Yotai Refractories : Consolidated Financial Results for the Three Months Ended June 30,2021〔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, 2021

[Japanese GAAP]

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

August 05, 2021

President

Director, General Manager of General Affairs Department of

Head Office

Phone: [phone]

Scheduled date of filing quarterly securities report: August 06, 2021

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, 2021 (April 01, 2021 to June 30, 2021)
(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, 2021	6,335		6.6	1,059	52.1	1,095	50.8	780	58.6
June 30, 2020	5,943		(15.0)	696	(37.8)	726	(38.4)	492	(33.5)

(Note) Comprehensive income:	Three months ended June 30, 2021:
	Three months ended June 30, 2020:

¥	781 million	[	46.7%]
¥	532 million	[	(26.2) %]

	Basic earnings	Diluted earnings per
	per share		share
Three months ended	Yen			Yen
June 30, 2021	36.05			-
June 30, 2020	22.47			-
(2) Consolidated Financial Position
	Total assets		Net assets	Capital adequacy ratio
As of	Million yen			Million yen	%
June 30, 2021	36,124			29,085	80.5
March 31, 2021	35,396			29,032	82.0
(Reference) Equity: As of	June 30, 2021:	¥	29,085 million
As of	March 31, 2021:	¥	29,032 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, 2021	-		5.00	-		12.00	17.00
Fiscal year ending March 31, 2022	-
Fiscal year ending March 31, 2022			16.00	-		16.00	32.00
(Forecast)
(Note) Revision to the forecast for dividends	announced most	recently:	No

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2022(April 01, 2021 to March 31, 2022)

(% 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
12,100		8.1	1,550	22.1	1,600	20.2	1,100	22.0	50.50
September 30, 2021
Full year	24,200		2.7	3,100	6.1	3,200	5.9	2,200	19.2	101.00
(Note) Revision to the financial results forecast announced most recently:	No
* Notes:
(1) Changes in significant subsidiaries during the three months ended June 30, 2021
(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: Yes
   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, 2021:	25,587,421	shares
March 31, 2021:	25,587,421	shares
2) Total number of treasury shares at the end of the period:
June 30, 2021:	4,186,176	shares
March 31, 2021:	3,805,354	shares

3) Average number of shares during the period:
Three months ended June 30, 2021:	21,659,322	shares
Three months ended June 30, 2020:	21,904,105	shares

Quarterly Consolidated Financial Statements

Quarterly Consolidated Balance Sheets

				(Thousand yen)
			As of March 31,2021	As of June 30,2021
Assets
	Current assets
		Cash and deposits	11,390,772	10,245,802
		Notes and accounts receivable - trade	8,866,063	-
		Notes and accounts receivable - trade, and contract	-	9,117,297
		assets
		Electronically recorded monetary claims -	1,702,885	1,718,136
		operating
		Finished goods	2,963,605	3,182,203
		Work in process	369,785	329,953
		Raw materials and supplies	2,518,718	2,926,883
		Other	113,146	1,168,659
		Allowance for doubtful accounts	(3,337)	(5,370)
		Total current assets	27,921,641	28,683,565
	Non-current assets
		Property, plant and equipment	5,094,308	5,150,579
		Intangible assets	21,938	21,516
		Investments and other assets
		Investment securities	2,116,078	2,071,479
		Other	270,828	211,341
		Allowance for doubtful accounts	(28,249)	(14,286)
		Total investments and other assets	2,358,657	2,268,534
		Total non-current assets	7,474,904	7,440,630
	Total assets	35,396,546	36,124,196

				(Thousand yen)
			As of March 31,2021	As of June 30,2021
Liabilities
	Current liabilities
		Accounts payable - trade	1,601,393	2,142,968
		Electronically recorded obligations - operating	1,536,325	1,751,711
		Income taxes payable	467,830	266,350
		Provision for bonuses	-	145,000
		Provision for bonuses for directors (and other	29,400	6,264
		officers)
		Other	1,332,221	1,318,723
		Total current liabilities	4,967,171	5,631,017
	Non-current liabilities
		Retirement benefit liability	1,350,087	1,366,966
		Other	46,795	40,991
		Total non-current liabilities	1,396,882	1,407,958
	Total liabilities	6,364,054	7,038,975
Net assets
	Shareholders' equity
		Share capital	2,654,519	2,654,519
		Capital surplus	1,750,465	1,750,465
		Retained earnings	24,621,486	25,140,867
		Treasury shares	(823,490)	(1,290,784)
		Total shareholders' equity	28,202,981	28,255,069
	Accumulated other comprehensive income
		Valuation difference on available-for-sale	673,417	630,593
		securities
		Deferred gains or losses on hedges	7,789	8
		Foreign currency translation adjustment	161,793	209,027
		Remeasurements of defined benefit plans	(13,490)	(9,479)
		Total accumulated other comprehensive income	829,510	830,150
	Total net assets	29,032,492	29,085,220
Total liabilities and net assets	35,396,546	36,124,196

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 30,2020	ended June 30,2021
Net sales	5,943,121	6,335,274
Cost of sales	4,730,967	4,663,472
Gross profit	1,212,154	1,671,802
Selling, general and administrative expenses	515,563	612,446
Operating profit	696,591	1,059,355
Non-operating income
Interest income	1,854	1,520
Dividend income	31,841	35,063
Rental income from real estate	4,304	5,069
Other	5,351	6,103
Total non-operating income	43,351	47,756
Non-operating expenses
Interest expenses	254	210
Commission for purchase of treasury shares	971	3,270
Foreign exchange losses	11,494	2,465
Loss on retirement of non-current assets	0	3,500
Other	916	2,338
Total non-operating expenses	13,636	11,784
Ordinary profit	726,305	1,095,328
Extraordinary losses
Loss on sale of non-current assets	11,089	-
Total extraordinary losses	11,089	-
Profit before income taxes	715,216	1,095,328
Income taxes - current	142,521	245,022
Income taxes - deferred	80,501	69,538
Total income taxes	223,023	314,561
Profit	492,193	780,766
Profit attributable to non-controlling interests	-	-
Profit attributable to owners of parent	492,193	780,766