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 Three Months Ended June 30, 2023
[Japanese GAAP]
August 10, 2023
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: +81-574-60-0858
Scheduled date of filing quarterly securities report: August 14, 2023
Scheduled date of commencing dividend payments: Availability of supplementary briefing material on quarterly financial results: Yes
Schedule of quarterly financial results briefing session: No(Amounts of less than one million yen are rounded down.)
1. Consolidated Financial Results for the Three Months Ended June 30, 2023 (April 1, 2023 to June 30, 2023)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable toOperating revenues
Operating profitOrdinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Three months ended
June 30, 2023
196,270
5.2
5,622
6.1
6,245
3.4
3,453
11.5
June 30, 2022
186,6302.2
5,301(17.9)
6,040(16.8)
3,096(18.4)(Note) Comprehensive income:Three months ended June 30, 2023:¥
5,018 million [89.9%]
Three months ended June 30, 2022:¥
2,642 million [(36.2) %]Basic earnings
per share
Three months ended
June 30, 2023
June 30, 2022

Diluted earnings pershareYen

Yen

64.48
57.66

64.46
57.64

(2) Consolidated Financial Position
Total assets
As ofJune 30, 2023
March 31, 2023
(Reference) Equity:

Millions of yen

Net assets

430,267
417,107
As of June 30, 2023:
As of March 31, 2023:

Capital adequacy ratio

Millions of yen¥¥

1

170,594
167,520
155,521 million
152,733 million

%

36.1
36.6

2. Dividends
Annual dividends
1stquarter-end

2ndquarter-end

3rdquarter-end

Yen

Yen

Yen

Yen

Yen

Fiscal year ended March 31, 2023

-27.00-31.0058.00

Fiscal year ending March 31, 2024

28.00

-32.0060.00

Fiscal year ending March 31, 2024
(Forecast)(Note) Revision to the forecast for dividends announced most recently:

Year-endTotal

No

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2024(April 1, 2023 to March 31, 2024)(% indicates changes from the previous corresponding period.)
Profit attributable Basic earnings per
Operating revenues Operating profit
Ordinary profit
to owners of parent
shareMillions ofyen%Millions ofyen%Millions ofyen

Six months ending
384,000
2.59,900
3.5 11,300
September 30, 2023
Full year
772,000
1.6 20,500
2.2 23,300(Note) Revision to the financial results forecast announced most recently:
No%

Millions ofyen%

Yen

1.76,300

9.8

117.63

1.19,300

22.3

173.64* Notes:(1) Changes in significant subsidiaries during the three months ended June 30, 2023
(changes in specified subsidiaries resulting in changes in scope of consolidation):No(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: No
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):
June 30, 2023:
53,987,499 shares
March 31, 2023:
53,987,499 shares
2) Number of treasury shares at the end of the period:
June 30, 2023:
429,442 shares
March 31, 2023:429,374 shares
3) Average number of shares outstanding during the period:
Three months ended June 30, 2023:
Three months ended June 30, 2022:

53,558,079 shares
53,702,158 shares

2NoQuarterly Consolidated Financial Statements
Quarterly Consolidated Balance Sheets(Millions of yen)
As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract
assetsMerchandise and finished goods
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipmentBuildings 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 June 30, 2023

21,482

20,823

16,701

20,21559,701
1,418
16,379(11)
115,671

65,991
1,370
16,779(16)
125,164

147,599
54,52423,280225,405

148,629
53,668
24,101
226,400

1,807
16,61918,426

2,128
16,662
18,791

32,482
25,460(339)
57,603
301,436
417,107

32,73527,526(350)
59,911
305,103430,267(Millions of yen)
As of March 31, 2023
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 surplusRetained 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 June 30, 2023

59,504
31,77719,000
4,744
3,670
730
82
30,924150,433

66,66833,75519,000
3,170
6,278
669
84
32,677
162,305

10,00045,766411
6,502
18,151
18,32299,153
249,587

10,10043,659493
6,545
18,25018,31897,367
259,672

13,60920,062
119,567(831)
152,408

13,60920,080121,353(831)
154,211

673

1,597

(2)
(207)
(138)
325
19
14,766
167,520
417,1073(160)
(130)
1,309
19
15,053
170,594430,267

Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income (For the three months)(Millions of yen)
For the three months
ended June 30, 2022
Net sales
Cost of sales
Gross profit
Operating revenue
Operating gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest 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
Foreign exchange losses
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
Gain on reversal of foreign currency translation
adjustment
Other
Total extraordinary incomeExtraordinary losses
Loss on sale of non-current assets
Loss on retirement of non-current assets
Impairment losses
Provision for loss on disaster
Other
Total 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 three months
ended June 30, 2023

180,433
132,371
48,061
6,197
54,25948,957
5,301

189,968
139,116
50,852
6,301
57,15351,530
5,622

31
7395
168

33
5385
174

30

0479
1,112497
1,096

191
125
56
373
6,040

183
96
123
70
473
6,245

2
1
31

635
10
22

163-

16215

668

12
307
105
58
484
5,771
2,863(857)
2,006
3,765
668
3,096

0
17
246
29
292
6,620
3,259(624)
2,635
3,985
532
3,453

Quarterly Consolidated Statements of Comprehensive Income (For the three months)(Millions of yen)
For the three months
ended June 30, 2022
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 ofparentComprehensive income attributable to non-controllinginterests

6

For the three months
ended June 30, 2023
3,765

3,985(802)
(3)
(327)
10928
590
7(0)

0(1,122)
2,642

1,033
5,018

2,056

4,437

585580