Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail.

February 13, 2024

Consolidated Financial Results
for the Fiscal Year Ended December 31, 2023
(Under Japanese GAAP)
Company name:
Listing:
Securities code:
URL:
Representative:
Inquiries:

Renewable Japan Co., Ltd.
Tokyo Stock Exchange9522
https://www.rn-j.com/en/
Katsuhito Manabe, President and representative director
Eishin Ikeda, Director, Executive Managing Officer, and Senior General Manager of Corporate
Business Management Division
Telephone:+81-3-6670-6644
Scheduled date to commence dividend payments: Scheduled date of annual general meeting of shareholders: March 28, 2024
Scheduled date to file annual securities report: March 29, 2024
Preparation of supplementary material on financial results: Yes
Holding of financial results briefing: Yes (for institutional investors and analysts)(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the fiscal year ended December 31, 2023
(from January 1, 2023 to December 31, 2023)(1) Consolidated operating results(% indicates year-on-year changes.)
Net sales
Fiscal Year ended%

Millions of yen%

Millions of yen%

Millions of yen%

33,604
17,718

89.7%
11.1%

3,591
1,289

178.5%(42.2%)

2,028(1,360)-1,088(1,526)-December 31, 2023
Comprehensive income

For the Fiscal Year ended December 31, 2023:
For the Fiscal Year ended December 31, 2022:

Basic earnings
per share
Fiscal Year ended
December 31, 2023
December 31, 2022

Profit attributable toowners of parent

Ordinary profit

Millions of yenDecember 31, 2022
Note:

Operating profit

Diluted earnings
per share

1,583 million yen△1,516 million yen

Return on equity

[-%]
[-%]

Ratio of ordinary
profit to total assets

Ratio of operating
profit to sales

Yen

Yen%%

%

36.85
(52.70)36.03-10.9(15.3)

1.2
(0.9)

10.7
7.3

For reference: Share of profit of entities accounted for using equity method
For the fiscal year ended December 31, 2023: 0 million yen
For the fiscal year ended December 31, 2022: 0 million yen(2) Consolidated financial position
Total assets
As ofDecember 31, 2023
December 31, 2022
Reference:

Net assets

Capital adequacy ratio

Net assets per share

Millions of yen

Millions of yen%

Yen

159,105
166,729

14,12912,6086.7
5.6

360.70318.63EquityAs of December 31, 2023:
As of December 31, 2022:

10,717 million yen
9,293 million yen-1-(3) Consolidated Cash Flow
Cash flow fromoperational activities
As ofCash flow frominvestment activities

Cash and cash
equivalents at end ofperiod

Cash flow from financing
activities

Millions of yen

Millions of yen

Millions of yenMillions of yen

3,331
1,901

(2,846)(17,518)(1,468)
12,101

13,404
14,444

December 31, 2023
December 31, 2022

2. Cash dividends
Annual dividends per shareFirst
quarter-end

Secondquarter-end

Thirdquarter-end

Fiscalyear-end

Total cash
dividends(Total)Total

Payout ratio(Consolidated)

Ratio ofdividends tonet assets(Consolidated)

Fiscal year
ended
December 31,2022
Fiscal year
ended
December 31,2023
Fiscal year
endingDecember 31,2024(Forecast)Millionsof yen%%

Yen

Yen

Yen

Yen

Yen-0.00-0.00

0.00

----

0.00

-

0.00

0.00

----

0.00

-

0.00

0.00

-

3. Forecast of consolidated financial results for the fiscal year ending December 31, 2024
(From January 1, 2024, to December 31, 2024)(% indicates year-on-year changes.)
Net sales

Full year

Operating profit

Profit attributable toowners of parent

Ordinary profit

Millions ofyen%

Millions ofyen%

Millions ofyen%Millions ofyen%

20,540(38.9)

5,100

42.0

2,520

24.2

1,500

37.8

Basic earnings
per shareYen

50.41

Note: Since the Company manages its operations on an annual basis, the description of the consolidated earnings forecast for thesecond quarter (cumulative) is omitted.
For details, please refer to Appendix P.3 "1. Overview of Operating Results (4) Future Outlook."* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change
in scope of consolidation): None
(2) Changes in accounting policies, changes in accounting estimates, and restatement(i) Changes in accounting policies due to revisions to accounting standards and other regulations: Yes(ii) Changes in accounting policies due to other reasons: None(iii) Changes in accounting estimates: None(iv) Restatement: None
(3) Number of issued shares (common shares)(i)

Total number of issued shares at the end of the period (including treasury shares)
29,754,092 shares
29,168,332 shares

As of December 31, 2023
As of December 31, 2022

-2-

(ii) Number of treasury shares at the end of the period
88 shares
38 shares

As of December 31, 2023
As of December 31, 2022(iii) Average number of shares outstanding during the period
29,545,666 shares
28,966,768 sharesFiscal year ended December 31, 2023
Fiscal year ended December 31, 2022

* Financial results reports are exempt from review conducted by certified public accountants or audit corporations.
* Proper use of earnings forecasts, and other special matters(Caution regarding forward-looking statements)
Any statement on the future for financial results included in this material is based on information the Company
presently has and certain assumptions the Company considers reasonable. The Company does not promise thatthese will be achieved. In addition, actual financial results may significantly differ due to various factors.
For information on the conditions on which earnings forecasts are based and precautions to be taken when using
earnings forecasts, please refer to Appendix P.3 "1. Overview of Operating Results (4) Future Outlook."(Change of display units)
In previous Consolidated Financial Results, the amounts displayed in financial charts and other matters werestated in units of 1,000 yen. From the Consolidated Financial Results of Fiscal Year 2023, the display units havebeen changed to millions of yen.
In order to facilitate comparison, the amounts from the previous consolidated fiscal year were also changed into
units of one million yen.

-3-Consolidated financial statements.
(1) Consolidated balance sheet(Millions of yen)
As of December 31, 2022
AssetsCurrent assets
Cash and deposits
Accounts receivable-trade and contract assets
Investment securities
Power plants for sale
Power plants for sale (in progress)
Other
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Machinery, equipment and vehicles
LandConstruction in progress
Other
Accumulated depreciation
Total tangible assets
Intangible non-current assets
Investments and other assets
Investment securities
Deferred tax assets
Long-term prepaid expenses
OtherTotal investments and other assets
Total non-current assets
Total assets
Liabilities
Current liabilities
Accounts payable-trade
Short-term borrowings
Corporate bonds redeemable within one year
Long-term borrowings to be repaid within oneyear
Non-recourse long-term borrowings to be repaid
within one year
Accounts payable
Income taxes payable
Allowance for construction cost loss compensation
Other
Total current liabilities
Non-current liabilities
Bonds
Long-term borrowings
Non- recourse long-term borrowings
Long-term accounts payable
Deferred tax liabilities
Allowance for repairs
Asset retirement obligations
Other
Total non-current liabilities
Total liabilities-4-

As of December 31, 2023

14,444
1,421
16,855
1,200
4,568
38,49013,404
1,457
5,012
27,304
2,816
49,996

3,631
102,034
4,667
6,065
341
(2,675)
114,063
3,590

3,634
85,104
4,823
11,481359(8,390)97,013
3,524

3,364
1,471
5,083
664
10,583
128,238
166,729

2,099
2,123
3,876
470
8,570
109,108
159,105

151
3,460
148

392
7,406
1,196

9,667

10,313

4,480

4,446

1,557
642
5
2,744
22,859

1,633
1,208
2,581
29,1781,600
43,55474,855
3,159
4,393
110
2,891
696
131,261
154,120704
40,92066,051
32
4,351
134
2,943
659
115,797
144,975

(Millions of yen)
As ofDecember
December
31,202131, 2022
Net Assets
Shareholders’ equity
CapitalCapital surplus
Retained earnings
Treasury stock
Total shareholders’ equity
Other accumulated comprehensive income
Foreign currency translation adjustmentTotal other accumulated comprehensive income
Share acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets
Note: All amounts are rounded down to the nearest million Japanese yen.

-5-

As of December
June 30,2022
31, 2023

4,627
4,451
221
(0)
9,300

4,649
4,473
1,300
(0)
10,424

(6)
(6)
3,314
12,608
166,729

307
307
7
3,389
14,129159,105

December 31,2021

(2) Consolidated statement of income and Consolidated statement of comprehensive income(Consolidated statement of income)(Millions of yen)
Fiscal year endedDecember 31, 2023

Fiscal year ended
December 31, 2022
Sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating profit
Interest income
Dividends Received
Insurance receipts
Gain on investments in silent partnership
Other
Total non-operating profit
Non-operating expenses
Interest expenses
Commission expenses
Other
Total non-operating expenses
Ordinary profit
Extraordinary profits
Gain on sale of property, plant, and equipment
Gain on step acquisitions
Reversal of allowance for business liquidation loses
Total extraordinary profits
Extraordinary loses
Loss on retirement of fixed assets
Impairment losses
Loss on sale of fixed assets
Total extraordinary losses
Profit before income taxes
Income taxes – current
Income taxes – deferred
Total income taxes
ProfitNet profit attributable to non-controlling interests
Net profit attributable to owners of parent
Note: All Yen amounts are rounded down to the nearest 1,000 Japanese yen.

17,718
11,895
5,823
4,534
1,289

33,60425,618
7,986
4,394
3,591

5
16215
41
27
308

11
14603
154
65
849

1,701
1,154
102
2,958
(1,360)

2,023
326
61
2,412
2,028

9
69
12
91

55

1
1(1,270)
1,068(855)
213(1,484)
42(1,526)

220
31
54
1,979
1,711(966)
744
1,234
145
1,088

(Consolidated statement of comprehensive income)(For the fiscal year ended December 31, 2023)(Millions of yen)
Fiscal year ended
December 31, 2022
Net profit
Other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to owners of parentComprehensive income attributable to non-controllinginterests
Note: All Yen amounts are rounded down to the nearest million Japanese yen.

Fiscal year ended
December 31, 2023

(1,484)

1,234

(25)
(6)
(32)
(1,516)(1,558)

348
348
1,583
1,437

42145