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.
[After Corrections]

Summary of Consolidated Financial Results
for the Six Months Ended September 30, 2015
(Based on Japanese GAAP)
November 2, 2015
Company name:

The Japan Steel Works, Ltd.

Stock exchange listing: Tokyo, Nagoya
Stock code:
5631
URL
Representative:
Inquiries:

http://www.jsw.co.jp/

Representative Director & President
General ManagerIkuo Sato
Hiroki Kikuchi

TELGeneral Affairs Department
Scheduled date to file Quarterly Securities Report:

November 13, 2015

Scheduled date to commence dividend payments:
Preparation of supplementary material on quarterly financial results:

December 3, 2015
Yes

Holding of quarterly financial results meeting:Yes

03-5745-2001(for analysts and institutional investors)(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the six months ended September 30, 2015 (from April 1, 2015 to September 30, 2015)(1) Consolidated operating results (cumulative)
Net sales
Six months ended September 30, 2015
Six months ended September 30, 2014

Millions of yen
94,667
94,183

Percentages indicate year-on-year changes
Profit attributable toOperating income
Ordinary income
owners of parent% Millions of yen% Millions of yen% Millions of yen
%
0.5
5,012
36.5
5,321
9.9
3,165
–
11.5
3,672
54.0
4,843
64.5
(7,349)–Earnings per share

Diluted earnings per share

Yen
8.62
(19.85)Six months ended September 30, 2015
Six months ended September 30, 2014

Yen––(2) Consolidated financial position
Total assets
As of September 30, 2015
As of March 31, 2015

Net assets

Millions of yen
331,422319,667

Equity ratio

Millions of yen
134,458
138,234

%
39.9
42.7

2. Cash dividends
Annual dividends per share

Year ended March 31, 2015
Year ending March 31, 2016

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––

Yen
2.00
2.50

Yen–

Yen
2.00

Yen
4.00

–

2.50

5.00

Year ending March 31, 2016 (Forecast)Total

3. Forecast of consolidated financial results for the year ending March 31, 2016 (from April 1, 2015 to March 31, 2016)
Percentages indicate year-on-year changes
Profit attributable toNet sales
Operating income
Ordinary income
Earnings per shareowners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Yen
Full year
210,000
7.9
10,50027.8
11,000
10.9
6,700
–
18.24

1

4. Notes(1) Changes in significant subsidiaries during the six months ended September 30, 2015(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 September 30, 2015

371,463,036 shares As of March 31, 2015

371,463,036 shares

Number of treasury shares at the end of the period
As of September 30, 2015

6,366,925 shares As of March 31, 2015

1,192,297 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Six months ended September 30, 2015

367,252,507 shares Six months ended September 30, 2014

2370,273,403 shares

Quarterly consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of March 31, 2015

As of September 30, 2015

AssetsCurrent assets
Cash and depositsNotes and accounts receivable - trade49,17656,67867,472
43,412Merchandise and finished goods
Work in process

2,103
60,9882,220
72,772

Raw materials and supplies
Other

5,234
16,952

5,890
15,704

Allowance for doubtful accounts
Total current assets

(157)

(231)

190,976

207,241

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

45,08644,366

Machinery, equipment and vehicles, net
Other, net

21,852
15,03820,88017,094

Total property, plant and equipment

81,97882,341Intangible assets
Goodwill

01,073

Other710

747

Total intangible assets

710

1,820

39,131
7,459

33,324
7,275

Investments and other assets
Investment securities
Other
Allowance for doubtful accounts

(588)

(580)

Total investments and other assets

46,00240,018

128,691

124,181319,667

331,422

Notes and accounts payable - trade
Short-term loans payable

42,41812,25544,557
13,527

Current portion of bonds
Income taxes payable

10,000
1,171

10,000875

Advances received
Provision for loss on business of wind power

34,697
13,20333,512
11,114

Other provision
Other

3,556
28,216

2,59717,078

Total current liabilities

145,520

133,264

Non-current liabilities
Long-term loans payable

Total non-current assets
Total assets
Liabilities
Current liabilities

6,227

36,144

Provision
Net defined benefit liability

109
10,85799
10,755

Asset retirement obligations
Other

1,295
17,423

1,303
15,398

Total non-current liabilities
Total liabilities

3

35,912

63,700181,432

196,964

(Millions of yen)
As of March 31, 2015

As of September 30, 2015

Net assets
Shareholders' equity
Capital stock

19,694

19,694

Capital surplus
Retained earnings5,425
103,330

5,425
105,754(731)(3,670)127,718

127,204

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

9,195
(194)

5,430
(345)

Foreign currency translation adjustment
Remeasurements of defined benefit plans

239
(399)

265
(269)

Total accumulated other comprehensive income

8,839

5,081

1,676

2,172

138,234

134,458

319,667

331,422

Treasury shares
Total shareholders' equity
Accumulated other comprehensive income

Non-controlling interests
Total net assets
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)Six months ended

Six months ended

September 30, 2014

September 30, 2015

Net sales
Cost of sales

94,183
76,696

94,66775,813Gross profit

17,486

18,854

Selling, general and administrative expenses

13,814

13,841

Operating income

3,672

5,012

35
412

51
401

Miscellaneous income

1,068

369

Total non-operating income

1,516

822

Interest expenses
Share of loss of entities accounted for using equity method131
1181
1

Miscellaneous loss

212

331

Total non-operating expenses

345

514

4,843

5,321

Non-operating income
Interest income
Dividend income

Non-operating expenses

Ordinary income
Extraordinary income
Gain on sales of non-current assets

429

Gain on bargain purchase
Other

218
––
0

Total extraordinary income

222

2973

157

2115,967––

343

Extraordinary losses
Loss on retirement of non-current assets
Provision for loss on business of subsidiaries and associates
Provision for loss on business of wind power
Other
Total extraordinary losses

16,065200(10,999)

5,150

Income taxes - current

1,933

1,378

Income taxes - deferred(5,697)513

Total income taxes(3,764)

1,892

Profit (loss)(7,235)

3,258

Income (loss) before income taxes and minority interests

Profit attributable to non-controlling interests

114

93

Profit (loss) attributable to owners of parent(7,349)3,165

5

Consolidated statements of comprehensive income (cumulative)(Millions of yen)

Profit (loss)
Other comprehensive income

Six months ended

Six months ended

September 30, 2014

September 30, 2015

(7,235)

3,258

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

1,473
(546)

(3,764)(151)

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

(90)
181

22
131

1,017

(3,761)(6,218)(503)(6,329)

(593)

111

90

Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

6