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, 2023
[Under Japanese GAAP]
November 9, 2023
Company name: STELLA CHEMIFA CORPORATION
Listing: Tokyo Stock Exchange
Securities code: 4109
URL: https://www.stella-chemifa.co.jp
Representative: Aki Hashimoto, Representative Director, President and Chief Executive Officer
Inquiries: Yasuhiko Nakashima, Director, Executive Officer and General Manager, Accounting Department
Telephone: +81-6-4707-1512
Scheduled date to file quarterly securities report: November 14, 2023
Scheduled date to commence dividend payments: November 30, 2023
Preparation of supplementary material on quarterly financial results: Yes
Holding of quarterly financial results briefing: Yes (for institutional investors)(Yen amounts are rounded down to millions, unless otherwise noted.)
1. Consolidated Financial Results for the Six Months Ended September 30, 2023 (April 1, 2023 - September 30,
2023)(1) Consolidated Operating Results (cumulative)(% indicates changes from the previous corresponding period.)
Profit attributable toSales revenue
Operating profit
Ordinary profit
owners of parent
Six months ended
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
September 30, 2023
14,497 (26.1)
1,122 (50.0)
1,524 (49.7)
1,095 (63.8)
September 30, 2022
19,618
8.3
2,245
(8.3)
3,028
16.9
3,022
62.2
(Note) Comprehensive income: For six months ended September 30, 2023: ¥1,640 million [(58.3)%]
For six months ended September 30, 2022: ¥3,938 million [92.4%]
Basic earnings
Diluted earnings
per shareper share
Six months ended
Yen
Yen
September 30, 2023
91.09－
September 30, 2022
242.27－(2) Consolidated Financial Position
Total assets
Millions of yen

Net assets
Millions of yen

58,023As of September 30, 2023
44,47655,471
As of March 31, 2023
43,162(Reference) Equity: As of September 30, 2023: ¥44,185 million
As of March 31, 2023: ¥42,875 million

Equity-to-asset ratio
%

76.2
77.3

Net assets per share
Yen

3,673.57
3,568.67

2. Cash DividendsFirstquarter-end

Annual dividends
Thirdquarter-end

Secondquarter-end

Yen

Yen

Fiscalyear-end

Yen

Total
Yen

Yen

Fiscal year ended
－
30.00
－
30.00
60.00
March 31, 2023
Fiscal year ending－
60.00
March 31, 2024
Fiscal year ending
March 31, 2024－－－
(Forecast)(Note) Revision to the forecast for dividends announced most recently: None
(Note) The year-end dividend for the fiscal year ending March 31, 2024 is undecided because it will be determinedbased on the future outlook and consideration of the shareholder return method.
3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2024 (April 1, 2023 - March 31,
2024)(% indicates changes from the previous corresponding period.)
Profit attributable
Basic earnings
to owners ofSales revenue
Operating profit
Ordinary profit
per share
parentMillions of yen% Millions of yen% Millions of yen% Millions of yen

Full year
32,300 (8.7)
2,800 (20.3)
2,450 (43.7)(Note) Revision to the financial results forecast announced most recently: None

1,650

%

(27.7)

Yen

137.33* Notes:(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in changes inscope of consolidation): None
Newly included: – (Company name: –)Excluded: – (Company name: –)(2) Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements: Yes(3) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to revisions to accounting standards and other regulations: None
2) Changes in accounting policies due to other reasons: None
3) Changes in accounting estimates: None
4) 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)
As of September 30, 2023:
13,213,248 shares
As of March 31, 2023:
13,213,248 shares
2) Number of treasury shares at the end of the period
As of September 30, 2023:
As of March 31, 2023:

1,185,204 shares
1,198,814 shares

3) Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year):Six months ended September 30, 2023:
12,021,389 shares
Six months ended September 30, 2022:
12,475,047 shares* These quarterly consolidated financial results are exempt from quarterly review conducted by certified public
accountants or an audit corporation.

* Explanation of the proper use of financial results forecast and other notes
The forward-looking statements in this document, including financial results forecasts, are based on the informationin current possession of the Company and the assumptions it believes are reasonable. They are not intended as theCompany’s promise to achieve them. Note also that actual financial results may differ significantly from them. For
the assumptions that form the basis of financial results forecasts and notes on their use, see “1. Qualitative Information
on Quarterly Financial Results for the Period under Review, (3) Explanation of Consolidated Financial Results
Forecast and Other Forward-Looking Information” on page 2 of the Attachments of quarterly consolidated financial
results.

Table of Contents - Attachments
1. Qualitative Information on Quarterly Financial Results for the Period under Review ........................... 2(1) Explanation of Operating Results .................................................................................................... 2(2) Explanation of Financial Position .................................................................................................... 2(3) Explanation of Consolidated Financial Results Forecast and Other Forward-Looking Information.............................................................................................................................................................. 2
2. Quarterly Consolidated Financial Statements and Principal Notes ...................................................... 3(1) Quarterly Consolidated Balance Sheet ............................................................................................. 3(2) Quarterly Consolidated Statements of Income and Comprehensive Income ................................... 5
Quarterly Consolidated Statement of Income
Six Months Ended September 30 .................................................................................................. 5
Quarterly Consolidated Statement of Comprehensive Income
Six Months Ended September 30 .................................................................................................. 6(3) Quarterly Consolidated Statement of Cash Flows ............................................................................ 7(4) Notes to Quarterly Consolidated Financial Statements .................................................................... 9(Notes on going concern assumption) ......................................................................................... 9(Notes on Significant Changes to Shareholders’ Equity) ............................................................ 9(Accounting methods adopted particularly for the preparation of quarterly consolidated
financial statements).................................................................................................................... 9(Segment information, etc.) ....................................................................................................... 10

1

1. Qualitative Information on Quarterly Financial Results for the Period under Review(1) Explanation of Operating Results
During the six months ended September 30, 2023, the Japanese economy demonstrated full-scale resumption of
economic activities as behavioral restrictions in place to counter COVID-19 were eased. However, the economic
outlook remains uncertain due to concerns of an economic slowdown against a backdrop of monetary tightening
mainly in Europe and the United States, rapid depreciation of the yen, geopolitical risks posed by volatile global
situation and other factors.
In this environment, the Group continued to supply a diverse range of fluoride products in line with theneeds of customers mainly in the information and communication industry in Japan and overseas, as well as
developing the chemical product distribution business based on the unique know-how acquired in thetransportation of special cargo.
In regard to the performance for the six months ended September 30, 2023, in the Semiconductors, shipment
volume declined due to deterioration in the semiconductor market, and shipment volume also fell in the Energy
and the Industrial Hydrofluoric Acid. As a result, sales revenue decreased to 14,497 millions of yen (down 26.1%
year on year).
In terms of profits, having been buffeted by a decline in sales revenue, operating profit amounted to 1,122
millions of yen (down 50.0% year on year), ordinary profit amounted to 1,524 millions of yen (down 49.7% year
on year), and profit attributable to owners of parent amounted to 1,095 millions of yen (down 63.8% year onyear).
(2) Explanation of Financial Position(Assets)
Current assets at the end of the second quarter of the fiscal year under review increased by 1,380 millions of yen(4.8%) from the end of the previous fiscal year to 29,996 millions of yen. The main reasons for this increase
included an increase of 1,734 millions of yen in cash and deposits, and a decrease of 677 millions of yen in notes
and accounts receivable - trade. Non-current assets increased by 1,171 millions of yen (4.4%) from the end of
the previous fiscal year to 28,027 millions of yen. The main reasons for this increase included increases of 1,077
millions of yen in property, plant and equipment and 149 millions of yen in investments and other assets.
Consequently, total assets at the end of the second quarter of the fiscal year under review increased by 2,552
millions of yen from the end of the previous fiscal year to 58,023 millions of yen.
(Liabilities)
Current liabilities at the end of the second quarter of the fiscal year under review decreased by 531 millions ofyen (6.0%) from the end of the previous fiscal year to 8,362 millions of yen. The main reason for this decline
included a decrease of 741 millions of yen in electronically recorded obligations facilities. Non-current liabilities
increased by 1,770 millions of yen (51.8%) from the end of the previous fiscal year to 5,184 millions of yen. The
main reason for this increase included an increase of 1,350 millions of yen in long-term borrowings.
Consequently, total liabilities at the end of the second quarter of the fiscal year under review increased by
1,238 millions of yen from the end of the previous fiscal year to 13,547 millions of yen.
(Net assets)
Total net assets at the end of the second quarter of the fiscal year under review amounted to 44,476 millions ofyen, an increase of 1,313 millions of yen from the end of the previous fiscal year. The main reason for this growth
included an increase of 730 millions of yen in retained earnings.
Consequently, the equity-to-asset ratio was 76.2% (77.3% at the end of the previous fiscal year).

(3) Explanation of Consolidated Financial Results Forecast and Other Forward-Looking Information
Consolidated financial results forecasts for the fiscal year ending March 31, 2024 have not been revised from theforecasts announced on May 9, 2023.
22. Quarterly Consolidated Financial Statements and Principal Notes(1) Quarterly Consolidated Balance Sheet(Millions of yen)
As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Electronically recorded monetary claims - operating
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, net
Land
Leased assets
Construction in progress
Other, net
Total property, plant and equipment
Intangible assets
Other
Total intangible assets
Investments and other assets
Other
Total investments and other assets
Total non-current assets
Total assets

3

As of September 30, 2023

15,097
7,069
41
2,124
1,701
1,671
924
(14)
28,615

16,832
6,391
7
2,269
1,943
1,987
577
(13)
29,996

8,567
4,527
5,467
165
1,833
2,063
22,625

8,324
4,780
5,467
151
2,766
2,211
23,702

261
261

205
205

3,970
3,970
26,85655,471

4,119
4,119
28,02758,023

(Millions of yen)
As of March 31, 2023
Liabilities
Current liabilities
Accounts payable - trade
Electronically recorded obligations - operating
Short-term borrowings
Current portion of long-term borrowings
Accounts payable - other
Income taxes payable
Provision for bonuses
Provision for bonuses for directors (and otherofficers)
Electronically recorded obligations facilities
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Provision for retirement benefits for directors (andother officers)
Provision for share awards
Retirement benefit liability
Asset retirement obligations
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
Foreign currency translation adjustment
Total accumulated other comprehensive income
Share acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets

4

As of September 30, 2023

1,469
799
1,920
932
1,322
384
387

1,058
650
2,000
1,089
1,709
368
379

36

－

1,069
573
8,894

327
778
8,362

1,070

2,420

34

24

121
950
689
548
3,414
12,309

131
962
708
936
5,184
13,547

4,829
8,793
30,904(2,991)
41,536

4,829
8,797
31,635(2,957)42,304

42
1,296
1,339
48
238
43,16255,471

75
1,805
1,881
48
241
44,47658,023

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

Sales revenue
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Share of profit of entities accounted for using equity
methodGain on valuation of derivatives
Subsidy income
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Share of loss of entities accounted for using equity
methodLoss on valuation of derivatives
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on change in equity
Gain on sale of investment securities
Total extraordinary income
Extraordinary losses
Loss on abandonment of non-current assets
Loss on sale of non-current assets
Total extraordinary losses
Profit before income taxes
Income taxes
ProfitLoss attributable to non-controlling interests
Profit attributable to owners of parent

For the six months ended
September 30, 2022
19,61815,446
4,172
1,927
2,245

For the six months ended
September 30, 2023
14,497
11,482
3,014
1,892
1,122

489

－

－
24
235
53
803

125
11
285
85
507

11

11

－

89

5
3
20
3,028

－
4
105
1,524

7
－
1,237
1,245

10
104
－
115

3
0
3
4,270
1,331
2,938
(83)
3,022

152
1
153
1,486
399
1,086
(8)
1,095

5

Quarterly Consolidated Statement of Comprehensive Income
Six Months Ended September 30(Millions of 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, 2022
2,938

For the six months ended
September 30, 2023
1,086

(0)
(46)
783

32
－
415

263

105

999
3,938

553
1,640

3,956

1,637

(18)

3

6

(3) Quarterly Consolidated Statement of Cash Flows(Millions of yen)
For the six months ended
September 30, 2022
Cash flows from operating activities
Profit before income taxes
Depreciation
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses for directors(and other officers)
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for retirement benefits for
directors (and other officers)
Increase (decrease) in retirement benefit liability
Increase (decrease) in provision for share awards
Interest and dividend income
Interest expenses
Subsidy income
Foreign exchange losses (gains)Share of loss (profit) of entities accounted for using equity
methodLoss (gain) on change in equity
Loss (gain) on sale and retirement of property, plant andequipment
Loss (gain) on sale of investment securities
Loss (gain) on valuation of derivatives
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Decrease (increase) in other current assets
Increase (decrease) in other current liabilities
Decrease (increase) in consumption taxes refund
receivable
Increase (decrease) in accrued consumption taxes
Other, net
SubtotalInterest and dividends received
Interest paid
Subsidies received
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
Proceeds from sale of property, plant and equipment
Payments for retirement of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sale of investment securities
Other payments
Other proceeds
Net cash provided by (used in) investing activities

7

For the six months ended
September 30, 2023

4,270
1,299
(0)

1,486
1,375
(1)

(37)

(36)

(0)

(7)

1

(9)

(13)
11
(11)
11
(24)
(299)

11
10
(48)
11
(11)
(221)

(489)

89

－

(104)

(4)

142

(1,237)
5
49
509
252
199
(284)

－
(125)
810
(651)
(615)
(81)
(213)

0

480

(14)
44
4,234
11
(11)
24
(1,318)
2,941

124
489
2,905
48
(10)
11
(368)
2,586

(386)
366
(1,808)
10
－
(10)
(1)
1,245
(33)
22
(595)

(189)
189
(2,431)
10
(65)
(2)
(1)
－
(2)
9
(2,483)

(Millions of yen)
For the six months ended
September 30, 2022
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Purchase of treasury shares
Repayments of lease liabilities
Dividends paid
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 period

－
－
(767)
(806)
(21)
(455)
(2,051)600
895
15,53816,4338

For the six months ended
September 30, 2023
80
2,100
(593)
－
(27)
(364)
1,194
426
1,724
14,72816,452

(4) Notes to Quarterly Consolidated Financial Statements(Notes on going concern assumption)
Not applicable.
(Notes on Significant Changes to Shareholders’ Equity)
Not applicable.
(Accounting methods adopted particularly for the preparation of quarterly consolidated financial statements)(Calculation of tax expenses)
The Company has calculated tax expenses by reasonably estimating the effective tax rate after the application oftax effect accounting to profit before income taxes for the fiscal year including the second quarter of the fiscal
year under review and multiplying profit before income taxes by the estimated effective tax rate.

9

(Segment information, etc.)[Segment information]
I. For the six months ended September 30, 2022 (from April 1, 2022 to September 30, 2022)
1. Information on sales revenue and profit or loss by reportable segment
Reportable segment(Millions of yen)

Other
(Note)

Total

High-purity
ChemicalTransportation

17,263

2,277

19,54077

19,618

0

1,693

1,693

116

1,809

Total

17,263

3,970

21,234

194

21,428Segment profit

1,958

283

2,241

9

2,250

Sales revenue
Sales revenue tooutside customers
Inter-segment sales
revenue or transfers

Total(Note) The “Other” category is for non-reportable business segments, including insurance agency business andautomobile maintenance business.

2. Difference between the total amount of reportable segment profit or loss and the amount in the quarterly
consolidated statement of income and main details of this difference (matters relating to difference adjustments)(Millions of yen)
ProfitAmountReportable segment total

2,241

Profit in “Other” category

9Inter-segment elimination(5)

Operating profit in the quarterly consolidated
statement of income

2,245

3. Matters relating to changes in reportable segments, etc.
Not applicable.
4. Information on impairment losses on non-current assets or goodwill, etc. by reportable segment
Not applicable.

10II. For the six months ended September 30, 2023 (from April 1, 2023 to September 30, 2023)
1. Information on sales revenue and profit or loss by reportable segment
Reportable segment(Millions of yen)

Other
(Note)

Total

High-purity
ChemicalTransportation

12,405

2,007

14,41384

14,497

0

1,548

1,548

126

1,675

Total

12,405

3,556

15,962

211

16,173

Segment profit

938

182

1,120

7

1,128

Sales revenue
Sales revenue tooutside customers
Inter-segment sales
revenue or transfers

Total(Note) The “Other” category is for non-reportable business segments, including insurance agency business andautomobile maintenance business.

2. Difference between the total amount of reportable segment profit or loss and the amount in the quarterly
consolidated statement of income and main details of this difference (matters relating to difference adjustments)(Millions of yen)
ProfitAmountReportable segment total

1,120

Profit in “Other” category

7

Inter-segment elimination(6)

Operating profit in the quarterly consolidated
statement of income

1,122

3. Matters relating to changes in reportable segments, etc.
Not applicable.
4. Information on impairment losses on non-current assets or goodwill, etc. by reportable segment
Not applicable.

11