Japan Steel Works : Summary of Consolidated Financial Results for the Year Ended March 31, 2025 (Based on Japanese GAAP)

Net sales

Operating profit

Ordinary profit

Profit attributable to owners of parent

Basic earnings per share

Fiscal year ending March 31, 2026

Millions of yen

%

Millions of yen

%

Millions of yen

%

Millions of yen

%

Yen

290,000

16.7

24,500

7.3

24,500

4.3

18,500

3.0

251.34

Fiscal year ended March 31, 2025

73,601,588 shares

Fiscal year ended March 31, 2024

73,591,835 shares

Total assets

Net assets

Equity-to-asset ratio

Net assets per share

As of

Millions of yen

Millions of yen

%

Yen

March 31, 2025

299,839

145,694

48.6

1,979.43

March 31, 2024

277,705

138,905

50.0

1,887.42

As of March 31, 2024

As of March 31, 2025

Assets

Current assets

Cash and deposits

97,613

75,899

Notes receivable - trade

1,129

507

Electronically recorded monetary claims - operating

4,143

7,729

Accounts receivable - trade

59,718

59,891

Merchandise and finished goods

6,292

5,894

Work in process

81,293

113,654

Raw materials and supplies

9,988

10,980

Other

14,228

21,276

Allowance for doubtful accounts

(198)

(237)

Total current assets

274,209

295,595

Non-current assets

Property, plant and equipment

Buildings and structures, net

23,927

26,427

Machinery, equipment and vehicles, net

12,085

13,533

Tools, furniture and fixtures, net

2,363

3,176

Land

6,628

8,089

Leased assets, net

931

1,059

Construction in progress

787

3,335

Total property, plant and equipment

46,723

55,622

Intangible assets

Goodwill

80

-

Leased assets

13

10

Other

1,564

2,229

Total intangible assets

1,658

2,240

Investments and other assets

Investment securities

25,276

24,629

Long-term loans receivable

300

356

Distressed receivables

225

219

Retirement benefit asset

5,787

6,171

Deferred tax assets

9,384

10,071

Other

3,529

3,528

Allowance for doubtful accounts

(322)

(313)

Total investments and other assets

44,182

44,664

Total non-current assets

92,565

102,527

Total assets

366,775

398,122

As of March 31, 2024

As of March 31, 2025

Liabilities

Current liabilities

Notes and accounts payable - trade

30,357

29,545

Electronically recorded obligations - operating

35,489

29,647

Short-term borrowings

12,360

12,473

Current portion of long-term borrowings

4,844

10,299

Lease liabilities

387

335

Income taxes payable

3,214

4,604

Contract liabilities

34,690

56,596

Provision for bonuses for directors (and other officers)

44

51

Provision for warranties for completed construction

52

286

Provision for loss on construction contracts

583

579

Provision for loss on wind power generator business

512

486

Provision for business restructure

1,498

1,455

Other

19,873

21,275

Total current liabilities

143,909

167,637

Non-current liabilities

Long-term borrowings

25,272

19,440

Lease liabilities

771

980

Deferred tax liabilities

318

306

Provision for retirement benefits for directors (and other officers)

44

39

Retirement benefit liability

9,168

7,791

Long-term guarantee deposits

6,716

4,867

Asset retirement obligations

1,427

1,446

Other

532

511

Total non-current liabilities

44,251

35,383

Total liabilities

188,161

203,020

Net assets

Shareholders' equity

Share capital

19,818

19,837

Capital surplus

5,550

5,569

Retained earnings

141,103

154,059

Treasury shares

(2,316)

(2,317)

Total shareholders' equity

164,155

177,149

Accumulated other comprehensive income

Valuation difference on available-for-sale securities

7,351

7,845

Deferred gains or losses on hedges

(644)

7

Foreign currency translation adjustment

1,919

3,117

Remeasurements of defined benefit plans

4,202

5,101

Total accumulated other comprehensive income

12,828

16,071

Non-controlling interests

1,629

1,881

Total net assets

178,613

195,101

Total liabilities and net assets

366,775

398,122

Fiscal year ended March 31, 2024

Fiscal year ended March 31, 2025

Net sales

252,501

248,556

Cost of sales

195,688

187,562

Gross profit

56,813

60,993

Selling, general and administrative expenses

Freight and packing costs

8,174

7,146

Sales commission

4,403

3,626

Other direct selling expenses

931

960

Personnel expenses

11,042

11,562

Retirement benefit expenses

277

293

Travel expenses

994

1,158

Research and development expenses

4,643

4,478

Other indirect selling, general and administrative expenses

8,331

8,943

Total selling, general and administrative expenses

38,799

38,169

Operating profit

18,014

22,824

Non-operating income

Interest income

73

124

Dividend income

636

716

Foreign exchange gains

839

-

Gain on non-current assets rent

306

255

Share of profit of entities accounted for using equity method

30

16

Miscellaneous income

669

507

Total non-operating income

2,555

1,619

Non-operating expenses

Interest expenses

212

274

Foreign exchange losses

-

277

Miscellaneous losses

412

396

Total non-operating expenses

624

948

Ordinary profit

19,945

23,495

Extraordinary income

Gain on sale of non-current assets

1,092

272

Gain on sale of investment securities

644

1,170

Total extraordinary income

1,737

1,443

Extraordinary losses

Loss on sale of non-current assets

13

227

Loss on retirement of non-current assets

566

807

Impairment losses

1,427

-

Loss on valuation of investment securities

-

6

Loss on sales of investments in capital

-

54

Loss on inappropriate conduct in quality inspections

473

535

Total extraordinary losses

2,480

1,631

Profit before income taxes

19,201

23,307

Income taxes - current

5,118

6,941

Income taxes - deferred

(365)

(1,787)

Total income taxes

4,752

5,153

Profit

14,449

18,153

Profit attributable to non-controlling interests

170

192

Profit attributable to owners of parent

14,278

17,961

Fiscal year ended March 31, 2024

Fiscal year ended March 31, 2025

Profit

14,449

18,153

Other comprehensive income

Valuation difference on available-for-sale securities

4,394

493

Deferred gains or losses on hedges

(285)

652

Foreign currency translation adjustment

794

1,266

Remeasurements of defined benefit plans, net of tax

2,976

898

Total other comprehensive income

7,880

3,311

Comprehensive income

22,329

21,464

Comprehensive income attributable to

Comprehensive income attributable to owners of parent

22,115

21,203

Comprehensive income attributable to non-controlling interests

214

260

Shareholders' equity

Share capital

Capital surplus

Retained earnings

Treasury shares

Total shareholders' equity

Balance at beginning of period

19,799

5,531

131,093

(2,315)

154,108

Issuance of new shares

18

18

37

Dividends of surplus

(4,268)

(4,268)

Profit attributable to owners of parent

14,278

14,278

Purchase of treasury shares

(1)

(1)

Disposal of treasury shares

(0)

0

0

Transfer of loss on disposal of treasury shares

0

(0)

-

Net changes in items other than shareholders' equity

-

Total changes during period

18

18

10,010

(0)

10,046

Balance at end of period

19,818

5,550

141,103

(2,316)

164,155

Accumulated other comprehensive income

Non-controlling interests

Total net assets

Valuation difference on available-for-sale securities

Deferred gains or losses on hedges

Foreign currency translation adjustment

Remeasurements of defined benefit plans

Total accumulated other comprehensive income

Balance at beginning of period

2,956

(359)

1,168

1,225

4,991

1,536

160,636

Issuance of new shares

-

37

Dividends of surplus

-

(4,268)

Profit attributable to owners of parent

-

14,278

Purchase of treasury shares

-

(1)

Disposal of treasury shares

-

0

Transfer of loss on disposal of treasury shares

-

-

Net changes in items other than shareholders' equity

4,394

(285)

750

2,976

7,836

93

7,930

Total changes during period

4,394

(285)

750

2,976

7,836

93

17,977

Balance at end of period

7,351

(644)

1,919

4,202

12,828

1,629

178,613

Shareholders' equity

Share capital

Capital surplus

Retained earnings

Treasury shares

Total shareholders' equity

Balance at beginning of period

19,818

5,550

141,103

(2,316)

164,155

Issuance of new shares

19

19

38

Dividends of surplus

(5,004)

(5,004)

Profit attributable to owners of parent

17,961

17,961

Purchase of treasury shares

(1)

(1)

Disposal of treasury shares

0

0

0

Transfer of loss on disposal of treasury shares

Net changes in items other than shareholders' equity

-

Total changes during period

19

19

12,956

(0)

12,994

Balance at end of period

19,837

5,569

154,059

(2,317)

177,149

Accumulated other comprehensive income

Non-controlling interests

Total net assets

Valuation difference on available-for-sale securities

Deferred gains or losses on hedges

Foreign currency translation adjustment

Remeasurements of defined benefit plans

Total accumulated other comprehensive income

Balance at beginning of period

7,351

(644)

1,919

4,202

12,828

1,629

178,613

Issuance of new shares

-

38

Dividends of surplus

-

(5,004)

Profit attributable to owners of parent

-

17,961

Purchase of treasury shares

-

(1)

Disposal of treasury shares

-

0

Transfer of loss on disposal of treasury shares

Net changes in items other than shareholders' equity

493

652

1,198

898

3,242

251

3,494

Total changes during period

493

652

1,198

898

3,242

251

16,488

Balance at end of period

7,845

7

3,117

5,101

16,071

1,881

195,101

Fiscal year ended March 31, 2024

Fiscal year ended March 31, 2025

Cash flows from operating activities

Profit before income taxes

19,201

23,307

Depreciation

7,743

7,895

Amortization of goodwill

161

80

Impairment losses

1,427

-

Interest and dividend income

(709)

(840)

Interest expenses

212

274

Share of loss (profit) of entities accounted for using equity method

(30)

(16)

Loss (gain) on valuation of investment securities

-

6

Loss (gain) on sale of investment securities

(644)

(1,170)

Loss (gain) on sales of investments in capital

-

54

Loss (gain) on sale of property, plant and equipment and intangible assets

(1,079)

(44)

Loss on retirement of property, plant and equipment and intangible assets

566

807

Decrease (increase) in trade receivables

8,366

17,244

Increase (decrease) in trade payables

(2,982)

(11,497)

Decrease (increase) in inventories

(6,230)

(32,276)

Increase/decrease in consumption taxes payable/consumption taxes refund receivable

(149)

(2,517)

Increase (decrease) in retirement benefit liability

132

(70)

Decrease (increase) in retirement benefit asset

(339)

(363)

Increase (decrease) in provision for warranties for completed construction

(257)

233

Other, net

(592)

(899)

Subtotal

24,794

208

Interest and dividends received

708

860

Interest paid

(212)

(268)

Income taxes refund (paid)

(3,583)

(5,368)

Net cash provided by (used in) operating activities

21,707

(4,567)

Fiscal year ended March 31, 2024

Fiscal year ended March 31, 2025

Cash flows from investing activities

Purchase of property, plant and equipment and intangible assets

(9,864)

(15,110)

Proceeds from sale of property, plant and equipment and intangible assets

1,802

658

Purchase of investment securities

(19)

(23)

Proceeds from sale of investment securities

1,320

2,612

Net decrease (increase) in time deposits

207

(27)

Payments for retirement of property, plant and equipment

(387)

(721)

Proceeds from sale of investments in capital

-

210

Proceeds from liquidation of subsidiaries and associates

-

69

Other, net

99

58

Net cash provided by (used in) investing activities

(6,841)

(12,272)

Cash flows from financing activities

Net increase (decrease) in short-term borrowings

1,455

113

Proceeds from long-term borrowings

1,000

4,500

Repayments of long-term borrowings

(2,525)

(4,876)

Dividends paid

(4,268)

(5,004)

Dividends paid to non-controlling interests

(120)

(9)

Repayments of finance lease liabilities

(439)

(446)

Net cash provided by (used in) financing activities

(4,899)

(5,723)

Effect of exchange rate change on cash and cash equivalents

535

812

Net increase (decrease) in cash and cash equivalents

10,502

(21,751)

Cash and cash equivalents at beginning of period

86,400

96,902

Cash and cash equivalents at end of period

96,902

75,150