February 4, 2022

Summary of the Consolidated Financial Results for the Third Quarterof the Fiscal Year Ending March 31, 2022 (FY3/22)(Nine Months Ended December 31, 2021)[Japanese GAAP]
Company name:

Yodogawa Steel Works, Ltd.
Stock exchange listed: Tokyo, 1st Section
5451
URL: https://www.yodoko.co.jp/
Satoshi Nitta, President and Representative Director
Takayuki Deguchi, General Manager of IR Department
Tel: +(81)6-6245-1113
Scheduled date of filing of Quarterly Report:
February 10, 2022
Scheduled date of payment of dividend:
Preparation of supplementary materials for quarterly financial results: None
Holding of quarterly financial results meeting:
None
Stock code:
Representative:
Inquiries:(All amounts are rounded down to the nearest million yen)

1. Consolidated Financial Results for the Third Quarter (April 1, 2021 to December 31, 2021) of FY3/22(1) Consolidated results of operations(Percentages represent year-on-year changes)
Net sales

Operating profit

Millions of yen

Nine months ended Dec. 31, 2021
Nine months ended Dec. 31, 2020

% Millions of yen

145,628
104,640

Note: Comprehensive income (millions of yen):

39.2
-

86.4
-

13,342
6,944

Nine months ended Dec. 31, 2021:
Nine months ended Dec. 31, 2020:% Millions of yen

92.1
-

%

7,667
4,618

66.0
-

10,171 (down 23.1%)
13,224 (-%)

Diluted net income
per share

Net income per share
Nine months ended Dec. 31, 2021
Nine months ended Dec. 31, 2020

% Millions of yen

10,250
5,498

Profit attributable toowners of parent

Ordinary profit

Yen

Yen

266.19158.71

265.10158.00(2) Consolidated financial position
Total assets

Net assets

Millions of yen

Shareholders’ equity ratio

Millions of yen%

As of Dec. 31, 2021
237,193
187,950226,004
180,296
As of Mar. 31, 2021
Reference: Shareholders’ equity (millions of yen): As of Dec. 31, 2021: 167,527

70.6
71.9
As of Mar. 31, 2021: 162,472

2. Dividends
1Q-endDividend per share
3Q-end2Q-endYen

Year-end

Total

Yen

Yen

Yen

Yen

Fiscal year ended Mar. 31, 2021
35.00
Fiscal year ending Mar. 31, 2022
35.00
Fiscal year ending Mar. 31, 2022
(Forecast)
Note: Revisions to the most recently announced dividend forecast: Yes

-

40.00

75.00

60.00

95.00

For further details, please refer to the press release dated today (February 4, 2022) about earnings forecast and dividend forecast(Japanese version only).

3. Consolidated Forecasts for FY3/22 (April 1, 2021 to March 31, 2022)
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%

Yen

Full year
203,000
39.1
13,30068.8
16,70070.6
Note: Revisions to the most recently announced consolidated earnings forecast: Yes%

Millions of yen

9,000

43.8

312.39For further details, please refer to “1. Qualitative Information on Quarterly Consolidated Financial Performance, (3) Explanationof Consolidated Forecast and Other Forward-looking Statements” on page 4 and the press release dated today (February 4, 2022)
about earnings forecast and dividend forecast (Japanese version only).

* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in changes inscope of consolidation): None
(2) Application of special accounting methods for presenting quarterly consolidated financial statements: None
(3) Changes in accounting policies and accounting-based estimates, and restatements
1) Changes in accounting policies due to revisions in accounting standards, others: Yes
2) Changes in accounting policies other than 1) above: None
3) Changes in accounting-based estimates: None
4) Restatements: None
Please refer to “2. Quarterly Consolidated Financial Statements and Notes, (3) Notes to Quarterly Consolidated Financial
Statements, Changes in Accounting Policies” on page 9 for further information.

(4) Number of outstanding shares (common shares)
1) Number of shares outstanding at the end of the period (including treasury shares)
As of Dec. 31, 2021:

34,837,230 shares

As of Mar. 31, 2021:

34,837,230 shares

As of Mar. 31, 2021:

6,051,658 shares

Nine months ended Dec. 31, 2020:

29,099,189 shares

2) Number of treasury shares at the end of the period
As of Dec. 31, 2021:

6,010,950 shares

3) Average number of shares outstanding during the period
Nine months ended Dec. 31, 2021:

28,805,827 shares* The current quarterly financial report is not subject to quarterly review 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 mat erials are not promises by Yodogawa
Steel Works regarding future performance. Actual results may differ significantly from these forecasts for a number of reason s.
For a discussion of the assumptions for forecasts, precautions concerning usage and other in formation, please refer to “1.
Qualitative Information on Quarterly Consolidated Financial Performance, (3) Explanation of Consolidated Forecast and Other
Forward-looking Statements” on page 4.

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for 3Q of FY3/22

Contents of Attachments
1. Qualitative Information on Quarterly Consolidated Financial Performance2(1) Explanation of Results of Operations

2(2) Explanation of Financial Position

3(3) Explanation of Consolidated Forecast and Other Forward-looking Statements

4

2. Quarterly Consolidated Financial Statements and Notes

5(1) Quarterly Consolidated Balance Sheet

5(2) Quarterly Consolidated Statements of Income and Comprehensive Income

7

Quarterly Consolidated Statement of Income
For the Nine-month Period

7

Quarterly Consolidated Statement of Comprehensive Income
For the Nine-month Period

8(3) Notes to Quarterly Consolidated Financial Statements

9

Going-concern Assumption

9

Significant Changes in Shareholders’ Equity

9

Notes to Quarterly Consolidated Balance Sheet

9

Changes in Accounting Policies

9

Segment and Other Information

10

1

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for 3Q of FY3/22

1. Qualitative Information on Quarterly Consolidated Financial Performance(1) Explanation of Results of Operations
During the first nine months of the fiscal year ending March 31, 2022, Japan’s economy recovered primarily withthe support of consumer spending mainly due to progress with vaccinations and other measures to live with the
pandemic. However, there are some areas of weakness in the economy caused by the semiconductor shortage,high prices of natural resources and energy, and other issues.
In the global economy as well, a recovery is taking place centered on consumer spending due to progress withvarious activities involving the pandemic. But the global economy is still unstable because of inflation, mainly
for natural resources and energy, supply chain disruptions, and other issues. In China, the pace of the economic
recovery is slowing primarily because of a downturn of the real estate market and the country’s zero -COVID
policy.
In the steel industry, there are signs of upturn in Japan. Construction starts are increasing and machinery exports
are up, but automobile production is weak due to shortages of semiconductors. As a result, the recovery is stillslow.
Instability is continuing in the overseas steel market because of the negative effect on China’s internal demand of
the real estate market downturn and other events and restrictions on the supply of steel in Europe and North
America.
The Yodogawa Steel Group’s net sales in the first nine months increased 40,987 million yen from the same periodof the previous fiscal year to 145,628 million yen. Operating profit increased 4,751 million yen to 10,250 million
yen, ordinary profit increased 6,398 million yen to 13,342 million yen, and profit attributable to owners of parent
increased 3,049 million yen to 7,667 million yen.
In Japan, sales increased due to the recovery in the sales volume of steel sheets along with activities to improveselling prices. However, earnings decreased because many categories of expenses were higher.
Overseas, sales and earnings increased mainly because of a recovery at Taiwan subsidiary Sheng Yu Steel Co.,
Ltd. (SYSCO), and the return to profitability of China subsidiary Yodogawa Shengyu (Hefei) High-Tech Steel Co.,
Ltd. (YSS).
Business segment performance was as follows.
1) Steel Sheet-related BusinessNet sales totaled 139,423 million yen and operating profit was 10,002 million yen. Sales and earnings increased.
Steel Sheet
In Japan, monetary sales increased as sales volumes improved in all steel sheet categories along with activities toimprove selling prices because of solid demand for building construction and other sources of strength. There
were increases for both specific high-demand customers and general distribution. Although sales increased,
earnings were down because many categories of expenses were higher.
Overseas, SYSCO in Taiwan increased earnings because of the growth of sales volumes in Taiwan and of exports
as well as improvements in selling prices. YSS, a subsidiary in China, became profitable primarily due to thelarger volume of sales of pre-painted and plated steel sheets in China. PCM Processing (Thailand) Ltd. (PPT), ourThai subsidiary, reported a small improvement in earnings although it continued to experience progress andsetbacks.
Building Material & Exterior Products
In the building materials category, sales of exterior products were higher because of a high volume of sales ofstorage sheds and garages. Sales of materials for building exteriors decreased because of a change in the method
used to sell YODO Roof and other reasons.

2

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for 3Q of FY3/22

2) Roll BusinessNet sales totaled 1,921 million yen and operating profit was 65 million yen.
Sales increased because sales volume of rolls used in the steel industry remained firm, and earnings improved.
3) Grating BusinessNet sales totaled 2,562 million yen and operating profit was 84 million yen.
Sales and earnings decreased mainly because of a lower number of orders involving government and roadprojects.
4) Real Estate BusinessNet sales totaled 956 million yen and operating profit was 643 million yen.
Sales were almost the same as one year earlier but earnings decreased mainly because of an increase indepreciation associated with renovations and improvements at leased properties.
5) Other Businesses
Net sales totaled 764 million yen and operating profit was 325 million yen.
Sales decreased due to lower sales in the materials sales business, but earnings increased mainly due to anincrease in the volume of cargo handled in the warehousing and transportation businesses.
(2) Explanation of Financial Position
AssetsCurrent assets increased by 14,021 million yen from the end of the previous fiscal year to 137,840 million yen.
This was attributable mainly to a decrease of 11,250 million yen in cash and deposits, an increase of 10,741
million yen in notes and accounts receivable-trade, and contract assets, a decrease of 5,710 million yen insecurities and an increase of 18,402 million yen in inventories.
Non-current assets decreased by 2,832 million yen from the end of the previous fiscal year to 99,353 million yen.
This was mainly attributable to an increase of 2,775 million yen in property, plant and equipment and a decreaseof 5,689 million yen in investment securities.
Total assets increased by 11,189 million yen from the end of the previous fiscal year to 237,193 million yen.
Liabilities
Current liabilities increased by 5,547 million yen from the end of the previous fiscal year to 33,921 million yen.
This was attributable mainly to an increase of 8,014 million yen in notes and accounts payable-trade, decreases of
956 million yen in income taxes payable and 1,013 million yen in accrued consumption taxes included in othercurrent liabilities.
Non-current liabilities decreased by 2,011 million yen from the end of the previous fiscal year to 15,322 million
yen. This was attributable mainly to decreases of 989 million yen in retirement benefit liability and 979 million
yen in deferred tax liabilities included in other non-current liabilities.
Total liabilities increased by 3,536 million yen from the end of the previous fiscal year to 49,243 million yen.
Net assets
Net assets increased by 7,653 million yen from the end of the previous fiscal year to 187,950 million yen. This
was attributable mainly to increases of 5,514 million yen in retained earnings, 1,954 million yen in foreign
currency translation adjustment, 2,633 million yen in non-controlling interests, and a decrease of 2,712 million
yen in valuation difference on available-for-sale securities.

3

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for 3Q of FY3/22(3) Explanation of Consolidated Forecast and Other Forward-looking Statements
Although the global economy is expected to recover slowly, there are concerns about the increase in COVID -19
cases caused by the omicron variant, worldwide supply chain disruptions, the rising cost of natural resources andenergy, and other events. As a result, Yodogawa Steel Works believes that the outlook for the global economy willremain unclear for the time being.
In the steel markets in Japan and other countries, prices of raw materials used for steelmaking and of steel
products of all types continue to surge. 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 expenses in all regions.
To succeed in this uncertain business climate, all group companies are focusing on speed a nd agility concerning
both sales and production activities to respond to rapidly changing market conditions. To become even more
profitable, group companies are also establishing positions in new markets and increasing sales of value -added
products.
The forecast for consolidated performance in the current fiscal year is based on this outlook for the economy andsteel market.

4

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for 3Q of FY3/22

2. Quarterly Consolidated Financial Statements and Notes(1) Quarterly Consolidated Balance Sheet(Millions of yen)
Third quarter of FY3/22(as of Dec. 31, 2021)

FY3/21(as of Mar. 31, 2021)
AssetsCurrent assets
Cash and deposits

42,03530,784

Notes and accounts receivable-trade, and contract assets

41,22951,971

Electronically recorded monetary claims-operating

3,005

3,632

Securities

6,821

1,110

Merchandise and finished goods

12,672

19,724Work in process

4,158

6,086

Raw materials and supplies

9,258

18,682

Other

4,783

5,995

Allowance for doubtful accounts

(147)

(148)

123,818

137,840

Property, plant and equipment

52,59955,375Intangible assets

1,752

1,924

Investment securities

46,865

41,175Retirement benefit asset

285

317

Other

683

560

Total current assets
Non-current assets

Investments and other assets

Total investments and other assets

47,83442,053102,185

99,353226,004

237,193

Notes and accounts payable-trade

13,74421,758

Electronically recorded obligations-operating

2,247

2,661

Total non-current assets
Total assets
Liabilities
Current liabilities

Short-term borrowings-

176

Income taxes payable

2,717

1,760

Provision for bonuses

1,365

688

336

813

Other

7,962

6,063

Total current liabilities

28,37333,921

52

35

Provision for product warranties

Non-current liabilities
Provision for retirement benefits for directors (and otherofficers)
Retirement benefit liability

6,907

5,918

Other

10,373

9,367

Total non-current liabilities

17,333

15,32245,70749,243

Total liabilities

5

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for 3Q of FY3/22

FY3/21(as of Mar. 31, 2021)(Millions of yen)
Third quarter of FY3/22(as of Dec. 31, 2021)

Net assets
Shareholders’ equity
Share capital

23,22023,220Capital surplus

18,10818,274Retained earnings

110,822

116,337

Treasury shares(12,091)(11,998)

Total shareholders’ equity

140,060

145,834

Valuation difference on available-for-sale securities

19,207

16,494

Revaluation reserve for land

1,636

1,629

Foreign currency translation adjustment

1,458

3,413

Remeasurements of defined benefit plans

109

155

22,412

21,692

227

192

Accumulated other comprehensive income

Total accumulated other comprehensive income
Share acquisition rights
Non-controlling interests

17,596

20,230Total net assets

180,296

187,950226,004

237,193

Total liabilities and net assets

6

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for 3Q of FY3/22(2) Quarterly Consolidated Statements of Income and Comprehensive Income(Quarterly Consolidated Statement of Income)(For the Nine-month Period)First nine months of FY3/21(Apr. 1, 2020 to Dec. 31, 2020)(Millions of yen)First nine months of FY3/22(Apr. 1, 2021 to Dec. 31, 2021)

Net sales

104,640

145,628

Cost of sales

86,504

120,959

Gross profit

18,135

24,668Selling, general and administrative expenses

12,637

14,418Operating profit

5,498

10,250Non-operating income
Interest income

212

219

Dividend income

571

1,076

Foreign exchange gains

32

182

Gain on valuation of derivatives

11-

Gain on sale of investment securities
Share of profit of entities accounted for using
equity method
Other

462

785

214

534

Total non-operating income

245

562

1,751

3,360

51

49

132

138

122

80

Non-operating expenses
Interest expenses
Cost for employees transferred temporarily tooverseas subsidiaries
Other
Total non-operating expenses

305

268

6,944

13,342Gain on sale of non-current assets

0148

Insurance claim income

13-

Total extraordinary income

14

148

60

268

Ordinary profit
Extraordinary income

Extraordinary losses
Loss on sale and retirement of non-current
assetsLoss on valuation of investment securities
Impairment losses
Loss on liquidation of subsidiaries andassociates
Other
Total extraordinary losses

1

1

0

164

12

-

0

-

75

434

Profit before income taxes

6,883

13,056

Income taxes-current

2,246

3,330

Income taxes-deferred

(33)

192

Total income taxes

2,213

3,522

Profit

4,669

9,534

51

1,866

4,618

7,667

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

7

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for 3Q of FY3/22(Quarterly Consolidated Statement of Comprehensive Income)(For the Nine-month Period)First nine months of FY3/21(Apr. 1, 2020 to Dec. 31, 2020)(Millions of yen)First nine months of FY3/22(Apr. 1, 2021 to Dec. 31, 2021)

4,669

9,534

8,683

(2,828)

(302)

3,407

119

55

54

3

8,555

637

13,224

10,171

13,125

6,955

99

3,216

ProfitOther comprehensive income
Valuation difference on available-for-salesecurities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, netof taxShare of other comprehensive income ofentities accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to:Comprehensive income attributable to ownersof parent
Comprehensive income attributable tonon-controlling interests

8Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for 3Q of FY3/22(3) Notes to Quarterly Consolidated Financial Statements
Going-concern Assumption
Not applicable.
Significant Changes in Shareholders’ Equity
Not applicable.
Notes to Quarterly Consolidated Balance Sheet
Contingent liabilities
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 thesesheets. Yodogawa Steel Works has explained this problem to companies that sell these sheets and is covering
repair and other expenses.
Repair and other expenses, including expenses for problems that have occurred but where repairs and otheractivities have not been completed, are recorded as period costs. The costs of the problems involving these sheets
have not been expensed because it is not possible to determine a reliable forecast of how many problems will
occur.
There may be significant repair and other expenses involving these sheets in the coming years depending on
number of problems that occur.
Changes in Accounting Policies
Application of the Accounting Standard for Revenue Recognition
Yodogawa Steel Works started to apply the Accounting Standard for Revenue Recognition (ASBJ Statement No.
29, March 31, 2020) at the beginning of the first quarter of the fiscal year ending on March 31, 2022. Based on
this standard, revenue expected to be received in exchange for the provision of goods and services is recognizedwhen the control of the promised goods and services is transferred to customers. The main change is that of thetransactions that were previously recognized as revenue based on the total amount of consideration received fromthe customer, those that fall under the category of agency transactions are now recognized as revenue on a net
basis. In addition, sales incentives, which were previously included in selling, general and administrative
expenses, are now treated as a decrease in sales.
This change in accounting policy has been applied retrospectively in principle, and the quarterly consolidated
financial statements and consolidated financial statements for the previous quarter and the previous fiscal year
have been adjusted retrospectively. However, Yodogawa Steel Works has applied the following method as
stipulated in Paragraph 85 of the Accounting Standard for Revenue Recognition.
(1) No retroactive adjustment to the comparative information for contracts for which almost all the revenue
amounts have been recognized in accordance with the previous treatment prior to the beginning of theprevious fiscal year.
(2) To retrospectively adjust the comparative information for the amount of variable consideration included incontracts for which almost all of the revenue amounts have been recognized in accordance with the previous
treatment prior to the beginning of the current fiscal year, using the amount at the time when the uncertainty
about the amount of the variable consideration is resolved.
(3) No retroactive adjustment to the quarterly consolidated financial statements for the previous fiscal year forcontracts that began and ended during the previous fiscal year.
As a result, net sales decreased by 3,134 million yen, cost of sales decreased by 2,771 million yen, selling,
general and administrative expenses decreased by 362 million yen, and operating profit, ordinary profit and profit
before income taxes each decreased by 0 million yen, respectively, compared with the results before theretrospective application. In addition, as the cumulative effect was reflected in net assets at the beginning of theprevious fiscal year, the balance of retained earnings at the beginning of the previous fiscal year decreased by 12
million yen.
Due to the application of the Accounting Standard for Revenue Recognition, “Notes and accounts
receivable-trade,” which was presented in “Current assets” in the consolidated balance sheet for the previous
fiscal year, is included in “Notes and accounts receivable-trade, and contract assets“ from the first quarter of thecurrent fiscal year.
9Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for 3Q of FY3/22

Application of the Accounting Standard for Fair Value Measurement
Yodogawa Steel Works has applied the Accounting Standard for Fair Value Measurement (ASBJ Statement No.
30, July 4, 2019) and other standards from the beginning of the first quarter of the current fiscal year, and has
applied the new accounting policies prescribed in the Accounting Standard for Fair Value Measurement
prospectively in accordance with the transitional treatment prescribed in Paragraph 19 of the Accounting Standard
for Fair Value Measurement and Paragraph 44-2 of the Accounting Standard for Financial Instruments (ASBJ
Statement No. 10, July 4, 2019). There is no effect of this application on the quarterly consolidated financial
statements.
Segment and Other Information
Segment information
I. First nine months of FY3/21 (Apr. 1, 2020 to Dec. 31, 2020)
1. Information related to net sales and profit/loss for each reportable segment
Reportable segments
Steel
Roll
Sheet-related
Business
Business

Grating
BusinessReal
EstateBusiness

Total

Others(Note 1)

Total

(Millions of yen)Amounts
shown on the
Adjustment consolidated(Note 2)statement ofincome(Note 3)

Net sales
External sales
98,4161,883
2,582
929 103,811
828 104,640
104,640
Inter-segment
326
326
1,599
1,926
(1,926)sales and transfers
Total
98,4161,883
2,582
1,256 104,138
2,428 106,567(1,926)
104,640
Segment profit
5,789
(291)
117
659
6,275
100
6,375
(876)
5,498
(loss)
Notes: 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 (877) million yen and an elimination forinter-segment transactions of 0 million yen.
3. Segment profit (loss) is adjusted to be consistent with the operating profit on the quarterly consolidated statementof income.

II. First nine months of FY3/22 (Apr. 1, 2021 to Dec. 31, 2021)
1. Information related to net sales and profit/loss for each reportable segment
Reportable segments
Steel
Roll
Sheet-related
Business
Business

Grating
BusinessReal
EstateBusiness

Total

Others(Note 1)

Total

(Millions of yen)Amounts
shown on the
Adjustment consolidated(Note 2)statement ofincome(Note 3)

Net sales
External sales
139,4231,921
2,562
956 144,863
764 145,628
145,628
Inter-segment
314
314
1,961
2,276
(2,276)sales and transfers
Total
139,423
1,921
2,562
1,271 145,178
2,726 147,904(2,276)145,628
Segment profit
10,0026584
643
10,796
325
11,121(871)
10,250Notes: 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 bu sinesses.
2. The adjustment to segment profit includes unallocated expenses of (865) million yen and an elimination forinter-segment transactions of (5) million yen.
3. Segment profit is adjusted to be consistent with the operating profit on the quarter ly consolidated statement of income.

2. Information related to impairment losses on non-current assets, or goodwill, etc. for each reportable segment
Material impairment losses related to non-current assets
In the Others (golf course business) segment, impairment losses on non-current assets were recorded. The amountof the impairment losses was 162 million yen in the first nine months of FY3/22.
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.
10