Yotai Refractories : Consolidated Financial Results for the Year Ended March 31,2021〔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 Year Ended March 31, 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

May 13, 2021

President

Director, General Manager of General Affairs Department of

Head Office

Phone: [phone]

Scheduled date of Annual General Meeting of Shareholders: June 24, 2021

Scheduled date of commencing dividend payments: June 25, 2021

Scheduled date of filing annual securities report: June 25, 2021

Availability of supplementary briefing material on annual financial results: No

Schedule of annual financial results briefing session: Yes

							(Amounts of less than one million yen are rounded down)
1. Consolidated Financial Results for the Fiscal Year Ended March 31, 2021 (April 01, 2020 to March 31, 2021)
(1) Consolidated Operating Results					(% indicates changes from the previous corresponding period.)
		Net sales		Operating profit	Ordinary profit	Profit attributable to
			owners of parent
Fiscal year ended		Million yen		%	Million yen		%	Million yen	%	Million yen	%
March 31, 2021		23,554		(11.6)	2,921		(27.3)	3,021	(26.9)	1,845	(34.0)
March 31, 2020		26,654		(4.4)	4,017		(21.7)	4,134	(20.9)	2,794	(22.6)

(Note) Comprehensive income:	Fiscal year ended March 31, 2021:
	Fiscal year ended March 31, 2020:

¥	2,191 million	[	(12.5) %]
¥	2,503 million	[	(23.0) %]

	Basic earnings per	Diluted earnings per	Rate of return on	Ordinary profit to	Operating profit to
	share		share	equity	total assets ratio	net sales ratio
Fiscal year ended	Yen		Yen		%		%	%
March 31, 2021	84.59		-		6.6		8.7	12.4
March 31, 2020	127.17		-		10.7		12.0	15.1
(2) Consolidated Financial Position
	Total assets	Net assets	Capital adequacy ratio		Net assets per share
As of	Million yen		Million yen		%			Yen
March 31, 2021	35,396		29,032		82.0			1,332.86
March 31, 2020	34,443		27,234		79.1			1,239.17
(Reference) Equity: As of	March 31, 2021:	¥	29,032 million
As of	March 31, 2020:	¥	27,234 million
(3) Consolidated Cash Flows
	Cash flows from	Cash flows from	Cash flows from			Cash and cash
		equivalents at the end
	operating activities	investing activities	financing activities
			of period
Fiscal year ended	Million yen	Million yen		Million yen			Million yen
March 31, 2021	4,803		(1,202)		(418)			11,390
March 31, 2020	5,413		(1,111)		(398)			8,206

2. Dividends

			Annual dividends				Payout	Dividends
					Total	to net
								ratio
	1st		2nd	3rd		Year-end	Total	dividends	assets
			(consolidated)
	quarter-end	quarter-end	quarter-end			(consolidated)
Fiscal year ended		Yen	Yen	Yen		Yen	Yen	Million yen	%	%
March 31, 2020		-	9.00	-		7.00	16.00	351	12.6	1.3
March 31, 2021		-	5.00	-		12.00	17.00	370	20.1	1.3
Fiscal year ending
March 31, 2022		-	16.00	-		16.00	32.00		31.7
(Forecast)

(Note) Breakdown of the 2nd quarter dividend for the fiscal year ending March 31, 2020 :ordinary dividend 7.00 yen and commemorative dividend 2.00 yen (70th-anniversary of the listing)

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 per
		to owners of parent	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

* Notes:

1. Changes in significant subsidiaries during the period under review (changes in specified subsidiaries resulting in changes in scope of consolidation): No
2. Changes in accounting policies, changes in accounting estimates and retrospective restatement
3. 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
4. Total number of issued shares (common shares)
5. 1. Total number of issued shares at the end of the period (including treasury shares):

March 31, 2021:	25,587,421	shares
March 31, 2020:	25,587,421	shares
2) Total number of treasury shares at the end of the period:
March 31, 2021:	3,805,354	shares
March 31, 2020:	3,609,808	shares

3) Average number of shares during the period:
Fiscal Year ended March 31, 2021:	21,812,639	shares
Fiscal Year ended March 31, 2020:	21,977,687	shares

(Reference) Summary of Non-consolidated Financial Results
1. Non-consolidated Financial Results for the Fiscal Year Ended March 31, 2021 (April 01, 2020 to March 31, 2021)
(1) Non-consolidated Operating Results				(% indicates changes from the previous corresponding period.)
	Net sales			Operating profit		Ordinary profit	Net income
Fiscal year ended	Million yen		%		Million yen		%		Million yen	%	Million yen	%
March 31, 2021	23,554		(11.0)		3,015		(25.8)		3,105	(25.7)	2,154	(24.3)
March 31, 2020	26,465		(3.1)		4,063		(19.9)		4,179	(19.8)	2,845	(21.0)
	Basic earnings per share	Diluted earnings per share
Fiscal year ended			Yen			Yen
March 31, 2021			98.75			-
March 31, 2020			129.49			-
(2) Non-consolidated Financial Position
	Total assets		Net assets		Capital adequacy ratio	Net assets per share
As of	Million yen			Million yen			%		Yen
March 31, 2021			35,871			29,579			82.5		1,357.96
March 31, 2020			34,632			27,459			79.3		1,249.44
(Reference) Equity: As of	March 31, 2021:			¥		29,579 million
As of	March 31, 2020:			¥		27,459 million

Consolidated Financial Statements

Consolidated Balance Sheets

				(Thousand yen)
			As of March 31,2020	As of March 31,2021
Assets
	Current assets
		Cash and deposits	8,206,159	11,390,772
		Notes and accounts receivable - trade	9,963,901	8,866,063
		Electronically recorded monetary claims -	1,542,604	1,702,885
		operating
		Finished goods	3,813,461	2,963,605
		Work in process	473,176	369,785
		Raw materials and supplies	3,398,594	2,518,718
		Other	55,097	113,146
		Allowance for doubtful accounts	(4,063)	(3,337)
		Total current assets	27,448,931	27,921,641
	Non-current assets
		Property, plant and equipment
		Buildings and structures, net	1,565,067	1,792,690
		Machinery, equipment and vehicles, net	1,746,859	1,559,226
		Land	1,367,552	1,403,391
		Other, net	438,976	338,999
		Total property, plant and equipment	5,118,455	5,094,308
		Intangible assets	26,927	21,938
		Investments and other assets
		Investment securities	1,515,633	2,116,078
		Deferred tax assets	242,792	165,376
		Other	118,494	105,452
		Allowance for doubtful accounts	(27,771)	(28,249)
		Total investments and other assets	1,849,148	2,358,657
		Total non-current assets	6,994,530	7,474,904
	Total assets	34,443,462	35,396,546

				(Thousand yen)
			As of March 31,2020	As of March 31,2021
Liabilities
	Current liabilities
		Accounts payable - trade	1,855,971	1,601,393
		Electronically recorded obligations - operating	1,800,813	1,536,325
		Accrued expenses	1,136,439	1,106,146
		Income taxes payable	469,731	467,830
		Provision for bonuses for directors (and other	28,570	29,400
		officers)
		Other	583,745	226,075
		Total current liabilities	5,875,271	4,967,171
	Non-current liabilities
		Retirement benefit liability	1,267,635	1,350,087
		Other	66,482	46,795
		Total non-current liabilities	1,334,118	1,396,882
	Total liabilities	7,209,389	6,364,054
Net assets
	Shareholders' equity
		Share capital	2,654,519	2,654,519
		Capital surplus	1,750,465	1,750,465
		Retained earnings	23,039,060	24,621,486
		Treasury shares	(693,422)	(823,490)
		Total shareholders' equity	26,750,623	28,202,981
	Accumulated other comprehensive income
		Valuation difference on available-for-sale	317,204	673,417
		securities
		Deferred gains or losses on hedges	5,783	7,789
		Foreign currency translation adjustment	154,939	161,793
		Remeasurements of defined benefit plans	5,521	(13,490)
		Total accumulated other comprehensive income	483,449	829,510
	Total net assets	27,234,072	29,032,492
Total liabilities and net assets	34,443,462	35,396,546