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.

August 5, 2022

Consolidated Financial Results
for the Three Months Ended June 30, 2022
(Under Japanese GAAP)
Company name:OSAKA SODA Co., Ltd.
Listing:
Tokyo Stock Exchange
Securities code:
4046
URL:
http://www.osaka-soda.co.jp
Representative:
Kenshi Terada, Representative Director, President and Chief Executive Officer
Inquiries:
Toru Imamura, General Manager, Administration Division
Telephone:+81-6-6110-1560
Scheduled date to file quarterly securities report:
August 8, 2022
Scheduled date to commence dividend payments:－
Preparation of supplementary material on quarterly financial results: None
Holding of quarterly financial results briefing:
None(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the three months ended June 30, 2022 (from April 1,2022 to June 30)(1) Consolidated operating results (cumulative)
Net sales
Three months ended(Percentages indicate year-on-year changes.)

Operating profit

Profit attributable toowners of parent

Ordinary profit

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

June 30, 2022

25,738

20.1

5,149

68.4

5,921

70.9

4,149

57.5

June 30, 2021

21,435

－

3,057

57.0

3,465

60.0

2,634

79.2

Note: Comprehensive income

For the three months ended June 30, 2022:
For the three months ended June 30, 2021:

Basic earnings
per share
Three months ended
June 30, 2022

¥4,535 million¥1,633 million[177.7%][(36.6)%]

Diluted earnings
per share
Yen

Yen

178.14159.87

June 30, 2021
112.93101.49Notes: The Company has applied ASBJ Statement No. 29 “Accounting Standard for Revenue Recognition”, etc. from the beginningof the previous fiscal year. Therefore the figures for the three months ended June 30, 2021 represent amounts after the application of
the said accounting standard, etc. and year over year increases/decreases (%) are not provided.

(2) Consolidated financial position
Total assets
As of

Net assets

Equity-to-asset ratio

Millions of yen

Millions of yen

June 30, 2022

132,536

87,152

65.7

March 31, 2022

129,159

83,896

64.9

Reference:

EquityAs of June 30, 2022:
As of March 31,2022:¥87,127 million¥83,872 million%

2. Cash dividends
Annual dividends per shareFirst quarter-end

Second quarter-end

Third quarter-end

Yen

Yen

Yen

Fiscal year ended
March 31, 2022
Fiscal year ending
March 31, 2023－

Fiscal year-end

Total

Yen

Yen

35.00

－

45.00

80.00

45.00

－

45.00

90.00

－

Fiscal year ending
March 31, 2023
(Forecast)

Note: Revisions to the forecast of cash dividends most recently announced: Yes

3. Consolidated financial results forecasts for the fiscal year ending March 31, 2023 (from April 1, 2022 toMarch 31, 2023)(Percentages indicate year-on-year changes.)
Net sales
Millions of yen

Operating profit% Millions of yen

Ordinary profit% Millions of yen

Profit attributable toowners of parent% Millions of yen

First half year
51,000 21.0
9,200 61.6
10,100 64.0
7,000
（cumulative）
Full year
98,000 11.3
15,700 26.6
16,900 25.8
11,700Note: Revisions to the forecast of consolidated financial results most recently announced: Yes

Basic earnings
Per share
%

Yen

58.3

300.3923.9

501.97

* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change
in scope of consolidation): None
(2) Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements:
None(3) 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
(4) Number of issued shares (common shares)(i)

Total number of issued shares at the end of the period (including treasury shares)
As of June 30, 2022

26,732,017 shares

As of March 31, 2022

26,732,017 shares(ii) Number of treasury shares at the end of the period
As of June 30, 2022

3,476,343 shares

As of March 31, 2022

3,399,626 shares(iii) Average number of shares outstanding during the period (cumulative from the beginning of the fiscal
year)
Three months ended June 30, 2022

23,293,934 shares

Three months ended June 30, 2021

23,326,851 shares* Quarterly financial results reports are exempt from quarterly review conducted by certified public accountants
or an audit corporation.
* Proper use of earnings forecasts, and other special matters
In this document, statements other than historical facts are forward looking statements that reflect theCompany’s plans and expectations. These forward-looking statements involve risks, uncertainties and otherfactors that may cause our actual results and achievements to differ from those anticipated in these statements.
Please refer to “1. Qualitative Information Concerning Results for the First Quarter (3) Analysis of Forwardlooking Statement, Including Consolidated financial results Forecasts” on page 3 of the attached documents.

(Attached Documents)
INDEX
1. Qualitative Information Concerning Results for the First Quarter(1) Analysis of Operating Results(2) Analysis of Financial Position(3) Analysis of Forward-looking Statement, Including Consolidated financial results Forecasts

2
2
3
3

2. Quarterly Consolidated Financial Statements and Notes to Quarterly Consolidated Financial
Statements(1) Consolidated Balance Sheets(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income(3) Notes to Quarterly Consolidated Financial Statements(Notes on Premise of Going Concern)(Notes on Major Changes in Shareholders’ Equity(Segment Information and Other Items)

4

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4
6
8
8
8
8

1. Qualitative Information Concerning Results for the First Quarter(1) Analysis of Operating Results
During the three months ended June 30, 2022, although the Japanese economy continued to show signs ofrecovery toward normalization from the impact of COVID-19, the emergence of new highly transmissible variants
meant that the situation remained difficult with no outlook for the recession of the pandemic. Although it isexpected that the economy will continue to recover going forward, the outlook is extremely uncertain owing to theimpact of factors such as supply constraints, rising raw material and fuel prices, the prolonging of the situation in
Ukraine, and rapid fluctuations in foreign exchange rates.
Under these circumstances, the Osaka Soda Group entered the final fiscal year of its seventh medium-term
management plan, “EMPOWER THE NEXT-22,” and worked together as a company to implement specificmeasures based on the four basic policies of "building a resilient business foundation," "promotion of market-intype development," "efforts to achieve the SDGs," and "reforming corporate culture and organizational culture."
In "building a resilient business foundation," we have positioned the Basic chemicals business, Functional
chemicals business, and Healthcare business as our three core businesses and are pursuing strategies to make thesebusinesses more resilient. During the three months ended June 30, 2022, in the Basic chemicals business, we
focused on implementing more price revisions in response to rising raw material and fuel prices, while also
engaging in replacement investment aimed at enhancing production efficiency, and cost reductions. In the
Functional chemicals business, we were able to respond to growing global demand, partly thanks to the fact that
we strengthened production systems for Allyl Ethers in the previous fiscal year. In the Healthcare business, we aremaking capital investments in facilities related to active pharmaceutical ingredients (APIs) and their intermediates,
as well as pharmaceutical purification materials, in order to increase production capacity and meet strong demand.
In relation to the "promotion of market-in-type development," the development of ultra-high ionic conductive
polymers for all-solid batteries was selected as a Green Innovation Fund Project by NEDO and a decision wasmade concerning the granting of funds.
As a result of the above, net sales for the three months ended June 30, 2022, increased 20.1% year on year to¥25,738 million. In terms of income, operating income increased 68.4% year-on-year to ¥5,149 million, ordinary
income increased 70.9% to ¥5,921 million, and net income attributable to owners of the parent increased 57.5% to¥4,149 million, meaning that the Company recorded its highest ever results at each level of profit for the first
three months of the consolidated fiscal year, significantly exceeding the previous records.
An overview of conditions in each segment is as follows.
< Basic chemicals >In Chlor-Alkali, net sales increased thanks to robust demand, particularly in relation to Caustic Soda, as well as
progress on price revisions related to rising raw material and fuel prices. In Epichlorohydrin, net sales increased
thanks to strong demand in Japan and overseas, particularly in relation to electronic materials, as well as progresson price revisions related to rising raw material and fuel prices.
As a result of the above, net sales in the Basic chemicals business increased 27.3% year on year to ¥10,637
million.
< Functional chemicals >In the synthetic rubber business, net sales of Epichlorohydrin Rubber increased as the Company expanded its
share of the OA applications market, despite the impact on automotive applications of a decline in the number of
automobiles produced. Net sales of Acrylic Rubber increased thanks to its adoption for new applications in Japanand elsewhere in Asia.
Net sales of DAP resin increased in line with an increase in sales in the United States and East Asia, particularly
for UV ink applications.
Net sales of Allyl Ethers increased thanks to growth in demand for Silane coupling agents, particularly for paints
and electronic materials.
Net sales of pharmaceutical purification materials increased as demand increased for applications in diabetes
treatments in Europe, the Americas, and Asia, etc. Net sales of APIs and their intermediates increased in line withgreater sales of intermediates for treatments for diabetes complications, as well as APIs and intermediates for antituberculosis drugs and dementia treatments.
As a result of the above, net sales in the Functional chemicals business increased 14.7% year on year to ¥12,930
million.
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< Housing facilities and others >Net sales in the Housing facilities and others business increased 20.2% year on year to ¥2,171 million as a resultof robust sales of Housing Facilities.
(2) Analysis of Financial Position(Assets)
Current assets were ¥84,753 million, an increase of 3.2% since March 31, 2022. The increase was due primarily toincreases of ¥3,803 million in notes and accounts receivable-trade, and contract assets, and ¥2,489 million inelectronically recorded monetary claims, while short term investment securities decreased ¥2,999 million.
Noncurrent assets were ¥47,783 million, an increase of 1.6% since March 31, 2022. The increase was due
primarily to increases of ¥342 million in construction in progress, ¥322 million in investment securities, and ¥213
million in machinery, equipment, and vehicles.
As a result, total assets as of June 30, 2022, were ¥132,536 million, an increase of 2.6% since March 31, 2022.
(Liabilities)
Current liabilities were ¥39,859 million, an increase of 0.0% since March 31, 2022. The increase was due
primarily to an increase of ¥1,735 million in notes and accounts payable-trade, while income taxes payable
decreased ¥1,484 million and provision for bonuses decreased ¥510 million.
Noncurrent liabilities were ¥5,524 million, an increase of 2.1% since March 31, 2022. The increase was due
primarily to an increase of ¥230 million yen in deferred tax liabilities.
As a result, liabilities as of June 30, 2022, were ¥45,384 million, an increase of 0.3% since March 31, 2022.
(Net assets)
Net assets as of June 30, 2022, were ¥87,152 million, an increase of 3.9% since March 31, 2022.
(3) Analysis of Forward-looking Statement, Including Consolidated financial results Forecasts
Based on recent trends in business performance and other factors, the consolidated earnings forecasts anddividend forecast announced on May 12, 2022, have been revised.
For details, please refer to " Notice Concerning Revisions to Financial Results Forecasts andDividend Forecasts for the Fiscal Year Ending March 31, 2023," announced today (August 5, 2022).

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2. Quarterly Consolidated Financial Statements and Notes to Quarterly Consolidated Financial Statements(1) Consolidated Balance Sheets(Millions of yen)

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable-trade, and contract assets
Electronically recorded monetary claims
Short term investment securities
Merchandise and finished goods
Work in process
Raw materials and supplies
Other current assets
Less: Allowance for doubtful accounts
Total current assets
Noncurrent assets
Property, plant and equipment
Buildings and structures – Net
Machinery, equipment, and vehicles – Net
Land
Lease assets, net-PPE
Construction in progress
Other – Net
Total property, plant and equipment
Intangible assets
Goodwill
Software
Other
Total intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Deferred tax assets
Other, net
Less: Allowance for doubtful accounts
Total investment and other assets
Total noncurrent assets
Total assets-4-March 31, 2022

June 30, 2022

16,517
26,9203,434
20,499
7,703
2,191
2,628
2,326
(79)
82,142

15,53730,723
5,924
17,499
8,808
2,097
2,827
1,337
(3)
84,753

6,669
11,605
2,305
674
1,861
478
23,594

6,727
11,819
2,305
657
2,203
478
24,190

315
155
79
550

276
133
74
484

21,677
18
450
732
(7)
22,87147,016
129,159

22,000
17
390
805
(105)
23,10747,783
132,536(Millions of yen)

Liabilities
Current liabilities
Notes and accounts payable- trade
Short term loans payable
Income taxes payable
Provision for bonuses
Current portion of bonds with subscription rights to shares
Other current liabilities
Total current liabilities
Noncurrent liabilities
Lease liabilities
Deferred tax liabilities
Net defined benefit liability
Asset retirement obligations
Other noncurrent liabilities
Total noncurrent liabilities
Total liabilities
Net assets
Shareholders’ equity
Capital stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustments
Re-measurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total net assets and liabilities-5-

March 31, 2022

June 30, 2022

14,229
7,172
2,990
968
8,733
5,756
39,85015,964
7,172
1,506
457
8,731
6,027
39,859

908
1,349
2,733
166
254
5,412
45,263

888
1,580
2,672
166
217
5,524
45,384

15,871
14,391
54,255(7,658)76,85915,871
14,391
57,354(7,888)79,730

6,833
64
212
(97)
7,012
23
83,896
129,159

6,865
149
471
(89)
7,397
25
87,152
132,536(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income
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
Share of profit of entities accounted for using equity
methodForeign exchange gains
Insurance claim income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Loss on abandonment of inventories
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sales of investment securities
Total extraordinary income
Extraordinary loss
Loss on retirement of noncurrent assets
Total extraordinary loss
Income before income taxes
Income taxes – current
Income taxes – deferred
Total income taxes
Net income
Profit attributable to non-controlling interests
Net income attributable to owners of parents-6-(Millions of yen)Three Months ended
June 30, 2021
June 30, 2022
21,43525,73815,16817,142
6,266
8,596
3,208
3,446
3,057
5,149
2
251
18

2
308
1

14
135
18
441

492
2
64
871

22
－
11
33
3,465

20
70
9
99
5,921

304
304

－
－

23
23
3,746

40
40
5,881

938
173
1,111
2,634
(0)
2,634

1,481
249
1,731
4,149
(0)
4,149

Consolidated statements of Comprehensive Income

Net income
Other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustments
Re-measurements of defined benefit plans
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to:Comprehensive income attributable to owners of parent
Comprehensive income attributable to non-controlling
Interests-7-(Millions of yen)Three months ended
June 30, 2021
June 30, 2022
2,634
4,149
(1,087)
(34)
105
6
8

31
85
247
8
13

(1,001)
1,633

385
4,535

1,632
0

4,533
1

(3) Notes to Quarterly Consolidated Financial Statements(Notes on Premise of Going Concern)
Not applicable(Notes on Major Changes in Shareholders’ Equity)
Not applicable(Segment Information and Other Items)
First quarter of the previous fiscal year ended March 31, 2022 (from April 1, 2021 to June 30, 2021)(Millions of yen)
Basic
Functional
Housing
Adjustments
Consolidated
ChemicalChemicalFacilities
Total
*1
*2
Products
Products
and Others
Net sales
Japan
6,942
5,335
1,792
14,07014,070
－
Asia
990
4,315
14
5,320
5,320
－
Europe
205
1,024
1,229
1,229
－
－
Others
217
596
814
814
－
－
Revenue fromContracts with
8,356
11,271
1,806
21,43521,435－
Customers
Other Revenue
－
－
－
－
－
－
External sales
8,356
11,271
1,806
21,43521,435－Intersegment
sales or
2
105
756
864
(864)
－
reclassifications
Total
8,359
11,376
2,563
22,299(864)
21,435
Segment income
911
2,278
150
3,341
(283)
3,057
Notes:(1) Adjustments of segment income of ¥(283) million are corporate expenses not allocated to reportablesegments. Most of above-mentioned corporate expenses are not attributable to a reporting segment andrelated to fundamental research and development as well as administrative departments.
(2) Segment income is adjusted to operating income of consolidated statement of income.

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First quarter of the current fiscal year ending March 31, 2023 (from April 1, 2022 to June 30, 2022)(Millions of yen)
Basic
Functional
Housing
Adjustments
Consolidated
ChemicalChemicalFacilities
Total
*1
*2
Products
Products
and Others
Net sales
Japan
8,654
5,337
2,171
16,162
16,162
－
Asia
1,655
5,076
6,731
6,731
－
－
Europe
148
1,557
1,705
1,705
－
－
Others
179
959
1,139
1,139
－
－
Revenue fromContracts with
10,637
12,9302,171
25,73825,738－Customers
Other Revenue
－
－
－
－
－
－
External sales
10,637
12,9302,171
25,73825,738－Intersegment
sales or
79
368
373
821
(821)
－
reclassifications
Total
10,717
13,2982,544
26,560(821)
25,738Segment income
2,156
3,220
125
5,502
(352)
5,149
Notes:(1) Adjustments of segment income of ¥(352) million are corporate expenses not allocated to reportablesegments. Most of above-mentioned corporate expenses are not attributable to a reporting segment andrelated to fundamental research and development as well as administrative departments.
(2) Segment income is adjusted to operating income of consolidated statement of income.

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