Taiyo Oil Company, Limited, and Consolidated Subsidiaries
Consolidated Balance Sheets
March 31,2022
2021(Millions of yen)

AssetsCurrent assets:
Cash and deposits (Note 18,20)
Notes and accounts receivable-trade (Note 16,18)
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 19)
Long-term loans receivable
Net defined benefit asset (Note 6)
Deferred tax assets (Note 12)
OtherTotal noncurrent assets
Total assets

2022(Thousands of
U.S. dollars)(Note 3)

¥ 72,879
69,868¥ 37,185
57,593$ 595,467
570,866

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

24,541
493
54,8222,401
177,037

333,827
6,026
577,075
22,7812,106,045

63,179174,842
29,3582,310
6,025
275,715(194,145)
81,56962,033
171,272
29,5272,913
5,861271,607(188,205)
83,402516,212
1,428,568
239,875
18,87449,2292,252,759(1,586,289)
666,470

3,331
717
4,048

4,032
779
4,812

27,217
5,864
33,081

3,054
20
680
1,796
2,755
8,307
93,925

3,029
22
770
1,774
2,420
8,017
96,232

24,955169
5,557
14,676
22,51767,876
767,428¥ 351,684¥ 273,269$ 2,873,474

Taiyo Oil Company, Limited, and Consolidated Subsidiaries
Consolidated Balance Sheets
March 31,2022
2021(Millions of yen)

Liabilities and net assets
Current liabilities:
Notes and accounts payable-trade (Note 18)
Short-term loans payable (Note 5,18)
Current portion of long-term debt (Note 5)
Accounts payable-other (Note 18)
Income taxes payable
Gasoline and other excise taxes payable (Note 18)
Provision for bonuses
Provision for repairs
Other (Note 15)
Total current liabilities

2022(Thousands ofU.S. dollars)(Note 3)

¥ 57,629
20,133
7,575
22,64615,192
23,506
1,913¥ 40,689
25,942
6,575
14,773
11,51025,889
1,848

9,082

－74,21231,196
188,876

27,533
154,763

254,893
1,543,235

Noncurrent liabilities
Long-term debt (Note 5,18)
Deferred tax liabilities (Note 12)
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 2,24)
Total noncurrent liabilities
Total liabilities

35,296
3,832
2,229
669
7,245
2,670
792
405
53,142242,019

13,472
4,213
2,352
636
12,745
4,406
792
332
38,951
193,714

288,396
31,316
18,215
5,469
59,202
21,821
6,475
3,310
434,208
1,977,443

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

400
5
108,847
109,253400
578,921
79,3263,268
43889,351
892,663

(21)
55
354
23
412
109,665¥ 351,684

8
25
100
93
227
79,554¥ 273,269

(177)
456
2,895
192
3,366
896,030$ 2,873,474

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

See accompanying notes to the consolidated financial statements.

$ 470,868
164,498
61,898185,039
124,127
192,060
15,635Taiyo Oil Company, Limited, and Consolidated Subsidiaries
Consolidated Statements of Operations
Year ended March 31,2022
2021
2022
(Millions of yen)(Thousands ofU.S. dollars)(Note 3)¥ 624,802
548,733
76,069¥ 465,613
403,50762,106$ 5,105,013

25,34350,72624,14537,960207,069
414,462Interest and dividends income
Foreign exchange gains, net
Equity in earnings of affiliates
Futures trading gain, net
Subsidy income
Reversal of advances received for prepaid card certificates
Insurance income
Other
Total non-operating income

159
1799
769
76－
14
521
1,657

79－
109
78
257
123
404
557
1,611

1,301
144
808
6,286
698
－
117
4,263
13,544Non-operating expenses:
Interest expenses
Foreign exchange losses, net
Interest income on early payments
Loss on reduction of noncurrent assets
Bond issuance costs
Other
Total non-operating expenses

599－507
15
254
229
1,605

624
94
334
184
－
178
1,417

4,895
－
4,142
122
2,081
1,876
13,11950,77838,155414,888

－
31
156
848
1,036

5
157
149－
312

－
257
1,278
6,934
8,471

16
146
70
214
3－
－
451

47
320
163
299
253
24
7
1,116

136
1,198
572
1,756
24
－
－
3,688

51,36337,351

419,670

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

10,826111
10,937
26,413
26,413

166,525(3,136)
163,388
256,282$ 256,282

Net sales (Note 22)
Cost of sales (Note 22)
Gross profit
Selling, general and administrative expenses (Note 10)
Operating income

4,483,481
621,532

Non-operating income:Ordinary income
Extraordinary gains:
Gain on sales of investment securities
Gain on sales of noncurrent assets
Compensation income
Reversal of provision for business restructuring
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 19)
Environmental expenses
Business restructuring expenses
OtherTotal extraordinary losses
Profit before income taxes
Income taxes:
Current
Deferred
Total income tax
ProfitProfit attributable to owners of parent (Note 17)¥

See accompanying notes to the consoldiated financial statements.

¥Taiyo Oil Company, Limited, and Consolidated Subsidiaries
Consolidated Statements of Comprehensive Income
Year ended March 31,2022
2021
2022
(Millions of yen)(Thousands ofU.S. dollars)(Note 3)
Profit¥Other comprehensive income (Note 13)
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Share of other comprehensive income of affiliates accounted
for using the equity method
Total other comprehensive income
Comprehensive income (Note 13)
Total comprehensive income attributable to:
Owners of parent¥¥

31,366¥

26,413$

256,282(31)30253(69)33541303(258)249
2,070(571)

1

1

14

184

384

1,503

31,55031,550See accompanying notes to the consoldiated financial statements.

¥¥

26,79826,798$257,786
257,786

Taiyo Oil Company, Limited, and Consolidated Subsidiaries
Consolidated Statements of Cash FlowsCash flows from operating activities
Profit (loss) before income taxes
Depreciation and amortization
Amortization of goodwill
Impairment loss
Increase (decrease) in provision for directors’ retirement benefits(Decrease) increase in provision for business structure
improvement
Increase in provision for repairs
Increase in provision for bonuses(Decrease) increase in net defined benefit liability
Decrease in net defined benefit asset
Interest and dividend income
Interest expense
Loss on valuation of investment securities
Increase in notes and accounts receivable-trade
Increase in inventories
Increase in notes and accounts payable-trade
Increase (decrease) in accounts payable-other
Decrease in gasoline and other excise taxes payable
Increase in other current assets
Increase in other current liabilities
Other, net
SubtotalInterest and dividends income received
Interest expense paid
Income taxes refund
Income taxes paid
Net cash provided by operating activities
Cash flows from investing activities
Proceeds from redemption of securities
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 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
Purchase of treasury shares
Proceeds from disposal of treasury shares
Cash dividends paid
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 (Note 20)

Year ended March 31,2022
2021
2022
(Millions of yen)(Thousands ofU.S. dollars)(Note 3)¥51,363
7,200
701
70
32

¥

37,351
7,275
701
163
(35)

$

419,670
58,835
5,730
572
267

(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

162
774
1,206
70
16(79)
624
299(10,565)(27,321)
12,323(2,706)(1,214)
(57)
4,195
298
23,485
112
(518)
506
(228)
23,356(14,178)
29,276535(167)
82(1,301)
4,895
1,756
(85,126)(264,418)
123,257
48,651(19,474)(848)
27,997
6,104
342,120
1,488(5,046)－(135,781)
202,780－(3,587)800(7,335)－(29,308)

213

456

1,743

(225)
－
(718)
(4,317)

(599)
19
226
(6,432)(1,838)－(5,871)(35,276)(5,809)(100)
13,600(1,567)
15,545(5,008)－－(1,440)15,219(26)35,694
37,185¥ 72,879(13,114)(105)－(5,401)－(1,008)(96)
96(928)(20,556)
194(3,438)40,623¥ 37,185(47,463)(823)
111,120(12,809)
127,014(40,918)－－(11,765)
124,354(216)
291,643
303,824$ 595,467

See accompanying notes to the consoldiated financial statement