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, 2023
[Japanese GAAP]
November 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: November 14, 2023
Scheduled date of commencing dividend payments: December 5, 2023
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, 2023 (April 1, 2023 to September 30, 2023)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable toOperating revenues
Operating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Six months ended
September 30, 2023
399,140
6.5
11,142
16.5
12,643
13.8
6,627
15.5
September 30, 2022
374,6612.4
9,567(23.2)
11,106(20.9)
5,736(6.0)(Note) Comprehensive income:Six months ended September 30, 2023:¥9,222 million [63.9%]
Six months ended September 30, 2022:¥5,628 million [(21.7) %]Basic earnings
per share
Six months endedSeptember 30, 2023
September 30, 2022

Diluted earnings pershareYen

Yen

123.75106.81123.73106.79(2) Consolidated Financial Position
Total assets
Millions of yen
As ofSeptember 30, 2023
433,826
March 31, 2023
417,107(Reference) Equity: As of September 30, 2023:
As of March 31, 2023:

Net assets

Capital adequacy ratio

Millions of yen¥¥

1

174,868
167,520
159,337 million
152,733 million

%

36.7
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

-

31.00

58.00

Fiscal year ending March 31, 2024

-

28.00
-

32.00

60.00

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

Year-end

Total

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 to Basic earnings per
Operating revenues Operating profit
Ordinary profit
owners of parentshare
Millions ofyen%Millions ofyen%Millions ofyen

Full year
772,000
1.6
20,5002.2 23,300(Note) Revision to the financial results forecast announced most recently:
No%

Millions ofyen%

Yen

1.1

9,300

22.3

173.64* Notes:(1) Changes in significant subsidiaries during the six months ended September 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):
September 30, 2023:
53,987,499 shares
March 31, 2023:
53,987,499 shares
2) Number of treasury shares at the end of the period:
September 30, 2023:
425,079 shares
March 31, 2023:
429,374 shares3) Average number of shares outstanding during the period:
Six months ended September 30, 2023:
Six months ended September 30, 2022:

53,559,424 shares
53,703,355 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
OtherAllowance 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, 2023

21,482

23,996

16,701

21,971

59,701
1,418
16,379(11)
115,671

62,797
1,385
17,623(269)
127,504

147,599
54,52423,280225,405

149,056
53,68024,524
227,261

1,807
16,61918,426

1,999
16,761
18,761

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

32,76427,893(358)
60,298306,321433,826

(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 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, 2023

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

65,27135,947
16,000
4,990
3,943
833
103
33,905160,99510,000
45,766411
6,502
18,151
18,32299,153
249,587

10,10044,558481
6,636
18,313
17,874
97,963258,958

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

13,60920,084
124,528(823)
157,399

673

2,336

(2)
(207)
(138)
325
19
14,766
167,520
417,1078(282)
(123)
1,938
19
15,511
174,868
433,826

Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income (For the six months)(Millions of yen)
For the six months
ended September 30, 2022
Net sales
Cost of sales
Gross profitOperating 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
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
assets
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 six months
ended September 30, 2023

362,317
266,268
96,04912,343
108,393
98,825
9,567

386,512284,102102,410
12,628115,038
103,896
11,142

62
96
798
335

59
111
800
408

35

1

947
2,276

926
2,307

378
248
110
737
11,106

360
331
113
806
12,643

12
1
66
14

645
15
73-

163-

101
72
431

1
736

52
326

4
53
714

5-

156
540
10,997
4,225
(229)
3,995
7,002
1,266
5,736

97
868
12,511
5,053
(207)
4,845
7,666
1,038
6,627

Quarterly Consolidated Statements of Comprehensive Income (For the six months)(Millions of yen)
For the six months
ended September 30, 2022
ProfitOther comprehensive incomeValuation 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, 2023

7,002

7,666(922)
(4)
(468)
21

1,680
10(150)14(0)1(1,373)
5,628

1,556
9,222

4,507

8,240

1,120981

Quarterly Consolidated Statements of Cash Flows(Millions of yen)
For the six months
ended September 30, 2022
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
adjustmentGain on reversal of share acquisition rights
Loss (gain) on sale of non-current assets
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

7

For the six months
ended September 30, 2023

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

12,511
10,195
714
344
(15)
253
128
(170)
360

(35)

(1)

(163)

-(101)(12)52(785)(3,108)2,819(641)
53(2,825)(2,777)
3,573

(427)

3,831

(1,662)
18,756115(371)(3,078)15,421(2,339)23,195126(351)(4,314)
18,655(10,595)
157
(802)
(604)
821
105
(184)

(11,237)
1,687
(888)
(920)
585
83(265)

(27)

(946)

(128)
9(11,247)

(165)
(88)
(12,156)

(Millions of yen)
For the six months
ended September 30, 2022
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
Repayments of finance lease liabilities
Dividends paid
Dividends paid to non-controlling interests
Proceeds from sale of shares of subsidiaries not
resulting in change in scope of consolidation
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, 2023

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

1,800
(3,000)5,500(5,371)(1,322)(1,667)(324)-50

8(7,743)9(4,325)

11

3(3,558)
22,867
19,3092,176
20,97323,149