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 Nine Months Ended December 31, 2014
(Based on Japanese GAAP)
February 2, 2015
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 DepartmentIkuo 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

February 13, 2015–
No
No
(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the nine months ended December 31, 2014 (from April 1, 2014 to December 31, 2014)(1) Consolidated financial results (cumulative)
Percentages indicate year-on-year changes
Net sales
Nine months ended December 31, 2014
Nine months ended December 31, 2013

Millions of yen
141,975
131,181

Operating income% Millions of yen
8.2
6,033(18.4)
6,087

Net income per share

Net income% Millions of yen%
4.7(5,620)–(53.9)4,489 (51.8)

Diluted net income per share

Yen(15.18)
12.11

Nine months ended December 31, 2014
Nine months ended December 31, 2013

Ordinary income% Millions of yen(0.9)
7,679(54.9)
7,335

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

Millions of yen
308,685
293,139

Equity ratio

Millions of yen
135,769
139,268

%
43.5
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
2.00

Yen––

Yen
2.50

Yen
5.00

2.00

4.00

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 changesNet income
Net sales
Operating income
Ordinary income
Net income
per share
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Yen
Full year
200,000
6.0
7,500 (15.4)
8,500 (12.4)(4,500)–(12.15)

1

4. Notes(1) Changes in significant subsidiaries during the nine months ended December 31, 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 December 31, 2014

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

371,463,036 shares

Number of treasury shares at the end of the periodAs of December 31, 2014

1,192,617 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)
Nine months ended December 31, 2014

370,272,829 shares Nine months ended December 31, 2013

2370,675,376 shares

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

As of December 31, 2014

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade42,32948,86940,84554,194Merchandise and finished goodsWork in process

1,802
59,477

1,584
61,399Raw materials and supplies
Deferred tax assets

4,208
5,374

5,696
9,564

Other
Allowance for doubtful accounts

5,724(310)9,118(271)

167,476

182,131

Buildings and structures, net
Machinery, equipment and vehicles, net

45,941
25,553

44,66921,958Other, net

14,177

14,698

Total property, plant and equipment

85,67281,326855

728

Total current assets
Non-current assets
Property, plant and equipment

Intangible assets
Investments and other assets
Investment securities

32,81638,400Other
Allowance for doubtful accounts

6,891
(572)

6,620
(522)

Total investments and other assets

39,13444,498125,662

126,553

293,139

308,685

42,33945,296

Short-term loans payable
Current portion of long-term loans payable

12,292
2,700

12,983
12,578Current portion of bonds
Advances received–
22,04810,00025,635

Provision for loss on wind power generator business
Other provision

–
4,614

14,865
2,983

Other

14,854

14,670Total current liabilities

98,848139,015

Bonds payable
Long-term loans payable

10,00015,095–
5,065Provision
Net defined benefit liability

115
10,405104
10,944

Asset retirement obligations
Other

1,271
18,132

1,288
16,498

Total non-current liabilities

55,02133,900

153,870

172,915

Total non-current assets
Total assets
Liabilities
Current liabilities
Notes and accounts payable - tradeNon-current liabilities

Total liabilities

3

(Millions of yen)
As of March 31, 2014

As of December 31, 2014

Net assets
Shareholders' equity
Capital stock

19,694

19,694

Capital surplus
Retained earnings

5,425
110,635

5,425
103,037

(730)

(731)

135,026

127,425

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

4,293
(130)

7,867
(356)

Foreign currency translation adjustment
Remeasurements of defined benefit plans(96)(1,042)(5)(770)

Total accumulated other comprehensive income

Treasury shares
Total shareholders' equity
Accumulated other comprehensive income

3,024

6,734

Minority interests

1,218

1,608

Total net assets

139,268

135,769

293,139

308,685

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)
Nine months ended

Nine months ended

December 31, 2013

December 31, 2014

Net sales
Cost of sales

131,181
105,484

141,975
115,276

Gross profit

25,696

26,698Selling, general and administrative expenses

19,60820,665

Operating income

6,087

6,033

39533

49657

Miscellaneous income

1,439

1,508

Total non-operating income

2,012

2,216

Interest expenses
Share of loss of entities accounted for using equity method

322
1198
1

Miscellaneous loss

440369Total non-operating expenses

765

570

7,335

7,679

Non-operating income
Interest income
Dividend income

Non-operating expenses

Ordinary income
Extraordinary income
Gain on bargain purchase

–

218

Other

185

4

Total extraordinary income

185

223

Loss on retirement of non-current assets
Loss on valuation of shares of subsidiaries and associates

55
–

8755

Provision for loss on business of subsidiaries and associates
Provision for loss on wind power generator business––

21
15,967

Other

23

Extraordinary losses

57

16,135

Income (loss) before income taxes and minority interests

Total extraordinary losses

7,462(8,233)

Income taxes - current

1,985

1,774

Income taxes - deferred961(4,525)

Total income taxes

2,946(2,751)

Income (loss) before minority interests

4,516(5,481)

Minority interests in income
Net income (loss)

527

138

4,489

(5,620)Consolidated statements of comprehensive income (cumulative)(Millions of yen)

Income (loss) before minority interests
Other comprehensive income

Nine months ended

Nine months ended

December 31, 2013

December 31, 2014

4,516

(5,481)

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

5,328(34)3,574(226)

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

226–99272

5,520

3,719

10,036(1,762)

10,00036(1,909)
147

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