May 10, 2024

Summary of the Consolidated Financial Results
for the Fiscal Year Ended March 31, 2024 (FY3/24)[Japanese GAAP]
Company name:

Yodogawa Steel Works, Ltd.
Listing: Tokyo Stock Exchange
Stock code:
5451
URL: https://www.yodoko.co.jp/english/
Representative:
Satoshi Nitta, President and Representative Director
Inquiries:
Takayuki Deguchi, General Manager of IR Department
Tel: +(81)6-6245-1113
Scheduled date of Annual General Meeting of Shareholders:June 25, 2024
Scheduled date of payment of dividend:
June 26, 2024
Scheduled date of filing of Annual Securities Report:
June 25, 2024
Preparation of supplementary materials for financial results:
Yes
Holding of financial results meeting:Yes (for analysts and institutional investors)(All amounts are rounded down to the nearest million yen)

1. Consolidated Financial Results for FY3/24 (April 1, 2023 to March 31, 2024)(1) Consolidated results of operations(Percentages represent year-on-year changes)
Net sales

Operating profit

Millions of yen

Fiscal year ended Mar. 31, 2024
Fiscal year ended Mar. 31, 2023

% Millions of yen

203,957
220,314

Note: Comprehensive income (millions of yen):

(7.4)
9.3

Fiscal year ended Mar. 31, 2024
Fiscal year ended Mar. 31, 2023

% Millions of yen

12,017
12,665(5.1)(11.7)

Diluted net
income per share% Millions of yen

15,202
17,686

Fiscal year ended Mar. 31, 2024:
Fiscal year ended Mar. 31, 2023:

Net income per
share

Profit attributable toowners of parent

Ordinary profit(14.0)(1.3)

16,287
14,916Return on
equity4,456
10,593%(57.9)
8.2(up 9.1%)(up 5.3%)

Ordinary profit
on total assets

Operating profit
to net sales

Yen

Yen

%

%

%

154.29367.13153.87365.99

2.4
6.1

5.9
7.1

5.9
5.7

Reference: Equity in earnings of affiliates (millions of yen):

Fiscal year ended Mar. 31, 2024
Fiscal year ended Mar. 31, 2023

535
542

(2) Consolidated financial position
Total assets

Shareholders’equity ratio

Net assets

Net assets per share

Millions of yen

Millions of yen%

Yen

As of Mar. 31, 2024
As of Mar. 31, 2023

265,863251,057

213,832
201,906

71.3
71.6

6,561.18
6,223.26

Reference: Shareholders’ equity (millions of yen):

As of Mar. 31, 2024:
As of Mar. 31, 2023:

189,580
179,673(3) Cash flow position
Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash
equivalents at end of
periodMillions of yen

Millions of yen

Millions of yen

Millions of yen

21,521
17,336(809)(3,160)(5,360)(5,092)

57,39840,712

Fiscal year ended Mar. 31, 2024
Fiscal year ended Mar. 31, 2023

2. Dividends
Dividend per share
1Q-end 2Q-end 3Q-end Year-end
Yen

Yen

Yen

Yen

Total
Yen

Total
dividends

Payout ratio(consolidated)

Dividend on
equity(consolidated)%%

Millions of yen

Fiscal year ended Mar. 31, 2023
–
40.00
–
71.00 111.00
3,236
30.2
1.8
Fiscal year ended Mar. 31, 2024–
55.00
– 145.00 200.00
5,836
129.6
3.1
Fiscal year ending Mar. 31, 2025
– 100.00– 209.00 309.00
75.0(Forecast)
For further details, please refer to “1. Overview of Results of Operations, (3) Basic Policy for Profit Distribution and Dividends
in the Current and Next Fiscal Years” on page 5.

3. Consolidated Forecasts for FY3/25 (April 1, 2024 to March 31, 2025)
Net sales
Millions of yen(Percentages represent year-on-year changes)
Profit attributable to
Net income
Ordinary profit
owners of parent
per share

Operating profit%

Millions of yen%

Millions of yen%

Millions of yen

First half
103,000
1.7
5,400 (1.3)
7,400
(3.6)
Full year
212,000
3.9
11,100 (7.6)
18,400 21.0
For further details, please refer to “1. Overview of Results of Operations, (2) Outlook” on page 4.

4,600
11,900%Yen(11.3)
167.0

159.20411.85

* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in changes inscope of consolidation): None
(2) Changes in accounting policies and accounting-based estimates, and restatements
1) Changes in accounting policies due to revisions in accounting standards, others: None
2) Changes in accounting policies other than 1) above: None
3) Changes in accounting-based estimates: None
4) Restatements: None

(3) Number of outstanding shares (common shares)
1) Number of shares outstanding at the end of the period (including treasury shares)
As of Mar. 31, 2024:

34,837,230 shares

As of Mar. 31, 2023:

34,837,230 shares

As of Mar. 31, 2023:

5,966,020 sharesFiscal year ended Mar. 31, 2023:

28,855,605 shares

2) Number of treasury shares at the end of the period
As of Mar. 31, 2024:

5,942,958 shares

3) Average number of shares outstanding during the period
Fiscal year ended Mar. 31, 2024:

28,883,683 shares

Reference: Summary of Non-consolidated Financial Results
1. Non-consolidated Financial Results for FY3/24 (April 1, 2023 to March 31, 2024)(1) Non-consolidated results of operations
Net sales
Millions of yen

Fiscal year ended Mar. 31, 2024
Fiscal year ended Mar. 31, 2023

129,660
145,355(Percentages represent year-on-year changes)
Ordinary profit
ProfitOperating profit% Millions of yen(10.8)
14.0

9,169
11,036

Net income per share
Fiscal year ended Mar. 31, 2024
Fiscal year ended Mar. 31, 2023

% Millions of yen(16.9)
38.9% Millions of yen

12,303 (27.7)
17,012 59.8%

(2,749)–12,644 72.6

Diluted net income per share
Yen

Yen

(94.23)433.83–432.50(2) Non-consolidated financial position
Total assets

Shareholders’equity ratio

Net assets

Millions of yen

Millions of yen

As of Mar. 31, 2024
193,288
152,042
As of Mar. 31, 2023
189,729
152,436
Reference: Shareholders’ equity (millions of yen):
As of Mar. 31, 2024: 151,917
As of Mar. 31, 2023: 152,295

Net assets per share
%

Yen

78.6
80.3

5,205.23
5,222.49

2. Non-consolidated Forecasts for FY3/25 (April 1, 2024 to March 31, 2025)
Net salesFirst half
Full year(Percentages represent year-on-year changes)
Net
Ordinary profit
Profitincome per
share

Operating profit

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Yen

63,000127,000

(3.5)
(2.1)

4,400
8,800

(2.6)
(4.0)

6,900
16,300

(3.4)
32.5

5,000
11,500(10.1)–

171.32394.03* The current financial report is not subject to audit by certified public accountants or auditing firms.
* Cautionary statement with respect to forward-looking statements and other special items
Forecasts of future performance in these materials are based on assumptions judged to be valid and information available to t he
management of Yodogawa Steel Works at the time the materials were prepared. These materials are not promises by Yodogawa
Steel Works regarding future performance. Actual results may differ significantly from these forecasts for a number of reasons.
For a discussion of the assumptions for forecasts, precautions concerning usage and other information, please refer to “1.
Overview of Results of Operations, (2) Outlook” on page 4.

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/24

Contents of Attachments

1. Overview of Results of Operations

2(1) Results of Operations and Financial Position

2(2) Outlook

4(3) Basic Policy for Profit Distribution and Dividends in the Current and Next Fiscal Years5

2. Basic Approach to the Selection of Accounting Standards

5

3. Consolidated Financial Statements and Notes

6(1) Consolidated Balance Sheet

6(2) Consolidated Statements of Income and Comprehensive Income

8

Consolidated Statement of Income

8

Consolidated Statement of Comprehensive Income

9(3) Consolidated Statement of Changes in Equity

10(4) Consolidated Statement of Cash Flows

12(5) Notes to Consolidated Financial Statements

14

Going-concern Assumption

14

Significant Accounting Policies in the Preparation of Consolidated Financial Statements

14

Notes to Consolidated Statement of Income

15

Segment Information

15

Per-share Information

18

Subsequent Events18

4. Non-consolidated Financial Statements

19(1) Non-consolidated Balance Sheet

19(2) Non-consolidated Statement of Income21(3) Non-consolidated Statement of Changes in Equity

22

1

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/24

1. Overview of Results of Operations(1) Results of Operations and Financial Position
1) Summary of results of operations
In the fiscal year ended March 31, 2024, there was a moderate economic recovery in Japan as economic activity
began returning to normal due to progress, such as reclassification of COVID -19’s category from Class 2 to Class
5. However, the recovery lacked strength due to impact of price hikes and other factors.
Looking at the world economy, in the United States, economy remained solid by steady employment conditions
and consumer spending. While at the same time, in China, the economy showed increasing signs of slowdown due
to downturn in the real estate market, worsening employment conditions, and other factors, and in Europe, theeconomy remained stagnant due to weak domestic demand caused by monetary tightening policies.
In Japan, automobile production, which seemed picking up as semiconductor supply shortages eased and by otherfactors, declined at the end of the fiscal year, and residential construction and machinery orders are weak. Under
the circumstances, orders and production remained sluggish in the steel industry.
In overseas steel markets, there were expectations for recovery due to solid economic performance in the UnitedStates, however, there were few signs of recovery in the Chinese economy. Therefore, the overall market conditions
remained weak.
Under these circumstances, the Yodogawa Steel Group strove to ensure a stable supply of products and to develop
differentiated products. In addition, group companies provided customers with thorough explanations of the selling
prices of products that can be reproduced.
The Yodogawa Steel Group’s net sales in the fiscal year decreased 16,356 million yen to 203,957 million yen.
Operating profit decreased 647 million yen to 12,017 million yen, ordinary profit decreased 2,483 million yen to
15,202 million yen, and profit attributable to owners of parent decreased 6,137 million yen to 4,456 million yen.
Total assets at the end of the fiscal year increased 14,806 million yen from the end of the previous fiscal year to265,863 million yen. This increase is attributable mainly to increases in cash and deposits as a result of an increasein cash flows from operating activities and investment securities resulting from fair market valuation of listed
shares held for investment purposes, partly offset by decreases in trade receivables and inventories. Liabilities
increased 2,880 million yen to 52,031 million yen. This increase is attributable mainly to increase in provision for
product compensation, partly offset by decreases in trade payables. Net assets increased 11,925 million yen to213,832 million yen. This increase is attributable mainly to increases in retained earnings, valuation difference on
available-for-sale securities, and foreign currency translation adjustment.
Business segment performance was as follows.
Steel Sheet-related BusinessNet sales totaled 194,031 million yen and operating profit was 11,954 million yen.
Roll BusinessNet sales totaled 3,124 million yen and operating profit was 55 million yen.
Grating BusinessNet sales totaled 3,431 million yen and operating profit was 207 million yen.
Real Estate BusinessNet sales totaled 1,283 million yen and operating profit was 817 million yen.
Other Businesses
Net sales totaled 2,085 million yen and operating profit was 376 million yen.
2

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/24

Cash and cash equivalents at the end of the fiscal year increased 16,685 million yen from the end of the previous
fiscal year to 57,398 million yen. This is mainly due to the positive operating cash flows.
Cash flows from operating activities
Net cash provided by operating activities increased 4,185 million yen to 21,521 million yen, mainly due to thedifference between operating profit for the fiscal year, a decrease in trade receivables, and decreases in inventories
and accounts payable-trade.
Cash flows from investing activities
Net cash used in investing activities decreased 2,350 million yen to 809 million yen, mainly due to difference
between expenditure for purchase of property, plant and equipment and sales of investment securities.
Cash flows from financing activities
Net cash used in financing activities increased 267 million yen to 5,360 million yen, mainly due to payments ofdividends.
2) Analysis and review of results of operations
Net sales
In Japan, efforts to realize selling prices of products that can be reproduced improved the selling prices, however,sales volume declined partly because of downturn in domestic steel demand, resulting in lower sales. Overseas,
our China subsidiary Yodogawa Shengyu (Hefei) High-Tech Steel Co., Ltd. (YSS) saw sluggish growth both insales volume and unit price due to economic downturn in China, resulting in lower sales. In addition, our Thailand
subsidiary PCM PROCESSING (THAILAND) Ltd. (PPT) improved sales prices as a result of efforts to expand
sales of high value-added steel sheets, however, resulted in lower sales due to decline in volume.
Operating profit
In Japan, earnings decreased due to decline in sales volume, despite the revisions of selling prices for our steel
sheet products. Overseas, on the other hand, our Taiwan subsidiary Sheng Yu Steel Co., Ltd. (SYSCO) saw anincrease in earnings due to recovery of sales volume in the domestic market in Taiwan, despite decline in sales
volume for export. YSS saw a decrease in earnings due to the prolonged downturn in the real estate market andother factors. PPT saw an increase in earnings due to improved profitability despite decline in sales volume.
Consequently, consolidated operating profit decreased.
Ordinary profit
Ordinary profit decreased more than operating profit did, mainly due to a decrease in gain on sale of investment
securities in non-operating income year on year.
Profit attributable to owners of parent
Profit decreased more than ordinary profit did, mainly due to provision for product compensation. While profit
attributable to owners of parent decreased more than profit did, due to the high percentage of non -controllinginterests at SYSCO, which was a major reason that the consolidated profit increased.
The Yodogawa Steel Group’s basic strategy for capital policy is to maintain consistent operating cash flows inorder to secure funds needed for substantial investments for sustained growth as well as the greatest possible
shareholder distributions while maintaining financial soundness.
As of the end of March 2024, there were no significant capital expenditures planned that would require the3

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/24

procurement of funds from external sources. For working capital and capital expenditures, the policy is to useinternal resources as the main source of funding and use loans from financial institutions as needed for the time
being.
Our objective target for monitoring progress concerning management policies, strategic goals, and business goals,
is provided in the “Yodogawa Steel Group Medium-Term Management Plan 2025.” In the current fiscal year, theYodogawa Steel Group achieved its initial target of 10 billion yen or more in consolidated operating profit amid asevere business environment with weak demand for steel both in Japan and overseas, however, the profit decreased
year on year. Aiming further enhancement of our corporate value, a new target of 13 billion yen or more inconsolidated operating profit for the fiscal year ending March 31, 2026 was set on April 25, 2024, after reviewing
the Medium-Term Management Plan.
An analysis and review of the financial position and results of operations for business segments are as follows.
Steel Sheet-related Business
Steel Sheet
In Japan, both sales and earnings decreased because of a decline in sales volume of both specific high -demandcustomers and general distribution as a result of stagnant demand in the building construction sector, despite therise of selling prices of all types of steel sheets.
Overseas, SYSCO in Taiwan saw an increase in earnings despite a decrease in sales due to recovery of sales volume
in the domestic market in Taiwan, despite decline in sales volume for export. YSS in China saw worse performancedue to the prolonged downturn in the real estate market and other factors. PPT in Thailand saw an increase inearnings despite a decrease in sales.
Building Material
In the building materials category, although selling prices of both exterior products and exterior construction
material products were revised, overall sales decreased due to decline in sales volume.
As a result, both sales and earnings decreased in the Steel Sheet-related Business segment.
Roll Business
Sales volume decreased, but sales increased and returned to profitability due to revisions of selling prices forsteel.
Grating Business
Sales decreased due to decline in sales volume, but earnings increased due to revisions of selling prices.
Real Estate Business
Both sales and earnings were about the same as one year earlier.
Other Businesses
Both sales and earnings increased due to completion of renewal of Nishiwaki Country Club and other factors.
(2) Outlook
Global economy is expected to recover due to steady economic trend in the United States and declining inflationworldwide. However, uncertainty is expected to remain due to concerns about prolonged situation in Ukraine andPalestine, and prolonged downturn in the real estate market in China.
In Japan, there are expectations for recovery in demand by higher wage levels. However, the trend of rising prices
is expected to continue and the Bank of Japan’s monetary policy trend needs to be closely monitored. The economy
is expected to be significantly affected by the aforementioned global risk factors.
4

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/24

In the steel markets in Japan and other countries, while prices of raw materials used for steelmaking as well as costof resources and energy are expected to remain at a high level, there are additional geopolitical risks such as thesituation in Russia and Ukraine and concerns over the Taiwan emergency. Due to this situation, the steel market,
including the balance between supply and demand, is likely to remain unstable for the time being.
The Yodogawa Steel Group as well is likely to continue to operate in a challenging business climate due to theunpredictability and instability of demand and costs in all regions.
To succeed in this uncertain business climate, all group companies are focusing on speed and agility concerning
both sales and production activities to respond to rapidly changing market conditions. At the same time, by steadily
implementing the “Yodogawa Steel Group Medium-Term Management Plan 2025,” we will work to strengthen ourearning power.
The forecast for consolidated performance of the next fiscal year is based on this outlook for the economy and steelmarket.
(3) Basic Policy for Profit Distribution and Dividends in the Current and Next Fiscal Years
Distributing earnings to shareholders is one of the highest priorities of Yodogawa Steel. Earnings are distributedby paying dividends that reflect results of operations, repurchasing stock , and in other ways. The basic policy for
dividends that are in line with our results of operations is to make payments that are stable and continuous.
Dividends also take into consideration the need for funds for investments and other actions for increasin g corporate
value, the outlook for sales and earnings, the need to maintain financial soundness, and other items.
Regarding shareholder returns for the three fiscal years ending on March 31, 2024, 2025 and 2026, we will placeemphasis on dividend payments, maintaining an annual dividend of at least 200 yen per share considering factors
such as our capital investment plan and financial condition, with the target consolidated payout ratio of 75% or
more, revising our initial policy.
The basic policy is to pay interim and year-end dividends. In accordance with Article 459, Paragraph 1 of theCompanies Act, the Yodogawa Steel Articles of Incorporation state that dividends can be paid based on a resolutionof the Board of Directors, except in cases where stipulated otherwise by laws and regulations.
The year-end dividend for the fiscal year that ended March 31, 2024 is to be 145 yen per share. With the interim
dividend of 55 yen, this will result in a dividend of 200 yen per share for this fiscal year.
The forecast for the dividend for the next fiscal year is based on the above dividend policy and in consideration of
the performance forecast.
2. Basic Approach to the Selection of Accounting Standards
The Yodogawa Steel Group will continue to prepare consolidated financial statements using generally accepted
accounting principles in Japan for the time being to permit comparisons with prior years and with the financial
data of other companies.
We will take suitable actions with regard to the application of the International Financial Reporting Standards(IFRS) by taking into account associated factors in Japan and other countries.

5

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/24

3. Consolidated Financial Statements and Notes(1) Consolidated Balance Sheet
FY3/23(as of Mar. 31, 2023)(Millions of yen)
FY3/24(as of Mar. 31, 2024)

AssetsCurrent assets
Cash and deposits

40,18956,808Notes and accounts receivable-trade, and contract assets

49,52145,474

Electronically recorded monetary claims-operating

4,454

4,823

Securities

4,207

4,009

Merchandise and finished goods

23,28522,751Work in process

6,476

5,591

Raw materials and supplies

19,924

14,939

Other

2,961

1,898

Allowance for doubtful accounts

(152)

(177)

150,867

156,119

67,51068,841(48,585)(50,487)

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

18,925

18,353

Machinery, equipment and vehicles

147,138

150,727(134,183)(138,850)

12,955

11,876

19,095

19,235

Accumulated depreciation
Machinery, equipment and vehicles, net
Land
Leased assets
Accumulated depreciation

177

237

(106)

(138)

Leased assets, net

7098

Construction in progress

4,457

4,971

Other

12,343

12,619(11,246)(11,215)

1,097

1,403

56,602

55,940

Other

2,076

2,203

Total intangible assets

2,076

2,203

Investment securities

40,19349,643Retirement benefit asset

724

1,422

Deferred tax assets

137

86

Accumulated depreciation
Other, net
Total property, plant and equipment
Intangible assets

Investments and other assets

Other
Total investments and other assets
Total non-current assets
Total assets

6

454

447

41,51051,600100,189

109,743

251,057

265,863

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/24

FY3/23(as of Mar. 31, 2023)(Millions of yen)
FY3/24(as of Mar. 31, 2024)

Liabilities
Current liabilities
Notes and accounts payable-trade

17,881

13,892

Electronically recorded obligations-operating

2,987

2,986

Short-term borrowings

1,328

544

61

60

3,159

2,097

Lease liabilities
Income taxes payable
Contract liabilities

156

240

Provision for bonuses

1,259

1,117

Provision for product compensation

971

–

Other

7,285

7,174

Total current liabilities

35,092

28,113

10

74

3,873

4,445

807

807

32

28

5,517

5,315

–

9,457

Non-current liabilities
Lease liabilities
Deferred tax liabilities
Deferred tax liabilities for land revaluation
Provision for retirement benefits for directors (and otherofficers)
Retirement benefit liability
Provision for product compensation
Other

3,816

3,786

Total non-current liabilities

14,05823,91749,15052,031

Share capital

23,22023,220Capital surplus

18,267

18,279Retained earnings

126,064

126,905

Treasury shares(11,895)(11,845)

Total shareholders’ equity

155,657

156,559

Valuation difference on available-for-sale securities

16,11522,543

Revaluation reserve for land

1,529

1,505

Foreign currency translation adjustment, before tax

5,958

7,881

Total liabilities
Net assets
Shareholders’ equity

Accumulated other comprehensive income

Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Share acquisition rights

412

1,089

24,01633,020140125Non-controlling interests

22,092

24,126

Total net assets

201,906

213,832

251,057

265,863

Total liabilities and net assets

7

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/24(2) Consolidated Statements of Income and Comprehensive Income(Consolidated Statement of Income)
FY3/23(Apr. 1, 2022 to Mar. 31, 2023)(Millions of yen)
FY3/24(Apr. 1, 2023 to Mar. 31, 2024)

Net sales

220,314203,957

Cost of sales

187,650

172,188

Gross profit

32,664

31,769Selling, general and administrative expenses

19,99819,751

Operating profit

12,66512,017

Non-operating income
Interest income

397

564

Dividend income

1,161

1,046

65

102

2,408

1,031

601

54

542

535

Insurance claim income
Gain on sale of investment securities
Foreign exchange gains
Share of profit of entities accounted for using
equity method
Other

175

173

5,350

3,508

Interest expenses

118

109

Commitment fees
Cost for employees transferred temporarily tooverseas subsidiaries
Other

21

20

160

150

29

43

Total non-operating expenses

329

324

17,686

15,202

187

952

Subsidy income

–

400

Other

0

–

187

1,352

171

507

835

0

Total non-operating income
Non-operating expenses

Ordinary profit
Extraordinary income
Gain on sale of non-current assets

Total extraordinary income
Extraordinary losses
Loss on sale and retirement of non-current
assetsImpairment losses
Provision for product compensation

–

7,964

1,006

8,472

Profit before income taxes

16,867

8,082

Income taxes-current

5,321

4,573

Income taxes-deferred(348)(2,363)

Total income taxes

4,973

2,210

Profit11,893

5,872

Profit attributable to non-controlling interests

1,229

1,415

Profit attributable to owners of parent

10,593

4,456

Total extraordinary losses

8Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/24(Consolidated Statement of Comprehensive Income)
FY3/23(Apr. 1, 2022 to Mar. 31, 2023)
ProfitOther comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges(Millions of yen)
FY3/24(Apr. 1, 2023 to Mar. 31, 2024)

11,893

5,872

(18)

6,364

0

–

Foreign currency translation adjustment
Remeasurements of defined benefit plans, netof taxShare of other comprehensive income ofentities accounted for using equity method

2,442

3,326

585

567

13

158

Total other comprehensive income

3,022

10,415

14,916

16,287

Owners of parent

12,371

13,484Non-controlling interests

2,544

2,803

Comprehensive income
Comprehensive income attributable to:9

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/24(3) Consolidated Statement of Changes in Equity
FY3/23 (Apr. 1, 2022 to Mar. 31, 2023)(Millions of yen)
Shareholders’ equity
Share capital
Balance at beginningof period

Capital surplus

23,220Retained earnings

18,272

Treasury shares

118,475

Total shareholders’equity(11,992)

147,977

Changes during
periodDividends ofsurplus(3,085)(3,085)

Profit attributableto owners of parent

10,593

10,593Purchase oftreasury shares
Disposal oftreasury shares(5)

Reversal ofrevaluation reserve
for land

(5)

(5)

101

96

80

80

Net changes in
items other thanshareholders’equityTotal changes during
periodBalance at end of
period

–

(5)

7,588

96

7,679

23,22018,267126,064(11,895)

155,657

Accumulated other comprehensive income

Balance at beginningof period

Valuationdifferenceonavailablefor-salesecurities

Deferred
gains orlosses onhedges16,174(0)Foreign
Revaluatio
currency
n reservetranslation
for landadjustment
1,609

4,433

Remeasure
Total
Share
Non-ments of accumulated acquisition controlling Total net
assetsdefinedotherrightsinterests
benefit comprehensive
plansincome101

22,319187

21,454

191,937

Changes during period
Dividends ofsurplus(3,085)

Profit attributableto owners of parent

10,593Purchase oftreasury shares(5)

Disposal of treasury
shares96

Reversal ofrevaluation reserve
for land80

Net changes in
items other thanshareholders’ equity
Total changes during
periodBalance at end of
period

(58)

0

(80)

1,524

311

1,696

(46)

638

2,288

(58)

0

(80)

1,524

311

1,696

(46)

638

9,968

16,115

–

1,529

5,958

412

24,016140

22,092201,906

10

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/24

FY3/24 (Apr. 1, 2023 to Mar. 31, 2024)(Millions of yen)
Shareholders’ equity
Share capital
Balance at beginningof period

23,220Capital surplus

Retained earnings

Treasury shares

18,267126,064(11,895)

Total shareholders’equity155,657

Changes during
periodDividends ofsurplus(3,638)(3,638)

Profit attributableto owners of parent

4,456

4,456

Purchase oftreasury shares
Disposal oftreasury shares

11

Reversal ofrevaluation reserve
for land

(8)

(8)

58

69

23

23

Net changes in
items other thanshareholders’equityTotal changes during
periodBalance at end of
period

–

11

841

50

902

23,22018,279126,905(11,845)

156,559

Accumulated other comprehensive income
Valuation
Total
Share
Nondifference
Foreign
RemeasureRevaluation
accumulated acquisition controllingoncurrency
ments ofreserve forotherrightsinterests
availabletranslation
definedlandcomprehensive
for-saleadjustment benefit plansincomesecurities
Balance at beginningof period

16,115

1,529

5,958

412

24,016140

22,092

Total net
assets

201,906

Changes during
periodDividends ofsurplus(3,638)

Profit attributableto owners of parent

4,456

Purchase oftreasury shares(8)

Disposal of treasury
shares69

Reversal ofrevaluation reserve
for land23

Net changes in
items other thanshareholders’ equity

6,427

(23)

1,922

677

9,004

(15)

2,033

11,022

Total changes during
period

6,427

(23)

1,922

677

9,004

(15)

2,033

11,925

Balance at end of
period22,543

1,505

7,881

1,089

33,020125

24,126

213,832

11

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/24(4) Consolidated Statement of Cash Flows
FY3/23(Apr. 1, 2022 to Mar. 31, 2023)(Millions of yen)
FY3/24(Apr. 1, 2023 to Mar. 31, 2024)

Cash flows from operating activities
Profit before income taxes

16,867

8,082

Depreciation
Share of loss (profit) of entities accounted forusing equity method
Increase (decrease) in retirement benefit liability
Increase (decrease) in provision for retirement
benefits for directors (and other officers)
Increase (decrease) in provision for bonuses
Increase (decrease) in allowance for doubtful
accounts
Interest and dividend income

5,042

4,801

(542)

(535)

(479)

1

(6)

(3)

(435)

(141)

42

24

(1,558)(1,610)Interest expenses

118

109

Insurance claim income

(65)

(102)

(2,408)(1,031)

(15)

(444)

–

(400)

835

0

Decrease (increase) in trade receivables

3,321

3,896

Decrease (increase) in inventories(2,466)

7,130

Increase (decrease) in trade payables(2,294)(4,178)

Increase (decrease) in accrued consumption taxes

1,147

331

Loss (gain) on sale of investment securities
Loss (gain) on sale and retirement of non-current
assets
Subsidy income
Impairment losses

Other, net

4,473

9,096

Subtotal

21,57525,02565

102

Proceeds from insurance income
Subsidies received
Interest and dividends received
Interest paid

–

400

1,658

1,707

(84)

(132)

Income taxes paid

(5,877)(5,581)

Net cash provided by (used in) operating activities

17,336

21,521

12

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/24(Millions of yen)
FY3/23(Apr. 1, 2022 to Mar. 31, 2023)

FY3/24(Apr. 1, 2023 to Mar. 31, 2024)(9,832)(10,599)

8,418

10,845

Cash flows from investing activities
Investments in time deposits with a maturity ofmore than three months
Proceeds from time deposits with a maturity ofmore than three months
Proceeds from sale and redemption of securities
Purchase of property, plant and equipment
Proceeds from sale of property, plant andequipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sale and redemption of investment
securities
Loan advances
Proceeds from collection of loans receivable
Purchase of shares of subsidiaries

1,119

207

(6,171)(3,715)

470

1,072

(237)

(385)

(57)

(17)

3,319

1,292

(67)

(0)

–

490

(122)

–

(3,160)(809)

Net increase (decrease) in short-term borrowings

11

(845)

Repayments of lease liabilities

(79)

(65)

Net cash provided by (used in) investing activities
Cash flows from financing activities

Proceeds from sale of treasury shares

00

Purchase of treasury shares

(2)

(5)

Dividends paid

(3,116)(3,675)

Dividends paid to non-controlling interests(1,906)(769)

Net cash provided by (used in) financing activities(5,092)(5,360)

667

1,334

Net increase (decrease) in cash and cash equivalents

9,750

16,685

Cash and cash equivalents at beginning of period

30,961

40,712

Cash and cash equivalents at end of period

40,712

57,398

Effect of exchange rate change on cash and cash
equivalents

13

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/24(5) Notes to Consolidated Financial Statements
Going-concern Assumption
Not applicable.
Significant Accounting Policies in the Preparation of Consolidated Financial Statements
1. Scope of consolidation(1) Number of consolidated subsidiaries: 8
Takada Kozai Kogyo Co., Ltd.
Sheng Yu Steel Co., Ltd. (SYSCO)
Yodoko Shoji Co., Ltd.
Keiyo Tekko Futo Co., Ltd.
Yodoko Kohatsu Co., Ltd.
Yodogawa-Shengyu (Hefei) High-Tech Steel Co., Ltd. (YSS)
PCM Processing (Thailand) Ltd. (PPT)Fukui Yodoko Co., Ltd.
(2) Names of major non-consolidated subsidiaries
Yodoko Kosan Co., Ltd., Yodogawa-Fuyo Co., Ltd., ARDUC Co., Ltd., YIL, Yodoko International Ltd. (YIL),
Yodoko Building Materials (Hangzhou) Co., Ltd. (YBMH)
The sum of total assets, sales, profit or loss (equity-method amount), retained earnings (equity-method amount)
and other financial items of non-consolidated subsidiaries is small in relation to all of the corresponding
consolidated figures. Consequently, these subsidiaries are excluded from consolidation because they would nothave a material impact on the consolidated financial statements.
2. Application of equity method(1) Number of non-consolidated subsidiaries and affiliates accounted for using the equity method and names ofmajor companies
Non-consolidated subsidiaries:

None

Affiliates: 1

SADOSHIMA CORPORATION(2) Names of major non-consolidated subsidiaries and affiliates not accounted for using the equity method andreason for exclusion
Non-consolidated subsidiaries:

Yodoko Kosan Co., Ltd., Yodogawa-Fuyo Co., Ltd., ARDUC Co., Ltd., YIL,
YBMH

Affiliates:

FUJIDEN INTERNATIONAL CORP., Touei Roof, Kosaka Kizai Co., Ltd.

Profit or loss (in proportion with the shareholding ratio), retained earnings (in proportion with the shareholding
ratio), and other financial items of the non-consolidated subsidiaries and affiliates not accounted for using theequity method are negligible and the sum of these items for all of these subsidiaries and affiliates is immaterial
in relation to the consolidated financial statements. Consequently, the cost method is used for the valuation of
investments in these companies instead of applying the equity method.
3. Fiscal year-end of consolidated subsidiaries
For consolidated subsidiaries, the fiscal year-end of SYSCO, YSS and PPT is December 31. For the preparation of
the consolidated financial statements, the financial statements as of December 31 are used for SYSCO, YSS and
PPT. Consolidation adjustments are then made as needed for any significant transactions that occurred between
January 1 and March 31, the end of the consolidated fiscal year.

14

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/24

Notes to Consolidated Statement of Income
Provision for product compensation
Yodogawa Steel Works has determined that, depending on the location, conditions , and other aspects of their use,
there have been problems involving the appearance and durability of some building exterior pre -painted steel sheets
manufactured between 2007 and 2016 that have occurred prior to the end of the expected lifetime of these sh eets.
Yodogawa Steel Works has explained this problem to companies that sell these sheets and is covering repair andother expenses.
Repair and other expenses, including expenses for problems that have occurred were recorded as repair costs until
the previous fiscal year. The costs of the future problems involving these sheets were not expensed because it was
not possible to determine a reliable forecast of how many problems will occur.
In the current fiscal year, we determined that reasonable estimation of the size of area to be repaired in the future
is now possible, as information on the occurrence of defects has been accumulated since the subject products were
manufactured approximately 10 years ago. Therefore, repair costs for defects expected to occur in the future wererecognized as provision for product compensation under extraordinary losses.
Segment Information
1. Overview of reportable segments
Segments used for financial reporting are the Yodogawa Steel Group’s constituent units for which separate financial
information is available and for which the Board of Directors performs periodic studies for the purposes ofdetermining the allocation of resources and evaluating performance.
The Yodogawa Steel Group has business divisions based on the products and services of Yodogawa Steel and its
consolidated subsidiaries. Each division determines strategies and conducts business operations for its products
and services. Accordingly, the Yodogawa Steel Group is composed of segments classified by products or services
based on the business divisions and there are four reportable segments: Steel Sheet -related business, Roll business,
Grating business, and Real Estate business.
The Steel Sheet-related business manufactures and sells cold-rolled steel sheets, steel strips, plated steel sheets,galvanized steel sheets, and other steel sheets, manufactures and sells building materials (roofing and printed
products, liner panels, siding, and other products) and exterior products (storage sheds, garages, bicycle parking
units, trash receptacles, and other products), and performs design and contracting for construction. The Rollbusiness manufactures and sells rolls for section steel, rolls for non-ferrous metals, and other products. The Grating
business manufactures and sells gratings. The Real Estate business is engaged in leasing and buying and sellingbuildings, parking lots, and other real estate.
2. Calculation method for net sales, profit/loss, assets, and other items for each reportable segment
The calculation method for each reportable segment is the same as that described in “Significant Accounting
Policies in the Preparation of Consolidated Financial Statements.”15

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/24

3. Information related to net sales, profit/loss, assets, and other items for each reportable segment
FY3/23 (Apr. 1, 2022 to Mar. 31, 2023)
Reportable segments
Steel SheetReal
Roll
Grating
relatedEstateBusiness BusinessBusiness
Business
Net sales
External sales
Inter-segment sales
and transfers
Total

Total

Others(Note 1)

Total

(Millions of yen)Amounts
shown on the
Adjustment consolidated
financialstatements

210,952

2,929

3,500

1,236

218,618

1,695

220,314–220,314

–

–

0

421

421

2,599

3,020

(3,020)–210,952

2,929

3,500

1,657

219,040

4,295

223,335

Segment profit (loss)

13,310

(262)

51

786

13,885237

14,122

220,314
Note 3
12,665

Segment assets

198,095

5,560

3,518

10,873218,048

11,058229,106(3,020)Note 2(1,457)Note 4
21,950

4,384

108

54

176

4,724

228

4,952

89

5,042

6,247

0

536

5

6,790

–

6,790

–

6,790

4,060

50

65

339

4,516

1,234

5,751

Note 5136

5,888

Other items
Depreciation
Investment inequity-method
affiliates
Increases inproperty, plant andequipment andintangible assets
Notes:

251,057

1. Others represent businesses which are not included in any of the reportable segments and mainly consist oftransportation, warehouse, golf course, machinery plant, electric power (sale of solar power) , and other businesses.
2. The adjustment to segment profit (loss) includes unallocated expenses of (1,450) million yen and an elimination forinter-segment transactions of (6) million yen.
3. Segment profit (loss) is adjusted to be consistent with the operating profit on the consolidated statement of income.
4. The adjustment to segment assets includes corporate assets of 22,221 million yen and an elimination for inter segment transactions of (270) million yen.
5. The adjustment of 136 million yen to increases in property, plant and equipment and intangible assets is capital
expenditures mainly for corporate tools, furniture, and fixtures.

16

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/24

FY3/24 (Apr. 1, 2023 to Mar. 31, 2024)(Millions of yen)Amounts
shown on the
Adjustment consolidated
financialstatements

Reportable segments
Steel SheetReal
Roll
Grating
relatedEstateBusiness BusinessBusiness
Business
Net sales
External sales
Inter-segment sales
and transfers
Total

Total

Others(Note 1)

Total

194,031

3,124

3,431

1,283

201,871

2,085

203,957–

203,957

–

–

–

412

412

2,263

2,676

(2,676)–

194,031

3,124

3,431

1,696

202,284

4,349

206,634

Segment profit (loss)

11,954

55

207

817

13,034376

13,410203,957
Note 312,017

Segment assets

193,057

5,339

3,499

11,119213,016

12,213

225,230(2,676)Note 2(1,392)
Note 4
40,632

4,152

78

56

185

4,472

232

4,705

96

4,801

6,818

1

571

5

7,396

–

7,396

–

7,396

2,506

96

32

411

3,046

214

3,261

Note 5132

3,393

Other items
Depreciation
Investment inequity-method
affiliates
Increases inproperty, plant andequipment andintangible assets
Notes:

265,863

1. Others represent businesses which are not included in any of the reportable segments and mainly consist oftransportation, warehouse, golf course, machinery plant, electric power (sale of solar power) , and other businesses.
2. The adjustment to segment profit includes unallocated expenses of (1, 365) million yen and an elimination for intersegment transactions of (26) million yen.
3. Segment profit is adjusted to be consistent with the operating profit on the consolidated statement of income.
4. The adjustment to segment assets includes corporate assets of 40,934 million yen and an elimination for intersegment transactions of (301) million yen.
5. The adjustment of 132 million yen to increases in property, plant and equipment and intangible assets is capital
expenditures mainly for corporate tools, furniture, and fixtures.

Information related to impairment of non-current assets for each reportable segment
FY3/23 (Apr. 1, 2022 to Mar. 31, 2023)(Millions of yen)
Steel Sheetrelated
Business
Impairment
lossesRollBusiness–

Grating
Business––

Real EstateBusiness

OthersEliminationor corporate

Total

–

835

–

835

FY3/24 (Apr. 1, 2023 to Mar. 31, 2024)(Millions of yen)
Steel Sheetrelated
Business
Impairment
losses–RollBusiness

Grating
Business–

Real EstateBusiness–

17–

Others0

Eliminationor corporate

Total

–

0

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/24

Per-share Information(Yen)
FY3/23(Apr. 1, 2022 to Mar. 31, 2023)

FY3/24(Apr. 1, 2023 to Mar. 31, 2024)

Net assets per share

6,223.26

6,561.18

Net income per share

367.13154.29Diluted net income per share

365.99153.87

Note: Basis for calculation of net income per share and diluted net income per share is as follows.
FY3/23(Apr. 1, 2022 to Mar. 31, 2023)

FY3/24(Apr. 1, 2023 to Mar. 31, 2024)

Net income per share
Profit attributable to owners of parent(Millions of yen)

10,593

4,456

–

–

Profit attributable to common shareholders of parent(Millions of yen)

10,593

4,456

Average number of common shares outstanding
during period (Thousands of shares)

28,85528,883Adjustment to profit attributable to owners of parent(Millions of yen)––

Increase in the number of common shares(Thousands of shares)

90

77

[90]

[77]

Amount not available to common shareholders(Millions of yen)

Diluted net income per share[of which share acquisition rights (Thousands ofshares)]Summary of potential stock not included in thecalculation of diluted net income per share since there
was no dilutive effect–

Subsequent Events
Cancellation of treasury shares
Yodogawa Steel Works resolved to cancel treasury shares in accordance with Article 178 of the Companies Act at
the meeting of the Board of Directors on April 25, 2024.
1. Class of share:

Common stock of Yodogawa Steel Works.

2. Total number of common shares to be cancelled:

3,000,000 shares.
(8.61% of the total number of shares outstanding
prior to the cancellation)

3. Scheduled date of cancellation:

May 31, 2024.

(Reference)
Number of shares outstanding after the cancellation will be 31,837,230.

18

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/24

4. Non-consolidated Financial Statements(1) Non-consolidated Balance Sheet
FY3/23(as of Mar. 31, 2023)(Millions of yen)
FY3/24(as of Mar. 31, 2024)

AssetsCurrent assets
Cash and deposits

10,405

21,231

Notes and accounts receivable-trade, and contract assets

47,515

43,108

Electronically recorded monetary claims-operating

1,318

1,409

Securities

4,199

3,999

Merchandise and finished goods

18,307

17,911Work in process

5,397

4,838

Raw materials and supplies

11,803

8,344

167

168

7,761

1,326

(5)

(4)

106,869

102,335

Buildings

9,710

9,324

Structures

1,061

996

Machinery and equipment

3,780

3,150

Prepaid expenses
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment

Vehicles122

88

Tools, furniture and fixtures

507

561

12,29812,188107799

27,588

27,110

143

788

Land
Construction in progress
Total property, plant and equipment
Intangible assets
Software
Other

995

411

1,139

1,199

Investment securities

30,77139,199

Shares of subsidiaries and associates

23,042

23,042

Total intangible assets
Investments and other assets

Other
Total investments and other assets
Total non-current assets
Total assets

19

318

401

54,13262,64282,85990,952

189,729

193,288

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/24

FY3/23(as of Mar. 31, 2023)(Millions of yen)
FY3/24(as of Mar. 31, 2024)

Liabilities
Current liabilities
Electronically recorded obligations-operating

2,271

2,076

Accounts payable-trade

13,37910,246

Short-term borrowings

1,400

1,400

Accounts payable-other

576

455

Accrued expenses

2,366

2,123

Income taxes payable

2,973

1,465

Contract liabilities

011

Advances received

103

107

Deposits received
Provision for bonuses
Provision for product compensation

105

184

1,063

919

971

–

Other

1,711

2,082

Total current liabilities

26,924

21,074

Provision for retirement benefits

4,864

4,987

Long-term guarantee deposits

1,429

1,476

Deferred tax liabilities

3,643

3,821

224

226

Non-current liabilities

Asset retirement obligations
Provision for product compensation

–

9,457

206

202

10,36820,17137,292

41,24523,22023,220Legal capital surplus

5,805

5,805

Other capital surplus

13,22913,241

Total capital surplus

19,034

19,046708

682

71,382

71,382

Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Share capital
Capital surplus

Retained earnings
Other retained earnings
Reserve for tax purpose reduction entry of noncurrent assets
General reserve
Retained earnings brought forward

35,34728,950107,439

101,014

Treasury shares(13,047)(12,993)

Total shareholders’ equity

136,647

130,287

Valuation difference on available-for-sale securities

15,64821,629Total valuation and translation adjustments

15,64821,629140

125

152,436

152,042

189,729

193,288

Total retained earnings

Valuation and translation adjustments

Share acquisition rights
Total net assets
Total liabilities and net assets

20

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/24(2) Non-consolidated Statement of Income
FY3/23(Apr. 1, 2022 to Mar. 31, 2023)(Millions of yen)
FY3/24(Apr. 1, 2023 to Mar. 31, 2024)

Net sales

145,355

129,660

Cost of sales

119,039

105,353

Gross profit

26,31524,307

Selling, general and administrative expenses

15,27915,137

Operating profit

11,036

9,169

Non-operating income
Interest income

288

215

Dividend income

3,408

2,012

Gain on sale of investment securities

2,408

1,024

141

144

6,246

3,396

Interest expenses

76

65

Other

194

196

Other
Total non-operating income
Non-operating expenses

Total non-operating expenses

271

262

17,012

12,303Gain on sale of non-current assets

185

950

Total extraordinary income

185

950

139

436

Provision for product compensation

–

7,964

Loss on support to subsidiaries

–

6,360

139

14,761

Profit before income taxes

17,058(1,507)

Income taxes-current

4,629

3,635

Income taxes-deferred(215)(2,393)

Ordinary profit
Extraordinary income

Extraordinary losses
Loss on sale and retirement of non-current assets

Total extraordinary losses

Total income taxes

4,414

1,241

Profit (loss)

12,644(2,749)21

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/24(3) Non-consolidated Statement of Changes in Equity
FY3/23 (Apr. 1, 2022 to Mar. 31, 2023)(Millions of yen)
Shareholders’ equity
Capital surplus

Retained earnings
Other retained earnings

SharecapitalLegalcapitalsurplus

OthercapitalsurplusTotal
capitalsurplusReserve for tax
purpose reduction
entry of noncurrent assets

Generalreserve

Retainedearnings
brought
forwardTotal
retainedearnings

23,2205,805

13,234

19,040739

71,38225,78997,91130–

Dividends of surplus(3,116)(3,116)

Profit12,644

12,644

Balance at beginning of period
Changes during period
Reversal of reserve for tax
purpose reduction entry of
non-current assets(30)

Purchase of treasury shares
Disposal of treasury shares

(5)

(5)

Net changes in items otherthan shareholders’ equity
Total changes during period
Balance at end of period

–

–

(5)

(5)

(30)

–

9,558

9,527

23,2205,805

13,22919,034708

71,38235,347

107,439

Shareholders’ equity
TreasurysharesBalance at beginning of period(13,146)

Valuation and translation adjustments

Total
Valuation difference
shareholders’ on available-for-sale
equitysecurities
127,026

15,823

Total valuationand translation
adjustments
15,823

ShareacquisitionrightsTotal net
assets187

143,036

Changes during period
Reversal of reserve for tax
purpose reduction entry of
non-current assets––

Dividends of surplus(3,116)(3,116)

Profit12,644

12,644Purchase of treasury shares

(2)

(2)

(2)

Disposal of treasury shares

101

96

96

Net changes in items otherthan shareholders’ equity
Total changes during period
Balance at end of period

(175)

(175)

(46)

(221)

99

9,621

(175)

(175)

(46)

9,400

(13,047)

136,647

15,64815,648140

152,43622

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/24

FY3/24 (Apr. 1, 2023 to Mar. 31, 2024)(Millions of yen)
Shareholders’ equity
Capital surplus

Retained earnings
Other retained earnings

SharecapitalLegalcapitalsurplus

OthercapitalsurplusTotal
capitalsurplus23,2205,805

13,22919,034Generalreserve

Retainedearnings
brought
forwardTotal
retainedearnings

71,38235,347

107,439

26–

Dividends of surplus(3,675)(3,675)

Profit(2,749)(2,749)Balance at beginning of period

Reserve for tax
purpose reduction
entry of noncurrent assets
708

Changes during period
Reversal of reserve for tax
purpose reduction entry of
non-current assets(26)

Purchase of treasury shares
Disposal of treasury shares

11

11

Net changes in items otherthan shareholders’ equity
Total changes during period
Balance at end of period

–

–

11

11

(26)

–

(6,397)(6,424)

23,2205,805

13,241

19,046682

71,382

28,950101,014

Shareholders’ equity
TreasurysharesBalance at beginning of period(13,047)

Valuation and translation adjustments

Total
Valuation difference
shareholders’ on available-for-sale
equitysecurities
136,647

15,648

Total valuationand translation
adjustments
15,648

ShareacquisitionrightsTotal net
assets140

152,436

Changes during period
Reversal of reserve for tax
purpose reduction entry of
non-current assets––

Dividends of surplus(3,675)(3,675)

Profit(2,749)(2,749)Purchase of treasury shares

(5)

(5)

(5)

Disposal of treasury shares

58

69

69

Net changes in items otherthan shareholders’ equity
Total changes during period
Balance at end of period

5,981

5,981

(15)

5,965

53

(6,359)

5,981

5,981

(15)

(393)

(12,993)130,287

21,62921,629125

152,042

This summary report is solely a translation of “Kessan Tanshin” (in Japanese, including the attachments), which has been
prepared in accordance with accounting principles and practices generally accepted in Japan, for the convenience of readers
who prefer an English translation.

23