1

Overview of Consolidated Results of Operations(YoY Change)

Yodogawa Steel Works, Ltd.

(Billions of yen, rounded down to the nearest 10 million yen)

FY3/23

FY3/22

ChangeNet sales

220.31201.6518.65(Gross profit)

32.66

33.18

(0.51)(Selling, general and administrativeexpenses)

19.99

18.83

1.16

Operating profit

12.66

14.34

(1.68)(Non‐operating income)

5.35

3.91

1.43

(Non‐operating expenses)

0.32

0.35

(0.02)

Ordinary profit

17.68

17.91

(0.23)(Extraordinary income)

0.18

0.14

0.03

(Extraordinary losses)

1.00

0.970.03

Profit before income taxes

16.86

17.09(0.22)(Income taxes)

4.97

4.83

0.14

(Profit attributable to non‐controlling interests)

1.29

2.47

(1.17)

Profit attributable toowners of parent

10.59

9.78

0.80

367.13 yen

339.77 yen

27.36 yen

14.91

14.16

0.75

(EPS (Yen/Share)

Comprehensive income

Yodogawa Steel Group Financial Results for the Fiscal Year Ended March 31, 2023

Remarks

Change (%)

9.3% Net sales
Challenges due to the high cost of resources, energy and otheritems, but sales up in Japan and at PPT in Thailand. Sales down atSYSCO in Taiwan and at YSS in China.
profit(11.7)% Operating
Japan: Higher mainly because of price revisions
Overseas: Earnings up at PPT but lower at SYSCO and YSS due tothe negative impact of China’s zero‐COVID policy and a decline inmarket conditions
Non‐operating expenses (income):
Increases in gain on sales of investment securities and other items(1.3)%
Extraordinary losses
Loss on retirement of non‐current assets and other items(1.3)%

8.2% Comprehensive income
FY3/23: Profit of 11.8 billion yen, remeasurements of definedbenefit plans (net of tax) of 0.58 billion yen, foreign currencytranslation adjustment of 2.4 billion yen

Copyright (C) 2023 Yodogawa Steel Works, Ltd. All Rights Reserved

12

Overview of Consolidated Results of Operations(vs. Forecasts)

Yodogawa Steel Works, Ltd.

(Billions of yen, rounded down to the nearest 10 million yen)

FY3/23ResultsForecasts(Announced in February2023)

Differences

Net sales

220.31220.000.31

Operating profit

12.66

12.70

(0.04)

Ordinary profit

17.68

16.50

1.18

Profit attributable toowners of parent

10.59

9.30

1.29Remarks• Ordinary profit/Profit attributable to owners of parent:
Some investment securities were sold in the 4Q (Yodogawa Steel Works)
Yodogawa Steel Group Financial Results for the Fiscal Year Ended March 31, 2023

Copyright (C) 2023 Yodogawa Steel Works, Ltd. All Rights Reserved2

3

Consolidated Net Sales

Yodogawa Steel Works, Ltd.
(Billions of yen, rounded down to the nearest 10 million yen)

201.65173.80FY3/18167.41154.06145.96

FY3/20FY3/21

FY3/19FY3/22220.31

FY3/23

Breakdown of the 18.6 billion yen increase in net sales:• Yodogawa Steel Works: +17.8 billion yen (127.54 → 145.35)
Sales volume of steel sheets was down due to flat construction demand and sales prioritizing profitability in thesecond half, but sales increased because of price revisions.
• Taiwan subsidiary Sheng Yu Steel Co., Ltd. (SYSCO): (0.32) billion yen (54.06 → 53.73)
Sales volumes decreased in Taiwan and for exports because of worsening conditions in overseas markets.
• Chinese subsidiary Yodogawa Shengyu (Hefei) High‐Tech Steel Co., Ltd. (YSS): (1.61) billion yen (14.02 → 12.40)
Sales volumes decreased significantly to building materials and home appliance companies because of lockdowns
resulting from China’s zero‐COVID policy.
• Thai subsidiary PCM Processing (Thailand) Ltd. (PPT): +1.26 billion yen (3.93 → 5.19) as sales increased, the result offocusing sales activities on outdoor AC units made by Japanese appliance manufacturers and other market sectors
Yodogawa Steel Group Financial Results for the Fiscal Year Ended March 31, 2023

Copyright (C) 2023 Yodogawa Steel Works, Ltd. All Rights Reserved

34Consolidated Profit and Loss

Yodogawa Steel Works, Ltd.
(Billions of yen, rounded down to the nearest 10 million yen)

Consolidated operating profit
Profit attributable to owners of parent

Consolidated ordinary profit

17.91

17.68

14.35
12.66

12.28
10.85

9.82

7.36
5.87

9.79
6.25

9.78

10.59

7.88

7.42

6.25

5.48
3.86

FY3/18

FY3/19FY3/20FY3/21

FY3/22

FY3/23

Breakdown of the 1.68 billion yen decrease in operating profit:• Yodogawa Steel Works: +3.08 billion yen (7.94 → 11.03)
Higher expenses, but earnings up due to selling price revisions and other items• SYSCO: (3.62) billion yen (5.92 → 2.29) Earnings down as difficult overseas markets reduced thesales volume• YSS: (0.59) billion yen (0.04 → (0.54)) Earnings down as lockdowns reduced the sales volume• PPT: +0.19 billion yen (0.11 → 0.30)
Focusing on raising selling prices to reflect the higher cost of raw materials
Yodogawa Steel Group Financial Results for the Fiscal Year Ended March 31, 2023

Copyright (C) 2023 Yodogawa Steel Works, Ltd. All Rights Reserved45Segment Information

Yodogawa Steel Works, Ltd.
(Billions of yen, rounded down to the nearest 10 million yen)

Net sales
FY3/23

FY3/22

Segment profit
Change (%)

FY3/23

FY3/22

Change (%)

210.95

192.42

9.6%

13.31

14.21(6.4)%

Roll

2.92

2.68

8.9%

(0.26)

0.00‐Grating

3.50

3.44

1.6%

0.05

0.10(52.8)%

Real Estate

1.23

1.26(2.2)%

0.78

0.85(8.3)%

218.61199.82

9.4%

13.88

15.18(8.6)%

Others

1.69

1.82(7.3)%

0.23

0.44(46.8)%

Total

220.31201.65

9.3%

14.12

15.63(9.7)%(1.45)(1.28)

12.66

14.34

Steel Sheet‐related

Total reportablesegments

Adjustment
Amounts shown on theconsolidated statementof income

220.31201.65

Yodogawa Steel Group Financial Results for the Fiscal Year Ended March 31, 2023

9.3%

(11.7)%

Copyright (C) 2023 Yodogawa Steel Works, Ltd. All Rights Reserved

56

Consolidated Financial Position

Yodogawa Steel Works, Ltd.
(Billions of yen, rounded down to the nearest 10 million yen)

As of Mar. 31,
2023

As of Mar. 31,
2022

Total assets

251.05244.67

6.38

2.6%

Current assets

150.86144.52

6.34

4.4%

Non‐current assets

100.18100.140.04

0.0%

Liabilities

49.15

52.73

(3.58)(6.8)%

Current liabilities

35.09

37.55

(2.46)(6.6)%

Non‐current liabilities

14.05

15.17

(1.11)(7.4)%Net assets

201.90191.93

9.96

5.2%

Shareholders’ equity

155.65147.97

7.67

5.2%

Accumulated othercomprehensive income

24.01

22.31

1.69

7.6%

Non‐controlling interests

22.09

21.45

0.63

3.0%

BPS (Yen/Share)

6,223.26

5,907.11

316.15

Shareholders’ equity

179.67170.299.37

Equity ratio

71.6%

69.6%

2.0pt

Yodogawa Steel Group Financial Results for the Fiscal Year Ended March 31, 2023

ChangeChange (%)

Remarks
Assets(Current) Decrease in tradereceivables, increase in inventories(Non‐current) Sale of investment
securities, etc.
Liabilities(Current) Decrease in trade payables,etc.
(Non‐current) Decrease in retirement
benefit liability, etc.

Shareholders’ equity
Profit of 10.5 billion yen, dividends of(3.0) billion yen, etc.

5.5%

Copyright (C) 2023 Yodogawa Steel Works, Ltd. All Rights Reserved67 Consolidated Cash FlowsYodogawa Steel Works, Ltd.
(Billions of yen, rounded down to the nearest 10 million yen)

FY3/23

YoY

FY3/22

Remarks

ChangeChange (%)(Amounts shown are approximate)

Cash flows fromoperating activities

17.33(10.64)27.98‐

Decrease in trade receivables,
decrease in increase of inventories, etc.

Cash flows frominvesting activities(3.16)(1.98)(1.17)‐

Decrease in withdrawal of time
deposits

Cash flows fromfinancing activities(5.09)(1.22)(3.86)‐

FY3/23: Increase in dividends paid

Cash and cash
equivalents

40.71

30.96

9.75

31.5%

(Billions of yen)

Cash and cash equivalents at end of period
43.11

27.27

FY3/18

32.31

34.65

FY3/19FY3/20

Yodogawa Steel Group Financial Results for the Fiscal Year Ended March 31, 2023

40.71
30.96

FY3/21

FY3/22

FY3/23Copyright (C) 2023 Yodogawa Steel Works, Ltd. All Rights Reserved

78

Capital Expenditures and Depreciation

Yodogawa Steel Works, Ltd.

(Property, plant and equipment including construction in progress) (Billions of yen, rounded down to the nearest 10 million yen)

FY3/23
Capitalexpenditures(consolidated)
Depreciation(consolidated)
Capitalexpenditures(non‐consolidated)
Depreciation(non‐consolidated)

YoY

FY3/22

ChangeRemarks(Amounts shown areapproximate)

Change (%)

5.65

6.91

(1.25)(18.2)%

Fukui Yodoko

4.87

3.99

0.88

22.1%

Fukui Yodoko

1.72

2.44(0.72)(29.7)%

No significant
investment projects

2.26

1.88

0.38

20.3%

Company housing at
the Ichikawa Plant, etc.

Capital expenditures
8.74

Depreciation
6.91
5.65

4.19
3.02

FY3/183.90
2.24

FY3/19

3.66

3.53

3.99

4.87

5.00
3.50

2.22

FY3/20

Yodogawa Steel Group Financial Results for the Fiscal Year Ended March 31, 2023

FY3/21

FY3/22

FY3/23

FY3/24 (forecasts)

Copyright (C) 2023 Yodogawa Steel Works, Ltd. All Rights Reserved89Major Capital Expenditures

Yodogawa Steel Works, Ltd.
(Billions of yen, rounded down to the nearest 10 million yen)

FY3/23After
FY3/23Total
investments

Companies

Projects

Completion date

Yodogawa
Steel Works

Ichikawa Plant: No. 2 color coating
line electric equipment

August 2022

0.16

Yodogawa
Steel Works

Osaka Plant: Update of fire
resistance testing equipment

July 2022

0.14

Fukui YodokoConstruction of a new plant(Phase 2)

March 2023

0.97

Yodogawa
Steel Works

Production of roof moldingmachine

During FY3/24

0.3

Yodogawa
Steel Works

Osaka Plant: No. 5 color coating line
Update of inverter

May 2023

0.16

Yodogawa Steel Group Financial Results for the Fiscal Year Ended March 31, 2023

(based on bookvalue)

Copyright (C) 2023 Yodogawa Steel Works, Ltd. All Rights Reserved

910 Consolidated Forecasts

Yodogawa Steel Works, Ltd.
(Billions of yen, rounded down to the nearest 10 million yen)

FY3/24

Consolidated

Full year

YoYNet sales

810.0(26.7)

Operating profit

25.0

(5.5

Ordinary profit

32.0(13.5Profit
attributable toowners of parent

Non‐consolidated•

1HNet sales

YoY

21.0because it is difficult(7.3 to reasonably estimate theNot disclosed
forecast of the results of operations at this point
560.0
29.1

Operating profit

25.0

(7.3

Ordinary profit

33.0(21.6Profit

23.0(15.5It is difficult to reasonably estimate the forecast of the results of operations at this point
because the business environment for the Group is becoming increasingly uncertain bothin Japan and overseas.

Yodogawa Steel Group Financial Results for the Fiscal Year Ended March 31, 2023

Copyright (C) 2023 Yodogawa Steel Works, Ltd. All Rights Reserved1011 Dividends

Yodogawa Steel Works, Ltd.

(Yen/Shares)

EPS（連結）EPS(consolidated)

年間配当
Dividend

367.13339.77247.98215.60211.08131.14102.00
75.00

70.00

70.00

111.0075.00
Notdisclosed

FY3/18

FY3/19FY3/20FY3/21

FY3/22

FY3/23

FY3/24 (forecasts)• We will promptly announce the FY3/24 dividend forecast as soon as theearnings forecast based on reasonable estimate becomes available.
Yodogawa Steel Group Financial Results for the Fiscal Year Ended March 31, 2023

Copyright (C) 2023 Yodogawa Steel Works, Ltd. All Rights Reserved

1112 Business Segments (Reference 1)

Yodogawa Steel Works, Ltd.

Primary Sales Volume of Steel Sheet Products (before eliminations for consolidation)(10,000 tons)

122
111

109

PPTYSS
SYSCO
YSW
Total
(consolidated)

98

101

95

2018年3月期
FY3/183104762

2019年3月期
FY3/193736632020年3月期
FY3/203733562021年3月期
FY3/213103256

2022年3月期
FY3/2231136622023年3月期
FY3/23282955

122

109

98

101

11195

• Sales volume at all four companies decreased 160,000 tons
• Yodogawa Steel Works (‐70,000 tons) and SYSCO (‐70,000 tons)
Yodogawa Steel Group Financial Results for the Fiscal Year Ended March 31, 2023

Copyright (C) 2023 Yodogawa Steel Works, Ltd. All Rights Reserved

12

13 Business Segments (Reference 2)

Yodogawa Steel Works, Ltd.

Regional Primary Sales Volume (before eliminations for consolidation)(10,000 tons)

140
122
120

111

109

100

98101

95

80
60
40
200
OtherOceania
North / Central / South America
Other Asia
(excluding Middle East)
China / Hong Kong
TaiwanJapanTotal

FY3/18

FY3/19FY3/20FY3/21

FY3/22

FY3/23331021601211412701787877492760
122

72561
109

62555
98

102455101102362111

72055
95

Yodogawa Steel Group Financial Results for the Fiscal Year Ended March 31, 2023

Copyright (C) 2023 Yodogawa Steel Works, Ltd. All Rights Reserved

1314 Other Topics (1)Yodogawa Steel Works, Ltd.

YODO Monooki Esumo BEAMS DESIGN model Started accepting orders in December 2022The BEAMS DESIGN model is our second series of storage sheds linked with well‐known brands of othercompanies, following the Coleman model that we started sales in April 2021 to commemorate the 50thanniversary of the first YODO Monooki (storage shed). This new model is a collaboration with “BEAMSDESIGN”, a brand created by BEAMS Co., Ltd. that is aggressively expanding its operations beyond thefashion category. The BEAMS DESIGN model realizes the design concept of a “military container”.
Yodogawa Steel Group Financial Results for the Fiscal Year Ended March 31, 2023

Copyright (C) 2023 Yodogawa Steel Works, Ltd. All Rights Reserved14