Yotai Refractories : Consolidated Financial Results for the Three Months Ended June 30,2022〔Japanese GAAP〕

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 Three Months Ended June 30, 2022

[Japanese GAAP]

August 05, 2022

Company name: YOTAI REFRACTORIES CO.,LTD.

Stock exchange listing: Tokyo

Code number: 5357

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

Representative: Mitsuo Taguchi

Contact: Shinichiro Takebayashi

President

Managing Director, General Manager of General Affairs

Department of Head Office

Phone: [phone]

Scheduled date of filing quarterly securities report: August 08, 2022

Scheduled date of commencing dividend payments: -

Availability of supplementary briefing material on quarterly financial results: No

Schedule of quarterly financial results briefing session: No

					(Amounts of less than one million yen are rounded down)
1. Consolidated Financial Results for the Three Months Ended June 30, 2022 (April 01, 2022 to June 30, 2022)
(1) Consolidated Operating Results			(% indicates changes from the previous corresponding period.)
	Net sales		Operating profit	Ordinary profit	Profit attributable to
		owners of parent
Three months ended	Million yen		%	Million yen	%	Million yen	%	Million yen	%
June 30, 2022	7,126		12.5	1,057	(0.2)	1,099	0.4	770	(1.3)
June 30, 2021	6,335		6.6	1,059	52.1	1,095	50.8	780	58.6

(Note) Comprehensive income:	Three months ended June 30, 2022:
	Three months ended June 30, 2021:

¥	871 million	[	11.6%]
¥	781 million	[	46.7%]

	Basic earnings	Diluted earnings per
	per share		share
Three months ended	Yen			Yen
June 30, 2022	37.46			-
June 30, 2021	36.05			-
(2) Consolidated Financial Position
	Total assets		Net assets	Capital adequacy ratio
As of	Million yen			Million yen	%
June 30, 2022	38,476			30,152	78.4
March 31, 2022	38,750			30,109	77.7
(Reference) Equity: As of	June 30, 2022:	¥	30,152 million
As of	March 31, 2022:	¥	30,109 million

2. Dividends

				Annual dividends
	1st	2nd	3rd		Year-end	Total
	quarter-end	quarter-end	quarter-end
	Yen		Yen	Yen		Yen	Yen
Fiscal year ended March 31, 2022	-		16.00	-		27.00	43.00
Fiscal year ending March 31, 2023	-
Fiscal year ending March 31, 2023			18.00	-		18.00	36.00
(Forecast)
(Note) Revision to the forecast for dividends	announced most	recently:	No

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2023(April 01, 2022 to March 31, 2023)

(% indicates changes from the previous corresponding period.)

	Net sales		Operating profit	Ordinary profit	Profit attributable	Basic earnings
		to owners of parent	per share
Six months ended	Million yen		%	Million yen	%	Million yen	%	Million yen	%	Yen
13,250		7.5	1,700	(20.7)	1,750	(18.9)	1,200	(25.5)	58.22
September 30, 2022
Full year	26,500		2.3	3,400	(16.9)	3,500	(15.1)	2,400	(19.1)	116.45
(Note) Revision to the financial results forecast announced most recently:	No
* Notes:
(1) Changes in significant subsidiaries during the three months ended June 30, 2022
(changes in specified subsidiaries resulting in changes in scope of consolidation):	No
(2) Accounting policies adopted specially for the preparation of quarterly consolidated financial statements:	No

1. Changes in accounting policies, changes in accounting estimates and retrospective restatement
2. 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: No
   4. Retrospective restatement: No
3. Total number of issued shares (common shares)
4. 1. Total number of issued shares at the end of the period (including treasury shares):

June 30, 2022:	25,587,421	shares
March 31, 2022:	25,587,421	shares
2) Total number of treasury shares at the end of the period:
June 30, 2022:	5,156,683	shares
March 31, 2022:	4,977,129	shares

3) Average number of shares during the period:
Three months ended June 30, 2022:	20,579,492	shares
Three months ended June 30, 2021:	21,659,322	shares

Quarterly Consolidated Financial Statements

Quarterly Consolidated Balance Sheets

				(Thousand yen)
			As of March 31,2022	As of June 30,2022
Assets
	Current assets
		Cash and deposits	8,537,563	6,587,589
		Notes and accounts receivable - trade, and contract	9,851,329	10,178,254
		assets
		Electronically recorded monetary claims -	2,554,830	2,617,901
		operating
		Finished goods	3,960,175	4,140,937
		Work in process	280,783	323,436
		Raw materials and supplies	4,772,665	4,653,246
		Other	327,940	1,361,674
		Allowance for doubtful accounts	(2,894)	(4,822)
		Total current assets	30,282,393	29,858,217
	Non-current assets
		Property, plant and equipment	5,838,968	5,946,444
		Intangible assets	71,284	86,245
		Investments and other assets
		Investment securities	2,279,417	2,300,761
		Other	295,357	301,485
		Allowance for doubtful accounts	(16,986)	(16,174)
		Total investments and other assets	2,557,789	2,586,072
		Total non-current assets	8,468,042	8,618,762
	Total assets	38,750,436	38,476,980

				(Thousand yen)
			As of March 31,2022	As of June 30,2022
Liabilities
	Current liabilities
		Accounts payable - trade	2,387,340	2,397,416
		Electronically recorded obligations - operating	2,104,994	2,434,054
		Income taxes payable	724,299	297,668
		Provision for bonuses	-	154,300
		Provision for bonuses for directors (and other	35,600	9,510
		officers)
		Other	1,983,827	1,630,095
		Total current liabilities	7,236,062	6,923,044
	Non-current liabilities
		Retirement benefit liability	1,381,292	1,383,573
		Other	23,580	17,776
		Total non-current liabilities	1,404,872	1,401,349
	Total liabilities	8,640,935	8,324,393
Net assets
	Shareholders' equity
		Share capital	2,654,519	2,654,519
		Capital surplus	1,762,031	1,793,177
		Retained earnings	26,994,021	27,208,468
		Treasury shares	(2,319,009)	(2,622,363)
		Total shareholders' equity	29,091,563	29,033,803
	Accumulated other comprehensive income
		Valuation difference on available-for-sale	757,432	771,026
		securities
		Deferred gains or losses on hedges	468	68
		Foreign currency translation adjustment	285,705	370,421
		Remeasurements of defined benefit plans	(25,668)	(22,733)
		Total accumulated other comprehensive income	1,017,937	1,118,782
	Total net assets	30,109,501	30,152,586
Total liabilities and net assets	38,750,436	38,476,980

Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income (For the three months)
		(Thousand yen)
	For the three months	For the three months
	ended June 30,2021	ended June 30,2022
Net sales	6,335,274	7,126,968
Cost of sales	4,663,472	5,445,660
Gross profit	1,671,802	1,681,307
Selling, general and administrative expenses	612,446	624,170
Operating profit	1,059,355	1,057,136
Non-operating income
Interest income	1,520	2,303
Dividend income	35,063	47,401
Rental income from real estate	5,069	4,916
Other	6,103	5,523
Total non-operating income	47,756	60,145
Non-operating expenses
Interest expenses	210	72
Commission for purchase of treasury shares	3,270	1,927
Foreign exchange losses	2,465	9,435
Loss on retirement of non-current assets	3,500	2,439
Other	2,338	3,612
Total non-operating expenses	11,784	17,488
Ordinary profit	1,095,328	1,099,793
Profit before income taxes	1,095,328	1,099,793
Income taxes - current	245,022	261,843
Income taxes - deferred	69,538	67,024
Total income taxes	314,561	328,868
Profit	780,766	770,925
Profit attributable to non-controlling interests	-	-
Profit attributable to owners of parent	780,766	770,925