Taiyo Oil Company, Limited, and Consolidated Subsidiaries
Consolidated Balance Sheets
March 31,2024
2023(Millions of yen)

AssetsCurrent assets:
Cash and deposits (Note 18,20)
Notes and accounts receivable-trade (Note 16,18)
Inventories (Note 3)
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Total current assets¥Noncurrent assets:
Property, plant and equipment (Note 4):
Buildings, structures and oil tanks
Machinery, equipment and vehicles
Land
Construction in progress
Other
Accumulated depreciation
Intangible assets
Goodwill
Other
Investments and other assets:
Investment securities (Note 18)
Long-term loans receivable
Net defined benefit asset (Note 5)
Deferred tax assets (Note 12)
Other
Total noncurrent assets
Total assets¥

27,421
71,77531,25367,691$ 181,110
474,048

55,152
1,201
125,5714,829
285,953

40,182
1,062
86,101
15,970242,262364,262
7,932
829,350
31,8991,888,603

66,633
178,470
28,7292,493
6,112
282,439(204,531)
77,90764,858
177,797
28,836
1,850
6,283
279,625(199,292)
80,333440,084
1,178,725
189,748
16,46740,3691,865,395(1,350,846)
514,548

1,928
648
2,576

2,629
764
3,394

12,737
4,281
17,019

3,266
17
1,300
2,504
1,818
8,908
89,393

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

21,574
118
8,587
16,54412,011
58,837590,405

334,305$ 2,479,008

375,346¥

2024(Thousands ofU.S. dollars)(Note 2)¥

Taiyo Oil Company, Limited, and Consolidated Subsidiaries
Consolidated Balance Sheets
March 31,2024
2023(Millions of yen)

Liabilities and net assets
Current liabilities:Notes and accounts payable-trade (Note 18)
Short-term loans payable (Note 4,18)
Current portion of long-term debt (Note 4)
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¥

56,29070,282
10,091
29,902
6,237
33,0891,947
7,585
31,216
246,643¥

2024(Thousands ofU.S. dollars)(Note 2)

51,89563,627
10,115
20,234580
26,674733
31,464205,325$ 371,773
464,183
66,652
197,49341,197
218,542
12,86550,099206,174
1,628,980－Noncurrent liabilities
Long-term debt (Note 4,18)
Deferred tax liabilities (Note 12)
Asset retirement obligations (Note 6)
Provision for directors’ retirement benefits
Provision for repairs
Provision for business structure improvement
Net defined benefit liability (Note 5)
Other (Note 24)
Total noncurrent liabilities
Total liabilities

15,589
3,723
2,297
634
8,290
2,515
691
498
34,240280,884

25,681
3,692
2,300
652
11,039
2,560
687
471
47,084
252,409

102,96024,589
15,1704,193
54,758
16,6154,566
3,290
226,145
1,855,125

Net assets (Note 7):
Shareholders’ equity:
Capital stock
Capital surplus
Retained earnings
Total shareholders’ equity

400
592,453
92,858400
580,960
81,3662,641
35
610,617613,294

(41)

122
712
6,739
3,013
10,588623,8832,479,008

Accumulated other comprehensive income:
Valuation difference on available-for-sale securities
18
Deferred gains or losses on hedges
107
Foreign currency translation adjustment
1,020
Remeasurements of defined benefit plans
456
Total accumulated other comprehensive income
1,603
Total net assets
94,462
Total liabilities and net assets¥ 375,346

See accompanying notes to the consolidated financial statements.

－¥594(23)530
81,896334,305$

Taiyo Oil Company, Limited, and Consolidated Subsidiaries
Consolidated Statements of Operations
Year ended March 31,2024
2023
2024
(Millions of yen)(Thousands ofU.S. dollars)(Note 2)
Net sales (Note 23)
Cost of sales (Note 22)
Gross profit¥

753,936
707,262
46,674

Selling, general and administrative expenses (Note 9)
Operating income (loss)¥721,351
716,728
4,623$

4,979,436
4,671,171
308,265

27,47819,19624,946(20,323)

181,483
126,782

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

107
1,541
90
51
20
12713
2,537

74
295
80
－27
612
605
1,695

709
10,181
595
339
135
83
4,712
16,757

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

962
602－
20
1,736
390
3,712

896
544
102
27
856
361
2,787

6,357
3,980
－
135
11,466
2,579
24,51918,020(21,415)

119,020Extraordinary gains:
Gain on sales of noncurrent assets
Compensation income
Reversal of provision for business restructuring
Other
Total extraordinary gains

46425－
940－
29029

32
427
165
－
625

Extraordinary losses:
Loss on sales of noncurrent assets
Loss on retirement of noncurrent assets
Impairment loss (Note 10)
Loss on cancellation of leases
Loss on withdrawal from business (Note 11)
Other
Total extraordinary losses

290
34
5－－
132

138
202
102－
4,525
2
4,971

13
598
227
33－
－
873

17,983(26,356)

118,773

6,218(567)
5,650
12,332
12,332650(466)
183(26,540)(26,540)

41,068(3,748)37,32081,45281,452Non-operating income:Ordinary income (loss)

Profit (loss) before income taxes
Income taxes:
Current
Deferred
Total income tax
Profit (loss)
Profit (loss) 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 31,2024
2023
2024
(Millions of yen)(Thousands ofU.S. dollars)(Note 2)
Profit (loss)¥

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 accountedfor using the equity method
Total other comprehensive income
Comprehensive income (Note 13)
Total comprehensive income attributable to:
Owners of parent¥¥

12,332¥(26,540)$81,452

55
107
425

(19)
(55)
240

364
712
2,810

479

(46)

3,166

4

030

1,072

118

7,085

13,405
13,405

See accompanying notes to the consoldiated financial statements.

¥¥(26,442)(26,442)$$

88,53788,537

Taiyo Oil Company, Limited, and Consolidated Subsidiaries
Consolidated Statements of Cash Flows
Year ended March 31,2024
2023
2024
(Millions of yen)(Thousands ofU.S. dollars)(Note 2)
Cash flows from operating activities
Profit (loss) before income taxes
Depreciation and amortization
Amortization of goodwill
Impairment loss
Decrease in provision for directors’ retirement benefits
Decrease in provision for business structure improvement
Increase (decrease) in provision for repairs
Increase (decrease) in provision for bonuses
Decrease in net defined benefit liability
Decrease (increase) in net defined benefit asset
Interest and dividend income
Interest expense(Increase) decrease in notes and accounts receivable-trade
Increase in inventories
Increase (decrease) in notes and accounts payable-trade
Increase (decrease) in accounts payable-other
Increase in gasoline and other excise taxes payable
Decrease (increase) in consumption taxes refund receivable(Increase) decrease in other current assets
Increase (decrease) in other current liabilities
Other, net
SubtotalInterest and dividends income received
Interest expense paid
Income taxes paid
Net cash provided by (used in) 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 in short-term loans payable
Repayments of finance lease obligations
Proceeds from long-term loans payable
Repayment of long-term loans payable
Redemption of bonds
Cash dividends paid
Net cash (used in) provided by financing activities
Effect of exchange rate change on cash and cash equivalents
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period (Note 20)¥¥

17,983
6,911
701
34
(17)
(44)
4,836
1,214
(33)
54(107)962(390)(54,572)
704
9,662
6,414
12,010
(430)
58
292
6,246
130(926)
(855)
4,595

(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)$ 118,773
45,648
4,631
227
(113)
(294)
31,944
8,021
(224)
360
(709)
6,357(2,578)(360,428)
4,653
63,81942,367
79,324(2,843)388
1,929
41,254860(6,115)
5,647
30,351(4,446)(10,171)

29,366

115

21

765

(17)
8
202
(4,136)(36)
0555(9,630)

(112)
57
1,336
(27,319)

6,655
(140)
－
(5,157)(4,958)(840)(4,440)150

43,494(113)
600(2,667)(5,008)(1,345)34,958(53)

43,953(925)－(34,065)(32,745)(5,547)(29,330)991(3,831)
31,25327,421(41,625)
72,879¥ 31,253(25,306)
206,417
181,110

See accompanying notes to the consoldiated financial statement¥$