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.

August 14, 2023

Consolidated Financial Results
for the Second Quarter Ended June 30, 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 Financeand Accounting Division
Telephone:+81-3-6670-6644
Scheduled date to commence dividend payments:
Scheduled date to file quarterly financial report:
August 14, 2023
Preparation of supplementary material on quarterly financial results:
Yes
Holding of quarterly financial results briefing:
Yes (for institutional investors andanalysts)(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the six months ended June 30, 2023
(from January 1, 2023 to June 30, 2023)(1) Consolidated operating results (cumulative)(% indicates year-on-year changes.)
Net sales
Six months ended

Operating profit

Millions of yen%

Millions of yen%

June 30, 2023

9,468

17.4

1,778

June 30, 2022

8,066-355

Note:

For the six months ended June 30, 2023:
For the six months ended June 30, 2022:

Comprehensive income

Basic earnings
per share

Profit attributable toowners of parent

Ordinary profit
Millions of yen%

401.0

1,344-(1,089)1,276 million yen(1,262) million yen

Millions of yen%-864--(1,260)

-[-%]
[-%]

Diluted earningsper share

Six months ended

YenYenJune 30, 2023

29.43

28.72

June 30, 2022
(43.75)
Notes: 1. As the Company has not prepared consolidated financial statements for the six months ended June 30, 2021, the percentage
indicating year-on-year changes for the six months ended June 30, 2022 are not indicated.
2. Diluted earnings per share for the six months ended June 30, 2022 is not indicated as basic earnings per share wasa net loss, although potential shares exist.

(2) Consolidated financial position
Total assets
As ofNet assets

Equity-to-asset ratio

Millions of yen

Millions of yen%

June 30, 2023

168,634

13,897

6.2

December 31, 2022

166,729

12,608

5.6-1-Reference:

Shareholders’ equity
As of June 30, 2023:
As of December 31, 2022:

10,520 million yen
9,293 million yen

2. Cash dividends
Annual dividends per shareFirst quarter-end
Fiscal year ended
December 31, 2022
Fiscal year ending
December 31, 2023

Second quarter-end

Third quarter-end

Yen

Yen

Yen

Yen

Yen-0.00

-

0.00

0.00

-

0.00
-

0.00

0.00

Fiscal year ending
December 31, 2023(Forecast)

Note:

Fiscal year-end

Total

Changes from the latest released dividend forecasts: None

3. Forecast of consolidated financial results for the fiscal year ending December 31, 2023
(from January 1, 2023 to December 31, 2023)(% indicates year-on-year changes.)
Net sales
Full year

Note:

Operating profit

Basic earnings
per share

Profit attributable toowners of parent

Ordinary profit

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

26,700

50.7

3,300

155.9

1,200-750-Yen

25.42

Changes from the latest released performance forecasts: None* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change
in scope of consolidation): None
(2) Application of specific accounting for preparing quarterly consolidated financial statements: None
(3) 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(4) Number of issued shares (common shares)(i)

Total number of issued shares at the end of the period (including treasury shares)
As of June 30, 2023

29,692,730 shares

As of December 31, 2022

29,168,332 shares(ii) Number of treasury shares at the end of the period
As of June 30, 2023

38 shares

As of December 31, 2022

38 shares(iii) Average number of shares outstanding during the period (cumulative from the beginning of the fiscal
year)
Six months ended June 30, 2023

29,368,671 shares

Six months ended June 30, 2022

28,803,778 shares* Quarterly financial results reports are exempt from quarterly review conducted by certified public accountants oran audit corporation.
* Proper use of earnings forecasts, and other special matters(Caution regarding forward-looking statements)-2-

Any statement on the future such as an outlook for financial results included in this material is based on
information the Company presently has and certain assumptions the Company considers reasonable, and theCompany does not promise such will be achieved. In addition, actual financial results may significantly differ
due to various factors.

-3-Quarterly consolidated financial statements(1) Quarterly consolidated balance sheet(Thousands of yen)
December 31, 2022
AssetsCurrent assets
Cash and deposits
Accounts receivable-trade and contract assets
Power plant for sale
Power plant for sale (in progress)
Other
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Machinery, equipment and vehicles
Land
Construction in progress
OtherAccumulated depreciation
Total tangible assets
Intangible non-current assets
Investments and other assets
Investment securities
Deferred tax assets
Long-term prepaid expenses
Other
Total 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
Reserve for repairs
Asset retirement obligations
Other
Total non-current liabilities
Total liabilities-4-

June 30, 2023

14,444,792
1,421,868
16,855,180
1,200,113
4,568,900
38,490,856

11,954,624
2,364,484
22,195,858
35,9633,478,574
40,029,506

3,631,198
102,034,229
4,667,169
6,065,192
341,486(2,675,349)
114,063,926
3,590,821

3,631,831
102,585,620
4,724,190
8,228,627
359,446(5,934,465)
113,595,251
3,576,769

3,364,946
1,471,456
5,083,043
664,348
10,583,794
128,238,542
166,729,399

3,007,660
2,729,222
5,067,315
628,306
11,432,504
128,604,526
168,634,032

151,5233,460,450
148,000

104,691
4,553,003
135,000

9,667,717

9,593,453

4,480,552

4,362,078

1,557,976
642,7885,286
2,744,913
22,859,208

1,324,385
1,904,698
5,286
1,311,601
23,294,199

1,600,000
43,554,252
74,855,539
3,159,647
4,393,747
110,290
2,891,362
696,621
131,261,461
154,120,670

1,550,000
51,233,376
67,693,587
2,998,143
4,257,298122,218
2,912,881
675,158
131,442,664
154,736,863

(Thousands of yen)
December
December31,2021
31, 2022
Net Assets
Shareholders’ equity
CapitalCapital surplus
Retained earnings
Treasury stock
Total shareholders’ equity
Accumulated other comprehensive income
Foreign currency translation adjustment
Total accumulated other comprehensive income
Share acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets
Note: All Yen amounts are rounded down to the nearest 1,000 Japanese yen.

-5-JuneJune
30,30,2022
2023

4,627,673
4,451,657
221,317(59)
9,300,588

4,641,460
4,465,443
1,076,482(59)
10,183,326(6,634)(6,634)
3,314,774
12,608,729
166,729,399

337,116
337,116
2,649
3,374,075
13,897,168
168,634,032

December 31,2021

(2) Quarterly consolidated statement of income and quarterly consolidated statement of comprehensive income(Quarterly consolidated statement of income)(For the six months ended June 30, 2023)(Thousands of yen)Six months ended
June 30, 2023

Six months ended
June 30, 2022
Sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating profit
Interest income
Insurance claim income
Gain on investments in silent partnership
Share of profit of entities accounted for using equity
methodOther
Total non-operating profit
Non-operating expenses
Interest expenses
Commission expenses
Other
Total non-operating expenses
Ordinary profit (loss)
Extraordinary profits
Gain on step acquisitions
Total extraordinary profit
Extraordinary losses
Loss on retirement of non-current assets
Impairment loss
Loss on sale of non-current assets
Total extraordinary loss
Profit (loss) before income taxes
Income taxes – current
Income taxes – deferred
Total income taxes
Profit (loss)
Net profit attributable to non-controlling interests
Net profit (loss) attributable to owners of parent
Note: All Yen amounts are rounded down to the nearest 1,000 Japanese yen.

8,066,222
5,477,370
2,588,851
2,233,810
355,040

9,468,473
5,621,828
3,846,645
2,067,837
1,778,807

1,222
54,757
13,5501,074
549,470
64,268363

353

21,235
91,12949,609664,775

660,272
875,4933
1,535,769(1,089,599)

1,006,336
92,356357
1,099,050
1,344,532

69,321
69,321-819
819(1,021,097)
430,277(214,788)
215,488(1,236,586)
23,495(1,260,081)

892
30,90031,792
1,312,739
1,802,194(1,422,014)
380,179
932,560
68,168864,392

(Quarterly consolidated statement of comprehensive income)(For the six months ended June 30, 2023)(Thousands of yen)Six months ended
June 30, 2022
Net profit (loss)
Other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests
Note: All Yen amounts are rounded down to the nearest 1,000 Japanese yen.

Six months ended
June 30, 2023

(1,236,586)

932,560(25,763)(25,763)(1,262,349)

343,751
343,751
1,276,311(1,285,845)

1,208,143

23,49568,168

(3) (Quarterly consolidated statement of cash flows)(For the six months ended June 30, 2023)(Thousands of yen)Six months ended
June 30, 2022
Cash flows from operating activities
Profit (loss) before income taxes
Amortization of goodwill
Amortization of customer-related assets
Depreciation
Increase (decrease) in allowance for doubtful accounts
Interest expenses
Decrease (increase) in investment securities for sale
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Decrease (increase) in advances paid
Decrease (increase) in advance payments to suppliers
Decrease (increase) in prepaid expenses
Decrease (increase) in long-term prepaid expenses
Increase (decrease) in trade payables
Decrease (increase) in consumption taxes refund
receivable
Increase (decrease) in accounts payable - other
Increase (decrease) in long-term accounts payable - other
Increase (decrease) in accrued consumption taxes
Loss on sale of investment equities
Other
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Income taxes refund
Cash flows from operating activities
Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of investment securities
Proceeds from redemption of investment securitiesPurchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Payments of leasehold and guarantee deposits
Proceeds from refund of leasehold deposits
Proceeds from sale of shares of subsidiaries resulting inchange in scope of consolidation
Purchase of shares of subsidiaries resulting in change inscope of consolidation
Cash flows from investing activities

Six months ended
June 30, 2023

(1,021,097)
32,614
31,2302,016,423
660,272
243,777(660,942)(4,797,378(365,712)(192,440)
126,514(1,078)(778,754)

1,312,739
39,00231,3173,910,345(111,114)
1,006,336(848,190)(8,854,519)
334,891
45,86333,694
117,874(57,814)

1,268,223

805,834

1,201,574(1,007)
115,291(101,486)(2,223,975)
7,206(690,428)(469,318)
397(3,376,118)(512,412)(161,504)(1,785,985)(1,199,959)(386,648)(6,280,249)
354(910,174)(555,510)
1,794(7,743,785)

(200)
3,000
(109,103)981(36,840)(42,694)
(276)
2,667

(94,090)(2,472,626)
1,200(20,671)(3,773)35,827-571,279(15,604,269)-(15,786,735)(1,982,855)

(Thousands of yen)Six months ended
June 30, 2022
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Net increase (decrease) in short-term bonds payable
Proceeds from long-term borrowings
Repayments of long-term borrowings
Redemption of bonds
Proceeds from issuance of shares
Proceeds from issuance of share acquisition rights
Purchase of treasury shares
Repayments of lease liabilities
Purchase of shares of subsidiaries not resulting in change
in scope of consolidation
Repayments to non-controlling shareholders
Cash flows from 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
Increase in cash and cash equivalents resulting frominclusion of subsidiaries in consolidation
Cash and cash equivalents at end of period
Note: All Yen amounts are rounded down to the nearest 1,000 Japanese yen.

Six months ended
June 30, 2023

17,656,750
13,521,600(13,454,360)(1,141,000)
692,572(59)(8,936)

1,097,092(420)
13,411,000(7,340,035)(63,000)
27,572501(3,860)(151,000)-(22,641)
17,092,924

7,128,850-

11,666(2,069,929)
18,159,685(2,586,123)
14,444,792

100

95,95416,089,855

11,954,624