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 Six Months Ended September 30, 2022
[Japanese GAAP]
October 31, 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 filing quarterly securities report: November 14, 2022
Scheduled date of commencing dividend payments: December 1, 2022
Availability of supplementary explanatory materials on quarterly financial results: Available
Schedule of quarterly financial results briefing session: Scheduled (for institutional investors and analysts)(Amounts are rounded to the nearest million yen.)
1. Consolidated Financial Results for the Six Months Ended September 30, 2022 (April 1, 2022 - September
30, 2022)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable toNet sales
Operating profit
Ordinary profit
owners of parent
Six months ended
Million yen%
Million yen%
Million yen%
Million yen%
September 30, 2022
96,36650.2
12,65191.0
12,316
97.4
8,665
51.8
September 30, 2021
64,161
14.2
6,623 124.2
6,239 148.2
5,707 303.3(Note) Comprehensive income: Six months ended September 30, 2022: ¥8,657 million [49.8%]
Six months ended September 30, 2021: ¥5,779 million [256.4%]
Basic earnings
Diluted earnings
per shareper share
Six months ended
YenYen–September 30, 2022
578.76–
September 30, 2021
377.93(2) Consolidated Financial Position
Total assets

Net assets

Million yen

Equity ratio

Million yen%

209,334
As of September 30, 2022
69,344
187,494
As of March 31, 2022
62,169(Reference) Equity: As of September 30, 2022: ¥69,340 million
As of March 31, 2022: ¥62,165 million

33.1
33.2

1

2. Dividends
Annual dividends
1st quarter-end

2nd quarter-end

3rd quarter-end

YenYenYen

Year-end

Fiscal year ended
–
40.00
–
March 31, 2022
Fiscal year ending–
70.00
March 31, 2023
Fiscal year ending
March 31, 2023–(Forecast)(Note) Revision to the forecast for dividends announced most recently: Yes

Total

Yen

Yen

80.00

120.0

130.00200.0

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2023 (April 1, 2022 - March31, 2023)(% indicates changes from the previous corresponding period.)
Profit attributable
Basic earnings
Net sales
Operating profit
Ordinary profit
to owners ofper shareparent%Million yen%

Yen

Full year
198,000 33.0
27,000 93.3
25,000 95.2
(Note) Revision to the financial results forecast announced most recently: Yes

Million yen%

Million yen%

17,000100.7

1,136.022

Million yen

* Notes:(1) Changes in significant subsidiaries during the period under review: None
(Changes in specified subsidiaries resulting in changes in scope of consolidation)
Newly included: ― (Company name: ―), Excluded: ― (Company name: ―)(2) Accounting methods adopted particularly for the preparation of quarterly consolidated financial statements: None(3) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards: None
2) Changes in accounting policies other than 1) above: None
3) Changes in accounting estimates: None
4) Retrospective restatement: None
(4) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):
September 30, 2022:
15,497,333 shares
March 31, 2022:
15,497,333 shares2) Total number of treasury shares at the end of the period:
September 30, 2022:
540,493 shares
March 31, 2022:
412,899 shares
3) Average number of shares outstanding during the period:
Six months ended September 30, 2022:
14,972,289 shares
Six months ended September 30, 2021:
15,100,427 shares* These quarterly consolidated financial results are outside the scope of quarterly 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 quarterly financial results)
The Company will hold a quarterly financial results briefing session for institutional investors and analysts on
Tuesday, November 22, 2022. The materials for the session will be posted on the Company’s website immediatelyafter the session.

32. Quarterly Consolidated Financial Statements and Principal Notes(1) Quarterly Consolidated Balance Sheets(Million yen)
As of March 31, 2022
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, net
Machinery, equipment and vehicles, netLand
Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
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 September 30, 2022

12,64626,996
10,24423,232
16,1732,701(219)
91,7737,710
32,176
15,52930,31718,8073,020(196)
107,362

14,88932,55236,404
4,449
88,2952,308

14,71635,48736,423
7,848
94,475
2,676

4,096
969
(15)
5,051
95,654

3,931
845
(15)
4,762
101,91267
67
187,49460
60209,334

(Million yen)
As of March 31, 2022
Liabilities
Current liabilities
Notes and accounts payable - trade
Notes payable - facilities
Short-term borrowings
Current portion of long-term borrowings
Provision for bonuses
Provision for loss on business liquidation
Other
Total current liabilities
Non-current liabilities
Bonds payable
Long-term borrowings
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 assetsShareholders’ 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 September 30, 2022

23,9172,847
34,367
5,152
1,522
1
7,606
75,41326,002799
40,900
6,750
1,536
1
11,63387,621

13,00021,902
10,478
66
5
21
4,439
49,911
125,324

13,00022,143
10,510
42
5
21
6,648
52,369139,990

24,301
9,542
26,093(950)
58,98524,301
9,542
33,550(1,225)
66,168

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

1,228
58
1,580
306
3,171
5
69,344
209,334

(2) Quarterly Consolidated Statements of Operations and Comprehensive Income
Quarterly Consolidated Statements of Operations
Six Months Ended September 30(Million yen)

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Dividend incomeRental income from non-current assets
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on liquidation of subsidiaries and associates
Total extraordinary income
Profit before income taxes
Income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

For the six months ended
September 30, 2021
64,161
51,846
12,3165,693
6,623

For the six months ended
September 30, 2022
96,366
77,726
18,6405,988
12,651

62
42
16
66
186

72
47
162
76
357

241
328
569
6,239

309
383
693
12,316

5–
56,245
538
5,707
0
5,707

2
26
28
12,344
3,678
8,665
0
8,665

6Quarterly Consolidated Statements of Comprehensive Income
Six Months Ended September 30(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 six months ended
September 30, 2021
5,707

For the six months ended
September 30, 2022
8,665

135
1(64)

(159)
31
1200(0)

73
5,779

(8)
8,657

5,779

8,657

007

(3) Quarterly Consolidated Statements of Cash Flows(Million yen)
For the six months ended
September 30, 2021
Cash flows from operating activities
Profit before income taxes
Depreciation
Increase (decrease) in retirement benefit liability
Interest and dividend income
Interest expenses
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment andintangible assets
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term borrowingsProceeds from long-term borrowings
Repayments of long-term borrowings
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cashequivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

8

For the six months ended
September 30, 2022

6,245
1,972
(8)
(62)
241
(2,881)(7,250)
3,659
(604)
1,312
62(234)
(132)
1,008

12,3442,333
31(73)
309(5,180)(15,004)
2,082
45(3,113)
73(305)(1,857)(5,203)(8,450)(6,425)18(8,432)

33(6,392)

3,206
1,251
(2,717)(1,069)
671

6,492
5,169
(3,330)(1,748)
6,583

(43)

78

(6,796)
13,828
7,032(4,934)
12,545
7,611