October 19, 2021
To whom it may concern,
Company name: OSAKA SODA Co., LTD.
Securities Code: 4046, First Section, Tokyo Stock Exchange
Representative: Kenshi Terada
Representative Director, Chief Executive Officer
For inquiry:

Toru Imamura
General Manager, Administration Division
Tel: +81-(0)6-6110-1560

Osaka Soda Announces Revisions to the First Half and Full-Year Earnings
Forecast and Dividend Forecast for the Fiscal Year Ending March 31, 2022
Based on recent performance trends, Osaka Soda (the “Company”) hereby announces therevisions to the first half and full-year consolidated earnings forecast and dividend forecast
for the fiscal year ending March 31, 2022 (“Fiscal Year 2021”), which were announced on
May 14, 2021.
1. Revisions to consolidated earnings forecast(1) Revisions to consolidated earnings forecast for the first half of Fiscal Year 2021
(April 1, 2021 – September 30, 2021)(Millions of yen; unless otherwise noted)
Net Sales

Operating

Ordinary

Quarterly net

Quarterly

IncomeIncomeincome attributableearnings

to owners of theper shareparent(yen)Previous Forecast (A)37,000

4,000

4,400

3,200

137.18

Revised Forecast (B)41,000

5,700

6,100

4,400188.62

Change (B-A)

4,000

1,700

1,700

1,200-

Change (%)

10.8%

42.5%

38.6%

37.5%

-

45,178

3,497

3,698

2,474

104.60(Reference)Previous Results for the
first half of Fiscal 2020

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(2) Revisions to consolidated earnings forecast for Fiscal Year 2021
(April 1, 2021 – March 31, 2022)(Millions of yen; unless otherwise noted)
Net Sales

Operating

Ordinary

Net Income

Earnings

IncomeIncomeattributable toper shareowners of the(yen)parentPrevious Forecast (A)75,500

9,000

9,700

6,800

291.51

Revised Forecast (B)82,00010,70011,4008,000

342.95

Change (B-A)

6,500

1,700

1,700

1,200-

Change (%)

8.6%

18.9%

17.5%

17.6%

-

97,266

8,341

8,838

6,050

257.37(Reference)Previous Results forFiscal 2020

(Note)
Since the “Accounting Standard for Revenue Recognition” (ASBJ Statement No.29) isadopted from the beginning of Fiscal Year 2021, the above consolidated earnings
forecast is the figures assuming the same standard is adpopted.
(3) Reason for the revision
Net sales of Epichlorohydrin, Synthetic Rubber-related, and Allyl Ether are expected toexceed expectations mainly for electronic materials and automobile-related products for thefirst half of Fiscal Year 2021. Healthcare business expects to continue favorably, thanks tothe expansion of the use of new grades of refined pharmaceutical materials and theacquisition of new projects for bulk and intermediates for pharmaceuticals.

From the third quarter onwards, the outlook is uncertain due to rising raw material & fuelprices and declining automobile production. However, based on the results up to the First
half, we will revise upward our forecast for the first half and full-year results for Fiscal
Year 2021 as described above. The adjusted first half cumulative period and full-year
earnings are record highs.

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2. Revision to the dividend forecast(1) Revision to the dividend forecast
Annual Dividends (yen)End of first half

End of fiscal year

Total

Previous Forecast

32.50

32.50

65.00

Revised Forecast

35.00

35.00

70.00

Previous Results for Fiscal 2020

32.50

32.50

65.00

(2) Reason for the revision
In the light of the above revisions to earnings forecast, the Company will revise thedividend at the end of the first half to 35.00 yen, an increase by 2.50 yen from 32.50
yen per share from the previous forecast, taking into account the continuity of stabledividends and retained earnings for future business development. The forecast for theyear-end dividend will be increased from the previous forecast of 32.50 yen per shareto 35.00 yen. As a result, the annual dividend per share is 70.00 yen, an increase of¥5.00 from the previous forecast, and an increase of ¥5.00 compared to the previous
fiscal year.
(Note)
The above-mentioned forecasts are based on information currently available to theCompany. Actual results may differ from the forecasts due to various factors in thefuture.

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