Note: This document is a translation of a part of the original Japanese version and provided for reference purposes only. In the event of any discrepancy
between the Japanese original and this English translation, the Japanese original shall prevail.

Consolidated Financial Results
for the Fiscal Year Ended March 31, 2024
[Japanese GAAP]
April 30, 2024
Company name: Sanyo Special Steel Co., Ltd.
Stock exchange listing: Tokyo
Code number: 5481
URL: https://www.sanyo-steel.co.jp/
Representative: MIYAMOTO Katsuhiro
Representative Director and President
Contact: YANAGIMOTO Yutaka
General Manager, Head of Accounting & Finance Department
Phone: +81-79-235-6008
Scheduled date of Annual General Meeting of Shareholders: June 26, 2024
Scheduled date of commencing dividend payments: June 5, 2024
Scheduled date of filing annual securities report: June 26, 2024
Availability of supplementary briefing material on annual financial results: Yes
Schedule of annual financial results briefing session: Yes(Amounts of less than one million yen are rounded down.)
1. Consolidated Financial Results for the Fiscal Year Ended March 31, 2024 (April 1, 2023 to March 31, 2024)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Net sales

Operating profit

Millions of yen% Millions of yen
Fiscal year ended
March 31, 2024
353,810(10.2)
11,366
March 31, 2023
393,843
8.4
28,492(Note) Comprehensive income:Fiscal year ended March 31, 2024:
Fiscal year ended March 31, 2023:

Basic earnings per
share

%

(60.1)
33.0¥¥

Diluted earnings per
share

Yen
Fiscal year ended
March 31, 2024
166.21March 31, 2023
380.70(Reference) Equity in earnings (losses) of affiliated companies:

Profit attributable toowners of parent

Ordinary profit
Millions of yen%

Millions of yen

12,119(58.0)
28,85633.2
19,553 million [22,963 million [9,056
20,743(14.8) %]7.2%]%(56.3)
35.9

Rate of return on Ordinary profit to Operating profit toequitytotal assets ratio
net sales ratio

Yen

%

%

4.1
10.1
Fiscal year ended March 31, 2024:
Fiscal year ended March 31, 2023:

%

3.0
7.4
¥
¥

3.2
7.2
- million- million

Net assets

Net assets per share(2) Consolidated Financial Position
Total assets
As ofMarch 31, 2024
March 31, 2023
(Reference) Equity:

Millions of yen

398,706
401,218
As of March 31, 2024:
As of March 31, 2023:

Capital adequacy ratio

Millions of yen¥¥

228,597
216,024
226,667 million
214,374 million

%

Yen

56.9
53.4

4,160.27
3,934.50(3) Consolidated Cash Flows
Cash flows fromoperating activities
Fiscal year ended
March 31, 2024
March 31, 2023

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash
equivalents at the endof period

Millions of yen

Millions of yen

Millions of yen

Millions of yen

40,644
12,155(15,924)(12,766)(27,446)
8,525

30,65730,986

2. Dividends
Annual dividends
1st
2nd
3rd
Year-endquarter-end quarter-end quarter-end
Fiscal year ended
March 31, 2023
March 31, 2024
Fiscal year ending
March 31, 2025 (Forecast)

Total

Yen

Yen

Yen

Yen

-

55.00
35.00

-

45.00
30.00

100.00
65.00

-

20.00

-

50.00

70.00

Total
dividends

Payoutratio

Dividends
to net assets(consolidated)(consolidated)

Yen Millions of yen

5,449
3,541

%

%

26.3
39.1

2.6
1.6

40.1

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2025 (April 1, 2024 to March 31, 2025)(% indicates changes from the previous corresponding period.)
Net sales
Millions of yen

Six months ending
September 30, 2024
Full year

Operating profit% Millions of yen

Profit attributable toowners of parent

Ordinary profit% Millions of yen% Millions of yen

Basic earnings
per share%Yen

162,500(12.3)

2,100(71.3)

2,000(74.4)

1,000(80.9)

18.35

345,000(2.5)

12,4009.1

13,000

7.3

9,500

4.9

174.36* Notes:(1) Changes in significant subsidiaries during the period under review (changes in specified subsidiaries resulting in changes inscope of consolidation): No(2) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards: No
2) Changes in accounting policies other than 1) above: No
3) Changes in accounting estimates: Yes
4) Retrospective restatement: No(3) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):
March 31, 2024:
54,507,307 shares
March 31, 2023:
54,507,307 shares
2) Number of treasury shares at the end of the period:
March 31, 2024:
23,478 shares
March 31, 2023:
21,557 shares
3) Average number of shares outstanding during the period:
Fiscal Year ended March 31, 2024:
Fiscal Year ended March 31, 2023:

54,484,632 shares
54,486,754 shares

(Reference) Summary of Non-consolidated Financial Results
1. Non-consolidated Financial Results for the Fiscal Year Ended March 31, 2024 (April 1, 2023 to March 31, 2024)(1) Non-consolidated Operating Results(% indicates changes from the previous corresponding period.)
Net sales
Operating profit
Ordinary profit
Net income
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Fiscal year ended
March 31, 2024
178,194(7.8)
4,274(50.7)
8,966(12.2)
5,895(21.5)March 31, 2023
193,248
14.5
8,663
(5.5)
10,210
2.6
7,506
20.6

Fiscal year ended
March 31, 2024
March 31, 2023

Basic earnings per share

Diluted earnings per share

Yen

Yen

108.21137.77-(2) Non-consolidated Financial Position
Total assets
Millions of yen
As ofMarch 31, 2024
268,743
March 31, 2023
280,335(Reference) Equity: As of March 31, 2024:
As of March 31, 2023:

Net assets

Capital adequacy ratio

Millions of yen¥¥

186,511
184,974
186,511 million
184,974 million

Net assets per share

%

Yen

69.4
66.0

3,423.24
3,394.91*

These financial results are outside the scope of audit by certified public accountants or an audit firm.

*

Proper use of earnings forecasts, and other special matters
Forecasts and other forward-looking statements are based on judgments made by the Companies in accordance with information
currently available. Please be aware that there are various uncertainties inherent in forecasts, and actual results may differ from these
forecasts.

Consolidated Financial Statements
Consolidated Balance Sheets(Millions of yen)
As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract
assetsElectronically recorded monetary claims operating
Merchandise and finished goods
Work in process
Raw materials and supplies
Income taxes refund receivable
Deposits paid to subsidiaries and associates
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Machinery, equipment and vehicles
Accumulated depreciation
Machinery, equipment and vehicles, net
LandConstruction in progress
Other
Accumulated depreciation
Other, net
Total property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Deferred tax assets
Retirement benefit asset
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

1

As of March 31, 2024

21,652

26,591

66,37259,541

11,636

13,38133,68158,79135,756
44
9,953
4,259
(449)
241,698

29,862
54,59534,700
390
4,810
4,996
(435)
228,435

74,815(54,795)
20,019284,449(215,834)
68,615
13,496
9,025
15,651(11,625)
4,025
115,183

78,648(57,455)
21,192299,920(223,788)
76,132
17,183
4,389
17,050(12,460)
4,590
123,487

32,441
3,676
36,117

32,954
4,029
36,984

5,003
3
1,489
996
935
(209)
8,218
159,519
401,218

4,328
3
2,809
1,827
1,042
(212)
9,799
170,271398,706

(Millions of yen)
As of March 31, 2023
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings
Commercial papers
Current portion of bonds payable
Income taxes payable
Accounts payable - otherAccrued expenses
Provision for bonuses
Provision for environmental measures
Other
Total current liabilities
Non-current liabilities
Bonds payable
Long-term borrowings
Deferred tax liabilities
Provision for retirement benefits for directors (andother officers)
Provision for loss on guarantees
Provision for environmental measures
Retirement benefit liability
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

2

As of March 31, 2024

39,54343,73230,9994,654
11,120
9,499
2,323
3
5,515
147,391

39,35754,295
10,0004,440
9,866
10,014
2,089
4
6,625
136,694

10,00011,5705,279

16,300
4,679

55

44

1
133
8,751
2,010
37,802
185,194

1
188
10,3981,802
33,415
170,10953,80051,503101,027(32)
206,298

53,80048,827
105,724(37)
208,315

1,893

1,915

(1,100)
5,625
1,656
8,075
1,650
216,024401,218(416)
15,251
1,602
18,351
1,930
228,597398,706

Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income(Millions of yen)
For the fiscal year
ended March 31, 2023
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Selling expenses
General and administrative expenses
Total selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Foreign exchange gains
Rental income
Power supply and demand adjustment cooperation
fund
Income from supplying data
Other
Total non-operating income
Non-operating expenses
Interest expenses
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of investment securities
Gain on sale of shares of subsidiaries and associates
Gain on sale of non-current assets
Total extraordinary income
Extraordinary losses
Loss on sale and retirement of non-current assets
Loss on liquidation of subsidiaries and associates
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

3

For the fiscal year
ended March 31, 2024

393,843
326,789
67,053353,810304,100
49,70919,691
18,87038,561
28,492

19,15019,192
38,343
11,366

314
162
494
346

756
196
824
380

-

433

286
1,605

409
519
3,520

960
281
1,241
28,856

2,384
383
2,767
12,119

15
250
265

912
307
37
1,257

651
425
1,076
28,045
6,528
711
7,240
20,80461
20,74329062352
13,024
6,659(2,762)
3,897
9,127
71
9,056

Consolidated Statements of Comprehensive Income(Millions of yen)
For the fiscal year
ended March 31, 2023
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners ofparentComprehensive income attributable to non-controllinginterests

4

For the fiscal year
ended March 31, 2024

20,804

9,127

510(3,234)
1,591
3,290
2,158
22,963

21
683
9,775
(54)
10,426
19,55322,765

19,332

197

221

Consolidated Statements of Changes in Equity
For the fiscal year ended March 31, 2023
(Millions of yen)
Shareholders' equity
Share capital Capital surplus
Balance at beginningof period

53,80051,486

Retainedearnings
85,732

Treasuryshares(28)

Totalshareholders'equity190,991

Changes during period
Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
shares(5,448)20,743

20,743(4)

Change in ownershipinterest of parent due
to transactions with
non-controllinginterests
Net changes in items
other thanshareholders' equity
Total changes during
periodBalance at end of
period(5,448)

16

(4)

16

-

16

15,294(4)

15,30753,80051,503101,027(32)

206,298

Accumulated other comprehensive income
Valuation
Deferred gains
difference onor losses onavailable-forhedges
sale securities
Balance at beginningof period

1,382

2,134

Foreigncurrencytranslation
adjustment
4,119

Total
Remeasurements accumulatedof definedotherbenefit plans comprehensive
income(1,633)

6,003

Noncontrolling Total net assetsinterests

1,850

198,845

Changes during period
Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
sharesChange in ownershipinterest of parent due
to transactions with
non-controllinginterests
Net changes in items
other thanshareholders' equity
Total changes during
periodBalance at end of
period-(5,448)-20,743

-

(4)

-

16

510

(3,234)

1,505

3,290

2,072

(200)

1,871

510

(3,234)

1,505

3,290

2,072

(200)

17,179

1,893(1,100)

5,625

1,656

8,075

1,650

216,024

5

For the fiscal year ended March 31, 2024
(Millions of yen)
Shareholders' equity
Share capital Capital surplus
Balance at beginningof period

53,80051,503Retainedearnings
101,027

Treasuryshares(32)

Totalshareholders'equity206,298

Changes during period
Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
shares(4,358)

9,056

9,056
(5)

Change in ownershipinterest of parent due
to transactions with
non-controllinginterests
Net changes in items
other thanshareholders' equity
Total changes during
periodBalance at end of
period(4,358)(2,675)(5)(2,675)-(2,675)

4,697

(5)

2,016

53,80048,827

105,724(37)

208,315

Accumulated other comprehensive income
Valuation
Deferred gains
difference onor losses onavailable-forhedges
sale securities
Balance at beginningof period

1,893(1,100)Foreigncurrencytranslation
adjustment
5,625

Total
Remeasurements accumulatedof definedotherbenefit plans comprehensive
income
1,656

8,075

Noncontrolling Total net assetsinterests

1,650

216,024

Changes during period
Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
sharesChange in ownershipinterest of parent due
to transactions with
non-controllinginterests
Net changes in items
other thanshareholders' equity
Total changes during
periodBalance at end of
period-(4,358)

-

9,056

-

(5)

-

(2,675)

21

683

9,625

(54)

10,276279

10,556

21

683

9,625

(54)

10,276279

12,572

1,915

(416)

15,251

1,602

18,351

1,930

228,5976

Consolidated Statements of Cash Flows(Millions of yen)
For the fiscal year
ended March 31, 2023
Cash flows from operating activities
Profit before income taxes
Depreciation
Amortization of goodwill
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses
Increase (decrease) in retirement benefit liability
Decrease (increase) in retirement benefit asset
Increase (decrease) in provision for retirement benefits
for directors (and other officers)
Increase (decrease) in provision for environmental
measures
Increase (decrease) in provision for loss on guarantees
Interest and dividend income
Interest expenses
Loss (gain) on sale of investment securities
Loss (gain) on valuation of investment securities
Loss (gain) on sale of shares of subsidiaries andassociates
Loss (gain) on sale and retirement of non-current
assetsLoss on liquidation of subsidiaries and associates
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes refund (paid)
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sale of investment securities
Investments in entities accounted for using equity
methodProceeds from sale of shares of subsidiaries resulting
in change in scope of consolidation
Long-term loan advances
Proceeds from collection of long-term loans receivable
Payments into time deposits
Proceeds from withdrawal of time deposits
Other, net
Net cash provided by (used in) investing activities

7

For the fiscal year
ended March 31, 2024

28,045
13,764
2,924
73
156
52
226

13,024
13,744
3,246
(58)
(233)
(41)
74

(12)

(10)

(79)

43

(0)
(477)
960
(15)
-

0
(953)
2,384
(912)
0

-

(307)

401

253

425
1,389
(11,411)(14,390)(2,163)
19,869477(756)(7,434)
12,155

62
7,986
15,275(3,785)(689)
49,104950(1,827)(7,583)40,644(13,576)
492
(276)
(2)
34

(17,294)
532
(804)
(202)
1,921

787

-

-

403

(4)
2
(1,065)
1,048(207)(12,766)

(0)
1
(628)
557
(411)
(15,924)

(Millions of yen)
For the fiscal year
ended March 31, 2023
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Net increase (decrease) in commercial papers
Proceeds from long-term borrowings
Repayments of long-term borrowings
Repayments of lease liabilities
Purchase of treasury shares
Dividends paid
Dividends paid to non-controlling interests
Purchase of shares of subsidiaries not resulting inchange in scope of consolidation
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

8

For the fiscal year
ended March 31, 2024

(716)
18,997300(3,414)(796)(4)(5,441)(37)

15,054(30,999)
5,000(8,610)(902)(5)(4,352)
(23)

(343)

(2,593)

(17)
8,525

(13)
(27,446)

1,215

2,397

9,129
21,85730,986(329)
30,98630,657

Notes to Consolidated Financial Statements(Segment Information)
1. General information about reportable segments
The Companies' reportable segments are the business units for which the Company is able to obtain separate financial information inorder for the Board of Directors to determine the distribution of management resources and evaluate business results. Each operating divisiondevelops business activities and establishes comprehensive strategies for domestic and overseas markets according to the products it handles.
Therefore, the Companies consist of business segments according to their products based on operating divisions and have determined thereportable segments, as "Steel Products", "Metal Powders" and "Formed and Fabricated Materials."
The "Steel Products" segment includes the manufacture and sale of various special steel products such as bearing steel, engineering steel,stainless steel, heat resistant steel and tool steel. The "Metal Powders" segment includes the manufacture and sale of metal powder products.
The "Formed and Fabricated Materials" segment includes the manufacture and sale of formed and fabricated materials made from special steel
bars and tubes.

2. Accounting methods and basis of measurement for reportable segment profit or loss and other material items
The accounting methods applied to the reportable segments are generally the same as those used in the preparation of the consolidated
financial statements, except that inventories are stated at cost to evaluate business results. Segment profit is based on operating profit.
Intersegment transactions are based on market prices.

3. Information about reportable segment profit or loss and other material items
Segment information for the fiscal year ended March 31, 2023
(Millions of yen)
Reportable segments
Steel
Products

Metal
Powders

Formed andFabricatedMaterials

Total

Other

Total

Adjustments

Consolidated
total

393,843

Net sales
Outside customers

368,508

5,312

19,860393,680

162

393,843－

Intersegment transactions

8,546

－

0

8,546

1,270

9,816

(9,816)－

Total

377,054

5,312

19,860402,227

1,433

403,660(9,816)

393,843

26,982

1,004

366

28,35430

28,384107

28,492

Depreciation

13,01496

683

13,795

3

13,799(34)

13,764

Amortization of goodwill

2,924

－

－

2,924

－

2,924

－

2,924

Segment profit
Other

1. The "Other" category is the information service segment not included in reportable segments.
2. Segment profit adjustments are intersegment eliminations.
3. Segment profit is adjusted with operating profit in the consolidated statements of operations.
4. As information about segment assets and liabilities is not used to determine the distribution of management resources and evaluatebusiness results, the Companies are not required to disclose information about segment assets and liabilities.

9

Segment information for the fiscal year ended March 31, 2024
(Millions of yen)
Reportable segment
Steel
Products

Metal
Powders

Formed andFabricatedMaterials

329,985

5,337

18,388

Total

Other

Total

Adjustments

Consolidated
total

－

353,810

Net sales
Outside customers

353,71298

353,810

Intersegment transactions

8,660

－

0

8,660

1,408

10,068(10,068)－

Total

338,646

5,337

18,388362,372

1,506

363,879(10,068)

353,810

10,831931(491)

11,27137

11,30957

11,366

Depreciation

13,03094

651

13,776

2

13,779(34)

13,744

Amortization of goodwill

3,246

－

－

3,246

－

3,246

－

3,246

Segment profit (loss)
Other

1. The "Other" category is the information service segment not included in reportable segments.
2. Segment profit (loss) adjustments are intersegment eliminations.
3. Segment profit (loss) is adjusted with operating profit in the consolidated statements of operations.
4. As information about segment assets and liabilities is not used to determine the distribution of management resources and evaluatebusiness results, the Companies are not required to disclose information about segment assets and liabilities.

(Per share information)

Net assets per share (Yen)Per share information
for the fiscal year ended March 31, 2023
3,934.50

Per share information
for the fiscal year ended March 31, 2024
4,160.27

380.70166.21

Basic earnings per share (Yen)
1. Diluted earnings per share is not shown because there are no latent shares.

2. The basis for calculating basic earnings per share is as follows
Per share information for the fiscal year Per share information for the fiscal year
ended March 31, 2023
ended March 31, 2024
Profit attributable to owners of parent
20,743
9,056(Millions of yen)Amount not attributable to common shareholders－－(Millions of yen)
Profit of common stock attributable to20,743
9,056
owners of the parent (Millions of yen)
Average number of shares of common stock (shares)
54,486,754
54,484,632
3. The basis for calculating net assets per share is as follows
Per share information for the fiscal year Per share information for the fiscal year
ended March 31, 2023
ended March 31, 2024
Net assets (Millions of yen)
216,024
228,597
Amount deducted from net assets (Millions of yen)
[ Non-controlling interests (Millions of yen) ]Net assets related to common stock (Millions of yen)
Number of shares of common stock used in thecalculation of net assets per share (shares)

10

1,650
[ 1,650]214,374

1,930[ 1,930]
226,667

54,485,750

54,483,829

Reference

Consolidated Financial Results
for the Fiscal Year Ended March 31, 2024
1. Financial results and forecast(Thousand tons, Billions of yen, %)FY2023

FY2022(Result)(Result)

Net sales

ChangeFY2024%

Forecast (*)

353.8

393.8

(40.0)(10.2)

345.0(Sanyo)(OVAKO)(SSMI)

178.2
144.0
22.9

193.2
171.1
21.6

(15.1)(27.0)
1.3(7.8)(15.8)
5.9

163.0
148.0
26.0

Operating profit

11.4

28.5

(17.1)(60.1)

12.4

Ordinary profit

12.1

28.9

(16.7)(58.0)

13.0

ROS

3.4

7.3

(3.9)

9.0
8.4
0.7

10.2
21.1
(0.2)

(1.2)
(12.7)
0.9(12.2)(60.1)
－

10.5
6.5
1.0

(3.2)

(2.9)

(0.3)

－

(3.1)

9.1

20.7

(11.7)(56.3)

9.5

Sales volume

1,429

1,607

(179)

(11.1)

1,452(Sanyo)(OVAKO)(SSMI)

806
508
115

894
608
105

(88)
(101)
10

(9.8)
(16.6)
9.5

780
545
127

Capital expenditure

17.7

13.6

4.1

30.2

17.0

Depreciation

13.7

13.8

(0.0)

(0.1)

15.0

(Sanyo)(OVAKO)(SSMI)(Amortization of
goodwill)

Profit attributable toowners of parent

3.8(*) Major assumptions after April 2024：Scrap iron 52,000 yen/t (H2 market price in Himeji area)
Crude oil (Dubai) 90$/BL , Exchange rate 140 yen/US$, 150 yen/€(Reference) Net sales and profit (Quarterly)(Billions of yen, %)FY2023

1Q

2Q

3Q

Full year

4Q

Net sales

99.9

85.4

83.7

84.8

353.8

Operating profit

5.5

1.8

1.5

2.5

11.4

Ordinary profit

6.1

1.7

1.3

3.0

12.1

ROS

6.1

2.0

1.5

3.6

3.4

Profit attributable toowners of parent

4.3

0.9

1.1

2.7

9.1

2. Orginary profit variance analysis (FY2022 → FY2023)(Billions of yen)
Reason for increase

Reason for decrease

1. Sales price and product mix

5.2 1. Sales volume

3.7

2. Non-operating income or expenses(Sanyo)3.1 2. Raw material and fuel prices

2.9

3. Variable cost reductions

0.7

3. Other Materials, outsourcing,logistic costs, etc.
4. Fixed cost

9.0

1.1

5. Repair and maintenance expenses

0.7

6. OVAKO's ordinary profit

12.7

7. Consolidated affiliated companies, etc.
Total (A)

1.8

2.8

Total (B)25.7

Change (A) － (B)(16.7)

11