Taiyo Oil Company, Limited, and Consolidated Subsidiaries
Consolidated Balance Sheets
March 31,2023
2022(Millions of yen)

AssetsCurrent assets:
Cash and deposits (Note 19,21)
Notes and accounts receivable-trade (Note 17,19)
Inventories (Note 4)
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Total current assets¥Noncurrent assets:
Property, plant and equipment (Note 5):
Buildings, structures and oil tanks
Machinery, equipment and vehicles
Land
Construction in progress
Other (Note 2)
Accumulated depreciation
Intangible assets
Goodwill
OtherInvestments and other assets:
Investment securities (Note 20)
Long-term loans receivable
Net defined benefit asset (Note 6)
Deferred tax assets (Note 13)
OtherTotal noncurrent assets
Total assets¥

31,25367,691¥

2023(Thousands of
U.S. dollars)(Note 3)72,87969,868$234,056
506,935

40,182
1,062
86,101
15,970242,262

40,857
737
70,6282,788
257,758

300,926
7,960
644,809
119,600
1,814,289

64,858
177,797
28,836
1,850
6,283
279,625(199,292)
80,33363,179174,842
29,3582,310
6,025
275,715(194,145)
81,569485,7221,331,514
215,954
13,85547,0572,094,103(1,492,493)
601,610

2,629
764
3,394

3,331
717
4,048

19,695
5,726
25,421

3,128
19
627
2,166
2,374
8,316
92,043

3,054
20
680
1,796
2,755
8,307
93,92523,426145
4,696
16,226
17,78462,278689,310334,305¥

351,684$

2,503,600

Taiyo Oil Company, Limited, and Consolidated Subsidiaries
Consolidated Balance Sheets
March 31,2023
2022(Millions of yen)

Liabilities and net assets
Current liabilities:
Notes and accounts payable-trade (Note 19)
Short-term loans payable (Note 5,19)
Current portion of long-term debt (Note 5)
Accounts payable-other (Note 19)
Income taxes payable
Gasoline and other excise taxes payable (Note 19)
Provision for bonuses
Provision for repairs
Other (Note 16)
Total current liabilities¥

51,89563,627
10,115
20,234580
26,674733¥

2023(Thousands ofU.S. dollars)(Note 3)57,62920,133
7,575
22,64615,192
23,506
1,913$

388,639
476,499
75,756
151,533
4,348
199,764
5,492－9,082－

31,464205,325

31,196
188,876

235,634
1,537,670

Noncurrent liabilities
Long-term debt (Note 5,19)
Deferred tax liabilities (Note 13)
Asset retirement obligations (Note 7)
Provision for directors’ retirement benefits
Provision for repairs
Provision for business structure improvement
Net defined benefit liability (Note 6)
Other (Note 2,25)
Total noncurrent liabilities
Total liabilities

25,681
3,692
2,300
652
11,039
2,560
687
471
47,084
252,40935,296
3,832
2,229
669
7,245
2,670
792
405
53,142242,019

192,323
27,64917,225
4,884
82,676
19,174
5,145
3,530
352,610
1,890,280

Net assets (Note 8):
Shareholders’ equity:
Capital stock
Capital surplus
Retained earnings
Total shareholders’ equity

400
580,960
81,366400
5108,847
109,2532,995
39
606,312609,347

(41)

(21)
55
354
23
412
109,665¥ 351,684(308)

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
¥－594
(23)
530
81,896334,305

See accompanying notes to the consolidated financial statements.

－$4,455(173)
3,972
613,320
2,503,600

Taiyo Oil Company, Limited, and Consolidated Subsidiaries
Consolidated Statements of Operations
Year ended March 31,2023
2022
2023
(Millions of yen)(Thousands ofU.S. dollars)(Note 3)624,802548,733
76,069$ 5,402,167

24,946(20,323)

25,34350,726

186,825(152,201)

Interest and dividends income
Foreign exchange gains, netEquity in earnings of affiliates
Futures trading gain, net
Subsidy income
Insurance income
Other
Total non-operating income

74
295
80－
27612
605
1,695

159
1799769
76
14
521
1,657

558
2,210
601
－
248
4,588
4,535
12,697

Non-operating expenses:
Interest expenses
Interest income on early payments
Futures trading loss, net
Loss on reduction of noncurrent assets
Bond issuance costs
Idle assets expenses
Other
Total non-operating expenses

896
544
102
27－
856
361
2,787

599
507
－
15254－
229
1,605

6,710
4,075
768
202－
6,411
2,706
20,875(21,415)

50,778(160,379)

0－
29
0
29

31
156
848－
1,036

3－
218
2
224

138
202
102－
－
4,525
2
4,971

16
146
70
214
3－
－
451

1,034
1,517
764－
－
33,892
21
37,230(26,356)

51,363(197,385)

650(466)
183(26,540)(26,540)

20,381(383)
19,99731,366
31,366

4,869（3,491）
1,377(198,763)(198,763)

Net sales (Note 23)
Cost of sales (Note 23)
Gross profit¥

Selling, general and administrative expenses (Note 10)
Operating (loss) income721,351
716,728
4,623¥

5,367,543
34,623Non-operating income:Ordinary (loss) income
Extraordinary gains:
Gain on sales of noncurrent assets
Compensation income
Reversal of provision for business restructuring
Other
Total extraordinary gains
Extraordinary losses:
Loss on sales of noncurrent assets
Loss on retirement of noncurrent assets
Impairment loss (Note 11)
Loss on valuation of investment securities (Note 20)
Environmental expenses
Loss on withdrawal from business (Note 12)
Other
Total extraordinary losses(Loss) profit before income taxes
Income taxes:
Current
Deferred
Total income tax(Loss) profit(Loss) profit attributable to owners of parent (Note 18)¥See accompanying notes to the consoldiated financial statements.

¥$

Taiyo Oil Company, Limited, and Consolidated Subsidiaries
Consolidated Statements of Comprehensive Income
Year ended March 31,2023
2022
2023
(Millions of yen)(Thousands ofU.S. dollars)(Note 3)
(Loss) profit¥

Other comprehensive income (Note 14)
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustmentRemeasurements of defined benefit plans
Share of other comprehensive income of affiliates accounted
for using the equity method
Total other comprehensive income
Comprehensive income (Note 14)
Total comprehensive income attributable to:
Owners of parent¥¥(26,540)¥

31,366$(198,763)

(19)
(55)
240

(31)
30
253

(145)
（418）
1,800(46)

(69)

(349)

010118184

886(26,442)(26,442)

See accompanying notes to the consoldiated financial statements.

¥¥

31,55031,550$$(197,876)(197,876)

Taiyo Oil Company, Limited, and Consolidated Subsidiaries
Consolidated Statements of Cash Flows

Cash flows from operating activities(Loss) profit before income taxes
Depreciation and amortization
Amortization of goodwill
Impairment loss
(Decrease) increase in provision for directors’ retirement benefits
Decrease in provision for business structure improvement(Decrease) increase in provision for repairs(Decrease) increase in provision for bonuses
Decrease in net defined benefit liability(Increase) decrease in net defined benefit asset
Interest and dividend income
Interest expense
Loss on valuation of investment securities
Decrease (increase) in notes and accounts receivable-trade
Increase in inventories(Decrease) increase in notes and accounts payable-trade(Decrease) increase in accounts payable-other
Increase (decrease) in gasoline and other excise taxes payable
Increase in consumption taxes refund receivable
Decrease (increase) in other current assets(Decrease) increase in other current liabilities
Other, net
SubtotalInterest and dividends income received
Interest expense paid
Income taxes paid
Net cash (used in) provided by operating activities
Cash flows from investing activities
Purchase of property, plant and equipment and intangible assets
Proceeds from sales of property, plant and equipment andintangible assets
Purchase of investment securities
Proceeds from sales of investment securities
Other, net
Net cash used in investing activities
Cash flows from financing activities
Net increase (decrease) in short-term loans payable
Repayments of finance lease obligations
Proceeds from long-term loans payable
Repayment of long-term loans payable
Proceeds from issuance of bonds
Redemption of bonds
Cash dividends paid
Net cash provided by financing activities
Effect of exchange rate change on cash and cash equivalents
Net (decrease) increase in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period (Note 21)

Year ended March 31,2023
2022
2023
(Millions of yen)(Thousands ofU.S. dollars)(Note 3)¥

(26,356)
7,240
701
3,436
(17)
(110)
(5,288)(1,180)
(48)
(70)
(74)
896
－
3,970
(15,107)(7,526)(1,904)
3,168(13,665)
669
(82)
147
(51,204)
97(926)(14,865)(66,900)

51,363
7,200
701
70
32
(1,735)
3,583
65
(20)
10(159)599
214(10,418)(32,362)
15,085
5,954(2,383)－(103)
3,426
747
41,872
182(617)(16,618)
24,818$ (197,385)
54,222
5,252
25,737(128)(826)(39,607)(8,839)
(366)
(529)
(558)
6,710
－
29,734(113,140)(56,364)(14,263)
23,726(102,342)
5,016
(620)
1,103
(383,471)
729(6,941)(111,329)(501,012)(10,171)(3,587)(76,177)

21

213

164

(36)
0
555
(9,630)(225)－(718)(4,317)

(273)
5
4,161
(72,119)

43,494(113)
600(2,667)－(5,008)(1,345)34,958(53)(41,625)
72,879¥ 31,253(5,809)(100)
13,600(1,567)
15,545(5,008)(1,440)15,219(26)
35,69437,18572,879325,724(852)
4,493(19,979)－(37,504)(10,080)
261,802(402)(311,732)
545,789$ 234,056

See accompanying notes to the consoldiated financial statement¥¥