Summary of Consolidated Financial Statements
for Third Quarter of Fiscal Year Ending March 31, 2023(Japan GAAP)
February 10, 2023
Listed Exchanges: TSE
Name of Listed Company: Ishihara Sangyo Kaisha, Ltd.
Code:
4028
URL https://www.iskweb.co.jp/
Representative:(Title) Executive Director President (Name) Hideo Takahashi
Contact:(Title) Director(Name) Yasunobu Kawazoe
Scheduled date of securities report submission: February 13, 2023
Scheduled date of dividend payment commencement: —Tel +81-6-6444-1850(Any amount less than one million yen is rounded down to the nearest million yen or nil.)1.

Consolidated Financial Results for Third Quarter of Fiscal Year Ended March 31,2023(April 1,2022 to December 31, 2022)(1) Consolidated Operating Results
Net sales
millions of yen
94,17478,9473Q, 2022
3Q, 2021(Note) Comprehensive income:

%
19.3
16.3

(Percentages represent changes from same period in previous year.)
Operating income
Ordinary income
Net income
millions of yen% millions of yen%
millions of yen%-9.4
3,811 -35.7
5,510
3,012 -36.8
⎯
5,925
6,083
4,768
⎯
⎯

As of December 31, 2022: 5,317 million yen (-1.4%)
As of December 31,2021: 5,394 million yen ( ⎯ %)Net income per share

Net income per share after full dilution

Yen
75.56
119.34

3Q, 2022
3Q, 2021

Yen⎯⎯(2) Consolidated Financial Position
Total assets
millions of yen
3Q, 2022
199,136
Year ended March 31, 2022
185,758(Reference) Equity capital:

Net assets
Millions of yen
94,982
91,869

Capital adequacy ratio
%
47.7
49.5

As of December 31, 2022: 94,982million yen
As of March 31, 2022: 91,869 million yen

2. Dividends
Dividends per share
June 30(Q1-end)(Record date)

September 30(Q2-end)Yen

December 31(Q3-end)Year ended March 31, 2022

⎯

Yen
0.00

⎯

Year ended March 31, 2023

⎯

0.00

⎯

March 31
(Year-end)

Yen

Year ending March 31, 2023
(Forecast)

Annual

Yen
36.00

Yen
36.00

40.00

40.00

(Note) 1. Modification in the dividend forecast for current quarter: No modification
3. Forecast for Consolidated Results for the Full Year Ending March 31, 2023 (April 1, 2022 - March 31, 2023)(Percentages represent forecasted changes from the previous year for the full year results, andforecasted changes from the same period in the previous year for the interim results.)

Net sales

Full year

Operating income

Ordinary income

Net income

Earnings per share

millionsof yen%millionsof yen%millionsof yen%millionsof yen%Yen

132,000

19.0

7,000

-39.4

8,800

-33.7

5,100

-56.4

128.38(Note) Modification in the dividend forecast for current quarter: Modification(Note) The company made a resolution at a Board of Directors meeting held November 10,2022 to repurchase of treasury stock.
Net income per share in the forecast of consolidated financial results for FY2022 takes into account the effect of such
repurchase of treasury stock until December 31,2022.
* This is an English translation of Summary originally written in Japanese and disclosed to TSE.
For official purposes, the Japanese version takes preference over this English translation-1-4. Other information(1) Significant changes in subsidiaries during the period(changes in specified subsidiaries resulting in the change in consolidation scope): No change(2) Adoption of simplified accounting treatment and special accounting treatment for quarterly consolidated statement: Not adopted(3) Changes in accounting principles, procedures, and the method of presentation
1) Changes due to revisions of accounting standards etc.
: Not adopted
2) Changes other than those defined in 1) above: Not adopted
3) Changes in accounting procedures: Not adopted
4) Changes in the method of presentation: Not adopted(4) Issued shares (common shares)
1) Issued shares as of period-end (including repurchased treasury shares)
As of December 31, 2022: 40,383,943 shares
As of March 31, 2022: 40,383,943 shares
2) Number of shares of treasury stock as of period-end
As of December 31, 2022: 1,141,323 shares
As of March 31, 2022: 430,740 shares
3) Average number of outstanding shares during period
3Q 2022: 39,868,212 shares
3Q 2021: 39,955,201 shares*Quarterly financial results are outside the scope of quarterly review.
*Notes on proper use of forecast and other matters
The forecast of financial results presented in this document is the result of management’s assessment based upon currently available assumptions,prospects and plans for the future. Actual results and dividend payments may differ from these forecasts, due to risks and uncertain factors, such as theglobal economy, competition, and foreign currency fluctuations.

* This is an English translation of Summary originally written in Japanese and disclosed to TSE.
For official purposes, the Japanese version takes preference over this English translation-2-

5. Consolidated Financial Statements(1) Consolidated Balance Sheet(Unit: millions of yen)Account Category

As of March 31, 2022
(summary)

As of December 31, 2022

AssetsCurrent assets
Cash and deposits

27,073

19,731

Notes and accounts receivable-trade and contract assets
Merchandise and finished goods

33,73632,81335,51335,156Work in process

4,633

7,218

Raw materials and supplies
Other

20,051
4,190

31,841
7,333

Allowance for doubtful accounts-1,109-1,150Total current assets

121,389

135,645

Machinery equipment, net
Others, net

20,72325,812

20,33625,023

Total property, plant and equipment

Non-current assets
Property, plant and equipment

46,53545,360Intangible assets

1,018

1,419

Investments and other assets
Investment securities

7,456

7,983

Deferred tax assets

8,883

7,832

10
550

16
928

Net defined benefit asset
Other
Allowance for doubtful accounts

-85

-49

Total investments and other assets

16,815

16,711

Total non-current assets
Total assets

64,36963,490185,758

199,136(Unit: millions of yen)
* This is an English translation of Summary originally written in Japanese and disclosed to TSE.
For official purposes, the Japanese version takes preference over this English translation-3-

As of March 31, 2022
(summary)

As of December 31, 2022

Notes and accounts payable – trade
Short-term loans payable

17,73927,295

16,068

21,100Currents portion of bonds

1,118
1,242

1,028
221

Account Category
Liabilities
Current liabilities

Accrued income taxes
Provision

1,438

653

Other

9,124

10,843

Total current liabilities

46,731

61,143

3,898
24,831

3,324
21,869

1,384

1,200

83
13,058167
12,684Long-term liabilities
Bonds payable
Long-term loans payable
Provision for environment and safety improvement
Other provision
Net defined benefit liability
Other

3,901

3,764

Total long-term liabilities

47,15743,010Total Liabilities

93,889104,154

Net assets
Shareholder’s equity
Capital stock

43,42043,42010,627

10,65338,592-734

40,166-1,52791,90592,712

405
-297

296
2,045

Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Total net assets
Total liabilities and net assets* This is an English translation of Summary originally written in Japanese and disclosed to TSE.
For official purposes, the Japanese version takes preference over this English translation

-4-

-143

-72

-36

2,269

91,86994,982

185,758

199,136(2) Consolidated Statements of Income(Unit: millions of yen)
Q3 2021(April 1,2021 to
December 31, 2021)

Account Category

Q3 2022(April 1,2022 to
December 31, 2022

Net sales
Cost of sales

78,94757,537

94,174
71,867Gross profit

21,40922,307

Selling, general and administrative expenses

15,483

18,495

Operating income

5,925

3,811

Non-operating income
Interest income

11

13

Dividend income

167

190

Equity in earnings of affiliates－

663

Foreign exchange gains

672

1,333

Gain on sales of raw materials

100

110

Other

242

172

1,194

2,484

Interest expenses

407

360

Financial fee

203

282

Share of loss of entities accounted for using equity method

262

－

Other

163

143

Total non-operating income
Non-operating expenses

Total non-operating expenses

1,037

785

6,083

5,510

552

－

Gain on sale of investment securities

31

76

Other

129

－

Total extraordinary income

713

76

804

592

804

592

5,991

4,994

938

799

Ordinary income
Extraordinary income
Gain on forgiveness of debts

Extraordinary loss
Loss on disposal of non-current assets
Total extraordinary losses
Income before income taxes and minority interests
Income taxes-current
Income taxes – deferred

284

1,182

Total income taxes

1,222

1,981

Net income

4,768

3,012

Profit attributable to owners of parent

4,768

3,012

* This is an English translation of Summary originally written in Japanese and disclosed to TSE.
For official purposes, the Japanese version takes preference over this English translation-5-

(Unit: millions of yen)
Q3 2021(April 1,2021 to
December 31, 2021)

Account Category
Net income

Q3 2022(April 1,2022 to
December 31, 2022)

4,768

3,012

0

-109

Foreign currency translation adjustment

608

2,199

Remeasurements of defined benefit plans

38

71

Share of other comprehensive income of entities accounted
for using equity method

-20

143

Total other comprehensive income

626

2,305

5,394

5,317

5,394

5,317

Other comprehensive income
Valuation difference on available-for-sale securities

Comprehensive income(Comprehensive income attributable to)Comprehensive income attributable to owners of parent* This is an English translation of Summary originally written in Japanese and disclosed to TSE.
For official purposes, the Japanese version takes preference over this English translation-6-

(3) Notes to Quarterly Consolidated Financial Statements(Note to events and conditions which indicate there could be substantial doubt about going concern assumption)
We do not note significant changes.

(Note in case of significant changes in shareholders' equity)
This company acquired 759,200 shares of treasury stock based on the resolution made at the meeting of the Board of Directors held
on November10,2022. As a result, treasury stock increased by 793 million yen in the third quarter consolidated cumulative and stood
at 1,527million yen at the end of the third quarter consolidated accounting period.
（Additional Information）（Practical Solution the Accounting and Disclosure under the Group Tax Sharing System）
The Company and its domestic consolidated subsidiaries transferred from the consolidated taxation system to the group tax
sharing system from the first quarter consolidated accounting period. We adopted “Pratical Solution on the Accounting andDisclosure under the Group Tax Sharing System” (ASBJ Guidance No,42, August 12, 2021) regarding to the accounting
treatment and disclosure of corporate tax and local corporate tax as well as tax-effect accounting.
We considered that changes in accounting policies had no impact on quarterly consolidated financial statements in accordancewith the Paragraph 32 (1) of ASBJ Guidance No.42.

* This is an English translation of Summary originally written in Japanese and disclosed to TSE.
For official purposes, the Japanese version takes preference over this English translation-7-6. Segment Information【Business Segment Information】
3Q of Fiscal Year Ended March 31, 2022 (April 1,2021 to December 31, 2021)(1) Information relating sales, profits, losses, for each reporting unit
(Unit: millions of yen)
Elimination/
Consolidated
Corporate

Inorganic
Chemicals

Organic
Chemicals

Other
Businesses

44,24232,522

2,181

78,947⎯78,947

⎯

⎯

3,265

3,265

-3,265⎯

Total

44,24232,522

5,446

82,212-3,26578,947

Segment profit

4,620

2,773

352

7,746

-1,821

5,925

Sales
(1) Sales to externalcustomers(2) Intersegment sales andtransfers

Total(Note) 1. Adjustment include the following items(1) Adjustment in segment profit (-￥1,821 million) includes elimination of transaction between segments (￥45million) andcorporate expenses not allocated to reporting segments(-￥1,866 million). Corporate expenses mainly comprise general
expenses not allocated segments.
(2) Segment profit is adjusted to be consistent with operating income shown on the quarterly consolidated income statement.

(2) Geographical information
Net Sales(Unit: millions of yen)Japan
33,522

Asia
19,040America

Europe12,711

Other

13,427

Total
245

78,947(Note) 1. Net sales by geographic segment are based on nations or regions where customers reside.
2. Grouping of countries and regions is based on the geographic proximity and relevance of businesses.
Countries and regions included in each geographic segment are follows, excluding Japan:(1) Asia: China, Taiwan, South Korea, Thailand, Indonesia, Singapore and India(2) Americas : United States of America, Canada, Brazil, Argentina, and Mexico(3) Europe : Germany, Netherlands, France, the United Kingdom, Belgium, Italy, and East Europe and Middle East regions(4) Other: Australia, New Zealand and Africa(3) Information concerning impairment loss or goodwill on non-current assets by segment
We do not note significant changes.

* This is an English translation of Summary originally written in Japanese and disclosed to TSE.
For official purposes, the Japanese version takes preference over this English translation-8-

【Business Segment Information】
3Q of Fiscal Year Ended March 31, 2023(April 1,2022 to December31, 2022)(1) Information relating sales, profits, losses, for each reporting unit
(Unit: millions of yen)
Adjustment

Amount reported on
consolidated financial
statements

94,174⎯

94,174

2,937

2,937

-2,937⎯44,684

4,947

97,111-2.937

94,174

4,774

102

6,096

-2,284

3,811

Inorganic
Chemicals

Organic
Chemicals

Other
Businesses

47,47944,6842,010(2) Intersegment sales
and transfers

⎯

0

Total

47,479Segment profit

1,219

Sales
(1) Sales to externalcustomers

Total(Note) 1. Adjustment include the following items(1) Adjustment in segment profit (-￥2,284 million) includes elimination of transaction between segments (￥123million)
and corporate expenses not allocated to reporting segments(-￥2,408 million). Corporate expenses mainly comprise
general expenses not allocated segments.
(2) Segment profit is adjusted to be consistent with operating income shown on the quarterly consolidated income
statement.
(2) Geographical information
Net Sales(Unit: millions of yen)Japan
39,315

Asia

America
19,097

Europe20,351

Other

15,037

Total
373

94,174(Note) 1. Net sales by geographic segment are based on nations or regions where customers reside.
2. Grouping of countries and regions is based on the geographic proximity and relevance of businesses.
Countries and regions included in each geographic segment are follows, excluding Japan:(1) Asia: China, Taiwan, South Korea, Thailand, Indonesia, Singapore, and India(2) Americas : United States of America, Canada, Brazil, Argentina, and Mexico(3) Europe : Germany, Netherlands, France, the United Kingdom, Belgium, Italy, and East Europe and Middle East regions(4) Other: Australia, New Zealand and Africa(3) Information concerning impairment loss or goodwill on non-current assets by segment
We do not note significant changes.

* This is an English translation of Summary originally written in Japanese and disclosed to TSE.
For official purposes, the Japanese version takes preference over this English translation-9-