Note:This document is a translation of a part of the original Japanese version and provided for reference purposes only. In the event of any discrepancy
between the Japanese original and this English translation, the Japanese original shall prevail.

Consolidated Financial Results
for the Six Months Ended September 30, 2022
[Japanese GAAP]
November 11, 2022
Company name: VALOR HOLDINGS CO.,LTD.
Stock exchange listing: Tokyo,Nagoya
Code number: 9956
URL: https://valorholdings.co.jp/
Representative: Masami Tashiro
President and Representative Director
Contact: Akira Shinohana
Executive Director
Phone: 0574-60-0858
Scheduled date of filing quarterly securities report: November 14, 2022
Scheduled date of commencing dividend payments: December 05, 2022
Availability of supplementary briefing material on quarterly financial results: Yes
Schedule of quarterly financial results briefing session: Yes(Amounts of less than one million yen are rounded down)
1. Consolidated Financial Results for the Six Months Ended September 30, 2022 (April 01, 2022 to September 30, 2022)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable toOperating revenues
Operating profit
Ordinary profit
owners of parent
Million yen%
Million yen%
Million yen%
Million yen%Six months ended
September 30, 2022
374,6612.4
9,567(23.2)
11,106(20.9)
5,736(6.0)
September 30, 2021
365,934
12,45814,044
6,104(Note) Comprehensive income:Six months ended September 30, 2022:¥
5,628 million [(21.7) %]Six months ended September 30, 2021:¥7,185 million [-%]
Basic earnings
per share
Six months ended
September 30, 2022
September 30, 2021Diluted earnings pershareYen

Yen

106.81113.69106.79113.64(2) Consolidated Financial Position
Total assets
Million yen
As ofSeptember 30, 2022
412,702
March 31, 2022
410,365(Reference) Equity: As of September 30, 2022:
As of March 31, 2022:

Net assets

Capital adequacy ratio

Million yen¥¥

1

166,200
162,521
151,494 million
148,587 million

%

36.7
36.2

2. Dividends
Annual dividends
1stquarter-end

2ndquarter-end

3rdquarter-end

Yen

Yen

Yen

Yen

Yen

Fiscal year ended March 31, 2022-26.00-30.0056.00

Fiscal year ending March 31, 2023

-27.00-31.0058.00

Fiscal year ending March 31, 2023
(Forecast)(Note) Revision to the forecast for dividends announced most recently:

Year-endTotalNo

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2023(April 01, 2022 to March 31, 2023)(% indicates changes from the previous corresponding period.)
Profit attributable to Basic earnings per
Operating revenues Operating profit
Ordinary profit
owners of parent
shareMillion yen% Million yen% Million yen

Full year
750,000
2.422,700
7.0 25,000(Note) Revision to the financial results forecast announced most recently:
No% Million yen

3.6* Notes:(1) Changes in significant subsidiaries during the six months ended September 30, 2022
(changes in specified subsidiaries resulting in changes in scope of consolidation):

11,500

%

Yen

27.6

214.14No(2) Accounting policies adopted specially for the preparation of quarterly consolidated financial statements:(3) 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: No
3) Changes in accounting estimates: No4) Retrospective restatement: No(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:
53,987,499 shares
March 31, 2022:
53,987,499 shares2) Total number of treasury shares at the end of the period:
September 30, 2022:
281,199 shares
March 31, 2022:
285,341 shares
3) Average number of shares during the period:
Six months ended September 30, 2022:
Six months ended September 30, 2021:

53,703,355 shares
53,698,661 shares

2NoQuarterly Consolidated Financial Statements
Quarterly Consolidated Balance Sheets(Million yen)
As of March 31,2022
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract
assetsSecurities
Merchandise and finished goods
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Land
Other, net
Total property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Guarantee deposits
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

3

As of September 30,2022

23,26019,795

14,905

15,71756,261
1,128
14,670(9)110,21787
59,295
1,226
16,281(1)
112,401

144,152
54,282
26,877225,312

146,601
54,49325,720226,815

2,323
15,43517,7592,069
15,356
17,42632,57824,859(360)
57,077300,148410,365

32,27824,111(330)
56,059300,300
412,702

(Million yen)
As of March 31,2022
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings
Commercial papers
Income taxes payable
Provision for bonuses
Provisions
Asset retirement obligations
Other
Total current liabilities
Non-current liabilities
Bonds payable
Long-term borrowings
Provisions
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-salesecurities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Share acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets

4

As of September 30,2022

57,237
37,63617,000
3,480
3,540
742
65
28,341
148,045

60,086
34,73618,000
4,084
3,664
720
157
27,573
149,021

10,00047,511
496
6,297
16,143
19,35099,799247,844

10,00045,003504
6,471
16,44919,051
97,480246,50213,60920,063
115,030(547)
148,156

13,60920,067
119,152(538)
152,291

559

(357)

5132(266)
431
121
13,811
162,521410,3651(194)
(246)
(796)
19
14,685
166,200
412,702

Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income (For the six months)(Million yen)
For the six months
ended September 30,2021
Net sales
Cost of sales
Gross profit
Operating revenue
Operating gross profit
Selling, general and administrative expenses
Operating profit
Non-operating incomeInterest income
Dividend income
Administrative service fee income
Rental income
Share of profit of entities accounted for using equity
methodOther
Total non-operating income
Non-operating expenses
Interest expenses
Rental costs on real estate
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on bargain purchase
Penalty income
Subsidy income
Gain on reversal of foreign currency translation
adjustment
Gain on reversal of share acquisition rights
Other
Total extraordinary income
Extraordinary losses
Loss on sale of non-current assets
Loss on retirement of non-current assets
Impairment losses
Loss on tax purpose reduction entry of non-current
assetsOtherTotal 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

5

For the six months
ended September 30,2022

353,780
260,275
93,504
12,153
105,658
93,20012,458362,317
266,268
96,04912,343
108,393
98,825
9,567

66
90
807
320

62
96
798
335

51

35

1,098
2,434

947
2,276

402
241
204
848
14,044

378
248
110
737
11,106

67
0
31
379

12
1
66
14-163

90
569

101
72
431

2
69
462

52
326

354

5

112
1,000
13,613
4,425
1,498
5,923
7,689
1,584
6,104

156
540
10,9974,225(229)
3,995
7,002
1,266
5,736

Quarterly Consolidated Statements of Comprehensive Income (For the six months)(Million yen)
For the six months
ended September 30,2021
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
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 ofparent
Comprehensive income attributable to non-controllinginterests

6

For the six months
ended September 30,2022

7,689

7,002

(433)
0(90)
19(922)
(4)
(468)
21(0)

(0)

(503)
7,185

(1,373)
5,628

5,646

4,507

1,539

1,120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
Impairment losses
Amortization of goodwill
Gain on bargain purchase
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in retirement benefit liability
Interest and dividend income
Interest expenses
Share of loss (profit) of entities accounted for using
equity method
Gain on reversal of foreign currency translation
adjustment
Gain on reversal of share acquisition rights
Loss on retirement of non-current assets
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Increase (decrease) in accounts payable - other, andaccrued expenses
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
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Payments of guarantee deposits
Proceeds from refund of guarantee deposits
Guarantee deposits received
Refund of guarantee deposits received
Purchase of shares of subsidiaries resulting in change
in scope of consolidation
Payments for acquisition of businesses
Other, net
Net cash provided by (used in) investing activities

7For the six months
ended September 30,2022

13,613
9,535
462
264
(0)
14
172
(157)
402

10,997
10,101
326
377
(1)
(37)
198
(160)
378

(51)

(35)

-(163)

69(524)(2,998)
(601)

(101)
52(785)(3,108)2,819(2,566)(427)(1,759)15,873109(396)(7,759)7,827(1,674)18,756115(371)(3,078)15,421(10,972)158(1,295)(1,459)
835
268
(177)

(10,595)
157
(802)
(604)
821
105
(184)

(401)

(27)

306
(12,736)(128)
9(11,247)

(Million yen)
For the six months
ended September 30,2021
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Net increase (decrease) in commercial papers
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from issuance of bonds
Redemption of bonds
Repayments of finance lease liabilities
Dividends paid
Dividends paid to non-controlling interests
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 period

8For the six months
ended September 30,2022(1,071)
5,000
5,632(8,781)
9,950(10,005)(1,407)(1,560)(319)
13(2,548)

500
1,000
3,000
(8,942)(1,401)(1,613)(295)
8(7,743)

211(7,455)
29,34921,894(3,558)22,867
19,309