Summary of Consolidated Financial Statements
for Third Quarter of Fiscal Year Ending March 31, 2019(Japan GAAP)
February 12, 2019
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) Kenichi Tanaka
Contact:(Title) Managing Executive Officer (Name) Yasunobu Kawazoe
Scheduled date of securities report submission: February 13, 2019
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, 2019(April 1, 2018 to December 31, 2018)(1) Consolidated Operating Results
Net sales
millions of yen
75,58078,2893Q, 2018
3Q, 2017(Note) Comprehensive income:

%
-3.5
5.0

(Percentages represent changes from same period in previous year.)
Operating income
Ordinary income
Net income
millions of yen% millions of yen%
millions of yen
%
41.0
5,859
9.9
5,805
4,278 57.9
5,331
82.0
4,117 743.0
2,710


as of December 31, 2018: 3,952 million yen (19.8%),
as of December 31, 2017: 3,299 million yen (%)Net income per share

Net income per share after full dilution

Yen
107.06
67.81

3Q, 2018
3Q, 2017

Yen(2) Consolidated Financial Position
Total assets
millions of yen
3Q, 2018
162,171
Year ended March 31, 2018
159,767(Reference) Equity capital:

Net assets
Millions of yen
71,087
67,137

Capital adequacy ratio
%
43.8
42.0

as of December 31, 2018: 71,087 million yen, as of March 31, 2018: 67,137 million yen

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

September 30(Q2-end)Yen
Year ended March 31, 2018Year ended March 31, 2019

December 31(Q3-end)



Yen
0.00





0.00



March 31
(Year-end)

Yen

Year ending March 31, 2019
(Forecast)

Annual

Yen
0.00

Yen
0.00

0.00

0.00

(Note) Modification in the dividend forecast for current quarter: No modification

3. Forecast for Consolidated Results for the Full Year Ending March 31, 2019 (April 1, 2018 - March 31, 2019)(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

108,000-0.0

10,000

-0.2

9,900

17.7

7,300

112.1

182.64(Note) Modification in the dividend forecast for current quarter: Modified* 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, 2018: 40,383,943 shares
As of March 31, 2018: 40,383,943 shares
2) Number of shares of treasury stock as of period-end
As of December 31, 2018: 417,540 shares
As of March 31, 2018: 415,701 shares
3) Average number of outstanding shares during period
3Q 2018: 39,967,540 shares
3Q 2017: 39,972,167 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, 2018
(summary)

As of December 31, 2018ASSETS
Current Assets
Cash and deposits

30,297

24,431

Notes and accounts receivable – trade
Merchandise and finished goods

29,88022,90829,091
28,339Work in process

4,525

6,699

Raw materials and supplies
Other

14,0602,128

13,517
3,349

-413

-493

103,387

104,936

Machinery equipment, net
Others, net

17,33023,512

17,25625,142

Total property, plant and equipment

40,84342,399

391

382

4,184
9,587

3,676
9,560

Allowance for doubtful accounts
Total current assets
Noncurrent Assets
Property, plant and equipment

Intangible assets
Investments and other assets
Investment securities
Deferred tax assets
Net defined benefit asset

14

14

Other
Allowance for doubtful accounts

1,493
-133

1,312
-110

Total investments and other assets

15,145

14,453

Total non-current assets
Total 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-3-

56,38057,234

159,767

162,171

(Unit: millions of yen)
As of March 31, 2018
(summary)

Account Category

As of December 31, 2018

LIABILITIESCurrent Liabilities
Notes and accounts payable – trade
Short-term loans payable
Currents portion of bonds
Income taxes payable
Provision
Other
Total current liabilities
Noncurrent Liabilities
Bonds payable
Long-term loans payable
Provision for environment and safety improvement
Other provision
Net defined benefit liability
Liabilities application from equity method
Other

12,08823,947

17,636
20,956

390

390

1,554
1,198

223
611

8,804

10,422

47,98450,240

2,010

1,710

20,575
3,641

17,427
3,202

40

97

12,777908

12,822
750

4,691

4,833

Total non-current liabilities

44,64540,843

Total Liabilities

92,62991,08443,42043,42010,627

10,627

14,735-719

19,014-721

68,064

72,340

669

－

370

-1,071-524-1,157-465-926-1,253

67,13771,087

159,767

162,171

NET ASSETS
Shareholder’s equity
Capital stock
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
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-

-0

(2) Consolidated Statements of Income(Unit: millions of yen)
Q3 2017(April 1, 2017 to
December 31, 2017)

Account Category

Q3 2018(April 1, 2018 to
December 31, 2018)

Net sales
Cost of sales

78,28955,79675,58052,571Gross profit

22,49323,009Selling, general and administrative expenses

17,161

17,149Operating income

5,331

5,859

Non-operating income
Interest income

2136

Dividend income

170

98

Share of profit entities accounted for using equity method
Foreign exchange income


198

294

Commission fee
Gain sales of raw materials

130
121

96
83

Other

136

136

Total non-operating income

778

804

718

557

723

Non-operating expenses
Interest expenses
Share of loss of entities accounted for using equity method

58

550


300

1,992

858

4,117

5,805

Gain on sale of non-current assets



181

Gain on insurance adjustment

34

Total extraordinary income

216

Loss on disposal of non-current assets
Loss on disaster

489
10

378
371

Provision for environmental measures

11



Other

0



Other
Total non-operating expenses
Ordinary income
Extraordinary income

Extraordinary loss

Total extraordinary loss
Income before income taxes and minority interests
Income taxes-current
Income taxes – deferred
Total income taxes

512

750

3,605

5,272

740
153

767
225

894

993

Net income

2,710

4,278

Profit attributable to owners of parent

2,710

4,278

* 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 2017(April 1, 2017 to
December 31, 2017)

Account Category
ProfitQ3 2018(April 1, 2018 to
December 31, 2018)

2,710

4,278

272

-298

Other comprehensive income
Valuation difference on available for sale securities

0-0Foreign currency translation adjustment

Deferred gains or losses on hedges

379

-116

Remeasurements of defined benefit plans, net of tax

54

59

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

-119

30

Total other comprehensive income

588

-326

3,299

3,952

3,299

3,952

Comprehensive income(Breakdown)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 to significant changes in shareholders' equity)
We do not note significant changes.

(Changes in significant subsidiaries during the third quarter under review)
We do not note significant changes.
Although not categorized as a specified subsidiary, Yokkaichi Energy Service Co., Ltd., a consolidated subsidiary of theCompany in the third quarter under review, was dissolved through an absorption-type merger, in which the Company
became the surviving company (effective date of merger: October 1, 2018),and accordingly was removed from the scopeof consolidation.

(Additional Information)(Adoption of the “Partial Amendment to ‘Accounting Standard for Tax Effect Accounting’”)
The Company Group has adopted the ‘Partial Amendment to Accounting Standard for Tax Effect Accounting’(Accounting Standards Board of Japan Statement No. 28 issued on February 16, 2018) from the beginning of
the first quarter consolidated period under review. Accordingly, deferred tax assets are presented in the sectionof investments and other assets, and deferred tax liabilities are presented in the section of non-current liabilities.

* 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, 2018 (April 1, 2017 to December 31, 2017)(1)Information relating sales, profits, losses, for each reporting unit
(Unit: millions of yen)
Inorganic
Chemicals

Organic
Chemicals

Other
Businesses

40,77235,169

2,348





Total

40,772

Segment profit

5,660

Sales
(1) Sales to externalcustomers(2) Intersegment sales
and transfers

Elimination/
Corporate

Consolidated

78,289

78,289

2,240

2,240

-2,240

35,1694,588

80,530-2,24078,289

718

361

6,739

-1,407

5,331

Total

(Note) 1. Adjustment include the following items(1) Adjustment in segment profit (-￥1,407million) includes elimination of transaction between segments(￥35million) andcorporate expenses not allocated to reporting segments(-￥1,443million). 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
33,823

Asia
15,994

America

Europe

9,812

Other

18,409Total
249

78,289(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, and Singapore(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 fixed 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, 2019(April 1, 2018 to December31, 2018)(1)Information relating sales, profits, losses, for each reporting unit
(Unit: millions of yen)
Adjustment

Amount reported on
consolidated financial
statements

75,580

75,580

2,768

2,768

-2,768



31,511

5,231

78,349-2,76875,580

1,773

271

7,678

-1,818

5,859

Inorganic
Chemicals

Organic
Chemicals

Other
Businesses

41,60531,511

2,463(2) Intersegment sales
and transfers





Total

41,605

Segment profit

5,632

Sales
(1) Sales to externalcustomers

Total(Note) 1. Adjustment include the following items(1) Adjustment in segment profit (-￥1,818 million) includes elimination of transaction between segments(￥6 million) andcorporate expenses not allocated to reporting segments(-￥1,824 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
34,984

Asia

America
16,483

Europe11,715

Other

12,156

Total
240

75,580(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, and Singapore(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 noncurrent assets by segment
We do not note any 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-