Integrated Report 2023
Financial Section

Nissan Chemical Corporation

Table of Contents for Attached Materials
Long Term Financial Performance Trend........................................................................................................... 2

Financial Review ........................................................................................................................................... 3
Overview by segments................................................................................................................................... 5

Consolidated Balance Sheets.......................................................................................................................... 7

Consolidated Statements of Income and Statements of Comprehensive Income
Consolidated Statements of Cash Flows........................................................... 9............................................................................................................11

Consolidated Statements of Changes in Net Assets .............................................................................................. 12
Notes to Consolidated Financial Statements....................................................................................................... 15

1. Basis for presenting Consolidated Financial Statements .................................................................................. 15
2. Summary of Significant Accounting Policies
3. U.S. dollar Amounts............................................................................................................................... 16

4. Significant accounting estimates
5. Changes in Accounting Policy...............................................................................................................16.................................................................................................................. 17

6. Notes to Consolidated Balance Sheets....................................................................................................... 18

7. Notes to Consolidated Statements of Income
8. Comprehensive Income
9. Common Shares.................................................................................................15...............................................................................................19..........................................................................................................................20...................................................................................................................................20

10. Investment Securities...........................................................................................................................20

11. Financial Instruments ............................................................................................................................ 21
12. Securities.......................................................................................................................................... 24

13. Retirement Benefits .............................................................................................................................. 25
14. Income Taxes .......................................................................................................................................26
15. Revenue Recognition...........................................................................................................................27

16. Segment Information............................................................................................................................28

17. Amounts per Share..............................................................................................................................29

Long Term Financial Performance Trend(Billions of Yen)

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

Sales

154.2

148.6

153.8

163.7

171.2

176.9

180.3

193.4

204.9

206.8

209.1

208.0

228.1

Operating Profit

19.8

15.5

19.5

22.2

25.3

28.6

31.4

35.0

37.1

38.6

42.5

51.0

52.3

Ordinary Income

19.4

15.9

20.5

23.7

26.4

29.5

31.7

36.2

39.1

40.0

43.9

53.7

55.8

Net Income

13.0

11.0

13.9

16.7

18.2

22.4

24.0

27.1

29.4

30.8

33.5

38.8

41.1

30.3

25.9

29.1

30.8

33.8

38.3

40.3

45.5

48.0

49.2

53.0

61.2

63.3

EBITDAOP Margin

12.9% 10.4% 12.7% 13.6% 14.8% 16.2% 17.4% 18.1% 18.1% 18.7% 20.3% 24.5% 22.9%

ROE

11.9%

9.5% 11.4% 12.7% 12.7% 14.6% 15.1% 16.1% 16.6% 16.9% 17.5% 19.2% 19.4%

EPS(\/share)

75.94

64.52

24

24

Dividend(\/share)
Dividend Payout Ratio

Share Repurchase

83.74 102.11 113.99 143.37 156.97 180.30 197.67 210.09 231.73 271.88 291.36
26

30

36

44

52

68

82

90

104

122

164

31.6% 37.2% 31.0% 29.4% 31.6% 30.7% 33.1% 37.7% 41.5% 42.8% 44.9% 44.9% 56.3%
2.8

-

5.0

5.0

6.0

9.0

9.0

9.0

9.0

10.0

10.0

12.0

9.0

Total Assets

183.4

190.1

199.2

208.0

223.9

228.2

231.7

246.0

247.0

249.5

265.5

279.7

298.7

Net Assets

112.4

119.6

126.7

137.8

151.3

156.9

163.7

176.4

182.1

185.5

200.6

208.0

221.5

Cash

21.1

27.9

31.9

30.8

31.3

35.3

35.7

37.7

36.2

30.6

32.4

34.7

29.6

39.9

38.9

38.1

36.1

35.1

33.1

30.8

28.6

26.6

24.6

22.7

22.7

27.3

Liabilities with Interest

Equity Ratio

60.7% 62.4% 63.0% 65.7% 66.9% 68.1% 69.9% 71.0% 73.0% 73.7% 74.9% 73.6% 73.1%

Capex

9.6

8.3

7.9

8.8

9.8

10.2

14.3

13.7

9.9

15.7

15.8

11.0

20.3

Depreciation

10.4

10.5

9.5

8.5

8.5

9.7

8.9

10.5

10.9

10.5

10.4

10.2

11.0

R&D Expenses

12.6

13.6

13.7

14.2

15.0

15.8

16.1

17.2

17.8

17.2

16.5

16.0

16.8

R&D Expenses/Sales

8.2%

9.2%

8.9%

8.7%

8.7%

8.9%

8.9%

8.9%

8.7%

8.3%

7.9%

7.7%

7.4%

FINANCIAL REVIEW
Financial Review of the Year Ended March 31, 2023
Overview
In the current fiscal year (April 1, 2022 to March 31, 2023), although consumer spending showed a recovery
trend due to the relaxation 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 ofboth Basic Chemicals and Fine Chemicals increased. In the Performance Materials Segment, although salesof 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 theforecasts 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 the tenth consecutive year exceeding the earnings
outlook announced in November.

Operating Results
As a result, the Company's results for the current fiscal year were net sales 228,065 million yen (an increaseof 20,093 million yen), operating income 52,283 million yen (an increase of 1,323 million yen) and ordinary
income 55,793 million yen (an increase of 2,103 million yen), and net income attributable to owners of parent
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 above18%) 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%.

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

Position of Cash Flow
Deducting income taxes paid from income before income taxes and non-controlling interests, depreciationand gain and loss in working 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 cash used in investing activities for the consolidated
fiscal year ended March 31, 2023 was19,643 million yen (12,395 million yen for the previous year).
Due to share repurchase, payment for dividends and the decrease in loans payable, net cash used infinancing activities for the 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 for the 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.

Overview by segments
The Chemicals Segment
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 for particle board) declined as a result of the termination of sales in the third quarter
under the structural reforms announced in August 2021.
In Fine Chemicals, sales of "TEPIC" (powder coating agent for paint, sealants, etc.)
decreased, but environmental chemicals (sterilizing and disinfecting agents for pools andseptic tanks, etc.) and fineoxocol (raw materials for cosmetics, etc.) increased.
As a result, sales of this segment were 39,034 million yen (an increase of 1,385 million yen)and operating income was 1,379 million yen (a decrease of 2,408 million yen). Compared tothe outlook, sales were below 0.7 billion yen and operating income was below 0.3 billion yen.
* AdBlue® is a registered trademark of the Verband der Automobilindustrie (VDA).
The Performance Materials Segment
In Display Materials, sales of "SUNEVER" (LCD alignment coating) declined. In
Semiconductor Materials, sales of anti-reflective coating for semiconductors (ARC®*)
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" forpolishing 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 (an increase of 941 million yen)and operating income was 25,449 million yen (a decrease of 2,171 million yen). Comparedto the outlook, sales were a below 0.9 billion yen and operating income was below 0.8 billion
yen.
* ARC® is a registered trademark of Brewer Science, Inc.
The Agricultural Chemicals Segment
Sales of Fluralaner (active ingredients for veterinary pharmaceuticals) increased due to thecompletion 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 (an increase of 15,765 million

yen) and operating income was 23,130 million yen (an increase of 5,002 million yen).
Compared to the outlook, sales were above 0.2 billion yen and operating income was below
0.4 billion yen.
The Healthcare Segment
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 (an increase of 83 million yen) andoperating income was 2,990 million yen (an increase of 176 million yen). Compared to theoutlook, sales were above 0.1 billion yen and operating income was above 0.1 billion yen.
Trading
Sales of this segment were 99,066 million yen (an increase of 18,629 million yen) andoperating income was 3,701 million yen (an increase of 797 million yen). Compared to theoutlook, sales were above 0.1 billion yen and operating income was above 0.4 billion yen.
OthersSales of this segment were 26,384 million yen (an increase of 2,789 million yen) andoperating income was 879 million yen (an increase of 187 million yen).

Consolidated Balance Sheets(Millions of Yen)FY2021(Thousands of
U.S. dollars)
FY2022

29,647
82,67046,95018
17,703
2,113
3,088
7,305
(44)
189,454

34,65879,97937,66415
14,496
2,824
1,541
4,140
(41)
175,279

222,008
619,065
351,580135
132,567
15,82323,12454,703(329)
1,418,706

72,520(46,567)
25,952
151,653(136,861)
14,79242,153(38,379)
3,774
8,817
149
(10)
139
11,17664,65369,443(45,158)
24,284145,129(132,567)
12,561
41,345(37,384)
3,960
8,809
3,561
53,177543,058(348,712)
194,339
1,135,637(1,024,869)
110,768
315,658(287,397)
28,261
66,025
1,116
(75)
1,041
83,690484,147

1,722
9,813
11,535

1,736
10,044
11,78012,89573,48486,37927,322
0
531
2,140
3,186
(110)
33,071
109,260
298,715

30,217
3,323
918
1,844
3,256
(110)
39,450104,408
279,687

204,598
0
3,976
16,02523,858(824)
247,649
818,182
2,236,895

FY2022
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract assets
Merchandise and finished goods
Work in process
Raw materials and supplies
Accounts receivable - other
Short-term loans receivable
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation and impairment loss
Buildings and structures, net
Machinery, equipment and vehicles
Accumulated depreciation and impairment loss
Machinery, equipment and vehicles, net
Tools, furniture and fixtures
Accumulated depreciation and impairment loss
Tools, furniture and fixtures, net
Land
Leased assets
Accumulated depreciation and impairment loss
Leased assets (Net)Construction in progress
Total property, plant and equipment
Intangible assets
Software
Other
Total intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Deferred tax assets
Net defined benefit asset
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets-

(Millions of Yen)FY2021(Thousands of
U.S. dollars)
FY2022

19,942
25,327
624
7,879
2,413
418
15,556
72,161

19,043
20,981
552
8,710
2,285
14,39865,971

149,334
189,659
4,673
59,001
18,0693,130
116,489
540,370

1,338
98
626
256
377
2,331
5,027
77,188

1,182
69
698
626
200
290
2,638
5,706
71,67810,019
734
4,688
1,917
2,823
17,45537,644
578,014

18,942
13,613
182,400(6,111)
208,844

18,942
13,613
172,393(8,261)
196,688

141,845
101,939
1,365,883(45,762)
1,563,906

7,678
1,735
159
9,574
3,107
221,526
298,715

8,304
898
21
9,223
2,097
208,009279,687

57,496
12,992
1,191
71,69423,266
1,658,874
2,236,895

FY2022
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term loans payable
Current portion of long-term loans payable
Income taxes payable
Provision for bonuses
Provision for business structure improvement
Other
Total current liabilities
Non-current liabilities
Long-term loans payable
Deferred tax liabilities
Provision for business structure improvement
Provision for loss on business of subsidiaries and affiliates
Provision for share awards for directors (and other officers)
Net defined benefit liability
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Capital stock
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

Consolidated Statements of Income

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

FY2022228,065
121,262
106,80354,51952,283(Millions of Yen)FY2021
207,972
106,883
101,089
50,12950,959(Thousands of
U.S. dollars)
FY2022
1,707,840
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

Consolidated Statements of Comprehensive 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 forusing equity method
Total other comprehensive income
Comprehensive income(Comprehensive income attributable to)
Owners of parent
Non-controlling interests(Millions of Yen)FY2022
FY202141,417
39,134(Thousands of
U.S. dollars)
FY2022
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

Consolidated Statements of Cash Flows(Millions of Yen)FY2021(Thousands of
U.S. dollars)
FY202256,605
10,878650
101(1,527)(1,461)252
817(2,360)(12,382)217(3,057)
48,734
2,153(251)(15,408)
35,22654,160
10,119
1,792
626
477
103
(817)
(3,366)73
682(5,704)(6,230)2,523(1,163)53,277
1,913(73)(13,168)
41,949423,880
81,4594,867
756(11,435)(10,941)
1,887
6,118
(17,673)(92,721)
1,625(22,892)
364,939
16,123(1,880)(115,381)
263,786

(506)
2,499
(25)
(18,236)(716)(1,221)(1,505)(282)
352(19,643)

(190)
4,248
(22)
(11,253)(466)(1,133)(3,322)
(262)
(188)
196
(12,395)(3,789)18,713(187)(136,558)(5,362)(9,143)(11,270)(2,112)
2,636(147,095)

3,940
780
(552)
(20,084)(105)(9,002)(6)(25,030)
1,320(8,126)34,658

(345)
550
(552)
(15,468)(48)(12,003)
0(27,868)591
2,277
32,38029,504
5,841(4,134)(150,397)(786)(67,411)(45)(187,434)
9,885(60,851)
259,533

FY2022
Cash flows from operating activities
Income before income taxes and non-controlling interests
Depreciation and amortization
Business restructuring expenses
Loss on business of subsidiaries and associates
Loss on valuation of investment securities
Amortization of goodwill
Interest and dividend income
Loss (gain) on sales of investment securities
Interest expenses
Loss (gain) on disposal of non-current assets
Decrease (increase) in notes and accounts receivable - trade
Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable - trade
Other
SubtotalInterest and dividend income received
Interest expenses paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of investment securities
Proceeds from sales of investment securities
Purchase of shares of subsidiaries
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
Net cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term loans payable
Proceeds from long-term loans payable
Repayments of long-term loans payable
Cash dividends paid
Dividends paid to non-controlling interests
Share repurchase
Other
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
Increase in cash and cash equivalents resulting from inclusion ofsubsidiaries in consolidation
Cash and cash equivalents at end of period

3,116

-

23,33429,64734,658222,008(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 toUnited States dollar amounts is included solely for the convenience of the readers outside Japan, and has been made at the rateof ￥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.

Consolidated Statements of Changes in Net Assets

For FY2022

Shareholders' equity

Balance at beginning of current
periodCapital stock

Capital surplus¥18,942¥13,613Retainedearnings(Millions of Yen)

Treasury shares

Total
shareholders'equity(¥8,261)¥196,688¥172,393

Changes of items during period
Dividends of surplus(20,084)(20,084)

Net income attributable to ownersof parent

41,08741,087

Change in scope of consolidation

101

101

Share repurchase
Disposal of treasury shares
Cancellation of treasury shares(9,002)(9,002)

55

55(11,097)

11,097-

Net changes of items other thanshareholders' equity--

10,0062,150

12,156¥18,942¥13,613¥182,400(¥6,111)¥208,844

Total changes of items during period
Balance at end of current period

Accumulated other comprehensive income
Valuation
Foreign currency Remeasurements
difference onof defined benefit
translation
available-for-saleplansadjustment
securities

Balance at beginning of current
period¥8,304

¥898

¥21

Total
accumulated
othercomprehensive
income¥9,223

Non-controllinginterests¥2,097Total
net assets¥208,009

Changes of items during period
Dividends of surplus(20,084)

Net income attributable to ownersof parent

41,087

Change in scope of consolidation

101(9,002)

Share repurchase55

Disposal of treasury shares-

Cancellation of treasury shares
Net changes of items other thanshareholders' equity

(625)

837

138

350

1,009

1,360

Total changes of items during period

(625)

837

138

350

1,009

13,516¥7,678¥1,735¥159¥9,574¥3,107¥221,526

Balance at end of current period

For FY2021
Shareholders' equity

Balance at beginning of current
periodCumulative effects of changes inaccounting policies
Restated balance

Capital stock

Capital surplus¥18,942¥13,613Retainedearnings(Millions of Yen)

Treasury shares

Total
shareholders'equity(¥7,340)¥186,923¥161,708(1,548)¥18,942¥13,613(1,548)¥160,160(¥7,340)¥185,375

Changes of items during period
Dividends of surplus(15,468)(15,468)

Net income attributable to ownersof parent

38,776

38,776

Share repurchase(12,003)(12,003)88

Disposal of treasury shares

0Cancellation of treasury shares(0)(11,074)

11,074-¥13,613

12,233¥172,393(920)(¥8,261)

11,313¥196,688

Net changes of items other thanshareholders' equity
Total changes of items during period
Balance at end of current period¥18,942

Accumulated other comprehensive income
Valuation
Foreign currency Remeasurements
difference onof defined benefit
translation
available-for-saleplansadjustment
securities

Balance at beginning of current
periodCumulative effects of changes inaccounting policies
Restated balance¥11,359

¥81

¥463

Total
accumulated
othercomprehensive
income¥11,904

Non-controllinginterests¥1,733Total
net assets¥200,562(1,548)¥11,359¥81¥463¥11,904¥1,733¥199,013

Changes of items during period
Dividends of surplus(15,468)

Net income attributable to ownersof parent

38,776

Share repurchase(12,003)
8

Disposal of treasury shares-

Cancellation of treasury shares
Net changes of items other thanshareholders' equity(3,055)

816

(442)

(2,680)363(2,317)

Total changes of items during period(3,055)

816

(442)

(2,680)

363

8,995

Balance at end of current period¥8,304¥898¥21¥9,223¥2,097¥208,009

For FY2022
Shareholders' equity

Balance at beginning of current
periodCapital stock

Capital surplus$141,845$101,939

Retainedearnings(Thousands of U.S. dollars)

Treasury shares

Total
shareholders'equity($61,862)$1,472,877$1,290,947

Changes of items during period
Dividends of surplus(150,397)(150,397)

Net income attributable to ownersof parent

307,676

307,676

Change in scope of consolidation

756

756

Share repurchase
Disposal of treasury shares
Cancellation of treasury shares(67,411)(67,411)412

412(83,099)

83,099-74,92916,10091,029$1,365,883($45,762)$1,563,906

Net changes of items other thanshareholders' equity-

Total changes of items during period
Balance at end of current period$141,845$101,939

Accumulated other comprehensive income
Valuation
Foreign currency Remeasurements
difference onof defined benefit
translation
available-for-saleplansadjustment
securities

Balance at beginning of current
period$62,184$6,725$157

Total
accumulated
othercomprehensive
income$69,065

Non-controllinginterests$15,703Total
net assets$1,557,653

Changes of items during period
Dividends of surplus(150,397)

Net income attributable to ownersof parent

307,676

Change in scope of consolidation

756(67,411)

Share repurchase

412

Disposal of treasury shares-

Cancellation of treasury shares
Net changes of items other thanshareholders' equity(4,680)

6,268

1,033

2,621

7,556

10,184

Total changes of items during period(4,680)

6,268

1,033

2,621

7,556

101,213$57,496$12,992$1,191$71,694$23,266$1,658,874

Balance at end of current period

Notes to Consolidated Financial Statements
1. Basis for Presenting Consolidated Financial Statements
The accompanying consolidated financial statements have been prepared in accordance with the provisions set forth in the Japanese Financial Instruments andExchange Act, the related accounting regulations, and the accounting principles generally accepted in Japan ("J-GAAP"), which differ in certain aspects from theapplication and disclosure requirements of the accounting principles generally accepted in the United States of America ("US-GAAP") and International Financial
Reporting Standards ("IFRS").
In preparing these consolidated financial statements, certain reclassification and rearrangements have been made to the consolidated financial statements issued
in Japan in order to present them in a form that is more familiar to readers in other countries.
2. Summary of Significant Accounting Policies
a. Consolidation
The consolidated financial statements as of March 31, 2023 include the account of Nissan Chemical Corporation. (the "Company") and its nine(eight in FY2021) main subsidiaries (together, the "Companies"). The Company does not consolidate other subsidiaries due to their immateriality in termsof consolidated total assets, net sales, net income, and retained earnings.
Under the control or influence concept, those companies in which the Company, either directly or indirectly, is able to exercise control over operations
are fully consolidated. Those companies over which the Company has the ability to exercise significant influence are accounted for by the equity method.
Investments in two (two in FY2021) affiliated companies are accounted for by the equity method.
The assets and liabilities of the newly consolidated subsidiaries are stated at fair value as of the respective dates on which they were acquired.
All significant inter-company balances and transactions have been eliminated in consolidation.
All material unrealized profits included in assets resulting from transactions within the Companies are eliminated.
For companies accounted for by the equity method that have different fiscal year-ends,
the financial statements of those companies for their respective fiscal years are used.
b. Securities
The Company’s marketable securities are reported at fair value. Unrealized holding gains and losses, net of the related tax effect, on marketablesecurities are excluded from earnings. Instead, they are reported as a separate component of other comprehensive income until realized.
Realized gains and losses for securities are included in earnings, and are derived using the moving average method for determining the cost of securities sold.
Non-marketable securities in companies over which the Company is incapable of exercising significant influence are stated at cost and reviewed
periodically for impairment.
c. Inventories
Inventories are stated at the lower of cost or net realizable value. The cost is determined by the weighted average method.
d. Property, Plant and Equipment (excluding Leased Assets)
Property, plant and equipment are stated at cost. In general, the depreciation of property, plant and equipment is computedby the declining-balance method over the estimated useful lives of these assets.
The estimated useful life ranges are 2 years to 50 years for buildings and structures, and 2 years to 12 years formachinery, equipment and vehicles.
e. Goodwill and Other Intangible Assets
Goodwill is amortized by the straight-line method within 20 years. Other intangible assets are also amortized using the straight-line method.
The main useful lives of major intangible assets are as follows:
Software
Other intangible assets

5 years
5～16 years

f. Leased Assets
Leased assets arising from finance lease transactions which do not transfer ownership to the lessee are depreciatedby the straight-line method with no residual value, using the contract term as the useful life.
g. Allowance for Doubtful Accounts
Allowance for doubtful accounts is the Companies’ best estimate for the amount of probable credit losses in the Companies' existing trade receivables.
An additional reserve for individual receivable is recorded when the Company becomes aware of a customer’s inability to meet its financial obligations,such as when a customer files for bankruptcy or when its operating results or financial position deteriorates.
If the customer's circumstances change, estimates of the recoverability of receivables are further adjusted.
h. Provision for Bonuses
The Companies provide accrued bonuses for employees based on the estimated amounts to be paid for the fiscal year.
i. Provision for Share Awards for Directors (and Other Officers)
The Company provides for the estimated amount of share benefit obligations as of the end of the current consolidated fiscal year to cover the benefitof shares to the Company's directors, etc., in accordance with the regulations for the delivery of shares to directors, etc.
j. Provision for Business Structure Improvement
The Company provides a reserve at the estimated amount to cover the expenses and losses to be incurred in association with structural improvement.
k. Provision for Loss on Business of Subsidiaries and Affiliates
The Company provides a reserve at the estimated amount to cover the losses on business of subsidiaries and affiliates in consideration of their financial position.
l. Retirement Benefits
The Company has a defined benefit plan and a retirement plan that substantially covers all of its employees.
The method for calculating the estimated amount of all retirement benefits to be paid at future retirement dates is based on the benefit formula.
Actuarial gains and losses are primarily amortized using the declining-balance method over the average of the estimated remaining service years (16 years)
commencing from the period which the gains and losses occur.
Certain consolidated subsidiaries use a simplified method for calculating retirement benefits.
In this method, the retirement benefit obligation is the same amount as the necessary payment related to retirement benefits.

m. Basis for Recording Significant Revenues and Expenses
The Company and its consolidated subsidiaries are principally engaged in the manufacture and sale of chemicals, functional materials, agrochemicals,
healthcares, wholesaling and other businesses. The main performance obligations in these businesses are as stated below.
The Company recognizes revenue at the time of shipment to the customer, based on the terms and conditions of the trade, since the performance obligation isdeemed to be satisfied when the customer has obtained control over the product, etc., in light of the terms and conditions of the contract.
For transactions in which the Company's role in providing goods to customers constitutes that of an agent, the Company recognizes revenue at the net amountreceived from the customer less the amount paid to the supplier of the goods.
For transactions that include variable consideration in the contract with a customer, only the portion of the transaction price that is likely not to be significantly
reduced when the uncertainty is resolved after the fact is included in the transaction price.
Revenue from the granting of licenses is recognized over a specified period of time if the nature of the commitment in granting the license to the customer isthe right to access the intellectual property over the term of the license, or at a point in time if the right to use the intellectual property is at the time the license is granted.
A portion of revenue related to licensing is recognized when uncertainties are resolved based on sales reported by customers.
n. Translation of Foreign Currency
The assets and liabilities of the Company’s subsidiaries located outside Japan are translated into Japanese yen at the spot exchange rate in effect on the balance
sheet date. Revenue and expense items are translated at the prevailing average exchange rates for the year. Gains and losses resulting from foreign currencytransactions are included in other income (deductions), and those resulting from the translation of financial statements are excluded from the statements of income.
Instead, they are accumulated in net assets as a component of accumulated other comprehensive income (loss).
o. Derivatives and Hedge Accounting
The Company enters into interest rate swap contracts to hedge the risk of changes in interest rates over borrowings.
Derivatives are carried at fair value with all changes in unrealized gains and losses charged to income, except for those which meet the criteria for deferral
hedge accounting under which unrealized gains or losses, net of the applicable income taxes, are reported as components of accumulated othercomprehensive income (loss).
If interest rates swap contracts meet certain criteria, the net amount to be paid or received under the interest rate swap contract is added to or deductedfrom the interest on the assets or liabilities for which the swap contract is executed.
p. Cash and Cash Equivalent
The Companies consider cash equivalents include all highly fluid investments, which have been purchased with original maturities of three months or less.
q. Other Important Matters for Preparation of Consolidated Financial Statements
Group tax sharing system is applied.
3. U.S. Dollar Amounts
The accompanying 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 yenamounts shown can be converted to United States dollars at the above rate.
4. Significant Accounting Estimatesa. Retirement Benefits(1) Amount recorded in the consolidated financial statements

Net defined benefit asset
Net defined benefit liability(Millions of Yen)FY2022
FY2021¥2,140¥1,844377
290(Thousands of U.S.
dollars)
FY2022$16,0252,823(2) Information on the nature of significant accounting estimates for identified items‐ Calculation method
In order to prepare for the payment of future retirement benefits, the Group records retirement benefits based on the estimated amount of retirement benefit obligations
and pension assets at the end of the current fiscal year, which are primarily calculated based on actuarial assumptions. These assumptions include discount rates,
future salary levels, retirement rates, mortality rates, etc. Each of these conditions has been calculated using methods that are currently considered sufficiently
reasonable. Certain consolidated subsidiaries have adopted the simplified method for the calculation of liabilities for retirement benefits and retirement benefit expenses,
using the method of treating the amount payable at the end of the term for retirement benefits as the retirement benefit obligation.
‐Main assumptions
The expected rate of return is assumed to be 2.0% and the discount rate is assumed to be 0.8% per annum.
‐Effect on the consolidated financial statements for the following fiscal year
The Company believes that if actual results differ from the assumptions, or if the assumptions are changed, it may have a material impact on the consolidated financial
statements for the next and subsequent fiscal years, as it may affect the costs and liabilities recognized in future periods.

b. Loss on Valuation of Inventories(1) Amount recorded in the consolidated financial statements.
(Millions of Yen)FY2022
FY2021
Loss on valuation of inventories¥0(¥76)(Note) In FY2021 includes 121 million yen recorded as business structure improvement expenses.

(Thousands of U.S.
dollars)
FY2022$0(2) Information on the nature of significant accounting estimates for identified items‐ Calculation method
In valuing inventories at the end of the fiscal year, if the net selling price is lower than the book value, the book value is reduced to the net selling price, andthe amount of the reduction is recorded as a loss on valuation of inventories.
‐Main assumptions
For finished goods and merchandise, the net realizable value is estimated based on historical experience of sales deductions and transportation costs from total sales.
For raw materials, the net realizable value is replacement cost estimated based on the last purchase price.
‐Effect on the consolidated financial statements for the following fiscal year
In estimating valuation losses, the Company makes judgments based on past purchasing and shipping records, information available at the time of valuation,and other factors considered reasonable. However, if the market environment deteriorates more than expected and the net selling price declines, it may be necessary
to record additional valuation losses.
c. Valuation of Intangible Assets and Other(1) Amount recorded in the consolidated financial statements.
‐The fungicide "Quinoxyfen" business

Intangible fixed assets and others (Product registration right)
Intangible fixed assets and others (Non-competition agreement)
Intangible fixed assets and others (Goodwill)
Total
Impairment loss

FY2022
Amount¥3,251331
103¥3,685-(Millions of Yen)FY2021
Amount¥3,832459
168¥4,460-

Amortization Period
9 year
6 year
5 year(Thousandsof U.S.
FY2022
Amount$24,3452,479
771$27,595-(2) Information on the nature of significant accounting estimates for identified items‐ Calculation method
When there is an indication of impairment of an asset group, including intangible and other assets, the Group estimates the undiscounted future cash flows
to be derived from the asset group, and if the carrying amount exceeds the total undiscounted future cash flows, the carrying amount is written down to therecoverable amount and recorded the reduction as a loss for the current fiscal year. Goodwill and intangible assets and other of the Group are mainly related to the
Quinoxyfen and Manzeb businesses. No impairment loss was recognized for the Quinoxyfen business in the current fiscal year because the total undiscounted
future cash flows from the asset group, including intangible assets and others related to the Quinoxyfen business, exceeded its carrying amount.
‐Main assumptions
Undiscounted future cash flows from asset groups, including intangible and other assets related to the Quinoxyfen business, are calculated based on the budget
for the next fiscal year approved by the Board of Directors and the expected performance of such asset groups thereafter.
The earnings estimates are based on historical experience and external and internal information. The primary assumptions used in estimating future cash flows
are net sales and cost of sales, which reflect the measures taken in the earnings forecast.
‐Effect on the consolidated financial statements for the following fiscal year
Uncertain future economic conditions and changes in the Company's operating conditions could materially affect estimates of future cash flows, which could havea significant impact on the consolidated financial statements in the following fiscal years and beyond.
5. Changes in Accounting Policya. Fair Value Measurement"Implementation Guidance on Accounting Standard for Fair Value Calculation" (Accounting Standards Board of Japan ("ASBJ") Guidance No. 31, June 17, 2021)
was applied from the beginning of the current fiscal year, and the new accounting policies prescribed by the Implementation Guidance on Accounting Standard
for Fair Value Calculation is applied prospectively in accordance with the transitional treatment prescribed in paragraph 27-2 of the Implementation Guidanceon Accounting Standard for Fair Value Calculation. There is no impact on the consolidated financial statements.
b. New Accounting Standards Not Yet Applied∙ "Accounting Standard for Current Income Taxes" (ASBJ Statement No. 27, October 28, 2022)∙ "Accounting Standard for Presentation of Comprehensive Income" (ASBJ Statement No. 25, October 28, 2022)∙ "Implementation Guidance on Accounting Standard for Tax Effect Accounting" (ASBJ Guidance No. 28, October 28, 2022)(1) Outline
These standards prescribe the categories in which income tax expense should be recorded when other comprehensive income is subject to taxation andthe tax treatment of income taxes on sales of shares of subsidiaries and other securities in case where group corporate taxation is applied.
(2) Scheduled date of application
The Company plans to apply the new standards from the beginning of the fiscal year ending March 31, 2025.
(3) Effect of Application of the Accounting Standards
The impact of the application of the said accounting standards is currently being evaluated.

6. Notes to Consolidated Balance Sheets(1) Notes and accounts receivable - trade, and contract assets arising from contracts with customers are as follows.

Notes receivable - trade
Accounts receivable - trade
Contract assets(Millions of Yen)FY2022
FY2021¥4,291¥3,99278,15375,987
225
0(Thousands of U.S.
dollars)
FY2022$32,133
585,2401,685(2) Contract liabilities in "Other" of "Current liabilities" are as follows .

Contract liabilities(Millions of Yen)FY2022
FY2021¥136¥155(Thousands of U.S.
dollars)
FY2022$1,018(3) Collateral assets and liabilities
Collateral assets and liabilities of FY2022 and FY2021 are as follows:

Investment securities
Guarantee deposits(Millions of Yen)FY2022
FY2021
¥221
¥180
10
10

(Thousands of U.S.
dollars)
FY2022$1,65575

Accounts payable - trade(Millions of Yen)FY2022
FY2021¥332¥284(Thousands of U.S.
dollars)
FY2022$2,486(4) The amounts due to unconsolidated subsidiaries and affiliated companies are as follows.

Investment securities (stocks)
Investments and other assets
Other (investments in capital)(Millions of Yen)FY2022
FY2021¥8,000¥8,778826
824(Thousands of U.S.
dollars)
FY2022$59,9076,185(5) Guaranteed liabilities
The Company guarantees loans from financial institutions for employees and companies other than consolidated companies, etc.

Toyama Kyodo Jikahatsuden Co., Ltd.
Nissan Chemical Materials Research (Suzhou) Co., Ltd.
Nissan Chemical Taiwan Co., Ltd.
Total

(Millions of Yen)FY2022
FY2021¥2,875¥1,400124
25¥2,875¥1,549(Thousands of U.S.
dollars)
FY2022$21,529$21,529(6) Loan commitments
The Company and its consolidated subsidiaries have entered into revolving credit line agreements with subsidiaries and affiliates
and have established maximum loan amounts. The following are unused lines of credit based on these agreements as of the end of the current fiscal year.

(Millions of Yen)FY2022
FY2021
Total amount of loan limit¥5,065¥4,514
Outstanding loans
3,044
1,541
Net unused loan balance¥2,020¥2,973
The total amount of loan limit, outstanding loans and net unused loan balance include foreign currencies.

(Thousands of U.S.
dollars)
FY2022$37,929
22,795$15,127

7. Notes to Consolidated Statements of Income(1) Revenue from contracts with customers
Revenues are not broken down into revenues from contracts with customers and other revenues.
The amount of revenue arising from contracts with customers is presented in Note 15.
Revenue Recognition, (1) Information that disaggregates revenue arising from contracts with customers.
(2) Major items of selling, general and administrative expenses

Transportation expenses
Labor cost
(Of which, retirement benefit expenses(Of which, provision for bonuses
Provision for shareawards for directors (andother officers)
Test cost
Depreciation and amortization
Allowance for doubtful accounts(Millions of Yen)FY2022
FY2021¥1,022¥1,02017,50016,664
611
641
1,714
1,600

(Thousands of U.S.
dollars)
FY2022$7,653131,047
4,575 )
12,835 )

130

136

973

5,149
4,072
2

5,052
3,851
7

38,55830,49315(3) Research and development expenses
Research and development expenses included in selling, general and administrative expenses and manufacturing costs for FY2022 and FY2021 are as follows:(Thousands of U.S.
(Millions of Yen)
dollars)
FY2022
FY2021
FY2022¥16,838¥16,023$126,090(4) Business restructuring expenses
The expenses were related to the decision to suspend melamine operations in the Chemicals segment,
and consisted of 895 million yen in dismantling and removal costs, etc., 775 million yen in impairment loss, and 121 million yen in loss on revaluation of inventories.
The details of the impairment loss are as follows.
In principle, the Group groups its assets according to the smallest unit that generates independent cash flows.
In recent years, global melamine production capacity has greatly exceeded demand, and competition with overseas manufacturers has intensified,significantly worsening the profitability of this business.
In addition, the plant is deteriorating over time and the costs required for maintenance and renewal are increasing.
The decision to halt melamine production was based on the judgment that it would be difficult to secure medium- to long-term profits.
In response to this decision to cease production, the Group reduced the book value of the melamine plant to its recoverable amountand recorded the reduction as an impairment loss (775 million yen) under extraordinary losses in FY2021.
(Millions of Yen)
Location
Use
Type
Impairment loss
Buildings and structures¥250
Machinery, equipment and vehicles
151
Toyama City,
Tools, furniture and fixtures
0
Toyama Prefecture
Factory assets
Construction in progress
372
Software
0
Total
¥775
The recoverable amount of this asset group is measured by its value in use, but since no future cash flows are expected, it is measured by value in use.

8. Comprehensive Income(Thousands of
U.S. dollars)
FY2022(Millions of Yen)FY2022
FY2021
Valuation difference on available-for-sale securities:
Gains (losses) arising during the year
Reclassification adjustment
Amount before tax effectTax effect
Valuation difference on available-for-sale securities, net of tax
Foreign currency translation adjustment:
Gains (losses) arising during the year
Reclassification adjustment
Amount before tax effectTax effectForeign currency translation adjustment, net of tax¥597(1,496)
(898)
272
(625)

(¥1,020)(3,366)(4,387)1,331(3,055)$4,471(11,203)(6,725)
2,037(4,680)

760

875

5,691

760

875

-

5,691
-

-

760

875

5,691

Remeasurements of defined benefit plans:
Gains (losses) arising during the year
Reclassification adjustment
Amount before tax effectTax effectRemeasurements of defined benefit plans, net of tax

(276)
307
30
107
138

(549)
(89)
(638)
196
(442)

(2,067)
2,299
225
801
1,033

Share of other comprehensive income of entitles
accounted for using equity methods:
Gains (losses) arising during the year
Total other comprehensive income

0
¥273

0
(¥2,622)0$2,044

9. Common Shares(1) Dividends
Cash dividends charged to retained earnings for the years ended March 31, 2023 and 2022 represent the dividends paidout during those years. The accompanying consolidated financial statements do not include any provisions for adividend approved by the Annual Shareholders Meeting of 94 yen (0.70 U.S. dollars) per share with an aggregate 13,199 million yen(98,839 thousands of U.S. dollars) for the year ended March 31, 2023.
(2) Retained Earnings
Retained earnings on a consolidated basis consist of legal reserve and retained earnings. In accordance with
provisions of the Companies Act of Japan (the "Act"), the Company has provided a legal reserve as an appropriation of retained
earnings. The Act states that while neither legal capital surplus nor legal retained earnings are available for dividends,
both may be used to reduce or eliminate a deficit by a resolution of the shareholders' meeting, or may be transferred tostated capital common stock by a resolution of the Board of Directors. Legal reserve in the accompanying consolidated
financial statement includes only that of the Company. Retained earnings of the Company and its consolidated
subsidiaries include a certain special reserve for the purpose of obtaining tax benefits in accordance with the Special
Taxation Law of Japan.
10. Investment Securities
Equity securities
Unlisted securities of affiliates
Unlisted securities
Total(Millions of Yen)FY2022
FY2021¥16,923¥18,871
8,000
8,778
2,399
2,568
¥27,322¥30,217(Thousands of
U.S. dollars)
FY2022$126,726
59,907
17,965$204,59811. Financial Instruments(1) Matters concerning the status of financial instruments
The Group limits fund management to short-term deposits, etc., and procures necessary funds mainly through bank loans.
Trade receivables such as notes and accounts receivable-trade and accounts receivable-other related to the purchaseof raw materials on behalf of customers are exposed to customer credit risk. The Company manages this risk by controllingdue dates and outstanding balances for each counterparty in accordance with credit management rules, etc.,
and by periodically monitoring the credit status of major counterparties. Short-term loans receivable and long-term loans receivable aremainly to affiliated companies.
Investment securities, which are stocks, are exposed to the risk of market price fluctuations, but are mainly stocks of companies
with which the Company has business relationships. The fair values of these securities are reported
to the Board of Directors on a regular basis. Trade payables, trade notes and accounts payable, are due within one year.
In addition, the Company hedges against the risk of exchange rate fluctuations related to foreign currency-denominated trade receivables
and trade payables mainly through the use of foreign currency-denominated borrowings and other instruments.
Of the loans payable, short-term loans payable are mainly to finance operating transactions, and long-term loans payable are mainly to finance capital
expenditures. In addition, trade payables and borrowings are exposed to liquidity risk (risk of being unable to make payments on due dates).
However, the Finance Department prepares appropriate cash management plans and maintains liquidity on hand.
Since variable factors are incorporated in the calculation of the fair value of financial instruments,
such values may vary due to the adoption of different assumptions and other factors.
(2) Matters related to fair value of financial instruments
Consolidated balance sheet amount, fair value and their differences are as follows.
(Millions of Yen)
Consolidated balance
sheet amountMarket value
FY2021(1) Investments in securities
Available-for-sale securities¥18,871¥18,871(2) Long-term loans receivable
3,323
3,339
Total assets¥22,195¥22,211(1) Long-term loans payable
1,734
1,736
Total liabilities¥1,734¥1,736(Notes)1. "Cash and deposits," "Notes and accounts receivable-trade," "Accounts receivable-other,"
Short-term loans receivable, "Notes and accounts payable-trade" and "Short-term loans payable" are not statedbecause they are cash or their fair values approximate their book values due to their short maturities.
2. Non-marketable equity securities are not included in "(1) Investment securities".
The consolidated balance sheet amounts of such financial instruments are as follows

Difference
15
¥15
2
¥2

(Millions of Yen)FY2022(1) Investments in securities
Available-for-sale securities(2) Long-term loans receivable
Total assets(1) Long-term loans payable
Total liabilities

Consolidated balance
sheet amount¥16,923
0¥16,923
1,962¥1,962Market value

Difference¥16,923
0¥16,923
1,966¥1,966

4¥4(Thousands of
U.S. dollars)

Consolidated balanceMarket value
sheet amountFY2022(1) Investments in securities
Available-for-sale securities$126,726$126,726(2) Long-term loans receivable
00
Total assets$126,726$126,726(1) Long-term loans payable
14,692
14,722
Total liabilities$14,692$14,722(Notes)1. "Cash and deposits," "Notes and accounts receivable-trade," "Accounts receivable-other,"
Short-term loans receivable, "Notes and accounts payable-trade" and "Short-term loans payable" are not statedbecause they are cash or their fair values approximate their book values due to their short maturities.
2. Non-marketable equity securities are not included in "(1) Investment securities".
The consolidated balance sheet amounts of such financial instruments are as follows
Year ending March 31, 2022
Unlisted stocks(Millions of Yen)
¥11,346

Year ending March 31, 2023
Unlisted stocks(Millions of Yen)
¥10,399

Difference
30$30(Thousands of
U.S. dollars)$77,872

Scheduled redemption amount of monetary claims after the consolidated balance sheet date(Millions of Yen)FY2021
Cash on hand and in banks
Notes, accounts receivable - trade andcontract assets
Accounts receivable - other
Short-term loans receivable
Long-term loans receivable
Total

Within 1 year

Over 1 year
within 5 years

5 years or more
10 years or lessOver 10 years¥34,658---

79,979

-

-

-

2,824
1,541
0
¥119,003¥0¥0¥3,322¥3,322-(Millions of Yen)FY2022
Cash on hand and in banks
Notes, accounts receivable - trade andcontract assets
Accounts receivable - other
Short-term loans receivable
Long-term loans receivable
Total

Within 1 year

Over 1 year
within 5 years

5 years or more
10 years or lessOver 10 years¥29,647---

82,670

-

-

-

2,113
3,088
0
¥117,521¥0¥0-(Thousands of
U.S. dollars)

FY2022
Cash on hand and in banks

Within 1 year

Over 1 year
within 5 years

5 years or more
10 years or lessOver 10 years$222,008---

Notes, accounts receivable - trade andcontract assets

619,065---

Accounts receivable - other
Short-term loans receivable
Long-term loans receivable
Total

15,82323,1240$880,043

-

-

-

$0
$0

Scheduled repayment of long-term debt and other interest-bearing liabilities after the consolidated balance sheet date(Millions of Yen)FY2021
Short-term loans payable
Long-term loans payable
Total

Within 1 year
¥20,981552¥21,534

Over 1 year
within 2 years

Over 2 year
within 3 years

¥468
¥468

Over 3 year
within 4 years

Over 4 year
within 5 years

¥242
¥242

¥110
¥110

Over 3 year
within 4 years

Over 4 year
within 5 years

¥266
¥266

¥156
¥156

¥362
¥362

Over 5 years-(Millions of Yen)FY2022
Short-term loans payable
Long-term loans payable
Total

Within 1 year
¥25,327624¥25,951

Over 1 year
within 2 years

Over 2 year
within 3 years

¥518
¥518

¥398
¥398

Over 5 years(Thousands of
U.S. dollars)

FY2022
Short-term loans payable
Long-term loans payable
Total

Within 1 year
$189,659
4,673$194,331

Over 1 year
within 2 years

Over 2 year
within 3 years-$3,879$3,879Over 3 year
within 4 years-$2,980$2,980Over 4 year
within 5 years-$1,992$1,992(3) Matters concerning the breakdown of the fair value of financial instruments by level, etc.
The fair value of financial instruments is classified into the following three levels based on the observability andmateriality of the inputs used to calculate fair value.
Level 1 fair value: Fair value calculated based on (unadjusted) quoted prices in active markets for identical assets or liabilities
Level 2 fair value: Fair value calculated using directly or indirectly observable inputs other than Level 1 inputs
Level 3 fair value: Fair value calculated using significant unobservable inputs
When multiple inputs that have a significant impact on the calculation of fair value are used, fair value is classified to the levelwith the lowest priority in the calculation of fair value among the levels to which each of those inputs belongs.

Over 5 years-$1,168$1,168-

① Financial instruments carried on the consolidated balance sheets at fair value(Millions of Yen)
Market ValueFY2021
Investments in securities
Available-for-sale securities
Stocks
Total

Level1

Level2¥18,871¥18,871

Total

Level3--¥18,871¥18,871(Millions of Yen)

Market ValueFY2022
Investments in securities
Available-for-sale securities
Stocks
Total

Level1

Level2¥16,923¥16,923

Total

Level3--¥16,923¥16,923(Thousands of
U.S. dollars)Market ValueFY2022
Investments in securities
Available-for-sale securities
Stocks
Total

Level1

Level2$126,726$126,726

Total

Level3--$126,726$126,726(Note) Explanation of valuation techniques used in the calculation of fair value and inputs related to the calculation of fair value
Investments in securities
Listed stocks are valued using quoted market prices. Since listed stocks are traded in active markets, their fair value is classified as Level 1 valuation.
② Financial instruments other than those recorded on the consolidated balance sheets at fair value(Millions of Yen)
Market ValueFY2021Long-term loans receivable
Total assets
Long-term loans payable
Total liabilities

Level1-

Level2¥3,3393,339
1,736¥1,736

Level3-Total¥3,3393,339
1,736¥1,736(Millions of Yen)

Market ValueFY2022Long-term loans receivable
Total assets
Long-term loans payable
Total liabilities

Level1

Level2-

Total

Level3¥0
0
1,966¥1,966

-

¥0
0
1,966
¥1,966(Thousands of
U.S. dollars)Market ValueFY2022Long-term loans receivable
Total assets
Long-term loans payable
Total liabilities

Level1

Level2-$0014,722$14,722

Total

Level3-$0014,722$14,722(Note) Explanation of valuation techniques used in the calculation of fair value and inputs related to the calculation of fair value
Long-term loans receivable
The fair value of long-term loans receivable is calculated using the discounted present value method based on their future cash flows
and the interest rate obtained by adding a credit spread to an appropriate index such as the yield of government bonds, etc.,
for each credit risk category under credit management, classified by a certain period of time, and classified as Level 2 fair value.
Long-term loans payable
The fair value of long-term loans payable is determined using the discounted present value method based on the sum of the principal interest rate
and an interest rate that takes into account the remaining term of the debt and credit risk, and is classified as Level 2 fair value.

12. Securities(1) Other securities(Millions of Yen)
Consolidated balance sheet
amount as of the consolidated Acquisition costs
balance sheet date

Difference
FY2021
Securities whose reported amounts in the
consolidated balance sheets exceed
acquisition cost
Stocks¥17,878¥5,331¥12,547
Bond
Other
Subtotal
17,8785,331
12,547
Securities whose reported amounts in the
consolidated balance sheets do not exceed
acquisition cost
Stocks
993
1,298
(305)
Bond
Other
Subtotal
993
1,298
(305)
Total
¥18,871¥6,629¥12,241(Note) Unlisted stocks (consolidated balance sheet amount: 11,346 million yen) are not included in "Other securities" in the above table.
(Millions of Yen)
Consolidated balance sheet
amount as of the consolidated Acquisition costs
balance sheet date

Difference
FY2022
Securities whose reported amounts in the
consolidated balance sheets exceed
acquisition cost
Stocks¥16,613¥5,138¥11,474
Bond
Other
Subtotal
16,613
5,138
11,474
Securities whose reported amounts in the
consolidated balance sheets do not exceed
acquisition cost
Stocks
309
499
(189)
Bond
Other
Subtotal
309
499
(189)
Total
¥16,923¥5,638¥11,284(Note) Unlisted stocks (consolidated balance sheet amount: 10,399 million yen) are not included in "Other securities" in the above table.
(Thousands of
U.S. dollars)
Consolidated balance sheet
amount as of the consolidated Acquisition costs
balance sheet date

Difference
FY2022
Securities whose reported amounts in the
consolidated balance sheets exceed
acquisition cost
Stocks$124,405$38,475$85,922
Bond
Other
Subtotal
124,405
38,47585,922
Securities whose reported amounts in the
consolidated balance sheets do not exceed
acquisition cost
Stocks2,314
3,737(1,415)
Bond
Other
Subtotal
2,314
3,737
(1,415)
Total$126,726$42,220$84,499(Note) Unlisted stocks (consolidated balance sheet amount: 77,872 thousands of U.S. dollars) are not included in "Other securities" in the above table.

(2) Other securities sold(Millions of Yen)
Proceeds from sales

Total gains on
sales

Total loss on
sales

Total gains on
sales

Total loss on
sales

FY2021
Stocks¥4,247¥3,316
Bond
Other
Total
¥4,247¥3,316(Note) Sales of unlisted stocks and other securities (sales amount: 73 million yen, total profit on sales: 54 million yen, total loss on sales: 3 million yen)
are not included in the above table.
(Millions of Yen)
Proceeds from sales
FY2022
Stocks
Bond
Other
Total

¥2,526¥2,526¥1,504¥1,504¥7¥7(Thousands of U.S. dollars)
Proceeds from sales

Total gains on
sales

Total loss on
sales

FY2022
Stocks$18,916$11,263
$52
Bond
Other
Total
$18,916$11,263$52(Note) Sales of unlisted stocks and other securities (sales amount: 0 million yen (0 thousands of U.S. dollars), total loss on sales: 35 million yen(262 thousands of U.S. dollars)) are not included in the above table.
(3) Securities for which impairment losses were recognized
In the current consolidated fiscal year, impairment loss of 650 million yen (650 million yen (4,867 thousands of U.S. dollars)for stocks of other securities) was recognized for marketable securities.
13. Retirement Benefits(1) The liability for retirement benefits as of FY2022 and FY2021 are as follows:

Funded retirement benefit obligation
Plan asset
Unfunded retirement benefit obligation
Net liability (asset) recognized on the
consolidated balance sheets
Net defined benefit liability
Net defined benefit asset
Net liability (asset) recognized on the
consolidated balance sheets

FY2021¥12,879(14,724)(1,844)
290(Thousands of
U.S. dollars)
FY2022$98,158(114,191)(16,025)
2,823(1,763)(1,553)(13,202)377(2,140)290(1,844)

2,823(16,025)(¥1,763)(¥1,553)($13,202)(Millions of Yen)FY2022¥13,108(15,249)(2,140)377(2) Actuarial assumptions
The principal actuarial assumptions as of FY2022 and FY2021 are as follows:
FY2022
FY20210.8%
0.8%
Discount rate
2.0%
2.0%
Long-term expected rate of return
3.6 to 9.0%
3.6 to 9.0%
Expected rate of salary increase (forecast)(Note) Expected rate of salary increase is calculated based on our point system.

14. Income Taxes
Effective from the current consolidated fiscal year, the Company and some of its domestic consolidated subsidiaries have adopted the group tax sharing system.
In addition, in accordance with the "Practical Solution on the Accounting and Disclosure Under the Group Tax Sharing System"(Practical Issues Task Force No. 42, August 12, 2021), the Company has accounted for and disclosed income taxes and local corporate taxes ortax effect accounting related to these taxes.
The Company is subject to a number of taxes based on income.
The statutory income tax rates were approximately 30.36% for the years ended March 31, 2023 and 2022.
The tax effects on significant temporary differences which resulted in deferred tax assets and liabilities as of FY2022 and FY2021 were as follows:(Millions of Yen)FY2022
Deferred tax assets:
Provision for bonuses
Inventory(Thousands of
U.S. dollars)
FY2022

FY2021

¥740
693

¥701
644

$5,541
5,189

Loss on devaluation of marketablesecurities

631

442

4,725

Overdepreciation
Prepaid contract testing fees
Unrealized gains on inventories
Business restructuring expenses
Accrued enterprise tax
Other
Gross deferred tax assets
Less: Valuation allowance
Total deferred tax assets

613
495
490
484
399
1,503
6,051
(91)
5,960

627
441
417
544
433
1,338
5,590
(109)
5,481

4,590
3,707
3,669
3,624
2,988
11,25545,312(681)
44,631(3,515)(1,027)(559)(3,827)(484)(26,322)(7,691)(4,186)

(228)

(235)

(1,707)(196)(5,527)¥433(85)(4,632)¥849(1,468)(41,388)$3,242

Deferred tax liabilities:
Unrealized gain on securities
Retained earnings of foreign subsidiaries
Net defined benefit asset
Reserve for advanced
depreciation of non-current assets
Other
Total deferred tax liabilities
Net deferred tax assets

The differences between the statutory tax rate and the effective tax rate for the years ended FY2022 and FY2021 are as follows:
FY202230.36%FY202130.36%(2.15％)(1.87％)

Elimination of intercompany dividend income
Equity in earnings of affiliates

1.98(0.80)

1.81(0.53)

Difference between the Company's statutory
tax rate and the overseas consolidated
subsidiaries' tax rate

(0.78)(0.38)

Retained earnings of foreign subsidiaries

1.82

-

Entertainment and other permanently nondeductible expense

0.25

0.09

(2.91)(0.94)
26.83%(2.99)
1.25
27.74%

Statutory tax rate
(Reconciliation)
Dividend and other items excluded
permanently from taxable income

Tax credit
Other, net
Effective tax rate

15. Revenue Recognition(1) Information that disaggregates revenue arising from contracts with customers
Our revenues are primarily revenues recognized from contracts with customers. Breakdown by our reportable segments by type of goods or services are as follows.
Millions of Yen
Chemicals

FY2021
Basic Chemicals
Fine chemical
Functional Materials
Agrochemicals
Drug discovery
Finetech
Wholesale
Others
Revenue from contracts
with customers
Net sales toexternal customers¥15,561
9,050
―
―
―
―
―
―

Performance
Materials

Agricultural
Chemicals――
69,654―――――

Healthcare―――
56,636――――

Trading
―
―
―
―
2,401
4,138
―
―

―
―
―
―
―
―
39,598―OthersAdjustments(Note)

―
―
―
―
―
―
―
10,877

Total
―
―
―
―
―
―
―
55

¥15,561
9,050
69,65456,6362,401
4,138
39,598
10,932

24,611

69,65456,636

6,540

39,598

10,87755

207,972¥24,611¥69,654¥56,656¥6,540¥39,598¥10,877¥55¥207,972

Notes:(1)The "Other" segment is a business segment not included in the reportable segments.
(2)Elimination of (22,807) million yen in proxy transactions resulting from the application of the revenue recognition accounting standard, etc.,
is included in the adjustment amount in the segment information.
However, this amount is reflected in each reportable segment in the information that breaks down revenues from contracts with customers.
Millions of Yen
Chemicals

FY2022
Basic Chemicals
Fine chemical
Functional Materials
Agrochemicals
Drug discovery
Finetech
Wholesale
Others
Revenue from contracts
with customers
Net sales toexternal customers

Performance
Materials

Agricultural
Chemicals

Healthcare

Trading

OthersAdjustments(Note)

Total¥14,088
10,081
―
―
―
―
―
―

―
―
66,207
―
―
―
―
―

―
―
―
69,123
―
―
―
―

―
―
―
―
2,339
4,322
―
―

―
―
―
―
―
―
49,815
―

―
―
―
―
―
―
―
12,052

―
―
―
―
―
―
―
34

¥14,088
10,081
66,207
69,1232,339
4,322
49,81512,08624,17066,207

69,123

6,662

49,815

12,052

34

228,065¥24,170¥66,207¥69,123¥6,662¥49,815¥12,052¥34¥228,065

Thousands of U.S. dollars
Chemicals

FY2022
Basic Chemicals
Fine chemical
Functional Materials
Agrochemicals
Drug discovery
Finetech
Wholesale
Others
Revenue from contracts
with customers
Net sales toexternal customers$105,496
75,490――――――

Performance
Materials

Agricultural
Chemicals――
495,784―――――

Healthcare―――
517,620
―
―
―
―

―
―
―
―
17,51532,365――

Trading――――――
373,034―

OthersAdjustments(Note)

―
―
―
―
―
―
―
90,250495,784

517,62049,888373,034

90,250255

1,707,840$495,784$517,620$49,888$373,034$90,250$255$1,707,840(3) Information about the relationship between the satisfaction of performance obligations under contracts with customers and cash flows from such contracts,
and the amount and timing of revenue expected to be recognized from contracts with customers that existed at the end of the fiscal year ended March 31, 2023
and are expected to be recognized in the following fiscal year.
Receivables, contract assets and contract liabilities arising from contracts with customers of FY2021, FY2022 are as follows
Balance at beginningof yearBalance at endof year(Millions of Yen)

¥73,937¥79,979

11
193

0
155

Contract assets relate to the rights of the Company and its consolidated subsidiaries to consideration for goods or services completed but unbilled as of the balance sheet
date. Contract liabilities consist primarily of advances received from customers and are included in "Other" current liabilities on the consolidated balance sheets.
The amount of revenue recognized in the current fiscal year that was included in the contract liability balance at the beginning of the period was 127 million yen.
Balance at beginningof year

FY2022Claims arising fromcontracts with customers
Contract asset
Contract liabilities

Claims arising fromcontracts with customers
Contract asset
Contract liabilities

Balance at endof year(Millions of Yen)

¥79,979¥82,445

0
155

225
136

Balance at beginningof year

FY2022$105,496
75,490495,784
517,620
17,51532,365373,034
90,505

180,994(2) Information that provides a basis for understanding revenue arising from contracts with customers
Basis for understanding revenues and expenses is as described in "2.m Basis for Recording Significant Revenues and Expenses.

Claims arising fromcontracts with customers
Contract asset
Contract liabilities

Total$180,994

Notes:(1)The "Other" segment is a business segment not included in the reportable segments.
(2)Elimination of (29,212) million yen ((218,751) thousands of U.S. dollars) in proxy transactions resulting from the application of the revenue recognition accounting standard, etc.,
is included in the adjustment amount in the segment information.
However, this amount is reflected in each reportable segment in the information that breaks down revenues from contracts with customers.

FY2021

―
―
―
―
―
―
―
255

Balance at endof year(Thousands of
U.S. dollars)$598,914$617,381

0
1,161

1,685
1,018

Contract assets relate to the rights of the Company and its consolidated subsidiaries to consideration for goods or services completed but unbilled as of the balance sheet
date. Contract liabilities consist primarily of advances received from customers and are included in "Other" current liabilities on the consolidated balance sheets.
The amount of revenue recognized in the current fiscal year that was included in the contract liability balance at the beginning of the period was 144 million yen(1,078 thousands of U.S. dollars).

16. Segment Information(1) General information about reportable segments
In regard to reportable segments, the Company is able to obtain discrete financial data from its component units.
Accordingly, its segments are subject to regular review to help the Board of Directors decide how to allocate managerial resources and evaluate business performance.
Divisions by products and services are located at headquarters.
Each division works out a comprehensive strategy applicable to their products and services and carries out their business activities.
Therefore, the Company consists of segments based on the following divisions:
Segment
Chemicals
Performance Materials
Agricultural Chemicals
Healthcare
Trading
OthersMain Products
Basic chemicals (melamine, sulfuric acid, nitric acid, ammonia, etc.)
Fine chemicals (epoxy compound for LED sealants, flame retardants, chlorinated cyanuric acid for sterilizing, etc.)
Display materials (LCD alignment coating, etc.)
Semiconductor materials (bottom anti-reflective coating for semiconductors, etc.)
Inorganic materials (hard coating materials, electronic information materials, polishing materials, etc.)
Agrochemicals (herbicides, insecticides, fungicides, combination fungicide and insecticide, and plant growth regulators)
Animal health products
LIVALO®(anti-cholesterol drugs), etc.
Customs Chemicals (custom manufacturing and solution proposal business for pharmaceutical companies)
Trading, etc.
Transportation, landscaping, engineering, fertilizer, etc.

(2) Basis for the measurement of reported segment sales, profit or loss, segment assets, liabilities, and other material items
The accounting policies for the reportable segments are consistent with the Company's accounting policies used in the preparation of its consolidated financial statements.
Intersegment sales and transfers are based on current market prices.
(3) Information on sales, profit (loss), assets, liabilities, and other item amounts by reportable segment
Millions of Yen
Chemicals

Performance
Materials

Agricultural
Chemicals

Healthcare

Trading
Others
FY2021
Net sales
Sales to outside customers¥26,032¥69,664¥57,965¥6,540¥59,644¥10,877
Intersegment sales
11,61512,0007,853
49
20,792
12,717
Total
37,64881,66565,8196,590
80,437
23,595
Segment profit(loss)
3,787
27,621
18,127
2,813
2,903
692
Segment assets
32,02055,312
90,7708,296
31,48912,175
Other items
Depreciation and amortization
2,531
3,876
2,593
431
73
299
Amortization of goodwill
1101
Increase of property, plant andequipment, and intangible assets¥2,335¥5,741¥1,520
¥498
¥20
¥614
Notes:
1. Sales from proxy transactions included in net sales to outside customers in each reportable segment are calculated on a gross basis.
Adjustments made on sales from proxy transactions from gross to net amounts are included in "Adjustments".
2. Adjustments are as follows.
(1) The (22,752) million yen adjustments to sales to outside customers includes elimination of proxy transactions of (22,807) million yen
due to the application of revenue recognition accounting standards, etc., and sales of 55 million yen that do not belong to any reportable segment.
(2) The (4,985) million yen adjustments in segment profit includes (72) million yen in intersegment eliminations, 55 million yen sales not allocatedto any reporting segments, and (4,969) million yen corporate expenses not allocated to any reporting segments.
The corporate expenses are mainly group administrative expenses which do not belong to segments.
(3) The 49,623 million yen adjustments in segment assets includes (14,985) million yen in intersegment eliminations and 64,609
million yen in corporate assets not allocated to any reporting segments.
The corporate assets are mainly group administrative assets which do not belong to segments.
(4) The 312 million yen adjustments in depreciation and amortization is corporate expenses.
(5) The 219 million yen adjustments in increase of property, plant and equipment and intangible assets is corporate assets.
The corporate assets are mainly group administrative assets which do not belong to segments.

Adjustments(Note)

Consolidated
Total(¥22,752)(65,031)(87,783)(4,985)49,623¥207,972
207,972
50,959279,687

312-

10,119103¥219¥10,951

Millions of Yen
FY2022
Net sales
Sales to outside customers
Intersegment sales
Total
Segment profit(loss)
Segment assets
Other items
Depreciation and amortization
Amortization of goodwill
Increase of property, plant andequipment, and intangible assets

Chemicals

Performance
Materials

Agricultural
Chemicals

Healthcare

Trading

Adjustments(Note)

OthersConsolidated
Total¥26,495
12,53839,034
1,379
34,236¥66,224
16,38182,60625,44961,287¥70,266
11,31881,584
23,130103,966¥6,662
11
6,673
2,990
7,693

¥75,542
23,524
99,066
3,701
36,791¥12,052
14,332
26,384879
13,613(¥29,177)(78,107)(107,285)(5,247)
41,125¥228,065
228,065
52,283298,715

2,477
-

4,565
-

2,701
101

376
-

65
-

442
-

249
-

10,878101¥3,659¥8,711¥6,232

¥449

¥66

¥366

¥787

¥20,272

Thousands of U.S. dollars
Chemicals

Performance
Materials

Agricultural
Chemicals

Healthcare

Trading

FY2022
Net sales
Sales to outside customers$198,405$495,911$526,179$49,888
Intersegment sales
93,889122,667
84,75482
Total
292,302618,586
610,933
49,970
Segment profit(loss)
10,326
190,572
173,20722,390
Segment assets
256,373
458,941
778,538
57,608Other items
Depreciation and amortization
18,54934,185
20,226
2,816
Amortization of goodwill
－
－
756
－
Increase of property, plant andequipment, and intangible assets$27,400$65,231$46,668$3,362
Overseas operations, which represent sales to customers outside Japan for FY2022 and FY2021 were as follows:

OthersAdjustments(Note)

Consolidated
Total$565,688
176,157
741,845
27,715275,505$90,250
107,324
197,574
6,582
101,939($218,489)(584,896)(803,392)(39,292)
307,960$1,707,840－
1,707,840
391,516
2,236,895

487
－

3,310
－

1,865
－

81,459756$494$2,741$5,893$151,805

Notes:
1. Sales from proxy transactions included in net sales to outside customers in each reportable segment are calculated on a gross basis.
Adjustments made on sales from proxy transactions from gross to net amounts are included in "Adjustments".
2. Adjustments are as follows.
(1) The (29,177) million yen ((218,489) thousands of U.S. dollars) adjustments to sales to outside customers includes elimination of proxy transactions of(29,212) million yen ((218,751) thousands of U.S. dollars) due to the application of revenue recognition accounting standards, etc.,
and sales of 34 million yen (255 thousands of U.S. dollars) that do not belong to any reportable segment.
(2) The (5,247) million yen ((39,292) thousands of U.S. dollars) adjustments in segment profit includes 267 million yen (1,999 thousands of U.S. dollars)
in intersegment eliminations, 34 million yen (255 thousands of U.S. dollars) sales not allocated to any reporting segments, and (5,550) million yen ((41,561) thousands of U.S. dollars)
corporate expenses not allocated to any reporting segments.
The corporate expenses are mainly group administrative expenses which do not belong to segments.
(3) The 41,125 million yen (307,960 thousands of U.S. dollars) adjustments in segment assets includes (17,921) million yen ((134,199) thousands of U.S. dollars)
in intersegment eliminations and 59,138 million yen (442,849 thousands of U.S. dollars) in corporate assets not allocated to any reporting segments.
The corporate assets are mainly group administrative assets which do not belong to segments.
(4) The 249 million yen (1,865 thousands of U.S. dollars) adjustments in depreciation and amortization is corporate expenses.
(5) The 787 million yen (5,893 thousands of U.S. dollars) adjustments in increase of property, plant and equipment and intangible assets is corporate assets.
The corporate assets are mainly group administrative assets which do not belong to segments.
(4) Matters related to changes in reportable segments, etc.
In accordance with changes in the corporate organization effective April 1, 2022, the Company has changed the name of its "Pharmaceuticals" segment to "Healthcare"
and also changed the segment attribution of certain divisions, effective from the first quarter of the current fiscal year.
The segment information for the previous consolidated fiscal year has been prepared based on the reporting segment classification after the change.
Millions of Yen
Japan
FY2021
Net sales¥99,167

China¥30,191

Korea

Other Asia

¥21,395

Europe and theUnited States¥28,678¥28,537

Consolidated
Total¥207,972

Millions of Yen
FY2022
Net salesJapan¥105,937

China¥30,547

Korea

Other Asia

¥23,994

Europe and theUnited States¥29,255¥38,330

Consolidated
Total¥228,065

Thousands of U.S. dollars
FY2022
Net salesJapan$793,298

China$228,748

Korea

Other Asia

$179,677

Europe and theUnited States$219,073$287,030

Millions of Yen
FY2022
Property, plant and equipment

Japan¥49,857

Korea¥7,630India¥6,673

Europe and theUnited States

Consolidated
Total

¥492

¥64,653

Thousands of U.S. dollars
FY2022
Property, plant and equipment

Japan$373,349

Korea$57,136India$49,970

Europe and theUnited States

Consolidated
Total$3,684

17. Amounts per Share
Net income per share is based on the weighted average number of shares of common stock outstanding during the year.
Cash dividends per share attributable to the period represent dividends declared as applicable to the year.
Amounts per share of net income and cash dividends for FY2022 and FY2021 were as follows:

Net income
Cash dividends(Yen)
FY2022¥291.36¥164.00

FY2021¥271.88¥122.00(U.S. dollars)
FY2022$2.18$1.23$484,147

Consolidated
Total$1,707,840