May 10, 2023

Summary of the Consolidated Financial Results
for the Fiscal Year Ended March 31, 2023 (FY3/23)[Japanese GAAP]

Company name:

Yodogawa Steel Works, Ltd.
Listing: Tokyo Stock Exchange
Stock code:
5451
URL: https://www.yodoko.co.jp/
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 21, 2023
Scheduled date of payment of dividend:
June 22, 2023
Scheduled date of filing of Annual Securities Report:
June 21, 2023
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 FY3/23 (April 1, 2022 to March 31, 2023)(1) Consolidated results of operations(Percentages represent year-on-year changes)
Net sales
Fiscal year ended Mar. 31, 2023
Fiscal year ended Mar. 31, 2022

Millions of yen

220,314201,655

Note: Comprehensive income (millions of yen):

Operating profit% Millions of yen

9.3
38.2

% Millions of yen

12,665
14,349(11.7)
82.1

Fiscal year ended Mar. 31, 2023:
Fiscal year ended Mar. 31, 2022:

14,916
14,161365.99338.42

6.1
5.9

Net assets

Shareholders’equity ratio

Yen

Millions of yen

Reference: Shareholders’ equity (millions of yen):

Millions of yen

251,057
244,671

201,906
191,937

As of Mar. 31, 2023:

179,673

%

8.2
56.4

Ordinary profit
on total assets

Operating profit
to net sales

7.1
7.6

5.7
7.1

%

Fiscal year ended Mar. 31, 2023
Fiscal year ended Mar. 31, 2022

Total assets
As of Mar. 31, 2023
As of Mar. 31, 2022%

10,593
9,789(up 5.3%)(down 13.4%)

367.13339.77

Yen

Return on
equity(2) Consolidated financial position

542
589

%

Net assets per share
Yen

%

71.6
69.6

As of Mar. 31, 2022:

170,296

6,223.26
5,907.11

Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash equivalents
at end of period

17,336(10,645)(3,160)(1,985)(5,092)(1,226)

40,71230,961Millions of yen

Fiscal year ended Mar. 31, 2023
Fiscal year ended Mar. 31, 2022

2. Dividends

Millions of yen

Millions of yen

Dividend per share
1Q-endFiscal year ended Mar. 31, 2022
Fiscal year ended Mar. 31, 2023
Fiscal year ending Mar. 31, 2024
(Forecast)

(1.3)
83.0

Diluted net
income per share

Reference: Equity in earnings of affiliates (millions of yen):(3) Cash flow position% Millions of yen

17,686
17,916

Net income per
share
Fiscal year ended Mar. 31, 2023
Fiscal year ended Mar. 31, 2022

Profit attributable toowners of parent

Ordinary profit

Yen

2Q-end3Q-end Year-end
Yen

Total
dividends

Total

–
–

35.00
40.00

Yen

Yen

–
–

67.00
71.00

102.00111.00

Yen Millions of yen

–

–

–

–

–

2,969
3,236

Millions of yen

Payout ratio(consolidated)
%

30.0
30.2

Dividend on
equity(consolidated)–

There is currently no dividend forecast for the fiscal year ending March 31, 2024.

3. Consolidated Forecasts for FY3/24 (April 1, 2023 to March 31, 2024)

%

1.8
1.8

No consolidated forecast for the fiscal year ending March 31, 2024 is shown because of the difficulty of determining a reliable
forecast.
For further details, please refer to “1. Overview of Results of Operations, (2) Outlook” on page 5.

* 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, 2023:

34,837,230 shares

As of Mar. 31, 2022:

34,837,230 shares

As of Mar. 31, 2022:

6,008,176 sharesFiscal year ended Mar. 31, 2022:

28,810,962 shares

2) Number of treasury shares at the end of the period
As of Mar. 31, 2023:

5,966,020 shares

3) Average number of shares outstanding during the period
Fiscal year ended Mar. 31, 2023:

28,855,605 shares

Reference: Summary of Non-consolidated Financial Results
Non-consolidated Financial Results for FY3/23 (April 1, 2022 to March 31, 2023)(1) Non-consolidated results of operations

Net sales

Fiscal year ended Mar. 31, 2023
Fiscal year ended Mar. 31, 2022

Millions of yen

145,355
127,549

Operating profit% Millions of yen

14.0
29.1

11,036
7,946

Net income per share
Fiscal year ended Mar. 31, 2023
Fiscal year ended Mar. 31, 2022

Yen

(Percentages represent year-on-year changes)
Ordinary profit
Profit% Millions of yen

38.9
13.2

(2) Non-consolidated financial position
Millions of yen

59.8
22.6

12,644
7,324

%

72.6
–

Diluted net income per shareYen

433.83251.72
Total assets% Millions of yen

17,012
10,644

Net assets
Millions of yen

432.50250.73
Shareholders’ equity
ratio

As of Mar. 31, 2023
189,729
152,436
As of Mar. 31, 2022
181,246
143,036
Reference: Shareholders’ equity (millions of yen):
As of Mar. 31, 2023: 152,295%

Net assets per share
Yen

80.3
5,222.49
78.8
4,905.86
As of Mar. 31, 2022: 142,849* 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 the
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 5.

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/23

Contents of Attachments
1. Overview of Results of Operations

2(1) Results of Operations and Financial Position

2(2) Outlook

5(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 Balance Sheet

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 FY3/23

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, 2023, there was a slow recovery of the Japanese economy as economic activity
began returning to normal due to the progress of the With Corona policy. Despite this improvement, there was anincreasing downward pressure on the economy, particularly in the second half of the fiscal year, due to thereasons such as the rising cost of resources and energy caused by the Ukraine crisis, higher prices of imported
goods because of the yen’s decline and other reasons.
In the United States, concerns about slowing economic growth are increasing because of inflation and monetary
tightening. In China, the zero-COVID policy, real estate market downturn and other factors are holding down
demand and economic growth. In Europe, economic growth is slowing because of accelerated inflation, which israising the cost of energy and other items, and rising interest rates.
In Japan, while automobile production seems to be picking up as semiconductor supply shortages have eased andby other factors, residential construction and machinery orders are weak. Under the circumstances, orders andproduction have been declining in the steel industry.
In overseas steel markets, anticipation for economic recovery was seen in China after its zero-COVID policy was
reversed. Although the economy did show signs of improvement, the overall economy remains weak because of
economic slowdowns in several regions.
In response to the rapid and unprecedented increase in the cost of raw materials and energy, the Yodogawa SteelGroup took many actions to maintain a stable supply of products for customers and lower expenses. 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 increased 18,659 million yen to 220,314 million yen.
Operating profit decreased 1,683 million yen to 12,665 million yen, ordinary profit decreased 230 million yen to
17,686 million yen, and profit attributable to owners of parent increased 804 million yen to 10,593 million yen.
Total assets at the end of the fiscal year increased 6,386 million yen from one year earlier to 251,057 million yen.
This increase is attributable mainly to increases in inventories and cash and deposits as a result of an increase in
cash flows from operating activities, partly offset by decreases in trade receivables and investment securities
resulting from sale of shares held for pure investment purposes. Liabilities decreased 3,582 million yen to 49,150
million yen. This decrease is attributable mainly to decreases in trade payables and retirement benefit liability.
Net assets increased 9,968 million yen to 201,906 million yen. This increase is attributable mainly to increases inretained earnings and foreign currency translation adjustment.
Business segment performance was as follows.
Steel Sheet-related BusinessNet sales totaled 210,952 million yen and operating profit was 13,310 million yen.
Roll BusinessNet sales totaled 2,929 million yen and operating loss was 262 million yen.
Grating BusinessNet sales totaled 3,500 million yen and operating profit was 51 million yen.
Real Estate BusinessNet sales totaled 1,236 million yen and operating profit was 786 million yen.
Other Businesses
Net sales totaled 1,695 million yen and operating profit was 237 million yen.

2

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/23

Cash and cash equivalents at the end of the fiscal year increased 9,750 million yen from the end of the previous
fiscal year to 40,712 million yen mainly due to the positive operating cash flows.
Cash flows from operating activities
Net cash provided by operating activities was 17,336 million yen (compared with 10,645 million yen used in theprevious fiscal year) mainly due to the difference between increase in inventories and the decreases in operating
profit and trade receivables.
Cash flows from investing activities
Net cash used in investing activities increased 1,175 million yen to 3,160 million yen mainly due to purchase ofproperty, plant and equipment.
Cash flows from financing activities
Net cash used in financing activities increased 3,865 million yen to 5,092 million yen mainly due to payments ofdividends.
2) Analysis and review of results of operations
Net sales
The business climate was challenging during the fiscal year because of the rapid increase in all categories of
expenses in Japan and other countries. The Yodogawa Steel Group focused on meeting demand that emerged as
economies worldwide began recovering from the pandemic downturn and took actions involving selling prices of
products that can be reproduced.
Selling prices tended to improve in Japan and furthermore, our Thailand subsidiary PCM PROCESSING(THAILAND) Ltd. showed a robust performance, which led to an increase in consolidated sales.
Operating profit
In Japan, the business climate was challenging primarily due to the rising costs of materials and many other items.
Despite these difficulties, earnings increased because of the selling price revisions.
On the other hand, our Taiwan subsidiary Sheng Yu Steel Co., Ltd. (SYSCO) saw a significant decrease inearnings, impacted by deterioration in overseas markets. In China, the sales volume at our subsidiary Yodogawa
Shengyu (Hegei) High-Tech Steel Co., Ltd. (YSS) decreased mainly due to the zero COVID-19 policy. The result
was a decrease in consolidated operating profit.
Ordinary profit
Ordinary profit decreased less than operating profit did mainly due to an increase in gain on sale of investment
securities in non-operating income.
Profit attributable to owners of parent
The decrease in profit attributable to owners of parent was larger than the decrease in ordinary profit mainly
because of an increase in income taxes-current. However, profit attributable to owners of parent increased year on
year because of the high percentage of non-controlling interests at SYSCO, which was a major reason that theconsolidated profit decreased.
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 2023, there were no significant capital expenditures planned that would require theprocurement 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.
As an objective target for monitoring progress concerning management policies, strategic goals and businessgoals, the Yodogawa Steel Group Medium-Term Management Plan 2022, which was announced in 2020, set the3

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/23

following goal: consolidated ordinary profit of at least 9 billion yen in the fiscal year ended on March 31, 2023.
The business climate was challenging during the fiscal year that ended on March 31, 2023 because of the rapid
increase in all categories of expenses in Japan and other countries. The Yodogawa Steel Group used the speed andflexibility that is one of its key strengths in order to cut costs, improve prices of its products, establish
relationships with new customers and make progress in other ways.
As a result, consolidated ordinary profit in the fiscal year surpassed the target for the fiscal year ended on March
31, 2023.
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 increased thanks to revisions of selling prices of all types of steel sheets,
although there were sales volume declines in products both for specific high-demand customers and general
distribution primarily because of sluggish demand in the building construction sector as well as our sales strategy
that focused on profitability in the second half of the fiscal year.
Overseas, SYSCO in Taiwan decreased earnings because of decline in sales volumes in Taiwan and of exports,
seriously impacted by the stagnant market in the second half of the fiscal year. YSS, our subsidiary in China
suffered a deterioration in performance due to the sales volume decline caused by the lockdowns in Shanghai andother major cities due to the zero-COVID policy. Sales and earnings of PTT, our Thai subsidiary, increased
because of the steady sales of high value-added products and progress of revisions of selling prices.
Building Material
In the building materials category, although the sales volumes of both exterior products and exterior construction
material products were lower than in the previous fiscal year, sales increased overall mainly thanks to therevisions of selling prices. As a result, sales increased and earnings decreased in the Steel Sheet-related Businesssegment.
Roll Business
Sales increased because of an increase in export sales volume of rolls used in the steel industry but there was an
operating loss due to cost increases caused by rising material prices.
Grating Business
Sales increased mainly because of revisions of selling prices, but earnings decreased due to cost increases causedby rising material prices.
Real Estate Business
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.
Other Businesses
Sales and earnings decreased because of lower sales in the volume of cargo handled in the warehousing andtransportation businesses.

4

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/23(2) Outlook
The outlook for the global economy is expected to remain unclear because of a combination of factors. Even
though the Chinese economy is anticipated to recover following the abolishment of its zero-COVID policy,
concerns remain over an economic downturn caused by the effects of the prolonged Ukraine-Russia conflict andmonetary tightening in the United States and Europe. Furthermore, signs of financial instability are suspected.
In Japan, 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.
In the steel markets in Japan and other countries, while prices of raw materials used for steelmaking as well as
cost of resources and energy are expected to remain at a high level, there is additional geopolitical risks such as
the situation in Russia and Ukraine and concerns over the Taiwan emergency. Due to this situation, the steelmarket, 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 and agility concerning
both sales and production activities to respond to rapidly changing market conditions. At the same time, bysteadily implementing the newly formulated “Yodogawa Steel Group Medium-Term Management Plan 2025,” wewill work to strengthen our earning power.
There is no forecast for the fiscal year ending in March 2024 at this time because of the increasing uncertainty
about the business climate in Japan and other countries. An announcement will be made promptly once it
becomes possible to determine a reliable forecast.
(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 increasing
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 50 yen per share considering factors
such as our capital investment plan and financial condition, with the target consolidated payout ratio of 30% ormore to pay dividends that reflect results of operations.
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
resolution of 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, 2023 is to be 71 yen per share. With the interim
dividend of 40 yen, this will result in a dividend of 111 yen per share for this fiscal year.
There is currently no dividend forecast for the fiscal year ending March 31, 2024. An announcement will be madepromptly once it becomes possible to disclose a dividend 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 FY3/23

3. Consolidated Financial Statements and Notes(1) Consolidated Balance Sheet
FY3/22(as of Mar. 31, 2022)(Millions of yen)
FY3/23(as of Mar. 31, 2023)

AssetsCurrent assets
Cash and deposits

31,87240,189Notes and accounts receivable-trade, and contract assets

53,671

49,521

Electronically recorded monetary claims-operating

3,412

4,454

Securities

2,120

4,207

Merchandise and finished goods

22,02723,285Work in process

6,801

6,476

Raw materials and supplies

17,49919,924

Other

7,229

2,961

Allowance for doubtful accounts

(110)

(152)

144,523

150,867

66,01067,510(46,954)(48,585)

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

19,05618,925

Machinery, equipment and vehicles

144,768

147,138(130,382)(134,183)

14,386

12,955

19,312

19,095

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

173

177

Accumulated depreciation

(81)

(106)

Leased assets, net

9270

Construction in progress

2,439

4,457

Other

12,374

12,343(11,202)(11,246)

1,172

1,097

56,45956,602

Other

1,966

2,076

Total intangible assets

1,966

2,076

40,67840,193

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

Investments and other assets
Investment securities
Retirement benefit asset

441

724

Deferred tax assets

182

137

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

6

419

454

41,721

41,510100,147

100,189244,671251,057

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/23

FY3/22(as of Mar. 31, 2022)(Millions of yen)
FY3/23(as of Mar. 31, 2023)

Liabilities
Current liabilities
Notes and accounts payable-trade

20,676

17,881

Electronically recorded obligations-operating

2,329

2,987

Short-term borrowings

1,320

1,328

Lease liabilities
Income taxes payable

76

61

3,590

3,159

Contract liabilities

169

156

Provision for bonuses

1,658

1,259

671

971

Provision for product warranties
Other

7,064

7,285

Total current liabilities

37,55735,092

18

10

4,103

3,873

844

807

39

32

6,285

5,517

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
Other

3,885

3,816

Total non-current liabilities

15,175

14,05852,73349,150Share capital

23,22023,220Capital surplus

18,272

18,267Retained earnings

118,475

126,064

Treasury shares(11,992)(11,895)

Total shareholders’ equity

147,977

155,657

16,174

16,115

Total liabilities
Net assets
Shareholders’ equity

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges(0)–

Revaluation reserve for land

1,609

1,529

Foreign currency translation adjustment

4,433

5,958

Remeasurements of defined benefit plans

101

412

22,31924,016

Total accumulated other comprehensive income
Share acquisition rights

187

140

Non-controlling interests

21,45422,092

Total net assets
Total liabilities and net assets

7

191,937

201,906

244,671251,057

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/23(2) Consolidated Statements of Income and Comprehensive Income(Consolidated Statement of Income)
FY3/22(Apr. 1, 2021 to Mar. 31, 2022)(Millions of yen)
FY3/23(Apr. 1, 2022 to Mar. 31, 2023)

Net sales

201,655

220,314

Cost of sales

168,471

187,650

Gross profit

33,18332,664

Selling, general and administrative expenses

18,83419,998Operating profit

14,34912,665Non-operating income
Interest income

320

397

Dividend income

1,104

1,161

Insurance claim income

135

65

Gain on sale of investment securities

797

2,408

Foreign exchange gains
Share of profit of entities accounted for using
equity method
Other

404

601

589

542

565

175

3,918

5,350

Interest expenses

67

118

Commitment fees
Cost for employees transferred temporarily tooverseas subsidiaries
Other

21

21

174

160

87

29

Total non-operating expenses

351

329

17,916

17,686

148

187

Total non-operating income
Non-operating expenses

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

–

0

148

187

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

510

171

459

835

Loss on valuation of investment securities

1

–

971

1,006

Profit before income taxes

Total extraordinary losses

17,092

16,867

Income taxes-current

4,999

5,321

Income taxes-deferred

(167)

(348)

Total income taxes

4,831

4,973

Profit12,261

11,893

Profit attributable to non-controlling interests

2,471

1,299

Profit attributable to owners of parent

9,789

10,5938

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/23(Consolidated Statement of Comprehensive Income)
FY3/22(Apr. 1, 2021 to Mar. 31, 2022)(Millions of yen)
FY3/23(Apr. 1, 2022 to Mar. 31, 2023)

Profit12,261

11,893

Other comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges(3,156)

(18)

(0)

0

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

5,142

2,442

(105)

585

20

13

Total other comprehensive income

1,899

3,022

14,161

14,916

9,722

12,371

4,438

2,544

Comprehensive income
Comprehensive income attributable toComprehensive income attributable to ownersof parent
Comprehensive income attributable tonon-controlling interests

9Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/23(3) Consolidated Statement of Changes in Equity
FY3/22 (Apr. 1, 2021 to Mar. 31, 2022)(Millions of yen)
Shareholders’ equity

Share capital
Balance at beginningof period

Capital surplus

Retained earnings

18,108110,822

23,220Treasury shares

Total shareholders’equity(12,091)

140,060

Changes during period
Dividends of surplus(2,162)(2,162)

Profit attributable toowners of parent

9,789

9,789

Purchase of treasury
shares
Disposal of treasury
shares(16)

Purchase of sharesof consolidated
subsidiaries

181

(5)

(5)

105

88
181

Reversal ofrevaluation reserve
for land26

26

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

–

164

7,652

99

7,917

23,22018,272

118,475(11,992)

147,977

Accumulated other comprehensive income

Balance at beginningof period

Valuationdifferenceonavailablefor-salesecurities

Deferred
gains orlosses onhedges

19,207–

Foreign
Revaluation
currency
reserve fortranslation
land
adjustment
1,636

1,458

RemeasureTotal
Share
Nonments ofaccumulated acquisition controllingdefinedotherrightsinterests
benefit comprehensive
plansincome109

22,412

227

17,596

Total net
assets180,296

Changes during period
Dividends of surplus(2,162)

Profit attributable toowners of parent

9,789

Purchase of treasury
shares(5)

Disposal of treasury
shares88

Purchase of sharesof consolidated
subsidiaries

181

Reversal ofrevaluation reserve
for land26

Net changes in
items other thanshareholders’ equity(3,032)

(0)

(26)

2,975

(8)

(93)

(40)

3,857

3,723

Total changes during
period(3,032)

(0)

(26)

2,975

(8)

(93)

(40)

3,857

11,640

Balance at end of
period16,174

(0)

1,609

4,433

101

22,319187

21,454

191,937

10

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/23

FY3/23 (Apr. 1, 2022 to Mar. 31, 2023)(Millions of yen)
Shareholders’ equity

Share capital
Balance at beginningof period

Capital surplus

Retained earnings

18,272

118,475

23,220Treasury shares

Total shareholders’equity(11,992)

147,977

Changes during period
Dividends ofsurplus(3,085)(3,085)

Profit attributableto owners of parent

10,593

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

Reversal ofrevaluation reserve
for land

(5)

(5)

101

96

80

80

Net changes in
items other thanshareholders’ equity
Total 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
Revaluation
currency
reserve fortranslation
land
adjustment
1,609

4,433

RemeasureTotal
Share
Nonments ofaccumulated acquisition controllingdefinedotherrightsinterests
benefit comprehensive
plansincome101

22,319187

21,454

Total net
assets

191,937

Changes during period
Dividends of surplus(3,085)

Profit attributable toowners of parent

10,593Purchase of treasury
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

11

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/23(4) Consolidated Statement of Cash Flows
FY3/22(Apr. 1, 2021 to Mar. 31, 2022)(Millions of yen)
FY3/23(Apr. 1, 2022 to Mar. 31, 2023)

Cash flows from operating activities
Profit before income taxes

17,092

16,867

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

4,154

5,042

(589)

(542)

(874)

(479)

(13)

(6)

234

(435)

(36)

42

(1,424)(1,558)Interest expenses

67

118

Insurance claim income

(135)

(65)

Loss (gain) on sale of investment securities(797)(2,408)

1

–

362

(15)

459

835

Loss (gain) on valuation of investment securities
Loss (gain) on sale and retirement of non-current
assetsImpairment losses
Decrease (increase) in trade receivables(12,437)

3,321

Decrease (increase) in inventories(19,044)(2,466)

Increase (decrease) in trade payables

6,786(2,294)

Increase (decrease) in accrued consumption taxes(1,119)1,147

Other, net

(570)

4,473

Subtotal(7,883)

21,575

Proceeds from insurance income

135

65

Interest and dividends received

1,393

1,658

(67)

(84)

Interest paid
Income taxes paid

(4,222)(5,877)

Net cash provided by (used in) operating activities(10,645)

17,336

12

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/23(Millions of yen)
FY3/22(Apr. 1, 2021 to Mar. 31, 2022)

FY3/23(Apr. 1, 2022 to Mar. 31, 2023)(9,294)(9,832)

12,834

8,418

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

321

1,119

(7,939)(6,171)

213

470

(306)

(237)

(738)

(57)

3,615

3,319

–

(67)

Proceeds from collection of loans receivable

118–

Purchase of shares of subsidiaries

(808)

(122)

(1,985)(3,160)Net cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Repayments of lease liabilities

1,321

11

(46)

(79)

Proceeds from sale of treasury shares

00

Purchase of treasury shares

(2)

(2)

Dividends paid

(2,184)(3,116)(315)(1,906)(1,226)(5,092)

1,702

667

(12,154)

9,750

Cash and cash equivalents at beginning of period

43,11630,961

Cash and cash equivalents at end of period

30,961

40,712

Dividends paid to non-controlling interests
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

13

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/23(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 thecorresponding consolidated figures. Consequently, these subsidiaries are excluded from consolidation because
they would not have 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., Kosaka Kizai Co., Ltd.

Profit or loss (in proportion with the shareholding ratio), retained earnings (in proportion with theshareholding ratio) and other financial items of the non-consolidated subsidiaries and affiliates not accounted
for using the equity 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 thevaluation 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 the end of December. For the
preparation of the consolidated financial statements, the financial statements as of the end of December 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 FY3/23

Notes to 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.
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 purposesof determining 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, Rollbusiness, 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 andselling buildings, 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 FY3/23

3. Information related to net sales, profit/loss, assets, and other items for each reportable segment
FY3/22 (Apr. 1, 2021 to Mar. 31, 2022)
Reportable segments
Steel
Real
Roll
Grating
Sheet-related
EstateBusiness 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

192,428

2,689

3,443

1,263

199,826

1,829

201,655–

201,655

–

–

–

419

419

2,682

3,102

(3,102)–

192,428

2,689

3,443

1,683

200,246

4,511

204,757

Segment profit

14,213

8

109

857

15,188445

15,634

201,655
Note 3
14,349Segment assets

199,558

5,259

3,566

9,663

218,047

11,374229,422(3,102)
Note 2(1,285)Note 4
15,248

3,536

85

47

159

3,828

234

4,063

91

4,154

5,810

0

512

4

6,327

–

6,327

–

6,327

6,178

110

49

509

6,848

400

7,248

Note 5(30)

7,218

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

244,671

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 (1,281) million yen and an elimination forinter-segment transactions of (3) 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 15,670 million yen and an elimination forinter-segment transactions of (421) million yen.
5. The adjustment of (30) 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 FY3/23

FY3/23 (Apr. 1, 2022 to Mar. 31, 2023)
Reportable segments
Steel
Real
Roll
Grating
Sheet-related
EstateBusiness 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 forinter-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.

Information related to impairment of non-current assets for each reportable segment
FY3/22 (Apr. 1, 2021 to Mar. 31, 2022)(Millions of yen)
Steel
Sheet-related
Business
Impairment
lossesRollBusiness–

Grating
Business–

Real EstateBusiness––

Others458

Eliminationor corporate

Total

1

459

FY3/23 (Apr. 1, 2022 to Mar. 31, 2023)(Millions of yen)
Steel
Sheet-related
Business
Impairment
losses–RollBusiness

Grating
Business–

Real EstateBusiness–

17–

Others835

Eliminationor corporate
–

Total
835

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/23

Per-share Information(Yen)
FY3/22(Apr. 1, 2021 to Mar. 31, 2022)

FY3/23(Apr. 1, 2022 to Mar. 31, 2023)

Net assets per share

5,907.11

6,223.26

Net income per share

339.77367.13

Diluted net income per share

338.42365.99Note: Basis for calculation of net income per share and diluted net income per share is as follows.
FY3/22(Apr. 1, 2021 to Mar. 31, 2022)

FY3/23(Apr. 1, 2022 to Mar. 31, 2023)

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

9,789

10,593––

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

9,789

10,593

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

28,81028,855

–

–

115

90

[115]

[90]

Amount not available to common shareholders(Millions of yen)

Diluted net income per share
Adjustment to profit attributable to owners of parent(Millions of yen)
Increase in the number of common shares(Thousands of shares)[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
Not applicable.

18

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/23

4. Non-consolidated Financial Statements(1) Non-consolidated Balance Sheet
FY3/22(as of Mar. 31, 2022)(Millions of yen)
FY3/23(as of Mar. 31, 2023)

AssetsCurrent assets
Cash and deposits

5,580

10,405

Notes and accounts receivable-trade, and contract assets

50,93247,515

Electronically recorded monetary claims-operating

1,113

1,318

Securities

2,000

4,199

Merchandise and finished goods

14,48718,307Work in process

4,963

5,397

Raw materials and supplies

9,054

11,803

172

167

6,374

7,761

(5)

(5)

94,671

106,869

Buildings

9,791

9,710

Structures

1,125

1,061

Machinery and equipment

4,135

3,780

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

VehiclesTools, furniture and fixtures
Land
Construction in progress
Total property, plant and equipment

9

122

496

507

12,537

12,298288

107

28,384

27,588202

143

Intangible assets
Software
Other

819

995

1,022

1,139

Investment securities

32,10330,771

Shares of subsidiaries and associates

22,91923,042Long-term loans receivable

1,926

–

218

318

Total intangible assets
Investments and other assets

Other
Allowance for doubtful accounts(0)–

Total investments and other assets

57,16854,132

86,57482,859181,246

189,729

Total non-current assets
Total assets

19

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/23(Millions of yen)
FY3/23(as of Mar. 31, 2023)

FY3/22(as of Mar. 31, 2022)
Liabilities
Current liabilities
Notes payable-trade4–

Electronically recorded obligations-operating

2,199

2,271

Accounts payable-trade

16,075

13,379

Short-term borrowings

1,640

1,400

Accounts payable-other

673

576

Accrued expenses

2,347

2,366

Income taxes payable

1,773

2,973

Contract liabilities

420

Advances received

105

103

Deposits received

97

105

Provision for bonuses

899

1,063

Provision for product warranties

671

971

Other

844

1,711

27,37426,924

5,061

4,864

Total current liabilities
Non-current liabilities
Provision for retirement benefits
Long-term guarantee deposits

1,422

1,429

Deferred tax liabilities

3,916

3,643

Asset retirement obligations

223

224

Other

211

206

Total non-current liabilities

10,835

10,36838,20937,292

23,22023,220

5,805

5,805

Other capital surplus

13,234

13,229Total capital surplus

19,04019,034739

708

71,382

71,382

Total liabilities
Net assets
Shareholders’ equity
Share capital
Capital surplus
Legal capital surplus

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

25,78935,347

97,911

107,439

Treasury shares(13,146)(13,047)

Total shareholders’ equity

127,026

136,647

Valuation difference on available-for-sale securities

15,823

15,648

Total valuation and translation adjustments

15,823

15,648187

140

143,036

152,436

181,246

189,729

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 FY3/23(2) Non-consolidated Statement of Income
FY3/22(Apr. 1, 2021 to Mar. 31, 2022)(Millions of yen)
FY3/23(Apr. 1, 2022 to Mar. 31, 2023)

Net sales

127,549

145,355

Cost of sales

104,455

119,039

Gross profit

23,094

26,315

Selling, general and administrative expenses

15,14815,279Operating profit

7,946

11,036

Non-operating income
Interest income

361

288

Dividend income

1,537

3,408

528

2,408

Gain on sale of investment securities
Other

602

141

3,029

6,246

Interest expenses

61

76

Other

269

194

Total non-operating income
Non-operating expenses

Total non-operating expenses

330

271

10,64417,012Gain on sale of non-current assets

130

185

Total extraordinary income

130

185

487

139

Loss on valuation of investment securities

1–

Impairment losses

1

–

491

139

Profit before income taxes

10,283

17,058

Income taxes-current

3,175

4,629

Income taxes-deferred

(216)

(215)

Ordinary profit
Extraordinary income

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

Total extraordinary losses

Total income taxes

2,958

4,414

Profit7,324

12,64421

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/23(3) Non-consolidated Statement of Changes in Equity
FY3/22 (Apr. 1, 2021 to Mar. 31, 2022)(Millions of yen)
Shareholders’ equity

Capital surplus

Retained earnings
Other retained earnings

SharecapitalLegalcapitalsurplus

OthercapitalsurplusTotal
capitalsurplusReserve for tax
Reserve forpurpose reduction
specialentry ofdepreciation
non-current assets

Generalreserve

Retainedearnings
brought
forwardTotal
retainedearnings

23,2205,805

13,251

19,056829

71,382

25,173

97,488

27

–

(38)

38

–

(64)

(4,593)(4,719)Dividends of surplus(2,181)(2,181)

Profit

7,324

7,324

Balance at beginning of
period102

Changes during period
Reversal of reserve fortax purpose reduction
entry of non-current
assets(27)

Reversal of reserve for
special depreciation
Decrease by corporate
division - split-off type

(62)

Purchase of treasury
shares
Disposal of treasury
shares(16)(16)

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

–

–

(16)

(16)

(89)

(102)

–

616

423

23,2205,805

13,234

19,040739–

71,38225,78997,911

Shareholders’ equity
TreasurysharesBalance at beginning of period(13,249)

Valuation and translation adjustments

Total
Valuation difference
shareholders’ on available-for-sale
equitysecurities
126,516

18,748

Total valuationand translation
adjustments
18,748

ShareacquisitionrightsTotal net
assets227

145,492

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

Reversal of reserve for
special depreciation––

Decrease by corporate
division - split-off type(4,719)(4,719)Dividends of surplus(2,181)(2,181)

Profit

7,324

7,324

Purchase of treasury shares

(2)

(2)

(2)

Disposal of treasury shares

105

88

88

Net changes in items otherthan shareholders’ equity
Total changes during period
Balance at end of period(2,925)(2,925)(40)(2,966)102

510(2,925)(2,925)(40)(2,456)(13,146)

127,026

15,823

15,823

187

143,03622

Yodogawa Steel Works, Ltd. (5451) Consolidated Financial Results for FY3/23

FY3/23 (Apr. 1, 2022 to Mar. 31, 2023)(Millions of yen)
Shareholders’ equity
Capital surplus

Balance at beginning of period

Retained earnings
Other retained earnings

SharecapitalLegalcapitalsurplus

OthercapitalsurplusTotal
capitalsurplusReserve for tax
purpose reduction
entry ofnon-current assets

Generalreserve

Retainedearnings
brought
forwardTotal
retainedearnings

23,2205,805

13,234

19,040739

71,38225,78997,91130–

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

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

Profit12,644

12,644Purchase 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

152,436

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.

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