Consolidated Financial Results
for the First Half of the Fiscal Year Ending March 31, 2023
(Japan GAAP)
October 31, 2022
Company name:

Nippon Light Metal Holdings Company, Ltd.

Stock exchange listing:First Section of Tokyo Stock Exchange

Code number:

5703

URL:

https://www.nikkeikinholdings.com/

Representative:

Ichiro OKAMOTO,

Contact:

Chizu ISHIKAWA,

Phone:+81-03-6810-7160

President & Chief Executive Officer
Public Relations and IR Director, Planning & Supervision
OfficeSubmission of quarterly financial results:

November 7, 2022

Expected date of dividends payment:

December 1, 2022

Preparation of supplementary materials for quarterlyYesfinancial results:

Yes (for institutional investors and analysts)

Holding of a briefing on quarterly financial results:(Amounts less than one million yen are rounded off)
1. Consolidated Financial Results for Six Months Ended September 30, 2022
(1) Consolidated Results of Operations (Accumulated Total)
Net sales(% figures show year-on-year changes)
Profit attributable toOrdinary profit
owners of parent

Operating profit

Six months ended

Millions ofyen%Millions ofyen%Millions ofyen%Millions ofyen%

September 30, 2022

253,094

7.2

3,657

(74.0)

5,207(63.4)

3,804(64.8)

September 30, 2021

236,04818.9

14,041

77.8

14,211

85.5

10,813

129.1(Note) Comprehensive income:Six months ended
September 30, 2022

Six months ended September 30, 2022
Six months ended September 30, 2021

Net profit per share(basic)September 30, 2021

¥5,290 million / (57.3%)¥12,375 million / 110.6%

Net profit per share(diluted)
Yen

Yen

61.44

－

174.70－(2) Consolidated Financial Position
Total assets
As of September 30, 2022
As of March 31, 2022
(Reference) Shareholders’ equity:

Net assets

Equity ratio

Millions of yen

Millions of yen%

526,835

221,770

38.9

532,601

220,907

As of September 30, 2022
As of March 31, 2022

1

38.1

¥205,044 million¥203,089 million

2. Dividends

Annual dividends per share
End of second
quarter

End of firstquarterYen

End of third
quarter

Yen

Fiscal year ended―
40.00
March 31, 2022
Fiscal year ending―
40.00
March 31, 2023
Fiscal year ending
March 31, 2023
(forecasts)(Note) Revisions to dividend forecasts published most recently:

Year-end

Total

Yen

Yen

Yen

―

45.00

85.00

―

45.00

85.00

None

3. Forecast of Consolidated Financial Results for the Fiscal Year Ending March 31, 2023
(April 1, 2022–March 31, 2023)(% figures show year-on-year changes)
Net sales

Operating profit

Ordinary profit

Millionsof yen%Millionsof yen%Millionsof yen%515,000

5.8

12,500(43.7)

15,000(34.6)(Note) Revisions to Forecast of Financial Results published most recently:

None

Fiscal year ending
March 31, 2023

2

Profitattributable toowners of parent
Millions%of yen10,000(40.3)Net profit
per shareYen
161.52

*Notes(1) Change in significant subsidiaries during the period(changes in specified subsidiaries affecting the scope of consolidation): None
Newly added: ― (Company name: ― )Excluded: ― (Company name: ― )(2) Application of particular accounts procedures to the preparation of quarterly consolidated financial statements:
None(3) Changes in accounting policies, changes in accounting estimates, and restatements(i) Changes in accounting policies due to revision of accounting standards: Yes(ii) Changes in accounting policies other than item (i) above: None(iii) Changes in accounting estimates: None(iv) Restatement: None
For details, please refer to “2. Notes on summary information (special notes) (3) Changes in accounting policies,changes in accounting estimates, and restatements” on p. 4 of the attached documents.
(4) Number of shares outstanding (common stock)(i) Number of shares outstanding at end of period (including treasury stock)
As of September 30, 2022
61,993,750 shares
As of March 31, 2022
61,993,750 shares(ii) Number of treasury stock at end of period
As of September 30, 2022
64,984 shares
As of March 31, 2022
98,476 shares(iii) Average number of shares outstanding during the term
For the six months ended September 30, 2022
61,910,526 shares
For the six months ended September 30, 2021
61,892,936 shares* Quarterly financial results are not subject to auditing by a certified public accountant or an audit firm.
* Explanations concerning the appropriate use of financial forecasts and other special notes(Note of caution concerning forward-looking statements)
The forward-looking statements such as results forecasts included in this document are based on the information
available to the Company at the time of the announcement and on certain assumptions considered reasonable, and theCompany makes no representations as to their achievability. Actual results may differ materially from the forecast
depending on a range of factors. For the conditions on which the financial forecasts are based and notes of caution
concerning forward-looking statements, etc., please refer to “1. Qualitative Information on Quarterly Results (3)Explanation of forward-looking information, including consolidated earnings forecasts” on p. 3 of the attacheddocuments.

3

[Attached documents]
Index
1. Qualitative Information on Quarterly Results ......................................................................................................1(1) Explanation of consolidated operating results position.................................................................................1(2) Explanation of consolidated financial position .............................................................................................2(3) Explanation of forward-looking information, including consolidated earnings forecasts ............................3
2. Notes on Summary Information (Special Notes) .................................................................................................4(1) Change in significant subsidiaries during the period ....................................................................................4(2) Application of accounting method specific to preparation of quarterly consolidated financial statement ....4(3) Changes in accounting policies, changes in accounting estimates, and restatements ...................................4
3. Quarterly Consolidated Financial Statements and Important Notes ....................................................................5(1) Quarterly consolidated balance sheets ..........................................................................................................5(2) Quarterly consolidated statements of income and consolidated statements of comprehensive income ........7
Quarterly consolidated statements of income (April 1, 2022 – September 30, 2022)...................................7
Quarterly consolidated statements of comprehensive income (April 1, 2022 – September 30, 2022) .........8(3) Quarterly consolidated statements of cash flows ..........................................................................................9(4) Notes regarding the quarterly consolidated financial statements ................................................................10(Notes on premise of going concern) ..........................................................................................................10(Notes on significant changes in the amount of shareholders’ equity)........................................................10(Segment information, etc.) ........................................................................................................................104

1.

Qualitative Information on Quarterly Results(1) Explanation of consolidated operating results position
In the first half of the current consolidated fiscal year, the outlook for the global economy remained uncertain. Whileeconomic activity began to normalize as COVID-19 restrictions were eased, the impact of automobile production cuts
due to shortages of semiconductors and other components and skyrocketing raw material and fuel prices caused by
the prolonged Ukraine crisis, together with rapid fluctuations in exchange rates and escalating inflation pressures, arecause for concern.
The Group was affected by the production cutbacks in automobile and truck chassis as well as the correction in demand
for semiconductor manufacturing equipment, but price revisions were applied in response to the surging raw material
and fuel prices and sales prices were increased to reflect the situation in the aluminum ingot market. As a result, net
sales surpassed levels in the same period of the previous year. From a profitability standpoint, however, although theGroup posted currency exchange gains due to the yen’s depreciation, operating profit, ordinary profit, and profit
attributable to owners of parent decreased significantly year on year due to lower sales in the automobile and truck
bodies business and lithium-ion battery business, as well as higher costs resulting from the soaring raw material andfuel prices.
In the first half of the Group’s consolidated fiscal year under review, net sales rose by 17,046 million yen (7.2%) year
on year, from 236,048 million yen to 253,094 million yen. Operating profit decreased by 10,384 million yen (74.0%)
year on year, from 14,041 million yen to 3,657 million yen. Ordinary profit decreased by 9,004 million yen (63.4%)
year on year, from 14,211 million yen to 5,207 million yen. Profit attributable to owners of parent decreased by 7,009
million yen (64.8%) year on year, from 10,813 million yen to 3,804 million yen.
An overview of each business segment is provided below.
<Aluminum ingot and chemicals>
In the aluminum chemical division, sales for mainstay aluminum hydroxide and alumina-related products forrefractories and flocculants were solid, and sales increased for chemical products year on year, primarily inorganic
chlorine compounds. This coupled with the revisions of sales prices resulted in net sales that exceeded levels in thesame period of the previous fiscal year. However, in terms of profitability, profit decreased year on year due to theimpact of soaring raw material and fuel prices.
The ingot division saw an increase in net sales of the mainstay secondary alloy for automobiles compared to the same
period of the previous fiscal year because the sales price was increased to reflect the aluminum ingot price, eventhough automobile production cutbacks in Japan and lockdowns in China resulted in a decrease in sales. However,the decline in sales due to the automobile production cutbacks, together with rising costs attributable to the spike infuel prices and other factors, resulted in lower profits compared to the same period of the previous fiscal year.
As a result of the above, net sales in the aluminum ingot and chemicals segment in the first half of the current
consolidated fiscal year increased by 19,005 million yen (31.6%) year on year, from 60,108 million yen to 79,113
million yen, however operating profit fell by 1,266 million yen (16.9%) year on year, from 7,482 million yen to 6,216
million yen.
<Aluminum sheet and extrusions>
In the aluminum sheet division, net sales and operating profit both fell over the same period of the previous fiscal
year. On the sales side, this can be attributed to the impact of the decline in sales for lithium-ion batteries, as well as
the correction in demand for thick sheets for semiconductor manufacturing equipment, which had been strong throughthe first quarter. On the profit side, costs rose due to skyrocketing raw material and fuel prices, and the Chinese
subsidiary of Toyo Rikagaku Kenkyusho Co., Ltd. was excluded from the scope of consolidation by transferring theentire equity interest in the subsidiary in the third quarter of the previous consolidated fiscal year.
In the extruded product division, net sales were unchanged from levels in the same period of the previous fiscal year,
due to the impact of an increase in sales prices to reflect the situation in the aluminum ingot market and price revisions
made in response to surging raw material and fuel prices. However, on the profit side, operating profit fell over thesame period of the previous fiscal year due to the production cutbacks of automobile and truck chassis attributable tothe ongoing supply chain problems resulting from shortages of semiconductors and other components for automobile
and truck bodies in Japan and overseas.
As a result of the above, net sales in the aluminum sheet and extrusions segment in the first half of the current
consolidated fiscal year decreased by 2,562 million yen (4.4%) year on year, from 58,041 million yen to 55,479
million yen, and operating profit fell by 4,283 million yen (91.2%) year on year, from 4,697 million yen to 414 millionyen.

5

<Fabricated products and others>
In the transport-related division, net sales of the truck bodies business fell short of levels in the same period of theprevious fiscal year due to the ongoing production cuts of truck chassis as a result of shortages of semiconductors andother components, and supply chain disruptions. In terms of profitability, operating profit fell far short of levels in thesame period of the previous fiscal year, resulting in a loss, due to a substantial drop in units sold, as well as an increasein the price of aluminum, steel and other materials.
In the panel system division, the freezing and refrigeration field saw strong orders for distribution centers due to anincrease in the use of frozen food and e-commerce, but sales were down over the same period of the previous fiscal
year due in part to the postponement of construction for some large projects. In the clean room field, demand forindustrial clean rooms was strong for semiconductor manufacturing equipment manufacturers and electronic materials
manufacturers, and as a result, net sales in the division as a whole exceeded levels in the same period of the previous
fiscal year. However, profits were down compared to the same period of the previous fiscal year, partly because of
the significant impact of skyrocketing raw material prices.
As a result of the above, net sales in the fabricated products and others segment decreased by 5,822 million yen (7.8%)
to 68,781 million yen in the first half of the current consolidated fiscal year, compared to 74,603 million yen in thesame period of the previous fiscal year. Operating loss amounted to 1,820 million yen, a negative difference of 3,875
million yen compared to the same period of the previous fiscal year, which saw a profit of 2,055 million yen.
<Aluminum foil, powder, and paste>
The aluminum foil division saw a sharp decrease in the sales volume for foils for automobile lithium-ion battery
exteriors due to the automobile production cutbacks, but net sales for the entire division increased year on year becauseof higher sales prices reflecting conditions in the aluminum ingot market and sales price revisions in response to thesteep rise in raw material and fuel prices. Another factor was that an affiliated company that provides aluminum foil
for medical product packaging in India was made a subsidiary and included in the scope of consolidation at the endof the second quarter of the previous consolidated fiscal year.
The powder and paste division recorded higher sales than in the same period of the previous fiscal year due to solid
demand for powder products for heat dissipation. This offset the impact of semiconductor shortages and supply chain
turmoil on powder products, such as aluminum powder for electronic materials and aluminum nitride. Although
domestic sales of the paste products for automobile applications declined due to the automobile production cutbacks,
overseas sales surpassed levels in the same period of the previous fiscal year, partly due to orders in anticipation of arecovery in auto production. This resulted in an increase in division-wide net sales on a year-on-year basis.
In the daily necessities division, sales of consumer products fell as a result of decreased sales of house-care products
and aluminum foil in reaction to higher demand in the same period of the previous fiscal year, as well as the impactof sales price revisions caused by soaring raw material prices. However, sales of packaging products for frozen foods
were strong and sales prices were revised, resulting in a year-on-year increase in division-wide net sales.
As a result of the above, net sales of aluminum foil, powder, and paste segments in the first half of the current
consolidated fiscal year increased by 6,425 million yen (14.8%) year on year, from 43,296 million yen to 49,721
million yen. In terms of profitability, operating profit decreased by 904 million yen (62.1%) year on year, from 1,456
million yen to 552 million yen, largely due to the cost increase caused by soaring raw material and fuel prices.
(2) Explanation of consolidated financial position(2)-1 Status of assets, liabilities, and net assets
As of the end of the second quarter of the current consolidated fiscal year, total assets decreased by 5,766 million yen
compared to the end of the previous consolidated fiscal year to 526,835 million yen as a result of a decrease in cash
and deposits resulting from the use of cash on hand to address the increase in working capital and other factors.
Liabilities decreased by 6,629 million yen compared to the end of the previous consolidated fiscal year to 305,065
million yen as a result of a decrease in income taxes payable due to filing and payment of income taxes. Net assets
increased by 863 million yen compared to the end of the previous consolidated fiscal year to 221,770 million yen due
to an increase in foreign currency translation adjustment in response to the depreciating yen and other factors. The
equity ratio rose from 38.1% at the end of the previous consolidated fiscal year to 38.9%.
(2)-2 Cash flow
Cash flows from operating activities
Net cash used in operating activities in the first half of the current consolidated fiscal year amounted to 7,625 million

6yen. This was because an increase in working capital due to an increase in inventories resulting from a rise in pricesof aluminum and other materials, and expenditures for income taxes paid exceeded non-cash profit/loss items such as
profit before income taxes and depreciation. Operating activities provided 4,441 million yen in cash in the same period
in the previous fiscal year, but in the first half of the current fiscal year, operating activities used 7,625 million yen,primarily due to a decrease in profit before income taxes.
Cash flows from investing activities
Net cash used in investing activities in the first half of the current consolidated fiscal year amounted to 5,611 million
yen. This was primarily due to expenditures to purchase property, plant and equipment. Cash used in investing
activities was down 6,436 million yen compared to the same period in the previous fiscal year, which was primarily
due to an increase in proceeds from the sale of investment securities.
Cash flows from financing activities
Net cash used for financing activities in the first half of the current consolidated fiscal year amounted to 2,681 million
yen. This was primarily due to expenditures for repayments of long-term borrowings and the payment of dividends.
Financing activities provided 591 million yen in cash in the same period of the previous fiscal year, but in the firsthalf of the current fiscal year, financing activities used 2,681 million yen, largely due to an increase in expenditures
for repayments of long-term borrowings.
As a result, cash and cash equivalents on a consolidated basis were down 14,825 million yen (32.8%) compared tothe end of the previous consolidated fiscal year, to 30,320 million yen.
(3) Explanation of forward-looking information, including consolidated earnings forecasts
As announced on September 29, 2022, we have revised our forecasts for consolidated financial results for the full year
as shown below.
Forecasts for consolidated financial results for fiscal year ending in March 2023 (April 1, 2022 – March 31, 2023)

Previous forecasts (A) announced on
May 16, 2022
Revised forecasts (B) announced on
September 29, 2022
Change (B-A)
Percent change (%)(Reference)
Results in previous fiscal year
(Fiscal year ended March 31, 2022)

Net sales

OperatingprofitOrdinary
profitProfitattributableto owners ofparentMillions of yen

Millions of yen

Millions of yen

Millions of yen

14,000226.18515,000

12,50015,00010,000161.56(25,000)(4.6)(7,500)(37.5)(5,000)(25.0)(4,000)(28.6)-

486,579

22,19822,92816,759270.77

540,000

20,00020,000Net income
per shareYen

Our forecasts are premised on the expectation that auto production conditions will improve for automobiles from thethird quarter, but that in the short term it will take more time for chassis supply to improve in the truck bodies business.
Given this, we now expect net sales, operating profit, ordinary profit and profit attributable to owners of parent to fallshort of the forecasts previously released (May 16, 2022) in the full consolidated fiscal year.
In addition, on August 31, 2022, the Company finalized a basic integration agreement with the transferee and otherparties regarding the transfer of all shares of its consolidated subsidiary (fully owned subsidiary), Toyo Aluminium
K.K. (“Toyo Aluminium”), held by the Company (the “Share Transfer”) and other matters.
1) Share Transfer (March 31, 2023 (plan))(a) Forty-six percent (46%) of Toyo Aluminium shares held by the Company will be transferred to the JIC PE
Fund No.1 Investment LPS (“JICPEF1”), managed by JIC Capital, Ltd.
(b) Fifty-four percent (54%) of Toyo Aluminium shares held by the Company will be transferred to Toyo
Aluminium (shares buyback by Toyo Aluminium).
(c) As a result of the above stated Share Transfer, shareholding of Toyo Aluminium by the Company will bedissolved entirely.

72) Management Integration of Foil Business (April 1, 2023 (plan))
In accordance with the Basic Integration Agreement, Toyo Aluminium and UACJ Foil Corporation will
implement a management integration, based on a spirit of reciprocity, effective as of April 1, 2023 (plan), withJICPEF1 to acquire 80% of the voting rights of the new integrated company (the “Integrated Company”) and
UACJ Corporation to acquire the remaining 20%.
The Share Transfer and Management Integration are subject to the approval and permission, etc. of relevant domestic
and overseas authorities, including the Japan Fair Trade Commission. The Company will not invest in the Integrated
Company but will cooperate in the establishment of the Integrated Company as it will help enhance the international
competitiveness of the aluminum foil industry in Japan.
The effect of the Share Transfer on the consolidated financial results for the fiscal year ending in March 2023 has not
yet been determined. A notice will be issued should earnings forecasts need to be revised.
(Note) Earnings forecasts are calculated based on information available at this point and certain assumptions deemed
reasonable, and actual earnings results could differ from forecasts for various reasons.
2.

Notes on Summary Information (Special Notes)(1) Change in significant subsidiaries during the periodNone(2) Application of accounting method specific to preparation of quarterly consolidated financial statement
None(3) Changes in accounting policies, changes in accounting estimates, and restatements
Changes in accounting policies(Application of accounting standard, etc. relating to fair value measurement)
The Company has decided to apply the Application Guidelines for the Accounting Standards for Fair Value
Measurement (Application Guidelines for the Company Accounting Standards No. 31; June 17, 2021; hereinafter the“Application Guidelines for the Accounting Standards for Fair Value Measurement”) starting at the beginning of thefirst quarter of the current fiscal year and to apply going forward the new accounting policies as stipulated in the
Application Guidelines for the Accounting Standards for Fair Value Measurement, in accordance with the transitional
treatment prescribed by Article 27-2 of said guidelines. There is no impact of this application on the quarterly
consolidated financial statements.

8(4) Notes regarding the quarterly consolidated financial statements(Notes on premise of going concern)
Not applicable(Notes on significant changes in the amount of shareholders’ equity)
Not applicable(Segment information, etc.)
I. First Half of the Fiscal Year Ended March 31, 2022 (April 1, 2021 to September 30, 2021)
1. Information on net sales and profit (loss) by reporting segment
Reporting segments
Aluminum Aluminum Fabricated Aluminum
ingot andsheet and products and foil, powder,chemicals extrusions
otherand paste

Total(Millions of yen)
Quarterly
Adjust- consolidated
ments*1
profit/loss
posted*2

Net sales
Net sales to external－
60,10858,041
74,60343,296
236,048
236,048
customers
Intersegment sales－
22,197
11,6805,923
251
40,051(40,051)
or transfers
Total
82,30569,72180,52643,547
276,099(40,051)
236,048
Segment profit (loss)
7,482
4,697
2,055
1,456
15,690(1,649)14,041
Notes:*1 The 1,649 million yen negative adjustment to segment profit (loss) represents corporate expenses and mainlycomprises expenses related to General Affairs, HR, Accounting, and other head office administration
departments of the Company and Nippon Light Metal Company, Ltd.
*2 Segment profit is adjusted with operating profit on the quarterly consolidated statements of income.
2. Information related to impairment loss of noncurrent assets and goodwill by reporting segment:(Important fluctuations in goodwill)
The Group’s consolidated subsidiary, Toyo Aluminium K.K., acquired an additional 17.6% of the shares in Svam
Toyal Packaging Industries Private Limited on August 5, 2021. As a result, goodwill increased 2,960 million yen
in the aluminum foil, powder, and paste segment. The figure for goodwill is a provisional calculation since
allocation of the acquisition cost had not been completed as of the end of the second quarter of the current
consolidated fiscal year.
II. First Half of the Fiscal Year Ending March 31, 2023 (April 1, 2022 to September 30, 2022)
1. Information on net sales and profit (loss) by reporting segment(Millions of yen)
Reporting segments
Quarterly
Adjust- consolidated
Aluminum Aluminum Fabricated Aluminum
ments*1
profit/loss
ingot andsheet and products and foil, powder,Total
posted*2chemicals extrusions
otherand paste
Net sales
Net sales to external－
79,11355,47968,78149,721
253,094
253,094
customers
Intersegment sales－
31,607
12,5286,603
175
50,913(50,913)or transfers
Total
110,72068,00775,38449,896
304,007(50,913)253,094
Segment profit (loss)
6,216
414
(1,820)552
5,362(1,705)
3,657
Notes:*1 The 1,705 million yen negative adjustment to segment profit (loss) represents corporate expenses and mainly

9comprises expenses related to General Affairs, HR, Accounting, and other head office administration
departments of the Company and Nippon Light Metal Company, Ltd.
*2 Segment profit (loss) is adjusted with operating profit on the quarterly consolidated statements of income.
2. Information related to impairment loss of noncurrent assets and goodwill by reporting segment:
Not applicable103. Quarterly Consolidated Financial Statements and Important Notes(1) Quarterly consolidated balance sheets(Millions of yen)
As of March 31,2022

As of Sept. 30,
2022

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable – trade and contract assets
Merchandise and finished goods
Work-in-progress
Raw material and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Machinery and equipment, net
Tools, furniture and fixtures, net
LandConstruction in progress
Total property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

11

45,188144,178
39,45021,72928,21818,350(386)
296,727

30,363
142,598
48,282
23,56831,96816,870(283)
293,366

59,32247,8685,849
54,904
7,980
175,923

59,73149,051
6,263
54,9985,129
175,172

2,442
9,948
12,3902,265
10,201
12,466

48,112(551)
47,561
235,874
532,601

46,391(560)
45,831
233,469
526,835

(Millions of yen)
As of March 31,2022

As of Sept. 30,
2022

Liabilities

Current liabilities
Notes and accounts payable – trade
Short-term borrowings
Income taxes payable
Provision for recall
Other
Total current liabilities
Non-current liabilities
Bonds payable
Long-term borrowings
Retirement benefit liability
Provision for environmental measures
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Revaluation reserve for land
Foreign currency translation adjustment
Remeasurements of defined benefits plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

12

72,32478,245
4,264
1,098
34,611
190,542

71,29078,9551,129
355
30,293
182,022734
76,427
18,776
18,253
6,962
121,152
311,694

869
78,433
19,171
16,763
7,807
123,043305,065

46,525
19,107
129,465(130)
194,967

46,52519,087
129,705(88)
195,229

2,821
186
145
5,555
(585)
8,122
17,818220,907532,601

3,010
(62)
145
7,563
(841)
9,815
16,726
221,770
526,835

(2) Quarterly consolidated statements of income andconsolidated statements of comprehensive income
Quarterly consolidated statements of income(April 1, 2022 – September 30, 2022)(Millions of yen)Six months ended Six months ended
Sept. 30, 2021
Sept. 30, 2022

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating profit
Share of profit of entities accounted for using equity method
Foreign exchange gains
Other
Total non-operating profit
Non-operating expenses
Interest expense
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on step acquisitions
Total extraordinary income
Profit before income taxes
Income taxes - current

236,048
188,201
47,84733,806
14,041

253,094
215,256
37,83834,181
3,657

866
－
1,379
2,245

1,220
1,448
2,010
4,678

513
1,562
2,075
14,211

627
2,501
3,128
5,207

1,526
1,526
15,737
2,914

－
－
5,207
1,054

Income taxes - deferred
Total income taxes
ProfitProfit (loss) attributable to non-controlling interests
Profit attributable to owners of parent

1,170
4,084
11,653840
10,813

1,170
2,224
2,983
(821)
3,804

13

Quarterly consolidated statements of comprehensive income(April 1, 2022 – September 30, 2022)(Millions of yen)Six months ended Six months ended
Sept. 30, 2021
Sept. 30, 2022
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Share of other comprehensive income of entities accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to owners of parent
Comprehensive income attributable to non-controlling interests

14

11,653

2,983

81
43
306
17
275
722
12,375
11,398
977

244
(245)
1,616
(253)
945
2,307
5,290
5,497
(207)

(3) Quarterly consolidated statements of cash flows(Millions of yen)Six months ended Six months ended
Sept. 30, 2021
Sept. 30, 2022

Cash flows from operating activities

Profit before income taxes
Depreciation
Amortization of goodwill
Loss (gain) on step acquisitions
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in retirement benefit liability
Increase (decrease) in provision for environmental measures
Interest and dividend income
Interest expenses
Share of loss (profit) of entities accounted for using equity method
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Other

15,737
9,792
222(1,526)(62)
258(2,582)
(196)
513
(866)
1,994
(9,446)(1,502)(3,323)
9,013
338
(521)
(4,389)
4,441

5,207
9,603
347
－
(103)
290
(1,490)(227)
627(1,220)3,370(12,803)(2,538)(2,611)(1,548)385(639)(5,823)(7,625)Purchase of property, plant and equipment
Proceeds from sale of investment securities
Purchase of shares of subsidiaries resulting in change in scope of consolidation
Other(10,144)58(1,149)(812)(12,047)(8,415)
3,363
－
(559)
(5,611)

Net increase (decrease) in short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Dividends paid
Dividends paid to non-controlling interests
Purchase of shares of subsidiaries not resulting in change in scope of consolidation
Other

7,442
2,969
(3,914)(4,031)
(592)
(668)
(615)
591
390
(6,625)61,17654,551

4,411
5,000(7,774)(2,786)
(716)
－
(816)
(2,681)
1,092(14,825)
45,14530,320SubtotalInterest and dividends received
Interest paid
Income taxes paid

Net cash provided by operating activities
Cash flows from investing activities

Net cash used in investing activities
Cash flows from financing activities

Net cash provided by financing activities

Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of the year
Cash and cash equivalents at end of the year15