions of 1 million yen.
3. Segment profit is adjusted with the operating profit on the quarterly consolidated statement of income.

II. First three months of FY3/25 (Apr. 1, 2024 to Jun. 30, 2024)
Information related to net sales and profit/loss for each reportable segment
Reportable segments
Steel SheetReal
Roll
Grating
relatedEstateBusiness BusinessBusiness
Business

Total

Others(Note 1)

Total

(Millions of yen)Amounts
shown on the
Adjustment consolidated
statement of(Note 2)income(Note 3)

Net sales
External sales
Inter-segment
sales and transfers
Total

50,261

597

851

326

52,036558

52,595–52,595

–

–

–

104

104

626

730

(730)

–

50,261

597

851

430

52,141

1,185

53,326(730)

52,595

Segment profit
4,042
8
49
201
4,303
159
4,462
(400)
4,061
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 (400) million yen and an elimination for intersegment transactions of (0) million yen.
3. Segment profit is adjusted with the operating profit on the quarterly consolidated statement of income.

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.

10