Disclaimer: This document is an English translation of the original document in Japanese and has been
prepared solely for reference purposes. In the event of any discrepancy between this English
translation and the original in Japanese, the original shall prevail in all respects.

Consolidated Financial Results
for the Fiscal Year Ended March 31, 2022
[Japanese GAAP]May 9, 2022
Company name: Nippon Yakin Kogyo Co., Ltd.
Stock exchange listing: Tokyo Stock Exchange
Code number: 5480
URL: https://www.nyk.co.jp
Representative: Hisashi Kubota, Representative Director and President
Contact: Takahiro Araki, General Manager, Accounting Department
Phone: +81-3-3273-3613
Scheduled date of general shareholders’ meeting: June 28, 2022
Scheduled date of commencing dividend payments: June 29, 2022
Scheduled date of filing securities report: June 28, 2022
Availability of supplementary explanatory materials on annual financial results: Available
Schedule of annual financial results briefing session: Scheduled (For institutional investors and analysts)(Amounts are rounded to the nearest million yen.)
1. Consolidated Financial Results for the Fiscal Year Ended March 31, 2022 (April 1, 2021 - March 31, 2022)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable toNet sales
Operating profit
Ordinary profit
owners of parent
Fiscal year ended
Million yen%
Million yen%
Million yen%
Million yen%March 31, 2022
148,92532.4
13,966 127.3
12,807 156.6
8,471 125.0
March 31, 2021
112,482 (17.5)
6,145 (21.6)
4,990 (21.3)
3,764 (29.3)(Note) Comprehensive income: Fiscal year ended March 31, 2022: ¥8,346 million [78.9%]
Fiscal year ended March 31, 2021: ¥4,664 million [(0.9)%]
Basic earnings Diluted earnings Return on
Ratio of ordinary Ratio of operating
per shareper share
equityprofit to total assets profit to net sales
Fiscal year endedYen
Yen%%%
561.25
–
14.4
7.3
9.4
March 31, 2022
March 31, 2021
247.85
–
7.1
3.1
5.5
(Reference) Equity in earnings of affiliated companies: Fiscal year ended March 31, 2022: ¥39 million
Fiscal year ended March 31, 2021: ¥5 million(2) Consolidated Financial Position
Total assets

Net assets

Million yen

187,494
As of March 31, 2022
161,230
As of March 31, 2021
(Reference) Equity: As of March 31, 2022: ¥62,165 million
As of March 31, 2021: ¥55,123 million(3) Consolidated Cash Flows
Cash flows fromoperating activities
Fiscal year ended
Million yen(697)
March 31, 2022
11,182
March 31, 2021

Equity ratio

Net assets per share

Million yen%

Yen

62,16955,12733.2
34.2

4,121.13
3,629.02

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash
equivalents at year-end

Million yen

Million yen

Million yen(15,656)(6,776)

15,049(7,995)

12,545
13,8281

2. Dividends
Annual dividends
1st
2nd
3rd
Yearquarter- quarterquarterend
end
end
end
Yen

Yen

Yen

Yen

Total

Total
dividends(annual)Payout ratio(consolidated)

Ratio ofdividends tonet assets(consolidated)

Yen

Million yen%%

Fiscal year ended
–
15.00
–
30.00
45.00
684
18.2
March 31, 2021
Fiscal year ended
–
40.00
–
80.00 120.00
1,811
21.4
March 31, 2022
Fiscal year ending
March 31, 2023–––––
(Forecast)
The annual dividends forecast for the fiscal year ending March 31, 2023 is undetermined at this point.

1.3
3.1

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2023 (April 1, 2022 March 31, 2023)
The consolidated financial results forecast for the fiscal year ending March 31, 2023 is undetermined, since it isdifficult to reasonably forecast at this point. The Company will promptly announce the results forecast as soon
as it becomes available, while determining future trends.

* Notes:(1) Changes in significant subsidiaries during the fiscal year under review: None(Changes in specified subsidiaries resulting in changes in scope of consolidation)
Newly included: ― (Company name: ―)Excluded: ― (Company name: ―)(2) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards: Yes
2) Changes in accounting policies other than 1) above: None
3) Changes in accounting estimates: None
4) Retrospective restatement: None
(3) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the year (including treasury shares):
March 31, 2022:
15,497,333 shares
March 31, 2021:
15,497,333 shares2) Total number of treasury shares at the end of the year:
March 31, 2022:
412,899 shares
March 31, 2021:
307,891 shares
3) Average number of shares outstanding during the year:
Year ended March 31, 2022:
15,093,457 sharesYear ended March 31, 2021:
15,187,534 shares

2

(Reference) Summary of Non-consolidated Financial Results
1. Non-consolidated Financial Results for the Fiscal Year Ended March 31, 2022 (April 1, 2021 - March 31,2022)(1) Non-consolidated Operating Results(% indicates changes from the previous corresponding period.)
Net sales
Operating profit
Ordinary profit
ProfitYear ended
Million yen%
Million yen%
Million yen%
Million yen%March 31, 2022
124,778
38.6
10,831 125.1
10,413 143.0
6,723
99.2
March 31, 2021
90,059 (19.2)
4,812 (17.2)
4,285 (15.8)
3,375 (24.2)

Year ended
March 31, 2022
March 31, 2021

Basic earnings
per share

Diluted earnings
per share

Yen

Yen

445.28222.13––(2) Non-consolidated Financial Position
Total assetsNet assets

Million yen

As of March 31, 2022
171,511
As of March 31, 2021
146,246(Reference) Equity: As of March 31, 2022: ¥54,877 million
As of March 31, 2021: ¥49,572 million

Equity ratio

Net assets per share

Million yen%

Yen

54,87749,57232.0
33.9

3,636.89
3,262.69* These consolidated financial results are outside the scope of audit by certified public accountants or an audit firm.
* Explanation of the proper use of financial results forecast and other notes(Cautionary note on forward-looking statements, etc.)
Forward-looking statements and other statements about the future in this document are based on information
currently available to the Company and certain assumptions deemed reasonable, and the Company does notguarantee the achievement of the projections. Actual performance and other results may differ significantly due
to various factors.
(Information about the supplementary explanatory materials on annual financial results)
The Company will hold an annual financial results briefing session for institutional investors and analysts on
Tuesday, May 24, 2022. The materials for the session will be posted on the Company’s website immediately afterthe session.

33. Consolidated Financial Statements and Principal Notes(1) Consolidated Balance Sheets(Million yen)
As of March 31, 2021
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Machinery, equipment and vehicles
Accumulated depreciation
Machinery, equipment and vehicles, net
LandConstruction in progress
Other
Accumulated depreciation
Other, net
Total property, plant and equipment
Intangible assets
Software
Other
Total intangible assets
Investments and other assets
Investment securities
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Deferred assets
Bond issuance costs
Total deferred assets
Total assets

4

As of March 31, 2022

13,935
19,592
8,153
15,771
9,014
1,559
(284)
67,73912,64626,996
10,24423,232
16,1732,701(219)
91,773

51,842(40,346)
11,497
149,443(122,141)
27,30338,755
6,661
8,720(6,692)
2,027
86,24354,720(39,831)
14,889152,164(119,611)
32,55236,404
2,298
8,840(6,689)2,152
88,295

1,431
202
1,632

2,148
160
2,308

4,449
159
1,003
(23)
5,588
93,463

4,096
175
794
(15)
5,051
95,65428
28
161,230

67
67
187,494(Million yen)
As of March 31, 2021
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings
Notes payable - facilities
Current portion of bonds payable
Current portion of long-term borrowings
Income taxes payable
Accrued consumption taxes
Provision for bonuses
Provision for loss on business liquidation
Other
Total current liabilities
Non-current liabilities
Bonds payable
Long-term borrowings
Deferred tax liabilities
Deferred tax liabilities for land revaluation
Retirement benefit liability
Provision for environmental measures
Provision for preventing environmental pollution
Provision for loss on business liquidation
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
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

5

As of March 31, 2022

16,45028,287
5,882
77
5,039
424
111
1,349
27
5,542
63,18823,91734,367
2,847
－
5,152
2,003
81
1,522
1
5,521
75,413

5,000
19,101
6,137
918
10,528113
5–1,11342,915
106,103

13,00021,9022,594
861
10,4786652198449,911
125,324

24,301
9,542
18,541(707)
51,67824,301
9,542
26,093(950)
58,985

1,562
1
1,720
161
3,445
5
55,127161,230

1,387
27
1,580
186
3,179
5
62,169187,494

(2) Consolidated Statements of Operations and Comprehensive Income
Consolidated Statements of Operations(Million yen)

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using equitymethod
Rental income from non-current assets
Subsidy income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Foreign exchange losses
Loss on sale of notes receivable - trade
Loss on retirement of non-current assets
Fixed assets removal costs
Sales discounts
Environmental expenses
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Total extraordinary income
Extraordinary losses
Loss on sale of businesses
Loss on valuation of investment securities
Impairment losses
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

For the fiscal year ended
March 31, 2021
112,482
95,42817,054
10,9096,145

For the fiscal year ended
March 31, 2022
148,925
123,013
25,912
11,946
13,966

1
84

1
108

5

39

86
74
77
327

82
30
76
337

511
37
33
356
209
150
68
118
1,481
4,990

500
16
28
172
155
193
222
210
1,497
12,807

5–
56
165
170–
255–
255
4,740
669
307
976
3,764
0
3,764

134
–
5,786
5,919
7,058
2,169
(3,583)(1,413)
8,471
0
8,471

6

Consolidated Statements of Comprehensive Income(Million yen)

ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

For the fiscal year ended
March 31, 2021
3,764

For the fiscal year ended
March 31, 2022
8,471

8742240(175)
26240

900
4,664(125)
8,346

4,66408,34607(3) Consolidated Statements of Changes in Equity
Fiscal year ended March 31, 2021 (from April 1, 2020 to March 31, 2021)(Million yen)
Shareholders’ equity
Share capital
Balance at beginning of period
Changes during period
Dividends of surplus
Profit attributable to ownersof parent
Purchase of treasury shares
Disposal of treasury shares
Reversal of revaluation
reserve for land
Net changes in items otherthan shareholders’ equity
Total changes during period
Balance at end of period

Capital surplus

24,301

9,542

Retainedearnings

Treasury shares

Total
shareholders’equity(736)

48,582

15,474
(683)

(683)

3,764

3,764
(12)
41(14)(12)27––
24,301

–
9,542

3,067
18,54129(707)

3,096
51,678

Total
accumulated
othercomprehensive
incomeNoncontrollinginterests

Total net
assets2,544

5

51,131

Accumulated other comprehensive income

Balance at beginning of periodChanges during period
Dividends of surplus
Profit attributable to ownersof parent
Purchase of treasury shares
Disposal of treasury shares
Reversal of revaluation
reserve for land
Net changes in items otherthan shareholders’ equity
Total changes during period
Balance at end of period

Valuationdifference on
available-forsale securities

Deferredgains orlosses onhedges688(1)Foreign
Revaluation currency
reserve translation
for land adjustment

1,720

137

(683)
3,764
(12)
27–
874

2–

24900

0

900

874
1,562

2
1–
1,720

24
161

900
3,445053,996
55,127

8

Fiscal year ended March 31, 2022 (from April 1, 2021 to March 31, 2022)(Million yen)
Shareholders’ equity
Share capital
Balance at beginning of period
Changes during period
Dividends of surplus
Profit attributable to ownersof parent
Purchase of treasury shares
Disposal of treasury shares
Reversal of revaluation
reserve for land
Net changes in items otherthan shareholders’ equity
Total changes during period
Balance at end of period

Capital surplus

24,301

9,542

Retainedearnings

Treasury shares

Totalshareholders’equity(707)

51,67818,541(1,060)(1,060)

8,471

8,471
(272)
28(1)

(272)
27

140

–
24,301

–
9,542

140

7,551
26,093

(244)
(950)

7,307
58,985

Total
accumulated
othercomprehensive
incomeNoncontrollinginterests

Total net
assets3,445

555,127

Accumulated other comprehensive income

Balance at beginning of period
Changes during period
Dividends of surplus
Profit attributable to ownersof parent
Purchase of treasury shares
Disposal of treasury shares
Reversal of revaluation
reserve for land

Valuationdifference on
available-forsale securities

Deferred
gains orlosses onhedges

1,562

1Foreign
Revaluation currency
reserve translation
for land adjustment

1,720

161(1,060)
8,471(272)27140

Net changes in items otherthan shareholders’ equity(175)

26(140)24(265)0(265)

Total changes during period
Balance at end of period

(175)
1,387

2627(140)
1,580

24186(265)
3,179

0
5

7,042
62,1699

(4) Consolidated Statements of Cash Flows(Million yen)
For the fiscal year ended
March 31, 2021
Cash flows from operating activities
Profit before income taxes
Depreciation
Impairment losses
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses
Increase (decrease) in retirement benefit liability
Increase (decrease) in provision for environmental
measuresInterest and dividend income

For the fiscal year ended
March 31, 2022

4,740
3,975
31
3
212

7,058
4,123
5,786
(73)
173
(49)

(155)

(41)

(85)

(109)

511

500

–

Interest expenses
Share of loss (profit) of entities accounted for using equity
methodLoss (gain) on sale of investment securities
Loss (gain) on sale of non-current assets
Loss on retirement of non-current assets
Loss (gain) on sale of businesses
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Increase (decrease) in accrued consumption taxes
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment and intangible
assetsProceeds from sale of property, plant and equipment andintangible assets
Purchase of investment securities
Proceeds from sale of investment securities
Other, net
Net cash provided by (used in) investing activities

(4)

(38)

–

812
2,804(403)
(980)
545
12,35885(524)(737)
11,182

(165)
(6)
172
134
(7,404)(16,711)
7,464
(893)
478
399
109(467)
(738)
(697)

(62)
49(63)
68(6,652)(16,028)

6

23(127)10
1(6,776)(57)392
9(15,656)

(5)
356

–

10(Million yen)
For the fiscal year ended
March 31, 2021
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from sales and redemption by installment
payment
Repayments of installment payables
Proceeds from issuance of bonds
Redemption of bonds
Purchase of treasury shares
Dividends paid
Other, net
Net cash provided by (used in) 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 period
Cash and cash equivalents at end of periodFor the fiscal year ended
March 31, 2022

(4,324)
4,317(6,213)

6,075
8,081
(5,167)

––

15
(239)
8,000(154)
(11)
(682)
(482)
(7,995)19(3,570)
17,39813,828(271)(1,056)(312)
15,04920(1,283)
13,82812,545(446)

11(77)