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, 2019
(Based on Japanese GAAP)
August 5, 2019
Company name:
The Japan Steel Works, Ltd.
Stock exchange listing: Tokyo
Stock code:5631
URL https://www.jsw.co.jp/
Representative:
Representative Director & President
General Manager, General Affairs
Inquiries:
Department
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:

Naotaka Miyauchi
Atsuya Hodota

TEL

03-5745-2001

August 7, 2019
–NoNo

(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the three months ended June 30, 2019 (from April 1, 2019 to June 30, 2019)(1) Consolidated operating results (cumulative)
Net sales
Three months ended June 30, 2019
Three months ended June 30, 2018Millions of yen
53,93854,704

Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
owners of parent% Millions of yen% Millions of yen% Millions of yen%
(1.4)
6,992
0.1
7,702
(4.1)
6,284
(8.6)
22.9
6,987
53.8
8,031
77.7
6,873 113.7

Earnings per share

Diluted earnings per share

Yen
85.49
93.53

Three months ended June 30, 2019
Three months ended June 30, 2018

Yen––(2) Consolidated financial position
Total assets
As of June 30, 2019
As of March 31, 2019

Net assets

Millions of yen
315,495
305,471

Equity ratio

Millions of yen
134,864
129,827

%
42.2
42.0

2. Cash dividends
Annual dividends per share

Year ended March 31, 2019Year ending March 31, 2020

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––

Yen
25.00

Yen–

Yen
30.00

Yen
55.00

27.50

–

27.50

55.00

Year ending March 31, 2020 (Forecast)Total

3. Forecast of consolidated financial results for the year ending March 31, 2020 (from April 1, 2019 to March 31, 2020)
Percentages indicate year-on-year changes
Profit attributable toNet sales
Operating profit
Ordinary profit
Earnings per shareowners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%Yen
Six months ending
112,500
2.6
9,500 (23.2)
10,500 (23.3)
7,500 (37.2)
102.05September 30, 2019
Full year
225,000
2.2
19,000 (21.8)
20,000 (28.4)
14,000 (29.9)
190.501

4. Notes(1) Changes in significant subsidiaries during the three months ended June 30, 2019(changes in specified subsidiaries resulting in the change in scope of consolidation):(2) Application of special accounting methods for preparing quarterly consolidated financial statements:

NoNo(3) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
No
Changes in accounting policies due to revisions to accounting standards and other regulations:
Changes in accounting policies due to other reasons:No
Changes in accounting estimates:
No
Restatement of prior period financial statements:
No(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, 201974,309,108 shares As of March 31, 201974,309,108 shares

Number of treasury shares at the end of the period
As of June 30, 2019

803,101 shares As of March 31, 2019

803,082 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Three months ended June 30, 201973,506,010 shares Three months ended June 30, 2018273,490,081 shares

Quarterly consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of March 31, 2019
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts

As of June 30, 201974,30464,921
2,767
61,004
5,675
6,544(137)

77,55562,805
3,274
67,8685,952
7,200(130)215,080

224,525

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

15,212
7,273
12,027

16,7497,096
12,481

Total property, plant and equipment

34,51436,327

268
1,957

212
1,961

Total current assets

Intangible assets
GoodwillOther

2,226

2,174

Investments and other assets
Investment securities
Other
Allowance for doubtful accounts

Total intangible assets

29,07824,969(397)

28,92723,936(395)

Total investments and other assets

53,65052,468

Total non-current assets

90,391

90,970305,471

315,495

55,57912,088199
3,326
16,619
1,887
5,295
836
16,637

58,841
12,558
5,177
1,974
17,547
1,721
5,266
476
17,892

Total current liabilities

112,469

121,455

Non-current liabilities
Long-term borrowings
Provisions
Retirement benefit liability
Asset retirement obligations
Other

39,20873
10,494
1,308
12,08934,70573
10,5801,311
12,503

Total non-current liabilities

63,174

59,175

175,643

180,630

Total assets
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings
Current portion of long-term borrowings
Income taxes payable
Advances received
Provision for loss on wind power generator business
Provision for business restructure
Other provisions
Other

Total liabilities

3(Millions of yen)
As of March 31, 2019
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity

As of June 30, 201919,716
5,362
102,915(2,312)

19,716
5,362
107,449(2,312)

125,682

130,216

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans

3,290
(226)
(222)
(115)

3,310
65
(171)
(144)

Total accumulated other comprehensive income

2,725

3,060

1,419

1,588

129,827

134,864

305,471

315,495

Non-controlling interestsTotal 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)Three months ended
June 30, 2018

Three months ended
June 30, 2019

Net sales
Cost of sales

54,70440,50953,93839,075Gross profit

14,194

14,863

Selling, general and administrative expenses

7,207

7,870

Operating profit

6,987

6,992

11
427
88208
387

18443
–
208
268

1,123

938

60
–1860
1167

Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using equity method
Gain on non-current assets rent
Miscellaneous income
Total non-operating income
Non-operating expenses
Interest expenses
Share of loss of entities accounted for using equity method
Miscellaneous loss

79

228

Ordinary profit

Total non-operating expenses

8,031

7,702

Extraordinary income
Gain on sales of non-current assets
Other

1,747
235

1,230
361

1,982

1,591–
26–

551
95

Total extraordinary income
Extraordinary losses
Loss on sales of non-current assets
Loss on retirement of non-current assets
Other26152

Profit before income taxes

Total extraordinary losses

9,987

9,141

Income taxes - current
Income taxes - deferred

2,915
130

2,235557

Total income taxes

3,046

2,793

Profit

6,941

6,348

Profit attributable to non-controlling interests
Profit attributable to owners of parent

568

64

6,873

6,284

Consolidated statements of comprehensive income (cumulative)(Millions of yen)Three months ended
June 30, 2018
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

6

Three months ended
June 30, 2019

6,941

6,348

(851)
(394)
(338)
47

19
292
55
(27)

(1,536)

340

5,405

6,688

5,366

6,618

3870