Financial Review
Long-term Financial Performance Trend(Billions of yen)

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

Sales

153.8

163.7

171.2

176.9

180.3

193.4

204.9

206.8

209.1

208.0

228.1

Operating Profit

19.5

22.2

25.3

28.6

31.4

35.0

37.1

38.6

42.5

51.0

52.3

Ordinary Income

20.5

23.7

26.4

29.5

31.7

36.2

39.1

40.0

43.9

53.7

55.8

Net Income

13.9

16.7

18.2

22.4

24.0

27.1

29.4

30.8

33.5

38.8

41.1

EBITDA

29.1

30.8

33.8

38.3

40.3

45.5

48.0

49.2

53.0

61.2

63.3

Operating Margin

12.7%

13.6%

14.8%

16.2%

17.4%

18.1%

18.1%

18.7%

20.3%

24.5%

22.9%

ROE

11.4%

12.7%

12.7%

14.6%

15.1%

16.1%

16.6%

16.9%

17.5%

19.2%

19.4%

EPS(¥/share)

83.74

102.11113.99143.37156.97180.30197.67210.09231.73271.88291.36

Dividend(¥/share)

26

30

36

44

52

68

82

90

104

122

164

Dividend Payout
Ratio

31.0%

29.4%

31.6%

30.7%

33.1%

37.7%

41.5%

42.8%

44.9%

44.9%

56.3%

Share Repurchase

5.0

5.0

6.0

9.0

9.0

9.0

9.0

10.0

10.0

12.0

9.0

Total Assets

199.2

208.0

223.9

228.2

231.7

246.0

247.0

249.5

265.5

279.7

298.7

Net Assets

126.7

137.8

151.3

156.9

163.7

176.4

182.1

185.5

200.6

208.0

221.5

Cash

31.9

30.8

31.3

35.3

35.7

37.7

36.2

30.6

32.4

34.7

29.6

Liabilities with
Interest

38.1

36.1

35.1

33.1

30.8

28.6
(Billionsof yen)

26.6

24.6

22.7

22.7

27.3

Equity Ratio

63.0%

65.7%

66.9%

68.1%

69.9%

71.0%

73.0%

73.7%

74.9%
204.9

Capex

7.9

8.8

9.8

10.2

14.3

13.7

Depreciation

9.5

8.5

8.5

9.7

8.9

10.5

R&D Expenses

13.7

14.2

15.0

15.8

16.1

17.2

R&D Expenses/
Sales

8.9%

8.7%

8.7%

8.9%

8.9%

8.9%

250
200

153.8

150
100
50
0

●Sales (over time)

2012

200

153.8

163.7

171.2

176.9

180.3

193.4

204.9

206.8

209.1

208.0

228.1

60

193.4

15.8

11.0

20.3

10.9

10.5

10.4

10.2

11.0

17.8

17.2

16.5

16.0

16.8

8.7%

8.3%

7.9%

7.7%

7.4%

2013

2014

2015

2016

2017

2018

2019

(Accounting policy has changed since FY2021)
2020
2021
2022 (FY)Operating profit
Ordinary income
Net income attributable to owners of parent

50
40

150

30
100

20

50

60

180.3
176.9
15.7

228.1
73.1%

(Billions of yen)

250

(Billions of yen)

171.2

73.6% 208.0
209.1●Key financial indicators (over time)(Billions of yen)

0

9.9
163.7

206.8

10

2012

2013

2014

2015

2016

Nissan Chemical Corporation
Operating profit
Ordinary income

2017

85

2018

2019

2020

2021

Integrated Report 2023

53.7

2022 (FY)

55.8

0

20.5
19.5
13.9
2012

26.4

23.7
22.2

25.3

16.7

18.2

2013

2014

29.5

31.7

28.6

31.4

22.4

24.0

2015

2016

Nissan Chemical Corporation

53.7

36.2
35.0
27.1

2017

86

39.1

40.0

37.1

38.6

29.4

30.8

2018

2019

Integrated Report 2023

43.9
42.5
33.5

2020

55.8

51.0

52.3

38.8

41.1

2021

2022

(FY)

Corporate Data

2012

Financial Review

Financial Review of the Year Ended March 31, 2023

Overview by segments
Financial Position

The Chemicals Segment

The Healthcare Segment

In the current fiscal year (April 1, 2022 to March 31, 2023), although consumer spending showed a recovery trend due to therelaxation of behavioral restrictions, the domestic economy did
not achieve a full-fledged recovery due to soaring raw fuel material prices, inflation, as well as continued weak exports against
the backdrop of sluggish overseas economies. Under these circumstances, in the Chemicals Segment, sales of both Basic
Chemicals and Fine Chemicals increased. In the Performance
Materials Segment, although sales of Display Materials declined,
Semiconductor Materials and Inorganic Materials performed
well. In the Agricultural Chemicals Segment, sales increased. In
the Healthcare Segment, sales of “Custom Chemicals” (custom
manufacturing and solution proposal business for pharmaceutical companies) increased.
As a result, sales, operating income and net income attributable to owners of parent fell short of the forecasts announced in
February. However, compared to the same period last year,
sales and each income increased. In addition, operating and ordinary income achieved record highs for the ninth consecutive
year, and net income attributable to owners of parent for thetenth consecutive year exceeding the earnings outlook announced in November.

● Position of Assets, Liabilities and Net Assets
Total assets as of March 31, 2023 were 298,715 million yen (an increase of 19,027 million yen from the previous year). It is mainly
due to the increase of merchandise and finished goods, raw materials and supplies, and construction in progress.
Total liabilities as of March 31, 2023 were 77,188 million yen(an increase of 5,510 million yen). It is mainly due to the increaseof short-term loans payable.
Net assets as of March 31, 2023 were 221,526 million yen (anincrease of 13,516 million yen).
As a result of these factors, equity ratio was 73.1% (a decreaseof 0.5% from March 31, 2022).

In Basic Chemicals, sales of urea and AdBlue®* (high-grade urea
solution) increased due to price revisions in response to higher
raw material and fuel. Sales of melamine (adhesives agent forparticle board) declined as a result of the termination of sales inthe third quarter under the structural reforms announced inAugust 2021.
In Fine Chemicals, sales of TEPIC® (powder coating agent
for paint, sealants, etc.) decreased, but environmental chemicals(sterilizing and disinfecting agents for pools and septic tanks,etc.) and FINEOXOCOL® (raw materials for cosmetics, etc.) increased.
As a result, sales of this segment were 39,034 million yen (anincrease of 1,385 million yen) and operating income was 1,379
million yen (a decrease of 2,408 million yen). Compared to theoutlook, sales were below 0.7 billion yen and operating income
was below 0.3 billion yen.

Sales of LIVALO® (anti-cholesterol drug) were at the same level
as the FY2021. In “Custom Chemicals”, sales increased due to
steady sales of generic active pharmaceutical ingredients.
As a result, sales of this segment were 6,673 million yen (anincrease of 83 million yen) and operating income was 2,990 million yen (an increase of 176 million yen). Compared to the outlook, sales were above 0.1 billion yen and operating income wasabove 0.1 billion yen.

● Position of Cash Flow
Deducting income taxes paid from income before income taxes
and non-controlling interests, depreciation and gain and loss inworking capital, net cash provided by operating activities for the
consolidated fiscal year ended March 31, 2023 was 35,226 million
yen (41,949 million yen for the previous year).
Due to investment on plant and equipment, etc. net cashused in investing activities for the consolidated fiscal year ended
March 31, 2023 was19,643 million yen (12,395 million yen for theprevious year).
Due to share repurchase, payment for dividends and the decrease in loans payable, net cash used in financing activities forthe consolidated fiscal year ended March 31, 2023 was 25,030
million yen (27,868 million yen for the previous year).
As a result of these factors, cash and cash equivalents forthe consolidated fiscal year ended March 31, 2023 were 29,647
million yen (34,658 million yen for the previous year), reflecting
exchange of 1,320 million yen. It decreased by 5,010 million yen
compared to the previous year.

Operating Results
As a result, the Companyʼs results for the current fiscal year
were net sales 228,065 million yen (an increase of 20,093 millionyen), operating income 52,283 million yen (an increase of 1,323
million yen) and ordinary income 55,793 million yen (an increaseof 2,103 million yen), and net income attributable to owners ofparent 41,087 million yen (an increase of 2,311 million yen).
ROE was 19.4% and we have achieved the Mid-Term Plan
“Vista2027” StageⅠ target (maintain above 18%) in the current
fiscal year.
Dividend was 164 yen and dividend payout ratio became
56.3%. We have repurchased share of 9.0 billion yen and total
payout ratio was 78.0%.

Trading
Sales of this segment were 99,066 million yen (an increase of
18,629 million yen) and operating income was 3,701 million yen(an increase of 797 million yen). Compared to the outlook, sales
were above 0.1 billion yen and operating income was above 0.4
billion yen.

* AdBlue® is a registered trademark of the Verband der Automobilindustrie (VDA).

OthersThe Performance Materials Segment

Sales of this segment were 26,384 million yen (an increase of
2,789 million yen) and operating income was 879 million yen (anincrease of 187 million yen).

In Display Materials, sales of SUNEVER® (LCD alignment coating) declined. In Semiconductor Materials, sales of ARC®* (anti-reflective coating for semiconductors) increased due to strong
sales through the first half of the year, however, customer utilization declined from the third quarter of the year. In Inorganic
Materials, sales of SNOWTEX® for polishing electronic materials
and hard coating and Oilfield materials (solvents to improve theefficiency of shale oil and gas extraction) were steady.
As a result, sales of this segment were 82,606 million yen (anincrease of 941 million yen) and operating income was 25,449
million yen (a decrease of 2,171 million yen). Compared to theoutlook, sales were a below 0.9 billion yen and operating income
was below 0.8 billion yen.
* ARC® is registered trademark of Brewer Science, Inc.

The Agricultural Chemicals Segment
Sales of Fluralaner (active ingredients for veterinary pharmaceuticals) increased due to the completion of customer inventory adjustments in the previous fiscal year. In Japanese domestic
market, sales of ROUNDUP® (non-selective foliar application
herbicide), ALTAIR® (paddy rice herbicide) and GRACIA® (insecticide) were firm. In the overseas market, sales increased significantly due to strong sales of LEIMAY® (fungicide), GRACIA® and“TARGA” (herbicide).
As a result, sales of this segment were 81,584 million yen (anincrease of 15,765 million yen) and operating income was 23,130
million yen (an increase of 5,002 million yen). Compared to theoutlook, sales were above 0.2 billion yen and operating income
was below 0.4 billion yen.

Nissan Chemical Corporation

87

Integrated Report 2023

Nissan Chemical Corporation

88

Integrated Report 2023

Corporate Data

Overview

Financial Review

Consolidated Balance Sheets [1] (For FY2022 and FY2021)

Consolidated Balance Sheets [2] (For FY2022 and FY2021)(Millions of yen)

◎Assets

FY2022(Thousands of U.S. dollars)

FY2021(Millions of yen)

◎Liabilities

FY2022(Thousands of U.S. dollars)

FY2022

FY2021

FY2022Current liabilities

Current assets

29,64734,658222,008

Notes and accounts payable - trade

19,942

19,043

149,334

82,67079,979619,065

Short-term loans payable

25,327

20,981

189,659

Merchandise and finished goods

46,95037,664

351,580

Current portion of long-term loans payable

624

552

4,673

18

15

135

Income taxes payable

7,879

8,710

59,001

Raw materials and supplies

17,703

14,496

132,567

Provision for bonuses

2,413

2,285

18,069Accounts receivable - other

2,113

2,824

15,823

Provision for business structure improvement

418

-

3,130

Work in process

Short-term loans receivable

3,088

1,541

23,124Other

15,556

14,398116,489

Other

7,305

4,140

54,703

Total current liabilities

72,161

65,971

540,370

Allowance for doubtful accounts

(44)

(41)

(329)

Non-current liabilities

189,454

175,279

1,418,706

Long-term loans payable

1,338

1,182

10,019Non-current assets

Deferred tax liabilities

98

69

734

Property, plant and equipment

Provision for business structure improvement

-

698

-

Total current assets

Buildings and structures

72,52069,443543,058

Provision for loss on business of subsidiaries and affiliates

626

626

4,688

Accumulated depreciation and impairment loss

(46,567)(45,158)(348,712)

Provision for share awards for directors (and other officers)

256

200

1,917

Buildings and structures, net

25,952

24,284

194,339

Net defined benefit liability

377

290

2,823

Machinery, equipment and vehicles

151,653

145,129

1,135,637

Other

2,331

2,638

17,455

Accumulated depreciation and impairment loss

(136,861)(132,567)(1,024,869)

Total non-current liabilities

5,027

5,706

37,644

Total liabilities

77,18871,678578,014

Machinery, equipment and vehicles, net

14,792

12,561

110,768

Tools, furniture and fixtures

42,153

41,345

315,658

Accumulated depreciation and impairment loss

(38,379)(37,384)(287,397)

Tools, furniture and fixtures, net

3,774

3,960

28,261

Land

8,817

8,809

66,025

Leased assets

149

-

1,116

Accumulated depreciation and impairment loss

(10)

-

(75)

Leased assets (Net)

139

-

1,041

Shareholdersʼ equity

Construction in progress

11,176

3,561

83,690484,147

Total property, plant and equipment

64,65353,177

Intangible assets
Software

1,722

1,736

(Millions of yen)

◎Net assets(Thousands of U.S. dollars)

FY2022

FY2021

FY2022

Capital stock

18,942

18,942

141,845

Capital surplus

13,613

13,613

101,939

Retained earnings

182,400

172,393

1,365,883

12,895

Treasury shares(6,111)(8,261)(45,762)

208,844

196,688

1,563,906

Other

9,813

10,04473,484

Total shareholders’ equity

Total intangible assets

11,535

11,78086,379

Accumulated other comprehensive income

Investments and other assets

Valuation difference on available-for-sale securities

7,678

8,304

57,496

Investment securities

1,735

898

12,992Long-term loans receivable

27,32230,217

204,598

Foreign currency translation adjustment

0

3,323

0

Remeasurements of defined benefit plans

159

21

1,191

9,574

9,223

71,694

3,107

2,097

23,266

531

918

3,976

Total accumulated other comprehensive income

Net defined benefit asset

2,140

1,844

16,025

Non-controlling interests

Other

3,186

3,256

23,858

Total net assets

221,526

208,009

1,658,874

Total liabilities and net assets

298,715

279,6872,236,895

Deferred tax assets

Allowance for doubtful accounts

(110)

(110)

(824)

Total investments and other assets

33,07139,450247,649

Total non-current assets

109,260

104,408

818,182

Total assets

298,715

279,6872,236,895

Nissan Chemical Corporation

89

Integrated Report 2023

(Note 1) This is an English translation of the consolidated financial statements of the Japanese annual securities report.
(Note 2) The consolidated financial statements are expressed in Japanese yen as of and for the year ended March 31, 2023 after being converted from the currency of the country in which the Company operates. The translation of Japanese
yen amounts to United States dollar amounts is included solely for the convenience of the readers outside Japan, and has been made at the rate of ￥133.54 to US $1, which is the approximate closing exchange rate reported by the
Tokyo Foreign Exchange Market on March 31, 2023. This translation should not be construed to indicate that the Japanese yen amounts shown can be converted to United States dollars at the above rate.

Nissan Chemical Corporation

90

Integrated Report 2023

Corporate Data

Cash and deposits
Notes and accounts receivable - trade, and contract assets

Financial Review

Consolidated Statements of Income and Consolidated Statements of Comprehensive Income (For FY2022 and FY2021)(Millions of yen)◎Consolidated Statements of Income(Thousands of U.S. dollars)

FY2022

FY2021

FY2022228,065
121,262
106,80354,51952,283207,972
106,883
101,089
50,12950,9591,707,840
908,058
799,783
408,260
391,516

203
1,323
1,485
1,296
694
5,004

49
768
950
1,134
918
3,821

1,520
9,907
11,1209,705
5,197
37,472

252
817
5
198
220
1,493
55,793

73
682
116
108
109
1,090
53,690

1,887
6,118
37
1,483
1,647
11,180417,800

1,461
1,461

3,366
3,366

10,941
10,941650
650
56,605
14,554633
15,18741,417329
41,087

477
1,792
626
2,896
54,16014,713
312
15,026
39,134357
38,776

4,867
4,867
423,880
108,986
4,740
113,726
310,1472,464
307,676(Millions of yen)◎C onsolidated Statements ofComprehensive Income
Net income
Other comprehensive income
Valuation difference on available-for-sale securities
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 to)
Owners of parent
Non-controlling interests

Nissan Chemical Corporation

91

Shareholders’ equity

Balance at beginning of current period
Changes of items during period
Dividends of surplus
Net income attributable to owners of parent
Change in scope of consolidation
Share repurchase
Disposal of treasury shares
Cancellation of treasury shares
Net changes of items other than shareholders’ equity
Total changes of items during period
Balance at end of current period

Capitalstock

CapitalsurplusRetainedearnings

TreasurysharesTotal shareholders’equity¥18,942¥13,613¥172,393(¥8,261)¥196,688(11,097)(9,002)
55
11,097(20,084)
41,087101(9,002)55-

10,006¥182,400

2,150(¥6,111)

12,156¥208,844(20,084)
41,087
101¥18,942¥13,613(Millions of yen)

Accumulated other comprehensive income
Total accumulated
Foreign
Valuationother
difference on currency Remeasurements ofNoncomprehensive controlling
available-for- translation defined benefit
Total
incomeplans
sale securities adjustment
interests net assets
Balance at beginning of current period
Changes of items during period
Dividends of surplus
Net income attributable to owners of parent
Change in scope of consolidation
Share repurchase
Disposal of treasury shares
Cancellation of treasury shares
Net changes of items other than shareholders’ equity
Total changes of items during period
Balance at end of current period¥8,304(625)(625)¥7,678

¥898

837
837
¥1,735

¥21

138
138
¥159

(Thousands of U.S. dollars)

FY2022

FY2021

FY2022

41,417

39,134

310,147

(625)
760
138

(3,055)875(442)(4,680)
5,691
1,033

0

0

0

273
41,690(2,622)36,511

2,044
312,191

41,270420

36,095416

309,046
3,145

Integrated Report 2023

(Millions of yen)

Nissan Chemical Corporation

92

Integrated Report 2023

¥9,223350
350¥9,574¥2,097¥208,009

1,009
1,009
¥3,107(20,084)
41,087101(9,002)55
1,360
13,516¥221,526

Corporate Data

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividend income
Equity in earnings of affiliates
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Loss on disposal of non-current assets
Loss on sales of non-current assets
Plant stop losses
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sales of investment securities
Total extraordinary income
Extraordinary losses
Loss on valuation of investment securities
Business restructuring expenses
Loss on business of subsidiaries and associates
Total extraordinary losses
Income before income taxes and non-controlling interests
Income taxes - current
Income taxes - deferred
Total income taxes
Net income
Net income attributable to non-controlling interests
Net income attributable to owners of parent

Consolidated Statements of Changes in Net Assets (For FY2022)

Financial Review

Consolidated Statements of Changes in Net Assets (For FY2021)

Consolidated Statements of Changes in Net Assets (For FY2022)(Millions of yen)(Thousands of U.S. dollars)

Shareholders’ equity
Capitalstock

CapitalsurplusRetainedearnings

TreasurysharesTotal shareholders’equity¥18,942¥13,613(¥7,340)¥18,942¥13,613¥161,708(1,548)¥160,160(¥7,340)¥186,923(1,548)¥185,375(15,468)
38,776(12,003)8
11,313¥196,688(15,468)
38,776¥18,9420(0)(11,074)(12,003)
8
11,074¥13,613

12,233¥172,393(920)(¥8,261)

Capitalstock
Balance at beginning of current period
Changes of items during period
Dividends of surplus
Net income attributable to owners of parent
Change in scope of consolidation
Share repurchase
Disposal of treasury shares
Cancellation of treasury shares
Net changes of items other than shareholders’ equity
Total changes of items during period
Balance at end of current period

CapitalsurplusRetainedearnings

TreasurysharesTotal shareholders’equity$141,845 $101,939$1,290,947($61,862)$1,472,877(83,099)(67,411)
412
83,099(150,397)
307,676756(67,411)412-

74,929$1,365,883

16,100($45,762)

91,029$1,563,906(150,397)
307,676756$141,845 $101,939(Thousands of U.S. dollars)(Millions of yen)

Accumulated other comprehensive income

Accumulated other comprehensive income
Total accumulated
Foreign
Valuationother
difference on currency Remeasurements
Nonavailable-for- translation of defined benefit comprehensive controlling
Total
incomeplans
sale securities adjustment
interests net assets
Balance at beginning of current period
Cumulative effects of changes in accounting policies
Restated balance
Changes of items during period
Dividends of surplus
Net income attributable to owners of parent
Share repurchase
Disposal of treasury shares
Cancellation of treasury shares
Net changes of items other than shareholders’ equity
Total changes of items during period
Balance at end of current period¥11,359¥81¥463¥11,904¥1,733¥11,359¥81¥463¥11,904¥1,733¥200,562(1,548)¥199,013

363
363¥2,097(15,468)
38,776(12,003)8(2,317)
8,995¥208,009(3,055)(3,055)¥8,304

Nissan Chemical Corporation

93

816
816
¥898

(442)
(442)
¥21

Integrated Report 2023

(2,680)(2,680)¥9,223

Total accumulated
Foreign
Valuationother
difference on currency Remeasurements
Nonavailable-for- translation of defined benefit comprehensive controlling
Total
incomeplans
sale securities adjustment
interests net assets
Balance at beginning of current period
Changes of items during period
Dividends of surplus
Net income attributable to owners of parent
Change in scope of consolidation
Share repurchase
Disposal of treasury shares
Cancellation of treasury shares
Net changes of items other than shareholders’ equity
Total changes of items during period
Balance at end of current period$62,184$6,725(4,680)6,268
6,268(4,680)$57,496 $12,992

Nissan Chemical Corporation

94

$157

1,033
1,033
$1,191

Integrated Report 2023

$69,065

2,621
2,621
$71,694$15,703$1,557,653

7,556
7,556
$23,266(150,397)
307,676756(67,411)412
10,184
101,213$1,658,874

Corporate Data

Balance at beginning of current period
Cumulative effects of changes in accounting policies
Restated balance
Changes of items during period
Dividends of surplus
Net income attributable to owners of parent
Share repurchase
Disposal of treasury shares
Cancellation of treasury shares
Net changes of items other than shareholders’ equity
Total changes of items during period
Balance at end of current period

Shareholders’ equity

Financial Review

Consolidated Statements of Changes in Net Assets (For FY2021)

Consolidated Statements of Cash Flows (For FY2022 and FY2021)(Thousands of U.S. dollars)(Millions of yen)

Shareholders’ equity
Capitalstock$154,742$111,208$154,742$111,208$154,7420(0)$111,208

Retainedearnings$1,321,036(12,646)$1,308,390
0(126,362)
316,772

Treasuryshares($59,962)

Total shareholders’equity(90,466)(98,056)
65
90,466$1,527,024(12,646)$1,514,378
0(126,362)
316,772(98,056)
65-

99,935$1,408,324(7,516)($67,486)

92,419$1,606,797($59,962)(Thousands of U.S. dollars)

Accumulated other comprehensive income
Total accumulated
Foreign
Valuationother
difference on currency Remeasurements
Nonavailable-for- translation of defined benefit comprehensive controlling
Total
incomeplans
sale securities adjustment
interests net assets
Balance at beginning of current period
Cumulative effects of changes in accounting policies
Restated balance
Changes of items during period
Dividends of surplus
Net income attributable to owners of parent
Share repurchase
Disposal of treasury shares
Cancellation of treasury shares
Net changes of items other than shareholders’ equity
Total changes of items during period
Balance at end of current period$92,795$92,795(24,957)(24,957)$67,838

$662
$662

6,666
6,666
$7,336$3,782$3,782(3,611)(3,611)$172$97,247$97,247(21,894)(21,894)$75,345$14,157 $1,638,445(12,646)$14,157 $1,625,790(126,362)
316,772(98,056)
65
2,965(18,928)
2,965
73,483$17,131 $1,699,281

FY2022

FY2021

FY2022

Cash flows from operating activities
Income before income taxes and non-controlling interests

56,60554,160423,880

Depreciation and amortization

10,878

10,11981,459Business restructuring expenses

-

1,792

-

Loss on business of subsidiaries and associates

-

626

-

Loss on valuation of investment securities

650

477

4,867

101

103

756

Interest and dividend income

Amortization of goodwill(1,527)(817)(11,435)

Loss (gain) on sales of investment securities(1,461)(3,366)(10,941)

Interest expenses

252

73

1,887

Loss (gain) on disposal of non-current assets

817

682

6,118

Decrease (increase) in notes and accounts receivable - trade(2,360)(5,704)(17,673)

Decrease (increase) in inventories(12,382)(6,230)(92,721)

Increase (decrease) in notes and accounts payable - trade
Other

217
(3,057)

2,523(1,163)

1,625(22,892)

Subtotal

48,73453,277364,939

Interest and dividend income received
Interest expenses paid
Income taxes paid

2,153
(251)
(15,408)

1,913
(73)
(13,168)

16,123(1,880)(115,381)

Net cash provided by (used in) operating activities

35,226

41,949263,786

Cash flows from investing activities
Purchase of investment securities

(506)

(190)

(3,789)Proceeds from sales of investment securities

2,499

4,248

18,713Purchase of shares of subsidiaries

(25)

(22)

(187)

(18,236)(11,253)(136,558)

(716)

(466)

(5,362)(1,221)(1,133)(9,143)-(3,322)-(1,505)(262)(11,270)

(282)
352

(188)
196

(2,112)
2,636

Net cash provided by (used in) investing activities(19,643)(12,395)(147,095)

Cash flows from financing activities
Net increase (decrease) in short-term loans payable

3,940

(345)

29,504

780

550

5,841

Purchase of property, plant and equipment
Payments for retirement of property, plant and equipment
Purchase of intangible assets
Payments of long-term loans receivable
Net decrease (increase) in short-term loans receivable
Purchase of long-term prepaid expenses
Other

Proceeds from long-term loans payable
Repayments of long-term loans payable
Cash dividends paid
Dividends paid to non-controlling interests

(552)

(552)

(4,134)(20,084)(15,468)(150,397)

(105)

(48)

(786)

Share repurchaseOther(9,002)(12,003)(67,411)

(6)

0

(45)

Net cash provided by (used in) financing activities(187,434)(25,030)(27,868)

Effect of exchange rate change on cash and cash equivalents

1,320

591

9,885

Net increase (decrease) in cash and cash equivalents(8,126)

2,277(60,851)

Cash and cash equivalents at beginning of period

34,65832,380259,533

Increase in cash and cash equivalents resulting from inclusion of subsidiaries in consolidation

3,116

-

23,334

Cash and cash equivalents at end of period

29,64734,658222,008(Note 1) This is an English translation of the consolidated financial statements of the Japanese annual securities report.
(Note 2) The consolidated financial statements are expressed in Japanese yen as of and for the year ended March 31, 2023 after being converted from the currency of the country in which the Company operates. The translation of Japanese
yen amounts to United States dollar amounts is included solely for the convenience of the readers outside Japan, and has been made at the rate of ¥133.54 to US $1, which is the approximate closing exchange rate reported by the
Tokyo Foreign Exchange Market on March 31, 2023. This translation should not be construed to indicate that the Japanese yen amounts shown can be converted to United States dollars at the above rate.

Nissan Chemical Corporation

95

Integrated Report 2023

Nissan Chemical Corporation

96

Integrated Report 2023

Corporate Data

Balance at beginning of current period
Cumulative effects of changes in accounting policies
Restated balance
Changes of items during period
Dividends of surplus
Net income attributable to owners of parent
Share repurchase
Disposal of treasury shares
Cancellation of treasury shares
Net changes of items other than shareholders’ equity
Total changes of items during period
Balance at end of current period

Capitalsurplus(Thousands of U.S. dollars)