Flash Report Consolidated Basis - Nippon Steel Corporation
Flash ReportConsolidated BasisResults for the Third Quarter of Fiscal 2018(April 1, 2018―December 31, 2018) under Japanese GAAP February 6, 2019Nippon Steel & Sumitomo Metal CorporationTokyo, Nagoya, Sapporo, Fukuoka stock ei Shindo, Representative Director and PresidentFumiaki Ohnishi, General Manager, Public Relations Center 81-3-6867-2130February 13, 2019YesYes (for investment analysts)Company name:Stock listing:Code led date to submit Securities Report:Scheduled date to pay dividends:Preparation of supplemental explanatory materials:Holding of quarterly financial results meeting:（Figures of less than 1 million have been omitted.）1. Consolidated Financial and Operating Results through the Third Quarter of Fiscal 2018(April 1, 2018―December 31, 2018)(1) Consolidated Operating Results (Accumulated)（Percentage figures are changes from the same period of the previous fiscal year.）Profit attributable toOrdinary profitowners of parentMillions of yen%Millions of yen%Millions of yen%Net salesOperating profitMillions of yen%Third quarter of Fiscal 20184,519,1038.5150,717Third quarter of Fiscal 20174,164,55625.0138,031(For reference) Comprehensive income:Third quarter of Fiscal 2018Third quarter of Fiscal 2017Earnings per shareEarnings per shareafter full dilutionYenYenThird quarter of Fiscal 2018262.45―Third quarter of Fiscal 107.8156,056162.7 26,410 million (91.5)％ 310,262 million 368.1％(2) Consolidated Financial ResultsTotal assetsNet assetsMillions of yenMillions of yenRatio ofshareholders’ equityto total assets%Third quarter of Fiscal 20187,710,1933,459,99240.3Fiscal 20177,526,3513,515,50141.8(For reference) Shareholders’ equity:Third quarter of Fiscal 2018Fiscal 2017 3,104,051 million 3,145,450 million2. DividendsDividends per shareEnd of first quarterEnd of second quarterEnd of third quarterEnd of fiscal yearFull fiscal yearYenYenYenYenYenFiscal 2017―30.00―40.0070.00Fiscal 2018―40.00―40.0080.00Fiscal 2018 (Forecasts)Notes:Whether the dividends forecasts under review have been revised: Yes
3. Consolidated Financial Forecasts for Fiscal 2018 (April 1, 2018―March 31, 2019)RevenueMillions of yenFiscal 2018（IFRS）Notes:6,200,000（Percentage figures are changes from the same period of the previous fiscal year.）Profit attributable toEarnings per shareowners of parentMillions of yen%Millions of yen%YenBusiness profit (*)%―330,000―230,000―258.00Whether the consolidated financial forecasts for fiscal 2018 under review have been revised: YesFor further details, please refer to page 4, “1. Qualitative Information for the Third Quarter of Fiscal 2018 (2) Explanation of Information onFuture Estimates, Including Consolidated Earnings Forecasts.”As for the consolidated financial forecasts for fiscal 2018 (April 1, 2018―March 31, 2019), Nippon Steel & Sumitomo Metal Corporation(NSSMC or the Company) calculates the figures based on International Financial Reporting Standards(IFRS), as the Company has decidedto apply IFRS voluntarily from the consolidated financial statements in the fiscal 2018.[Additional Information]Consolidated Operating Results (Rough figures based on IFRS) through the Third Quarter of Fiscal 2018(Accumulated)(April 1, 2018―December 31, 2018)RevenueMillions of yenThird quarter of Fiscal 2018（IFRS）4,570,000%―（Percentage figures are changes from the same period of the previous fiscal year.）Profit attributable toBusiness profit (*)Earnings per shareowners of parentMillions of yen%Millions of yen%Yen260,000―200,000―226.60(*)Business Profit on Consolidated Statements of Profit or Loss indicates the results of sustainable business activities, and is animportant measure to compare and evaluate the Company’s consolidated performance continuously. It is defined as beingdeducted Cost of sales, Selling general and administrative expenses and Other operating expenses from Revenue, and addedEquity in profit of unconsolidated subsidiaries and affiliates and Other operating income. Other operating income and expensesis composed mainly of Dividend income, Foreign exchange gains or losses, Loss on disposal of fixed assets.* Notes(1) Changes in significant subsidiaries during the period: None(2) Adoption of special accounting methods for preparation of quarterly consolidated financial statements: YesNote: For further details, please refer to page 9, “2. Quarterly Consolidated Financial Statements and Main Notes (3) Notes onQuarterly Consolidated Financial Statements (Adoption of Special Accounting Methods for Preparation of QuarterlyConsolidated Financial Statements).”(3) Changes in accounting principles, changes in accounting estimates, and retrospective restatements(a) Changes in accounting principles accompanying revisions in accounting standards: Yes(b) Changes other than those in (a) above: None(c) Changes in accounting estimates: None(d) Retrospective restatements: NoneNote: For further details, please refer to page 9, “2. Quarterly Consolidated Financial Statements and Main Notes (3) Notes onQuarterly Consolidated Financial Statements (Changes in Accounting Principles, Changes in Accounting Estimates, andRetrospective Restatements).”(4) Number of shares issued (common shares)(a) Number of shares issued at the end of the period (including treasury stock)Third quarter of Fiscal 2018950,321,402 sharesFiscal 2017950,321,402 shares(b) Number of treasury stock at the end of the periodThird quarter of Fiscal 201867,727,862 sharesFiscal 201767,710,915 shares(c) Average number of shares issued during the term (accumulated)Third quarter of Fiscal 2018882,602,690 sharesThird quarter of Fiscal 2017882,634,161 shares* This report is not subject to quarterly review by accounting auditor.* Explanation of the appropriate use of performance forecasts and other related items(Explanation of the appropriate use of performance forecasts)The forward-looking statements included in this flash report are based on the assumptions, forecasts, and plans of the Company as of thedate on which this document is made public. The Company’s actual results may differ substantially from such statements due to variousrisks and uncertainties.
Nippon Steel & Sumitomo Metal Corporation (5401)The Third Quarter of Fiscal 2018Index of Attached Documents1. Qualitative Information for the Third Quarter of Fiscal 2018.2(1) Explanation of Operating Results .2(2) Explanation of Information on Future Estimates, Including Consolidated Earnings Forecasts .42. Quarterly Consolidated Financial Statements and Main Notes.6(1) Quarterly Consolidated Balance Sheets .6(2) Quarterly Consolidated Statements of Operations andQuarterly Consolidated Statements of Comprehensive Income .8(3) Notes on Quarterly Consolidated Financial Statements .9(Notes on Going Concern Assumption) .9(Notes in Case of Significant Changes to Shareholders’ Equity) .9(Adoption of Special Accounting Methods for Preparation of Quarterly Consolidated Financial Statements) .9(Changes in Accounting Principles, Changes in Accounting Estimates, and Retrospective Restatements).91
Nippon Steel & Sumitomo Metal Corporation (5401)The Third Quarter of Fiscal 20181. Qualitative Information for the Third Quarter of Fiscal 2018(1) Explanation of Operating ResultsGlobal and Domestic Economic Conditions in the Third Quarter of Fiscal 2018The global economy as a whole maintained modest growth. While China’s economic growth slowed down, the economyof the United States remained strong and the economies of emerging countries in general remained firm.The Japanese economy continued to recover moderately, as indicated by further improvements in the employment andincome environments and increased capital investment.Operating Results by Business Segment in the Third Quarter of Fiscal 2018Business segments of the Nippon Steel & Sumitomo Metal Corporation Group (the NSSMC Group) strived to respondto the changing business environment and to improve sales and earnings. An overview of operating results by businesssegment is shown below.(Billions of yen)Ordinary ProfitNet Sales3Q FY20173Q FY2018Steelmaking and Steel FabricationEngineering and ConstructionChemicals and Materials*System SolutionsTotalAdjustmentConsolidated 699.8205.2179.4168.24,252.8(88.3)4,164.53Q FY2018212.55.220.618.0256.4(3.1)253.23Q FY2017189.74.814.514.7223.91.5225.4* Nippon Steel & Sumikin Chemical Co., Ltd. and Nippon Steel & Sumikin Materials Co., Ltd. were integrated into Nippon SteelChemical & Material Co., Ltd. in October 2018. Therefore the Chemicals segment and the New Materials segment were unified intothe Chemicals and Materials segment.Steelmaking and Steel FabricationIn the Steelmaking and Steel Fabrication segment, domestic steel demand remained solid, especially for shipments to theautomotive sector, and overseas steel demand as a whole was on a rising trend. In the domestic steel markets, priceswere at a generally high level against a background of stable demand, while prices declined in the overseas markets inthe third quarter of fiscal 2018, due to uncertainty over China’s economic outlook. Amid such operating conditions,although natural disasters, including heavy rainfall and typhoons, as well as a difference in inventory valuation byNSSMC and its Group companies somewhat affected performance, NSSMC continued to work on initiatives to secureappropriate sales prices to maintain continuity in supply. These efforts included adjusting steel product prices to reflectrises in prices of auxiliary materials, such as scrap and alloys, other material procurement costs, and distribution costs.The segment also made steady progress in cost improvement measures. As a result, compared to the same third quarterof fiscal 2017, the Steelmaking and Steel Fabrication segment recorded an increase in net sales to 3,987.0 billion, andan increase in ordinary profit to 212.5 billion.2
Nippon Steel & Sumitomo Metal Corporation (5401)The Third Quarter of Fiscal 2018Engineering and ConstructionNippon Steel & Sumikin Engineering Co., Ltd. experienced gradually improving business conditions due to theresumption of capital investments by some overseas steel manufacturers and other factors. In addition, the businessenvironment in Japan surrounding the construction and environment-related sectors remained favorable, and steadyprogress toward project completions was made due to strict control of project execution. As a result, compared to thesame third quarter of fiscal 2017, the Engineering and Construction segment recorded an increase in net sales to 253.7billion, and an increase in ordinary profit to 5.2 billion.Chemicals and MaterialsNippon Steel Chemical & Material Co., Ltd. (which was established in October 2018 following the merger of NipponSteel & Sumikin Chemical Co., Ltd. and Nippon Steel & Sumikin Materials Co., Ltd.) experienced a high level ofmarket prices for mainstay needle coke in the coal tar chemicals business against a background of tight supply anddemand conditions. In the functional materials business, overall sales remained firm based on favorable sales of resistsfor LCDs and metal foils for suspension materials despite signs of weakness seen in sales of circuit board materials forsmartphones and other devices. The composite materials business continued to generate robust sales of both epoxyresins for electronic materials and carbon fiber composite materials for the civil engineering and construction sectors. Inthe chemicals business, prices for styrene monomer declined against the backdrop of lower crude oil prices and aweakening supply and demand balance. As a result, compared to the same third quarter of fiscal 2017, the Chemicalsand Materials segment posted an increase in net sales to 191.0 billion, and an increase in ordinary profit to 20.6billion.System SolutionsNS Solutions Corporation provides advanced solution services and other comprehensive solutions in the planning,configuration, operation, and maintenance of IT systems for clients in a wide range of business fields. During the periodunder review, against the backdrop of robust system investments stemming mainly from customers’ advancedoperational needs, the company’s business environment continued to be favorable. In addition, NS Solutions proceededproactively in developing safe, protective solutions at factories and other work sites that make use of IoT technology,and developed platforms to analyze data based on AI technology. As a result, compared to the same third quarter offiscal 2017, the System Solutions segment recorded an increase in net sales to 187.2 billion, and an increase in ordinaryprofit to 18.0 billion.Sales and Profit for the Third Quarter of Fiscal 2018Compared to the same period of fiscal 2017, NSSMC posted growth in both sales and profit: net sales increased to 4,519.1 billion; operating profit to 150.7 billion; ordinary profit to 253.2 billion; and profit attributable to owners ofparent to 231.6 billion. Please note that the NSSMC Group will voluntarily apply International Financial ReportingStandards (IFRS) beginning with the fiscal year ending March 31, 2019. Based on IFRS, NSSMC’s consolidatedrevenue is estimated to amount to 4,570.0 billion, business profit to 260.0 billion, and profit attributable to owners ofparent to 200.0 billion for the third-quarter of this fiscal year.3
Nippon Steel & Sumitomo Metal Corporation (5401)The Third Quarter of Fiscal 2018(2) Explanation of Information on Future Estimates, Including Consolidated Earnings ForecastsConsolidated Earnings ForecastsNSSMC anticipates that the overall global economy will continue to grow moderately despite concerns about aslowdown in China’s economy, as the United States is likely to sustain stable economic conditions and the governmentin China has been focusing on implementing various measures to support its economy.The Japanese economy is also expected to maintain its recovery, supported by further improvements in the employmentand income environments.In Japan, demand for steel and steel market prices are forecast to remain firm. While overseas steel demand and marketconditions are becoming more uncertain mainly due to intensifying US-China trade friction and the slowdown in theChinese economy, which partly stems from the former, market prices have recently appeared to stop declining and someimpacts can be anticipated from the Chinese government’s economic stimulus measures. Developments will requireclose monitoring.Amid such operating conditions, the consolidated business performance for the full year of fiscal 2018 will besubstantially affected by a decline in production and shipment caused by operation and equipment troubles, includingdeterioration in the No. 5 blast furnace operation at the Wakayama Works, as well as by the decline in overseas steelprices in the third quarter of fiscal 2018. The Company is now expecting business profit of 330.0 billion (based onIFRS), which is 20.0 billion less than the amount forecasted at the second-quarter earnings announcement (November 2,2018). NSSMC plans to switch from Wakayama’s No. 5 blast furnace to No. 2 blast furnace and will strive to ensure thesmooth start-up, scheduled to start in the middle of February. NSSMC will continue to maximize group-widemanagement initiatives through initiatives including (a) implementing measures to stabilize equipment use andoperations; (b) securing appropriate sales prices to maintain continuity in supply, which includes adjusting steel productprices to take account of surges in prices of auxiliary materials, such as scrap and alloys, other material procurementcosts, and distribution costs; and (c) making steady progress in cost improvement measures.Basic Profit Distribution Policy and the Year-End Dividend DistributionNSSMC’s basic profit distribution policy is to pay dividends from distributable funds at the end of the first half (interim)and second half (year-end) of the fiscal year, in consideration of the consolidated operating results and such factors ascapital requirements for investment and other activities aimed at raising corporate value and performance prospectswhile also considering the financial structure of the Company on both consolidated and non-consolidated bases. TheCompany has adopted a consolidated annual payout ratio target of around 30% as the benchmark for the “payment ofdividends from distributable funds in consideration of the consolidated operating results.” The level of the first-halfdividend is determined based on consideration of interim performance figures and forecasts for the full fiscal yearperformance.4
Nippon Steel & Sumitomo Metal Corporation (5401)The Third Quarter of Fiscal 2018Regarding the dividend from retained earnings for the end of the fiscal year, the Company had not determined adividend distribution plan at the second quarter earnings announcement (November 2, 2018). However, in accordancewith the policy described above and after giving due consideration to full-year forecasts, the Company now plans to paya dividend of 40 per share (bringing the dividend for the full year to 80 per share and representing a consolidatedpayout ratio of approximately 31% (based on IFRS)).5
Nippon Steel & Sumitomo Metal Corporation (5401)The Third Quarter of Fiscal 20182. Quarterly Consolidated Financial Statements and Main Notes(1) Quarterly Consolidated Balance SheetsMarch 31, 2018ASSETSCurrent assets :Cash and bank depositsNotes and accounts receivableInventoriesOtherLess: Allowance for doubtful accountsMillions of yenDecember 31, 4,659)2,024,591Total fixed assets5,126,8505,101,104Total assets7,526,3517,710,193Total current assetsFixed assets :Tangible fixed assets :Buildings and structuresMachinery, equipment and vehiclesOtherIntangible assets :Investments and others :Investments in securitiesShares of subsidiaries and affiliatesNet defined benefit assetsOtherLess: Allowance for doubtful accounts6
Nippon Steel & Sumitomo Metal Corporation (5401)The Third Quarter of Fiscal 2018March 31, 2018LIABILITIESCurrent liabilities :Notes and accounts payableShort-term loans payableCommercial paperBonds due within one yearIncome taxes payableProvision for loss on construction contractsOtherMillions of yenDecember 31, 9991,557,4834,788182,075142,044Total long-term liabilities1,924,7682,116,391Total ,940Total net assets3,515,5013,459,992Total liabilities and net assets7,526,3517,710,193Total current liabilitiesLong-term liabilities :Bonds and notesLong-term loans payableAllowance and reserveNet defined benefit liabilitiesOtherNET ASSETSShareholders' equity :Common stockCapital surplusRetained earningsLess: Treasury stock, at costAccumulated other comprehensive income:Unrealized gains on available-for-sale securitiesDeferred hedge income (loss)Unrealized gains on revaluation of landForeign currency translation adjustmentsRemeasurements of defined benefit plansNon-controlling interests in consolidated subsidiaries7
Nippon Steel & Sumitomo Metal Corporation (5401)The Third Quarter of Fiscal 2018(2) Quarterly Consolidated Statements of Operations andQuarterly Consolidated Statements of Comprehensive IncomeQuarterly Consolidated Statements of OperationsThird quarter ofFiscal 2017Operating revenues :Net salesCost of salesGross profitSelling, general and administrative expensesOperating profitNon-operating profit and loss :Non-operating profit :Interest incomeDividend incomeEquity in profit of unconsolidatedsubsidiaries and affiliatesOtherNon-operating loss :Interest expenseOtherOrdinary profitExtraordinary profit :Gain on sales of investment in securitiesExtraordinary loss :Loss on inactive facilitiesLoss on disasterRestructuring lossProfit before income taxesIncome taxes - current and deferredProfitProfit(loss) attributable to non-controlling interestsProfit attributable to owners of (402)231,639Third quarter ofFiscal 2017175,385Millions of yenThird quarter ofFiscal )26,410284,11626,14631,802(5,391)Quarterly Consolidated Statements of Comprehensive IncomeProfitOther comprehensive incomeUnrealized gains on available-for-sale securitiesDeferred hedge incomeForeign currency translation adjustmentsRemeasurements of defined benefit plansShare of other comprehensive income of affiliatesaccounted for using equity methodTotal other comprehensive incomeComprehensive income(breakdown)Comprehensive income attributable to owners of parentComprehensive income attributable to non-controlling interests8Millions of yenThird quarter ofFiscal 2018
Nippon Steel & Sumitomo Metal Corporation (5401)The Third Quarter of Fiscal 2018(3) Notes on Quarterly Consolidated Financial Statements(Notes on Going Concern Assumption)None(Notes in Case of Significant Changes to Shareholders’ Equity)None(Adoption of Special Accounting Methods for the Preparation of Quarterly Consolidated Financial Statements)The Company reasonably estimated the effective tax rate following application of tax-effect accountingon profit before income taxes for the consolidated fiscal year, which includes the quarterly period underreview, and applied this percentage to quarterly profit before income taxes to determine income taxes.(Changes in Accounting Principles, Changes in Accounting Estimates, and Retrospective Restatements)At the beginning of the first quarter of fiscal 2018, the Company adopted the “Implementation Guidance on Tax EffectAccounting” (ASBJ Guidance No.28, February 16, 2018) and “Implementation Guidance on Recoverability ofDeferred Tax Assets” (ASBJ Guidance No.26, February 16, 2018)The application of this practical solution had no effect on the quarterly consolidated financial statements for the firsthalf of fiscal 2018.9
Nippon Steel & Sumitomo Metal Corporation (5401)February 6, 2019Nippon Steel & Sumitomo Metal CorporationCode Number: 5401Listings: Tokyo, Nagoya, Sapporo and Fukuoka Stock ExchangesContact: Fumiaki Ohnishi, General Manager, Public Relations Center-Tel: 81-3-6867-2130Supplementary Information on the Financial Resultsfor the Third Quarter of Fiscal 2018Japanese Steel Industry1. Crude Steel Production(million tons)2017FY2018FY1st quarter26.0926.562nd quarter25.9425.651st half52.0452.223rd quarter4th quarter2nd halftotal26.3926.4152.80104.8425.70 (*)Approx.26.31 Approx.52.01 Approx.104.23(*)METI forecast2. Inventory VolumeAt the end Jan.Feb.Mar.Apr.MayJuneJulyAug.Sep.Oct.Nov.Dec. ventory atmanufacturersand distributors(million 1Inventory/shipment 76.6)(132.0)(133.8)(149.2)Rolled sheets *1(million 7H-flange beams *2(million 0.2040.1980.1840.1840.187*1 Hot-rolled, cold-rolled and coated sheets*2 Inventories of distributors dealing with H-flange beams manufactured by Nippon Steel & Sumitomo MetalCorporation*3 Preliminary report-1-
Nippon Steel & Sumitomo Metal CorporationNSSMC3. Pig Iron Production(million tons)1st quarter2nd quarter9.9210.1310.2510.241st half3rd quarter4th quarter2nd 910.24 Approx.10.50 Approx.20.70 Approx.41.20Including Hokkai Iron & Coke Co., Ltd. and Nippon Steel & Sumikin Koutetsu Wakayama Corporation *14. Crude Steel Production(Consolidated basis (The Company and its consolidated subsidiaries))(million tons)2017FY2018FY1st quarter2nd quarter11.4911.7411.8911.761st half3rd quarter4th quarter2nd halftotal23.2311.7212.0723.7947.0223.6512.13 Approx.12.40 Approx.24.50 Approx.48.20(Non-consolidated basis)(million tons)2017FY2018FY1st quarter2nd quarter9.9010.1910.2910.211st half3rd quarter4th quarter2nd halftotal20.0910.0810.5020.5840.6720.5010.29 Approx.10.50 Approx.20.80 Approx.41.30Including Nippon Steel & Sumikin Koutetsu Wakayama Corporation *15. Steel Products Shipment(million tons)1st quarter2nd quarter1st half3rd quarter4th quarter2nd 8.9918.569.92 Approx.9.70 Approx.19.60 Approx.38.10Including Nippon Steel & Sumikin Koutetsu Wakayama Corporation *12017FY6. Average Price of Steel Products(thousands of yen / ton)2017FY2018FY1st quarter2nd quarter84.083.087.290.21st half83.588.73rd quarter86.091.54th quarter85.7Approx.902nd half85.8Approx.90Weighted average of the Company and Nippon Steel & Sumikin Koutetsu Wakayama Corporation *1-2-total84.7Approx.89
Nippon Steel & Sumitomo Metal Corporation7. Export Ratio of Steel Products (Value basis)(%)2017FY2018FY1st quarter2nd quarter424141411st half42413rd quarter4th quarter414140Approx.372nd half41Approx.39total41Approx.40Weighted average of the Company and Nippon Steel & Sumikin Koutetsu Wakayama Corporation *18. Foreign Exchange Rate( ／ )2017FY2018FY1st quarter2nd quarter1111111081111st half3rd quarter4th quarter111113110109113 Approx.1102nd half111Approx.112total111Approx.1119. Amount of Capital Expenditure and Depreciation(Consolidated basis)(billions of yen)2017FY2018FY *2Capital x.420.0*1 Nippon Steel & Sumikin Koutetsu Wakayama Corporation was merged into NSSMC on April 1, 2018.*2 included for impacts of transition to IFRS and other impacts-3-
of Fi. scal 2018 3,104,051 million Fiscal 20. 1. 7 3,145,450 million 2. Dividends. Dividends per share End of first quarter End of second quarter End of third quarter End of fiscal year Full fiscal year Yen Yen Yen Yen Yen Fiscal 2017 ― 30.00 ― 40.00 70.00 .
the growth of the segment, at Nippon India Mutual Fund, the ETF offerings were re-branded as "Nippon India ETFs"to create a distinct identity between passively managed listed products and actively managed offerings. Nippon India ETFs give choice to
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Nippon Steel Chemical Co., Ltd. was established in 1956 as an independent subsidiary of Nippon Steel Corporation. In 1984, the company merged with another subsidiary, Nittetsu Chemical Industrial Co., Ltd., becoming the core chemical arm of the Nippon Steel group. This alliance with the world’s
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Financial reporting 94 Consolidated financial statements 94 Consolidated income statement 95 Consolidated statement of comprehensive income 96 Consolidated balance sheet 97 Consolidated statement of changes in equity 98 Consolidated statement of cash flows 99 Notes to the consolidated
Consolidated Statements of Operations 8 Consolidated Statements of Comprehensive Income 9 Consolidated Statements of Changes in Equity 10 Consolidated Statements of Cash Flows 11 Notes to the Consolidated Financial Statements 1. Basis of preparation 12 2. Significant accounting policies
