Consolidated Financial Results
for the Year Ended March 31, 2024

Metal One Corporation
2024/6/11

Copyright 2024 Metal One Corp. all rights reserved.

Financial Highlights■ Profit for the year attributable to owners of the parent totaled ¥35.0 billion, down ¥6.5 billion year on year.
■ This marked the decade’s second highest profit, behind only the previous fiscal year, despite such negative factors
as rising costs due to higher interest rates and inflation worldwide.
■ Total assets amounted to ¥1,059.2 billion as of March 31, 2024, partly due to a decrease in working capital, down
¥89.3 billion year on year.
FY2022

Transformationand growth

FY2023Year-on-yearchangeThoroughselection forgrowth(%)

Revenue

Gross profit¥2,396.2
billion¥2,354.4
billion−¥41.8 billion(−1.7%)¥139.7 billion ¥138.7 billion −¥1.0 billion(−0.8%)

Profitattributable toowners of theparent¥41.5 billion¥35.0 billion

Average exchange rate
for the year (to US$)¥135.50¥144.59+¥9.09Total assets¥1,148.5
billion¥1,059.2
billion−¥89.3 billion

Exchange rate at yearend (to US$)¥133.53¥151.41+¥17.88104100−4(92%)

(97%)

(+5%)

Number of
consolidated
subsidiaries
and Affiliates(percentage ofprofitablecompanies)

Elevatingprofit level−¥6.5 billion(−15.6%)
Covid 19factors(−0.8%)

1421516171819202122 23 24(FY) (FY) (FY)
Mid-Term
Management
Plan 2024
Copyright 2024 Metal One Corp. all rights reserved.

Consolidated Statement of Income (Unaudit ed IFRS Result s)
Business environment

Consolidated Statement of Income(¥ billion)

FY2022

Regarding the business environment, global steel demand decreased
year on year due to effects of reduced construction investment caused

FY2023(Ended March 31, 2023) (Ended March 31, 2024)

Change2,396.2

2,354.4−41.8

Gr oss pr ofit

139.7

138.7

−1.0

(Gross profit ratio)(5.8%)(5.9%)（0.1%)

−84.2

−88.8

−4.6

Rev enueby financial tightening. Steel demand in Japan declined slightly overall
due to year-on-year decreases concentrated in the construction, civilengineering, and shipbuilding segments amid soaring material prices
and labor shortages, despite the automotive sector driving demand due
to a recovery in production activity as supply bottlenecks cleared,Selling, general andadministrative
ex penses
Provision for doubtfulreceivables
O per at ing incom e*¹
Gains ( losses) on
investments
Gains on property ,plant and equipment
and others
Other income ( ex pense)
Finance expense
Share of profit ofinvestments accounted forusing the equity method

Profit befor e t ax
I ncome taxes

Profit for the year
O wner s of t he par e nt
Non- cont r olli n ginterests

including a semiconductor shortage. Steel market conditions remained
weak in this demand environment.

Revenue and gross profit
Due mainly to a decrease in the volume of trade, revenue decreased

−0.7

0.5

1.2

54.8

50.4

−4.4

−0.2

0.9

1.1

0.8

1.9

1.1

0.3

−0.1

−0.4

−8.3

−8.9

−0.6

8.7

7.9

−0.8

56.1

52.1

−4.0

−10.9

−13.5

−2.6

In line mainly with rising interest rates overseas, finance expense increased by

45.2

38.6

−6.6

¥0.6 billion to ¥8.9 billion.

41.5

35.0

−6.5

Share of profit of investments accounted forusing the equity method

3.7

3.6

−0.1

The share of profit from investments accounted for using the equityby ¥41.8 billion, compared to the previous fiscal year, totaling ¥2,354.4billion (Japan-related: ¥960.6 billion; Overseas-related: ¥1,393.8billion). Gross profit fell by ¥1.0 billion, totaling ¥138.7 billion.

Selling, general and administrative expenses
Due to the effects of inflation and currency conversion amid yen depreciation,
costs increased by ¥4.6 billion year on year, totaling ¥88.8 billion.

Gains (losses) on investments and gains on
property, plant and equipment
Due to the sale of investments, gains on investments reached ¥0.9 billion(reversing losses from the previous fiscal year), an improvement of ¥1.1 billion.
Gains on property, plant and equipment increased by ¥1.1 billion to ¥1.9 billion
due to the sale of property, plant and equipment at subsidiaries.

Finance expense

method overseas decreased by ¥0.8 billion year on year to ¥7.9 billion.

*1 Operating income has been disclosed in accordance with Japanese standards for presentation

3

Copyright 2024 Metal One Corp. all rights reserved.

Consolidated Statement of Financial Position (Unaudit ed IFRS Result s)
Consolidated Statement of Financial Position
March 31, 2023 March 31, 2024(¥ billion)

ChangeTotal assets

925.7

827.5

−98.2

Cash and cash equivalents

15.6

19.1

3.5

Trade and other receivables

543.8

477.1

−66.7

Inventories

318.5

290.3

−28.2

Other current assets

47.8

41.0

−6.8

222.8

231.7

8.9

Property, plant and equipment

97.1

101.8

4.7

Intangible assets and goodwill

11.3

11.8

0.5

Other non-current assets

114.4

118.1

3.7

1,148.5

1,059.2−89.3

Current assets

Asset sNon-current assets

Total assets

Total assets decreased by ¥89.3 billion, compared to the previous fiscal year end,
totaling ¥1,059.2 billion due to a decrease in trade and other receivables as wellas inventories.

Interest-bearing debt
Due to a decrease in working capital, the balance of borrowings was ¥220.9billion, a decrease of ¥94.9 billion.

Total equity
Total equity rose by ¥16.0 billion year on year to ¥475.2 billion, mainly due to theLiabilit ies and equit yCurrent liabilities

635.8

515.3

−120.5

Borrowings

280.7

172.9

−107.8Trade and other payables

318.4

311.9

−6.5

Other current liabilities

36.7

30.5

−6.2

53.5

68.7

15.2

Borrowings

35.1

48.0

12.9

Other non-current liabilities

18.3

20.7

2.4

Non-current liabilities

Total liabilities
Equity attributable to owners of
the parent
Common stock and additional
paid-in capital

689.3

584.0

−105.3

420.3

434.9

14.6

151.2

150.8

−0.4

Retained earnings

232.8

227.5

−5.3

Other components of equity

36.4

56.5

20.1

Non-controlling interests

38.9

40.3

1.4

Total equity

459.2

475.2

16.01,148.5

1,059.2−89.3

Tot al liabilit ies and equit y4

increase in other components of equity accompanying the depreciation of theJapanese yen.

Consolidated FinancialIndicators

March 31, March 31,
2023
2024

Shareholders’equity ratio

36.6%

41.1%

ROA

3.7%

3.2%

Net D/E ratio

0.71

0.46

Shareholders’ equity ratio = Equity attributable to ownersof the parent ÷ Total assets
Net D/E ratio = (Borrowings − Cash and cash equivalents)÷Equity attributable to owners of parent

Number of Consolidated
Subsidiaries and Affiliates
Subsidiaries Affiliates

Total(Consolidated)

Businessinvestment
63 (−2) 21 (−1）
associates
Domestic
offices and16 (−1）overseasbases
・括弧内は前年度末からの増減
Total

79 (−3） 21 (−1）

84 (−3）16 (−1）100 (−4）

Note: Figures in parentheses () show changes from theprevious year.

Copyright 2024 Metal One Corp. all rights reserved.