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 14, 2022

Consolidated Financial Results
for the Fiscal Year Ended December 31, 2021
(Under Japanese GAAP)

Company name: Renewable Japan Co., Ltd.
Listing:
Tokyo Stock Exchange, Mothers
Securities code:
9522
URL:
https://www.rn-j.com/en/
Representative:
Katsuhito Manabe, President and representative director
Inquiries:
Eishin Ikeda, Corporate Officer and General Manager of Finance and Accounting Division
Telephone:+81-3-6670-6644
Scheduled date of annual general meeting of shareholders:March 31, 2022
Scheduled date to commence dividend payments:
Scheduled date to file annual securities report:
March 31, 2022
Preparation of supplementary material on financial results:
Yes (Japanese only)
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, 2021
(from January 1, 2021 to December 31, 2021)(1) Consolidated operating results(Percentages indicate year-on-year changes.)

Net sales
Fiscal year ended

Operating profit

Millions of yen%

Millions of yen%

Millions of yen

December 31, 2021

15,950(28.4)

2,229

33.3

December 31, 2020

22,276

8.1

1,673

67.8

Note:

Comprehensive income

For the fiscal year ended December 31, 2021:
For the fiscal year ended December 31, 2020:

Basic earnings
per share
Fiscal year ended

Diluted earnings
per share

Profit attributable toowners of parent

Ordinary profit%

Millions of yen%99035.4529

14.5731131.7462

85.0587 million yen
498 million yen

Return on equity[17.8%][80.0%]

Ratio of ordinary
profit to total assets

Ratio of operating
profit to net sales

Yen

Yen%%%

December 31, 2021

20.47

19.28

6.4

1.1

14.0

December 31, 2020

19.20

-

9.3

1.2

7.5

Reference:
Notes:

Share of profit (loss) of entities accounted for using equity method
For the fiscal year ended December 31, 2021: 0 million yen
For the fiscal year ended December 31, 2020: 0 million yen
1. Diluted earnings per share for the fiscal year ended December 31, 2020 are not indicated as the Company was not listed
and it is thus impossible to grasp its average share price during the period, although potential shares exist.
2. As the Company was listed on the Tokyo Stock Exchange Mothers Market on December 22, 2021, diluted earnings per
share 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.

-1-(2) Consolidated financial position
Total assets
As ofNet assets

Equity-to-asset ratio

Net assets per share

Millions of yen

Millions of yen%

Yen

December 31, 2021

119,766

14,0978.9

374.03

December 31, 2020

63,3926,315

9.3

227.65

Reference:

Shareholders’ equity
As of December 31, 2021:
As of December 31, 2020:

10,630 million yen
5,876 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 activitiesMillions of yen

Millions of yen

Millions of yen

Millions of yen

December 31, 2021

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

18,159December 31, 2020

(6,729)(1,323)

7,972

12,056

2. Cash dividends
Annual dividends per shareFirstSecond
Third
quarter-end quarter-end quarter-end
Fiscal year ended
December 31, 2020
Fiscal year ended
December 31, 2021
Fiscal year ending
December 31, 2022
(Forecast)

Note:

Fiscalyear-end

Ratio ofPayout ratio dividends to(Consolidated) net assets(Consolidated)

Total cash
dividends(Total)TotalYenYenYenYen

Yen Millions of yen%

%

-

0.00

-

0.00

0.00

----

0.00

-

0.00

0.00

----

0.00

-

0.00

0.00

-

Changes from the latest released dividend forecasts: None

3. Forecast of consolidated financial results for the fiscal year ending December 31, 2022
(from January 1, 2022 to December 31, 2022)(Percentages indicate year-on-year changes.)
Net sales
Full year
Note:

Operating profit

Profit attributable toowners of parent

Ordinary profit

Millionsof yen%

Millionsof yen%

Millionsof yen%

Millions ofyen%

18,80017.92,900

30.1

1,400

41.3

600

13.2

Basic earnings
per share
Yen

21.11

Changes from the latest released performance forecasts: None
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): None
Newly included: - companies
Excluded:- companies(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: None(ii) Changes in accounting policies due to other reasons: None(iii) Changes in accounting estimates: None(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, 2021

28,420,910 shares

As of December 31, 2020

25,812,000 shares(ii) Number of treasury shares at the end of the period
As of December 31, 2021

-shares

As of December 31, 2020

-shares(iii) Average number of shares outstanding during the period
Fiscal year ended December 31, 2021

25,890,562 sharesFiscal year ended December 31, 2020

24,097,479 shares* Financial results reports are exempt from audit conducted by certified public accountants or an audit corporation.
* Proper use of earnings forecasts, and other special matters
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 Balance Sheet(Unit: 1,000 Japanese yen)
Fiscal year ended
December 31,2020
AssetsCurrent assets
Cash and deposits
Accounts receivable-trade
Investment securities
Power plant for sale
Power plant for sale (in progress)
Work in process-construction
Prepaid expenses
Other current assets
Total current assets
Non-current assets
Tangible non-current assets
Buildings and fixtures
Machinery and equipment
Land
Lease assets
Other tangible non-current assets
Accumulated depreciation
Total tangible non-current assets
Intangible non-current assets
Goodwill
Other intangible non-current assets
Total intangible assets
Investment and other assets
Investment securities
Deferred tax assets
Other investments and assets
Bad 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-

Fiscal year ended
December 31,2021

12,060,235
1,114,122
3,987,074
16,511,909
22,345,900
21,691
1,368,349
614,577
58,023,86118,162,485
1,878,153
3,287,487
56,156,088
19,192,658
50,072
4,026,295
4,845,999
107,599,241

89,323
5,628
1,433,107
38,73382,072(95,664)
1,553,201

3,623,370
990,661
2,845,300
195,266
152,851(1,129,720)
6,677,729

3,682
39,19842,8801,247,164
657,969
1,905,133

1,139,953
481,471
2,151,531
3,772,956
5,369,039
63,392,900

680,258
711,027
2,303,734(111,114)
3,583,906
12,166,769
119,766,011

(Unit: 1,000 Japanese yen)
Fiscal year ended
December 31,2020
Liabilities
Current liabilities
Accounts payable-trade
Short-term borrowings
Corporate bonds redeemable within one year
Long-term borrowings to be repaid within one year
Non-recourse long-term borrowings to be repaid
within one year
Lease liabilities
Accounts payable
Income taxes payable
Allowance for employees’ bonuses
Allowance for construction cost loss compensation
Other current liabilities
Total current liabilities
Non-current liabilities
Bonds
Long-term borrowings
Non- recourse long-term borrowings
Lease liabilities (long-term)
Reserve for repairs
Other non-current liabilities
Total non-current liabilities
Total liabilities
Net Assets
Shareholders’ equity
CapitalCapital surplus
Retained earnings
Total shareholders’ equity
Accumulated other comprehensive income
Unrealized gains on securities
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets
Note: All Yen amounts are rounded down to the nearest 1,000 Japanese yen.

-5-

Fiscal year ended
December 31,2021

255,092
4,398,000
494,000
4,131,235

1,612,415
3,969,250
194,000
11,376,850

983,950

4,596,236

5,180
764,122548,346
1,026
1,061,157
12,642,111

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

2,437,293
15,961,963
25,423,919
7,385
604,300
44,434,861
57,076,973

2,288,000
28,482,816
48,497,810
155,588
145,404
1,801,668
81,371,287
105,668,195

2,109,525
2,517,968
1,223,817
5,851,310

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

24,702
24,702439,9136,315,927
63,392,900

25,76325,763
3,467,469
14,097,815
119,766,011

Consolidated Income Statement(Unit: 1,000 Japanese yen)
Fiscal year ended
December 31,2020
Sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interests income
Dividend income
Insurance income
Compensation income
Interest on refund
Gain on investments in silent partnership
Investment gain on equity method
OthersTotal non-operating income
Non-operating expense
Interests expense
Commission paid
OthersTotal non-operating expenses
Ordinary income
Extraordinary profits
Gain on sales of investment securities
Gain on sales of noncurrent assets
OthersTotal extraordinary profits
Extraordinary lossesLoss on disposal of fixed assets
Loss on valuation of subsidiaries' stocks
Loss on liquidation of businessImpairment loss
Total extraordinary losses
Profit before income taxes
Income taxes
Income tax adjustments
Income taxes
Net profit
Net profit attributable to non-controlling interests
Net profit attributable to owners of parent
Note: All Yen amounts are rounded down to the nearest 1,000 Japanese yen.

6

Fiscal year ended
December 31,2021

22,276,045
17,507,859
4,768,186
3,094,832
1,673,354

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

1,605
8,041
15,330875
16,24735,264287
15,62993,281

18,903
19,51024,50575,15732,38333,271
368
18,577
222,677

770,882
260,304
3,902
1,035,089
731,546

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

24,75724,757

15,345114
716
16,176

407
1,230
1,637
754,665
368,191(108,053)
260,137
494,527
31,743
462,784

6,930
27,9418,000
42,871
964,031579,867(202,341)
377,526
586,504
56,551
529,953