1

Overview of Consolidated Results of Operations(YoY Change)

Yodogawa Steel Works, Ltd.

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

FY3/22

FY3/21

ChangeNet sales

201.65145.96

55.69(Gross profit)

33.18

24.85

8.32

(Selling, general and administrative
expenses)

18.83

16.97

1.85

Operating profit

14.34

7.88

6.46

(Non‐operating income)

3.91

2.27

1.64

(Non‐operating expenses)

0.35

0.36

(0.01)

Ordinary profit

17.91

9.79

8.12

(Extraordinary income)

0.14

0.01

0.13

(Extraordinary losses)

0.97

0.12

0.84

Profit before income taxes

17.09

9.68

7.41

(Income taxes)

4.83

3.0

1.82

(Profit attributable to non‐controllinginterests)

2.47

0.41

2.05

Profit attributable to ownersof parent

9.78

6.25

3.53

339.77 yen

215.58 yen

124.19 yen

14.16

16.35

(2.19)(EPS (Yen/Share))Comprehensive income

Remarks

Change (%)

38.2%

Net sales
Challenges due to the high cost of resources,
energy and other items, but sales up in Japan andat SYSCO in Taiwan and YSS in China returned to
profitability with record‐high sales

82.1%

Operating profit
Japan: Increased due to a sales volume recovery,
inventory valuation gain and other reasons
Overseas: Big increase at SYSCO, YSS became
profitable and earnings at PPT improved
Non‐operating expenses (income):
Increases in gain on sales of investment securities,
dividend income and other items

83.0%
Extraordinary losses
Loss on sales of non‐current assets and other items

76.6%

56.4%

Comprehensive income
FY3/22： Profit of 12.2 billion yen, valuationdifference on available‐for‐sale securities of (3.1)
billion yen, foreign currency translation adjustmentof 5.1 billion yen*Yodogawa Steel started applying Accounting Standard for Revenue Recognition from FY3/22. This standard has been applied retrospectively for FY3/21.
Yodogawa Steel Group Financial Results for the Fiscal Year Ended March 31, 2022 Copyright (C) 2022 Yodogawa Steel Works, Ltd. All Rights Reserved

2

Overview of Consolidated Results of Operations(vs. Forecasts)

1

Yodogawa Steel Works, Ltd.

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

FY3/22

Results

Forecasts(Announced in February 2022)

Differences

Net sales

201.65203.00(1.35)

Operating profit

14.34

13.30

1.04

Ordinary profit

17.91

16.70

1.21

Profit attributable toowners of parent

9.78

9.00

0.78

Remarks• Ordinary profit/Profit attributable to owners of parent:
Some investment securities were sold in the 4Q (Yodogawa SteelWorks)
Yodogawa Steel Group Financial Results for the Fiscal Year Ended March 31, 2022 Copyright (C) 2022 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)

201.65154.22173.80167.41154.06145.96

FY3/17
FY3/18
FY3/19FY3/20FY3/21
FY3/22
Breakdown of the 55.69 billion yen increase in net sales:• Yodogawa Steel Works: +28.7 billion yen (98.7 → 127.5)
Big increase due to a higher sales volume of steel sheets, resulting from a recovery in selling prices and sales
activities, and price revisions• Taiwan subsidiary Sheng Yu Steel Co., Ltd. (SYSCO): +21.8 billion yen (32.1 → 54.0)
Primarily due to an increase in sales volume in Taiwan and export• Chinese subsidiary Yodogawa Shengyu (Hefei) High‐Tech Steel Co., Ltd. (YSS): +4.7 billion yen (9.2 → 14.0)
Increasing sales activities and higher sales volumes for building materials companies and home appliancemanufacturers to become profitable in FY3/22• Thai subsidiary PCM Processing (Thailand) Ltd. (PPT): +0.5 billion yen (3.3 → 3.9) as the sales volume increased, theresult of focusing 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, 2022 Copyright (C) 2022 Yodogawa Steel Works, Ltd. All Rights Reserved

4

Consolidated Profit and Loss

3

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

Consolidated operating profit

13.1613.76

6.73

Consolidated ordinary profit

17.91

Profit attributable to owners of parent

14.34
12.28
10.85

9.82

7.36
5.87

9.79
6.25

9.78

7.88

7.42

6.25

5.48
3.86

FY3/17

FY3/18

FY3/19FY3/20FY3/21

FY3/22

Breakdown of the 6.46 billion yen increase in operating profit:• Yodogawa Steel Works: +0.9 billion yen (7.02 → 7.94)
Higher expenses, but earnings up due to selling price revisions, inventory valuation gain and other items• SYSCO: +4.7 billion yen (1.22 → 5.92)
An improvement in profitability due to a higher sales volume as market conditions recovered and higher selling prices• YSS: +0.7 billion yen ((0.73) → 0.04)
Became profitable because of higher sales of value‐added products (GL)• PPT: +0.1 billion yen (0.01 → 0.1)
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, 2022 Copyright (C) 2022 Yodogawa Steel Works, Ltd. All Rights Reserved

4

5

Segment Information

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

Net sales
FY3/22

FY3/21

Segment profit
Change (%)

FY3/22

FY3/21

Change (%)

192.42137.09

40.4%

14.21

8.25

72.2%

Roll

2.68

2.34

14.7%

0.00

(0.41)‐

Grating

3.44

3.52

(2.4)%

0.10

0.17(37.5)%

Real Estate

1.26

1.23

2.0%

0.85

0.87

(1.5)%

199.82144.21

38.6%

15.18

8.88

70.9%

Others

1.82

1.75

4.4%

0.44

0.19

125.9%

Total

201.65145.96

38.2%

15.63

9.08

72.1%

(1.28)(1.20)

14.34

7.88

Steel Sheet‐related

Total reportablesegments

Adjustment
Amounts shown on
the consolidated
statement of income

201.65145.96

38.2%

82.1%

Yodogawa Steel Group Financial Results for the Fiscal Year Ended March 31, 2022 Copyright (C) 2022 Yodogawa Steel Works, Ltd. All Rights Reserved

6

Consolidated Financial Position

5

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

As of Mar. 31,
2022

As of Mar. 31,
2021

Total assets

244.67226.00

18.66

8.3%

Current assets

144.52123.81

20.70

16.7%

Non‐current assets

100.14102.18(2.03)(2.0)%

Liabilities

52.73

45.70

7.02

15.4%

Current liabilities

37.55

28.37

9.18

32.4%

Non‐current liabilities

15.17

17.33

(2.15)(12.5)%Net assets

191.93180.29

11.64

6.5%

Shareholders’ equity

147.97140.06

7.91

5.7%

Accumulated othercomprehensive income

22.31

22.41

(0. 09)(0.4)%

Non‐controlling interests

21.45

17.59

3.85

21.9%

5,907.11 yen

5,644.23 yen

262.88 yen

Shareholders’ equity

170.29162.47

7.82

Equity ratio

69.6%

71.9%

(2.3)pt

BPS (Yen/Share)

ChangeRemarks

Change (%)

Assets(Current) Increase in tradereceivables, inventories(Non‐current) Sale of investment
securities, capital investment inFukui Yodoko, etc.
Liabilities(Current) Increase in trade
payables, income taxes payable,etc.
(Non‐current) Decrease in long‐term deferred tax liabilities, etc.
Shareholders’ equity
Profit of 9.7 billion yen, dividendsof (2.1) billion yen, etc.
Non‐controlling interests
Effect on non‐controlling interests
in SYSCO Taiwan

4.8%

Yodogawa Steel Group Financial Results for the Fiscal Year Ended March 31, 2022 Copyright (C) 2022 Yodogawa Steel Works, Ltd. All Rights Reserved

6

7

Consolidated Cash Flows

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

FY3/22

YoY

FY3/21

Remarks

ChangeChange (%)(Amount shown is approximate)

Cash flows fromoperating activities(10.64)17.14(27.79)‐

Increase in trade receivables,
inventories, etc.

Cash flows frominvesting activities(1.98)(4.67)

2.68‐

Purchase of property, plant andequipment, etc.

Cash flows fromfinancing activities(1.22)(3.99)

2.77‐

FY3/22: Dividends paid of (2.1) billion
yen, etc.

Cash and cash
equivalents

30.96

43.11

(12.15)(28.2)%(Billions of yen)

Cash and cash equivalents at end of period
43.11

39.04
32.31

34.65

FY3/19FY3/2027.27

FY3/17

FY3/1830.96

FY3/21

FY3/22

Yodogawa Steel Group Financial Results for the Fiscal Year Ended March 31, 2022 Copyright (C) 2022 Yodogawa Steel Works, Ltd. All Rights Reserved

8

Capital Expenditures and Depreciation

7

Yodogawa Steel Works, Ltd.

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

FY3/22
Capitalexpenditures(consolidated)
Depreciation(consolidated)
Capitalexpenditures(non‐consolidated)
Depreciation(non‐consolidated)

YoY

FY3/21

ChangeRemarks(Amounts shown areapproximate)

Change (%)

6.91

8.74

(1.82)(20.9)%

Fukui Yodoko (building)

3.99

3.53

0.45

12.9%

No significant changes

2.44

4.87

(2.42)(49.7)%

Plating line drive system
at Kure Plant

1.88

1.96

(0.07)(3.9)%

No significant changes

Capital expenditures

Depreciation
8.74
6.91

6.40

5.77
3.02

FY3/17

5.00

4.19

4.06

FY3/183.90
2.24

FY3/19

3.66

3.53

3.99

2.22

FY3/20FY3/21

FY3/22

Yodogawa Steel Group Financial Results for the Fiscal Year Ended March 31, 2022 Copyright (C) 2022 Yodogawa Steel Works, Ltd. All Rights Reserved

FY3/23 (forecasts)
8

9Major Capital Expenditures

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

FY3/22Completion
date

Projects

Total
investments(based on bookvalue)

Yodogawa
Replacement of Ichikawa Plant office
Steel Works building

November
2021

0.89

Yodogawa
Update of no. 5 plating line drive system
Steel Works at Kure Plant

December
2021

0.45

Fukui
YodokoConstruction of a new plant(Phase 1)

September
2021

4.90

Update of no. 2 plating line electric
equipment

June 2023

SYSCO
After
FY3/22 Fukui
YodokoConstruction of a new plant(Phase 2)131.5 million NTD(About 0.55)
2.75

Autumn 2022

Yodogawa Steel Group Financial Results for the Fiscal Year Ended March 31, 2022 Copyright (C) 2022 Yodogawa Steel Works, Ltd. All Rights Reserved

10 Consolidated Forecasts

9

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

FY3/23

Consolidated
Non‐consolidated•

1H

Full year

YoY

Net sales

810.0(26.7)

Operating profit

25.0

△5.5

Ordinary profit

32.0

△13.5

Profitattributable toowners of parent
Net sales

YoY

21.0
△7.3
Not disclosed because it is difficult to reasonably estimate theforecast of560.0
the results of operations
29.1 at this point

Operating profit

25.0

△7.3

Ordinary profit

33.0

△21.6

Profit

23.0

△15.5

It 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, 2022 Copyright (C) 2022 Yodogawa Steel Works, Ltd. All Rights Reserved1011 Dividends

Yodogawa Steel Works, Ltd.

(Yen/Shares)

EPS(consolidated)

Dividends
339.77247.98224.27215.58211.08131.14102.00
70.00

75.00

70.00

75.00

70.00

Not
disclosed
FY3/17

FY3/18

FY3/19FY3/20FY3/21

FY3/22

FY3/23 forecasts• We will promptly announce the FY3/23 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, 2022 Copyright (C) 2022 Yodogawa Steel Works, Ltd. All Rights Reserved

12 Business Segments (Reference 1)

11

Yodogawa Steel Works, Ltd.
(10,000 tons)

Primary Sales Volume of Steel Sheet Products (before eliminations for consolidation)
124

122
109

114
98

101

Not
disclosed.

PPT
YSS
SYSCO
YSW
Total
(consolidated)

FY3/17

FY3/18

FY3/19FY3/20FY3/21

FY3/22

4
8
48
65

3
10
47
62

3
7
36
63

3
7
33
56

3
10
32
56

3
11
36
65

FY3/23
forecasts
0
0
0
Not
0
disclosed.

124

122

109

98

101

114

0

• Total sales volume at all four companies increased 580,000 tons
• Yodogawa Steel Works (+410,000 tons) and SYSCO (+110,000 tons)
Yodogawa Steel Group Financial Results for the Fiscal Year Ended March 31, 2022 Copyright (C) 2022 Yodogawa Steel Works, Ltd. All Rights Reserved

12

13 Business Segments (Reference 2)

Yodogawa Steel Works, Ltd.
(10,000 tons)

Primary Sales Volume of Steel Sheet Products (before eliminations for consolidation)
140

124

122

120

114

109

100

98

101

80
60
40
20
0
Other
Oceania
North / Central / South America
Other Other
Asia Asia(excluding Middle East)
China / Hong Kong
TaiwanJapan
Total

FY3/17

FY3/18

FY3/19FY3/20FY3/21

FY3/22

1
3
11

3
3
10

2
1
6

0
1
2

1
1
4

1
2
7

10

8

7

8

7

7

7
30
61
124

9
27
60
122

7
25
61
109

6
25
55
98

10
24
55
101

10
23
64
114

Yodogawa Steel Group Financial Results for the Fiscal Year Ended March 31, 2022 Copyright (C) 2022 Yodogawa Steel Works, Ltd. All Rights Reserved

13

14 Medium‐term Management Plan 2022

Yodogawa Steel Works, Ltd.

Target vs. Actual Consolidated Ordinary Profit(Billions of yen, rounded down to
the nearest 10 million yen)

Medium‐term plan 2022 target is
operating profit of at least 9 billion yen

17.91
13.76

12.28
9.82

9.79
7.42

FY3/17••

FY3/18

FY3/19FY3/20FY3/21

FY3/22

FY3/23In the Yodogawa Steel Group Medium‐Term Management Plan 2022, the consolidated
operating profit target for FY3/23 is at least 9 billion yen.
In FY3/22, the second year of this plan, although the cost of resources, energy and many otheritems increased, operating profit was above the target because of cost reductions, selling pricerevisions, sales activities to add new customers and many other initiatives.

Yodogawa Steel Group Financial Results for the Fiscal Year Ended March 31, 2022 Copyright (C) 2022 Yodogawa Steel Works, Ltd. All Rights Reserved1415 Other Topics (1)Yodogawa Steel Works, Ltd.

New Model of the YODO Monooki Storage Shed Esumo (Sales started Feb. 2022)

Sales started on Feb. 15, 2022 of a new model in the YODO Monooki Esumo series ofsmall storage sheds. This product is manufactured by Fukui Yodoko Co., Ltd., which has
been making large investments to upgrade its operations since 2020.

Yodogawa Steel Group Financial Results for the Fiscal Year Ended March 31, 2022 Copyright (C) 2022 Yodogawa Steel Works, Ltd. All Rights Reserved

16 Other Topics (2)15

Yodogawa Steel Works, Ltd.

Rebuilding of production/logistics for exterior products (Progress report)
Yodogawa Steel Works, Ltd.

Fukui Yodoko Co., Ltd.

YODO House

Fukui Plant
Production
items

No.1 Plant
Transferred by using anabsorption‐type spin‐offTrashreceptacles(for small
stations)
Cycle spaces, etc.
YODO Monooki
Storage Shed
Esumo

(Effective April 1, 2021)

Spin‐off
No.2 Plant (BuildingNo.1) Completion(Operation started in
November 2021)

YODO Storage

Osaka Plant Sheds
Production YODO Large
Storage Sheds
items
YODO bicycle
parking units
Trashreceptacles(for apartmentbuildings)

Transfer ofmanufacturing No.2 Plant (Building

No.2)
Under construction(Plan to start operation in
the autumn of 2022)

Yodogawa Steel Group Financial Results for the Fiscal Year Ended March 31, 2022 Copyright (C) 2022 Yodogawa Steel Works, Ltd. All Rights Reserved

16

17 Topics (3)Yodogawa Steel Works, Ltd.

Launch of the YODOKO + brand

The YODOKO + Home Office 900 movable storage/workspace

Yodogawa Steel has launched the YODOKO + brand for the sale of a variety of home exterior and interior products
featuring innovative designs. All products are based on the concept of creating designs for the large number of people
working at home due to the pandemic. The first product using this brand, which went on sale in March 2022, is theHome Office, a movable storage and work space unit that opens and closes and is ideal for remote work.
Yodogawa Steel Group Financial Results for the Fiscal Year Ended March 31, 2022 Copyright (C) 2022 Yodogawa Steel Works, Ltd. All Rights Reserved

17