Translation
Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any
discrepancy between this translated document and the original Japanese document, the latter shall prevail.

Summary of Consolidated Financial Results
for the Three Months Ended June 30, 2014
(Based on Japanese GAAP)
August 4, 2014
Company name:
The Japan Steel Works, Ltd.
Stock exchange listing: Tokyo, Nagoya
Stock code:
Representative:

5631
URL http://www.jsw.co.jp/
Representative Director & President

Inquiries:

General Manager
General Affairs Department

Ikuo Sato
Masanori Nakanishi

Scheduled date to file Quarterly Securities Report:
Scheduled date to commence dividend payments:
Preparation of supplementary material on quarterly financial results:
Holding of quarterly financial results meeting:TEL

03-5745-2001

August 13, 2014
–NoNo
(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the three months ended June 30, 2014 (from April 1, 2014 to June 30, 2014)(1) Consolidated financial results (cumulative)
Percentages indicate year-on-year changes
Net sales
Three months ended June 30, 2014
Three months ended June 30, 2013

Millions of yen
39,48041,361

Operating income% Millions of yen
(4.5)
385
(23.6)
1,235

Net income per share

Net income% Millions of yen(60.9)
491(51.9)
1,237%(60.3)(53.4)

Diluted net income per share

Yen
1.33
3.34

Three months ended June 30, 2014
Three months ended June 30, 2013

Ordinary income% Millions of yen(68.8)
739(66.1)
1,891

Yen––(2) Consolidated financial position
Total assets
As of June 30, 2014
As of March 31, 2014

Net assets

Millions of yen
295,662293,139

Equity ratio

Millions of yen
140,132
139,268

%
46.9
47.1

2. Cash dividends
Annual dividends per share

Year ended March 31, 2014
Year ending March 31, 2015

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––

Yen
2.50

Yen–

Yen
2.50

Yen
5.00

2.50

–

2.50

5.00

Year ending March 31, 2015 (Forecast)Total

3. Forecast of consolidated financial results for the year ending March 31, 2015 (from April 1, 2014 to March 31, 2015)
Percentages indicate year-on-year changes
Net income
Net sales
Operating income
Ordinary incomeNet income
per share
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Yen
Six months ending
92,000
8.9
4,000
67.8
4,500
52.8
3,000
68.6
8.10
September 30, 2014
Full year
200,000
6.0
9,500
7.2
10,000
3.0
6,000
8.6
16.20

1

4. Notes(1) Changes in significant subsidiaries during the three months ended June 30, 2014(changes in specified subsidiaries resulting in the change in scope of consolidation):No(2) Application of special accounting methods for preparing quarterly consolidated financial statements:

No(3) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
Changes in accounting policies due to revisions to accounting standards and other regulations:
Changes in accounting policies due to other reasons:

Yes
No

Changes in accounting estimates:
Restatement of prior period financial statements:

NoNo(4) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of June 30, 2014

371,463,036 shares As of March 31, 2014

371,463,036 shares

Number of treasury shares at the end of the period
As of June 30, 2014

1,189,386 shares As of March 31, 2014

1,189,350 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Three months ended June 30, 2014

370,273,659 shares Three months ended June 30, 2013

2370,829,850 shares

Quarterly consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of March 31, 2014

As of June 30, 2014

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable – trade42,32948,86941,45145,498Merchandise and finished goods
Work in process

1,802
59,477

1,723
63,483

Raw materials and supplies
Other

4,208
11,0984,600
13,735

Allowance for doubtful accounts
Total current assets

(310)

(288)

167,476

170,205

Non–current assets
Property, plant and equipment
Buildings and structures, net

45,94145,578

Machinery, equipment and vehicles, net
Other, net

25,553
14,177

24,35414,010Total property, plant and equipment

85,672

83,944855

808

32,816
6,891

34,522
6,756

(572)

(575)

Intangible assets
Investments and other assets
Investment securities
Other
Allowance for doubtful accounts
Total investments and other assets

39,13440,703

125,662

125,456

293,139

295,662

Notes and accounts payable – trade
Short–term loans payable

42,33912,29242,453
12,938

Income taxes payable
Advances received

1,802
22,048534
22,658Provision
Other

4,614
15,752

4,219
17,397

Total current liabilities

98,848100,202

Bonds payable

10,00010,000Long–term loans payable
Provision

15,095115

15,05795

Net defined benefit liability
Asset retirement obligations

10,405
1,271

11,156
1,289Other

18,132

17,728

Total non–current assets
Total assets
Liabilities
Current liabilities

Non–current liabilities

Total non–current liabilities
Total liabilities

355,02155,327

153,870

155,529

(Millions of yen)
As of March 31, 2014

As of June 30, 2014

Net assets
Shareholders' equity
Capital stock

19,694

19,694

Capital surplus
Retained earnings

5,425
110,635

5,425
109,889

(730)

(730)

135,026

134,279

Valuation difference on available–for–sale securities
Deferred gains or losses on hedges

4,293
(130)

5,398
51

Foreign currency translation adjustment
Remeasurements of defined benefit plans(96)(1,042)

(150)
(951)

Total accumulated other comprehensive income

3,024

4,347

Minority interests

1,218

1,505

Total net assets

139,268

140,132

293,139

295,662

Treasury shares
Total shareholders' equity
Accumulated other comprehensive income

Total liabilities and net assets

4Consolidated statements of income (cumulative) and consolidated statements of comprehensive income(cumulative)
Consolidated statements of income (cumulative)(Millions of yen)Three months ended
June 30, 2013

Three months endedJune 30, 2014

Net sales

41,361

39,480

Cost of sales

33,532

32,774Gross profit

7,828

6,705

Selling, general and administrative expenses

6,592

6,320

Operating income

1,235

385

Interest income
Dividend income

12313

22329

Miscellaneous income

533

215

Total non–operating income

859

567

106
164
1

Miscellaneous loss

95

146

Total non–operating expenses

203

212

1,891

739

Non–operating income

Non–operating expenses
Interest expenses
Share of loss of entities accounted for using equity method

Ordinary income
Extraordinary income
Gain on bargain purchase–218Other1112

Total extraordinary income

111

221

Loss on retirement of non–current assets
Provision for loss on business of subsidiaries and associates

11–41
21

Other

0

2

Extraordinary losses

1166

Income before income taxes and minority interests

Total extraordinary losses

1,991

894

Income taxes – current

1,007

1,109

Income taxes – deferred

(230)

(756)

Total income taxes

776

352

Income before minority interests

1,214

542

Minority interests in income (loss)

(22)

51

1,237

491

Net income

5Consolidated statements of comprehensive income (cumulative)(Millions of yen)Three months ended
June 30, 2013
Income before minority interests

Three months ended
June 30, 2014

1,214

542

Valuation difference on available–for–sale securities
Deferred gains or losses on hedges

1,390
177

1,105181

Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax

163–(54)
90

1,732

1,322

2,947

1,865

2,957
(9)

1,81450

Other comprehensive income

Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to minority interests6