Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail.

February 13, 2023

Consolidated Financial Results
for the Fiscal Year Ended December 31, 2022
(Under Japanese GAAP)
Company name:
Listing:
Securities code:
URL:
Representative:
Inquiries:

Renewable Japan Co., Ltd.
Tokyo Stock Exchange9522
https://www.rn-j.com/en/
Katsuhito Manabe, President and representative director
Eishin Ikeda, Executive Managing Officer and Senior General Manager of Finance andAccounting Division
Telephone:+81-3-6670-6644
Scheduled date of annual general meeting of shareholders:March 30, 2023
Scheduled date to commence dividend payments:
Scheduled date to file annual securities report:
March 31, 2023
Preparation of supplementary material on financial results:
Yes
Holding of financial results briefing:
Yes (for institutional investors and analysts)(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the fiscal year ended December 31, 2022
(from January 1, 2022 to December 31, 2022)(1) Consolidated operating results(% indicates year-on-year changes.)
Net sales
Fiscal year ended

Operating profit

Millions of yen

Profit attributable toowners of parent

Ordinary profit%

Millions of yen%

Millions of yen%

Millions of yen%

December 31, 2022

17,718

11.1

1,289

(42.2)(1,360)-(1,526)-

December 31, 2021

15,950(28.4)

2,229

33.3

990

35.4

529

14.5

Note:

For the fiscal year ended December 31, 2022:
For the fiscal year ended December 31, 2021:

Comprehensive income

Basic earnings
per share
Fiscal year endedYen

Diluted earnings
per share(1,516) million yen
587 million yen

Return on equity[ -%][17.8%]

Ratio of ordinary
profit to total assets

Ratio of operating
profit to net sales%

Yen%

%

December 31, 2022

(52.70)-(15.3)

(0.9)

7.3

December 31, 2021

20.47

19.28

6.4

1.1

14.0

Reference:

Share of profit (loss) of entities accounted for using equity method
For the fiscal year ended December 31, 2022: 0 million yen
For the fiscal year ended December 31, 2021: 0 million yen
Notes: 1. As the Company was listed on the Tokyo Stock Exchange Mothers Market on December 22, 2021, diluted earnings pershare for the fiscal year ended December 31, 2021 were calculated by using the average share price for the period from thedate of listing to the end of the current fiscal year, as the average share price during the period.
2. Diluted earnings per share for the fiscal year ended December 31, 2022 are not indicated even though the Company has
issued potential shares, because basic earnings per share was net loss.

-1-(2) Consolidated financial positionTotal assets
As ofNet assets

Equity-to-asset ratio

Net assets per share

Millions of yen

Millions of yen%

Yen

December 31, 2022

166,729

12,6085.6

318.63

December 31, 2021

119,766

14,0978.9

374.03

Reference:

Shareholders’ equity

As of December 31, 2022:
As of December 31, 2021:

9,293 million yen
10,630 million yen(3) Consolidated cash flows
Cash flows fromoperating activities
Fiscal year ended

Cash flows frominvesting activities

Cash and cash
equivalents at end ofperiod

Cash flows fromfinancing activities

Millions of yen

Millions of yen

Millions of yen

Millions of yen

December 31, 2022

1,901

(17,518)

12,101

14,444

December 31, 2021

(18,607)(4,024)28,742

18,1592. Cash dividends
Annual dividends per shareFirstSecond
Third
quarter-end quarter-end quarter-end

Fiscalyear-end

Total

Ratio of
Payout ratio dividends to(Consolidated) net assets(Consolidated)

Total cash
dividends(Total)

Yen

Yen

Yen

Yen

Yen Millions of yen

%%-

0.00

-

0.00

0.00

----

0.00

-

0.00

0.00

----

0.00

-

0.00

0.00

Fiscal year endedDecember 31, 2021
Fiscal year ended
December 31, 2022
Fiscal year ending
December 31, 2023
(Forecast)-

3. Forecast of consolidated financial results for the fiscal year ending December 31, 2023
(from January 1, 2023 to December 31, 2023)(% indicates year-on-year changes.)
Net sales

Full year
Note:

Operating profit

Basic earnings
per share

Profit attributable toowners of parent

Ordinary profit

Millions ofyen%Millions ofyen%Millions ofyen%Millions ofyen%

26,700

50.7

3,300

155.9

1,200-750-Yen

25.71

As the Company manages its operations on an annual basis, consolidated earnings forecasts for the first six months areomitted* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change
in scope of consolidation): Yes
Newly included: 1 company (Renewable Japan Energy Infrastructure Fund, Inc.)(2) Changes in accounting policies, changes in accounting estimates, and restatement(i) Changes in accounting policies due to revisions to accounting standards and other regulations: Yes(ii) Changes in accounting policies due to other reasons: None(iii) Changes in accounting estimates: Yes(iv) Restatement: None-2-

(3) Number of issued shares (common shares)(i)

Total number of issued shares at the end of the period (including treasury shares)
As of December 31, 2022

29,168,332 shares

As of December 31, 2021

28,420,910 shares(ii) Number of treasury shares at the end of the period
As of December 31, 2022

38 shares

As of December 31, 2021

- shares(iii) Average number of shares outstanding during the period (cumulative from the beginning of the fiscalyear)
Fiscal year ended December 31, 2022

28,966,768 sharesFiscal year ended December 31, 2021

25,890,562 shares* Financial results reports are exempt from review conducted by certified public accountants or an auditcorporation.
* Proper use of earnings forecasts, and other special matters(Caution regarding forward-looking statements)
Any statement on the future such as an outlook for financial results included in this material is based on
information the Company presently has and certain assumptions the Company considers reasonable, and theCompany does not promise such will be achieved. In addition, actual financial results may significantly differ
due to various factors.

-3-Consolidated financial statements(1) Consolidated balance sheet(Thousands of yen)
December 31, 2021
AssetsCurrent assets
Cash and deposits
Accounts receivable-trade and contract assets
Power plants for sale
Power plants for sale (in progress)
Costs on construction contracts in progress
Other
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Machinery, equipment and vehicles
Land
Lease assets
Other
Accumulated depreciation
Total property, plant and equipment
Intangible non-current assets
Goodwill
Other
Total intangible non-current assets
Investment and other assets
Investment securities
Deferred tax assets
Long-term prepaid expenses
OtherBad debts expenses
Total investment and other assets
Total non-current assets
Total assets
Note: All Yen amounts are rounded down to the nearest 1,000 Japanese yen.

-4-

December 31, 2022

18,162,485
1,878,153
56,156,088
19,192,658
50,072
12,159,782
107,599,241

14,444,792
1,421,868
16,855,180
1,200,113
853
4,568,047
38,490,856

3,623,370
990,661
2,845,300195,266
152,851(1,129,720)
6,677,729

3,631,198
102,034,229
4,667,169
184,796
6,221,881(2,675,349)
114,063,926

1,247,164
657,969
1,905,133

1,403,567
2,187,254
3,590,821

680,258
711,027
1,581,010
722,724(111,114)
3,583,906
12,166,769
119,766,011

3,364,946
1,471,456
5,083,043
775,462(111,114)
10,583,794
128,238,542
166,729,399

(Thousands of yen)
December 31, 2021
Liabilities
Current liabilities
Accounts payable-trade
Short-term borrowings
Corporate bonds redeemable within one yearLong-term borrowings to be repaid within oneyear
Non-recourse long-term borrowings to be repaid
within one year
Lease liabilities
Accounts payable
Income taxes payable
Allowance for construction cost loss compensation
Other
Total current liabilities
Non-current liabilities
Bonds
Long-term borrowings
Non- recourse long-term borrowings
Lease liabilities
Long-term accounts payable
Deferred tax liabilities
Reserve for repairs
Asset retirement obligations
Other
Total non-current liabilities
Total liabilities
Net Assets
Shareholders’ equity
CapitalCapital surplus
Retained earningsTreasury stock
Total shareholders’ equity
Accumulated other comprehensive income
Unrealized gains on securities
Foreign currency translation adjustment
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

December 31, 2022

1,612,415
3,969,250
194,000

151,5233,460,450
148,000

11,376,850

9,667,717

4,596,236

4,480,552

16,6381,392,006
364,445
26,462
748,601
24,296,907

15,735
1,557,976
642,7885,286
2,729,177
22,859,208

2,288,000
28,482,816
48,497,810
155,588
85,1941,135,979
145,404
580,494
81,371,287
105,668,195

1,600,000
43,554,252
74,855,539
141,604
3,159,647
4,393,747
110,290
2,891,362
555,016
131,261,461
154,120,670

4,273,310
4,586,753
1,744,518
10,604,582

4,627,673
4,451,657
221,317(59)
9,300,588

25,76325,763
3,467,469
14,097,815
119,766,011(6,634)(6,634)
3,314,774
12,608,729
166,729,399-

Note: All Yen amounts are rounded down to the nearest 1,000 Japanese yen.

-5-(2) Consolidated statement of income and consolidated statement of comprehensive income(Consolidated statement of income)(Thousands of yen)
Fiscal year ended
December 31, 2021
Sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating profit
Interest income
Dividend income
Insurance claim income
Gain on investments in silent partnership
Share of profit of entities accounted for using equity
methodOther
Total non-operating profit
Non-operating expenses
Interest expenses
Commission expenses
Other
Total non-operating expenses
Ordinary profit (loss)
Extraordinary income
Gain on sale of non-current assets
Gain on Phased Acquisition
Reversal of provision for loss on business liquidation
Other
Total extraordinary income
Extraordinary loss
Loss on sale and retirement of non-current assets
OtherTotal extraordinary losses
Profit (loss) before income taxes
Income taxes – current
Income taxes – deferred
Total income taxes
Profit (loss)
Net profit attributable to non-controlling interests
Net profit (loss) attributable to owners of parent
Note: All Yen amounts are rounded down to the nearest 1,000 Japanese yen.

Fiscal year ended
December 31, 2022

15,950,856
9,946,736
6,004,119
3,774,224
2,229,894

17,718,960
11,895,419
5,823,540
4,534,085
1,289,455

18,903
19,51024,50533,271

5,953
16,551
215,754
41,981

368

363

126,118
222,677

27,561
308,166

1,079,178
329,688
52,9791,461,845
990,726

1,701,383
1,154,195
102,725
2,958,303(1,360,681)

114
16,062
16,176

9,848
69,321
12,52091,6906,930
35,94142,871
964,031579,867(202,341)
377,526
586,504
56,551
529,953

1,469
1,469
(1,270,460)
1,068,957(855,215)
213,742(1,484,202)
42,268(1,526,471)

(Consolidated statement of comprehensive income)(Thousands of yen)
Fiscal year ended
December 31, 2021
Net profit (loss)
Other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

Note: All Yen amounts are rounded down to the nearest 1,000 Japanese yen.

Fiscal year endedDecember 31, 2022

586,504(1,484,202)

1,060
1,060
587,565(25,763)(6,634)(32,397)(1,516,600)

531,014(1,558,869)

56,551

42,268