Translation

Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any discrepancy between this translated document and the original Japanese document, the latter shall prevail.

Summary of Consolidated Financial Results for the Six Months Ended September 30, 2022 (Based on Japanese GAAP)

November 14, 2022

Company name:

The Japan Steel Works, Ltd.

Stock exchange listing:

Tokyo

Stock code:

5631

URL https://www.jsw.co.jp/

Representative:

Representative Director & President

toshio matsuo

Inquiries:

General Manager, General Affairs

hideo nakanishi

TEL 03-5745-2001

Department

Scheduled date to file Quarterly Securities Report:

November 14, 2022

Scheduled date to commence dividend payments:

December 12, 2022

Preparation of supplementary material on quarterly financial results:

No

Holding of quarterly financial results meeting:

Yes

(for analysts and institutional investors)

(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the six months ended September 30, 2022 (from April 1, 2022 to September 30, 2022)

(1) Consolidated operating results (cumulative)

Percentages indicate year-on-year changes

Net sales

Operating profit

Ordinary profit

Profit attributable to

owners of parent

Millions of yen

%

Millions of yen

%

Millions of yen

%

Millions of yen

%

Six months ended September 30, 2022

103,649

13.7

3,109

(56.3)

4,272

(45.8)

1,760

(73.8)

Six months ended September 30, 2021

91,199

1.2

7,113

50.4

7,889

55.3

6,713

87.5

Earnings per share

Diluted earnings per share

Yen

Yen

Six months ended September 30, 2022

23.93

-

Six months ended September 30, 2021

91.27

-

(2) Consolidated financial position

Total assets

Net assets

Equity ratio

Millions of yen

Millions of yen

%

As of September 30, 2022

335,884

151,097

44.5

As of March 31, 2022

339,729

151,083

44.0

2. Cash dividends

Annual dividends per share

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Total

Yen

Yen

Yen

Yen

Yen

Year ended March 31, 2022

-

22.50

-

34.50

57.00

Year ending March 31, 2023

-

29.00

Year ending March 31, 2023 (Forecast)

-

29.00

58.00

3. Forecast of consolidated financial results for the year ending March 31, 2023 (from April 1, 2022 to March 31, 2023)

Percentages indicate year-on-year changes

Net sales

Operating profit

Ordinary profit

Profit

Earnings per share

Millions of yen

%

Millions of yen

%

Millions of yen

%

Millions of yen

%

Yen

Full year

263,000

23.0

19,000

22.9

20,000

19.2

14,000

0.4

190.30

1

4. Notes

  1. Changes in significant subsidiaries during the six months ended September 30, 2022 (changes in specified subsidiaries resulting in the change in scope of consolidation):
  2. Application of special accounting methods for preparing quarterly consolidated financial statements:

No

No

(3) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements

Changes in accounting policies due to revisions to accounting standards and other regulations:

No

Changes in accounting policies due to other reasons:

No

Changes in accounting estimates:

No

Restatement of prior period financial statements:

No

(4) Number of issued shares (common shares)

Total number of issued shares at the end of the period (including treasury shares)

As of September 30, 2022

74,387,779

shares

As of March 31, 2022

74,373,265

shares

Number of treasury shares at the end of the period

As of September 30, 2022

804,263

shares

As of March 31, 2022

804,074

shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)

Six months ended September 30, 2022

73,569,084

shares

Six months ended September 30, 2021

73,555,463

shares

2

Quarterly consolidated financial statements

Consolidated balance sheets

(Millions of yen)

As of March 31, 2022

As of September 30, 2022

Assets

Current assets

Cash and deposits

106,239

90,951

Notes and accounts receivable - trade

55,840

50,623

Electronically recorded monetary claims - operating

3,723

5,244

Merchandise and finished goods

4,735

6,390

Work in process

62,863

74,528

Raw materials and supplies

6,985

8,289

Other

12,036

13,714

Allowance for doubtful accounts

(333)

(388)

Total current assets

252,091

249,354

Non-current assets

Property, plant and equipment

Buildings and structures, net

22,004

21,727

Machinery, equipment and vehicles, net

10,635

10,692

Other, net

11,869

11,642

Total property, plant and equipment

44,509

44,062

Intangible assets

Goodwill

407

325

Other

1,543

1,389

Total intangible assets

1,951

1,715

Investments and other assets

Investment securities

19,602

19,298

Other

21,894

21,770

Allowance for doubtful accounts

(319)

(316)

Total investments and other assets

41,177

40,752

Total non-current assets

87,638

86,529

Total assets

339,729

335,884

Liabilities

Current liabilities

Notes and accounts payable - trade

31,500

32,823

Electronically recorded obligations - operating

24,407

29,287

Short-term borrowings

10,412

10,422

Current portion of long-term borrowings

15,939

2,198

Income taxes payable

3,136

1,308

Contract liabilities

31,083

38,613

Provision for loss on wind power generator business

734

676

Provision for business restructure

1,617

1,617

Other provisions

1,290

889

Other

14,291

14,181

Total current liabilities

134,413

132,017

Non-current liabilities

Long-term borrowings

31,142

29,788

Provisions

41

42

Retirement benefit liability

12,341

12,462

Asset retirement obligations

1,377

1,389

Other

9,330

9,086

Total non-current liabilities

54,232

52,769

Total liabilities

188,646

184,786

3

(Millions of yen)

As of March 31, 2022

As of September 30, 2022

Net assets

Shareholders' equity

Share capital

19,778

19,799

Capital surplus

5,510

5,531

Retained earnings

123,790

123,012

Treasury shares

(2,314)

(2,315)

Total shareholders' equity

146,765

146,028

Accumulated other comprehensive income

Valuation difference on available-for-sale securities

2,217

1,999

Deferred gains or losses on hedges

(453)

(824)

Foreign currency translation adjustment

250

1,671

Remeasurements of defined benefit plans

661

581

Total accumulated other comprehensive income

2,674

3,427

Non-controlling interests

1,643

1,641

Total net assets

151,083

151,097

Total liabilities and net assets

339,729

335,884

4

Consolidated statements of income (cumulative) and consolidated statements of comprehensive income (cumulative)

Consolidated statements of income (cumulative)

(Millions of yen)

Six months ended

Six months ended

September 30, 2021

September 30, 2022

Net sales

91,199

103,649

Cost of sales

69,447

83,873

Gross profit

21,752

19,776

Selling, general and administrative expenses

14,639

16,666

Operating profit

7,113

3,109

Non-operating income

Interest income

16

14

Dividend income

448

354

Foreign exchange gains

34

295

Gain on non-current assets rent

263

287

Share of profit of entities accounted for using equity method

1

-

Miscellaneous income

229

409

Total non-operating income

994

1,362

Non-operating expenses

Interest expenses

138

109

Share of loss of entities accounted for using equity method

-

22

Miscellaneous losses

80

67

Total non-operating expenses

218

199

Ordinary profit

7,889

4,272

Extraordinary income

Gain on sale of non-current assets

120

1

Gain on sale of investment securities

1,699

22

Total extraordinary income

1,819

24

Extraordinary losses

Loss on retirement of non-current assets

103

185

Loss on inappropriate conduct in quality inspections

-

449

Total extraordinary losses

103

634

Profit before income taxes

9,605

3,662

Income taxes - current

2,605

1,629

Income taxes - deferred

213

208

Total income taxes

2,819

1,838

Profit

6,785

1,823

Profit attributable to non-controlling interests

72

62

Profit attributable to owners of parent

6,713

1,760

5

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JSW - Japan Steel Works Ltd. published this content on 15 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 November 2022 02:50:24 UTC.