Disclaimer: This document is an English translation of the original document in Japanese and has been
prepared solely for reference purposes. In the event of any discrepancy between this English
translation and the original in Japanese, the original shall prevail in all respects.

Consolidated Financial Results
for the Six Months Ended September 30, 2022
[Under Japanese GAAP]
November 9, 2022
Company name: STELLA CHEMIFA CORPORATION
Listing: Tokyo Stock Exchange
Securities code: 4109
URL: https://www.stella-chemifa.co.jp
Representative: Aki Hashimoto, Representative Director, President and Chief Executive Officer
Inquiries: Yasuhiko Nakashima, Director, Executive Officer and General Manager, Accounting Department
Telephone: +81-6-4707-1512
Scheduled date to file quarterly securities report: November 14, 2022
Scheduled date to commence dividend payments: November 30, 2022
Preparation of supplementary material on quarterly financial results: Yes
Holding of quarterly financial results briefing: Yes (for institutional investors)(Yen amounts are rounded down to millions, unless otherwise noted.)
1. Consolidated Financial Results for the Six Months Ended September 30, 2022 (April 1, 2022 - September 30,
2022)(1) Consolidated Operating Results (cumulative)(% indicates changes from the previous corresponding period.)
Profit attributable toSales revenue
Operating profit
Ordinary profit
owners of parent
Six months ended
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
September 30, 2022
19,618
8.3
2,245
(8.3)
3,028
16.9
3,022
62.2
September 30, 2021
18,109
9.0
2,448
37.0
2,589
51.1
1,863
69.7
(Note) Comprehensive income: For six months ended September 30, 2022: ¥3,938 million [92.4%]
For six months ended September 30, 2021: ¥2,046 million [155.8%]
Basic earnings
Diluted earnings
per shareper share
Six months ended
Yen
Yen
September 30, 2022
242.27–
September 30, 2021
145.45–(2) Consolidated Financial Position
Total assets
Millions of yen

Net assets

Equity-to-asset ratio

Millions of yen

58,577
As of September 30, 2022
45,40456,598
As of March 31, 2022
42,728(Reference) Equity: As of September 30, 2022: ¥44,865 million
As of March 31, 2022: ¥42,170 million
2. Cash Dividends
Annual dividends
First
SecondThird
quarter-end
quarter-end
quarter-end
Yen

Yen

Yen

Fiscal year ended
–
24.00
–
March 31, 2022
Fiscal year ending–
30.00
March 31, 2023
Fiscal year ending
March 31, 2023–
(Forecast)(Note) Revision to the forecast for dividends announced most recently: None

Net assets per share

%

Yen

76.6
74.5

3,671.47
3,369.93

Fiscalyear-end

Total
Yen

Yen

36.00

60.00

30.00

60.00

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2023 (April 1, 2022 - March 31,
2023)(% indicates changes from the previous corresponding period.)
Profit attributable
Basic earnings
to owners ofSales revenue
Operating profit
Ordinary profit
per share
parentMillions of yen% Millions of yen% Millions of yen% Millions of yen

Full year
37,500
0.5
4,600
0.4
5,800
1.6
(Note) Revision to the financial results forecast announced most recently: None

4,200

%

(21.7)

Yen

335.63* Notes:(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in changes inscope of consolidation): None
Newly included: – (Company name: –)Excluded: – (Company name: –)(2) Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements: Yes(3) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to revisions to accounting standards and other regulations: None
2) Changes in accounting policies due to other reasons: None
3) Changes in accounting estimates: None
4) Restatement: None
(4) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares)
As of September 30, 2022:
13,213,248 shares
As of March 31, 2022:
13,213,248 shares
2) Number of treasury shares at the end of the period
As of September 30, 2022:
As of March 31, 2022:

993,291 shares
699,457 shares

3) Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year):Six months ended September 30, 2022:
12,475,047 shares
Six months ended September 30, 2021:
12,813,519 shares* These quarterly consolidated financial results are exempt from quarterly review conducted by certified public
accountants or an audit corporation.
* Explanation of the proper use of financial results forecast and other notes
The forward-looking statements in this document, including financial results forecasts, are based on the informationin current possession of the Company and the assumptions it believes are reasonable. They are not intended as theCompany’s promise to achieve them. Note also that actual financial results may differ significantly from them. For
the assumptions that form the basis of financial results forecasts and notes on their use, see “1. Qualitative Information
on Quarterly Financial Results for the Period under Review, (3) Explanation of Consolidated Financial Results
Forecast and Other Forward-Looking Information” on page 3 of the Attachments of quarterly consolidated financial
results.

Table of Contents - Attachments
1. Qualitative Information on Quarterly Financial Results for the Period under Review ........................... 2(1) Explanation of Operating Results .................................................................................................... 2(2) Explanation of Financial Position .................................................................................................... 2(3) Explanation of Consolidated Financial Results Forecast and Other Forward-Looking Information.............................................................................................................................................................. 3
2. Quarterly Consolidated Financial Statements and Principal Notes ...................................................... 4(1) Quarterly Consolidated Balance Sheet ............................................................................................. 4(2) Quarterly Consolidated Statements of Income and Comprehensive Income ................................... 6
Quarterly Consolidated Statement of Income
Six Months Ended September 30 .................................................................................................. 6
Quarterly Consolidated Statement of Comprehensive Income
Six Months Ended September 30 .................................................................................................. 7(3) Quarterly Consolidated Statement of Cash Flows ............................................................................ 8(4) Notes to Quarterly Consolidated Financial Statements .................................................................. 10(Notes on going concern assumption) ....................................................................................... 10(Notes on Significant Changes to Shareholders’ Equity) .......................................................... 10(Accounting methods adopted particularly for the preparation of quarterly consolidated
financial statements).................................................................................................................. 10(Segment information, etc.) ....................................................................................................... 111

1. Qualitative Information on Quarterly Financial Results for the Period under Review(1) Explanation of Operating Results
The Japanese economy showed signs of normalized economic activities for the six months ended September 30,
2022, with eased COVID-19 restrictions. The outlook, however, still remains uncertain due to the prolonged
Russia-Ukraine conflict and the impact of the sharp rise in resources and energy prices provoked by the rapid
weakening of the yen in the foreign exchange market.
In this environment, the Group continued to supply a diverse range of fluoride products in line with theneeds of customers mainly in the information and communication industry in Japan and overseas, as well as
developing the chemical product distribution business based on the unique know-how acquired in thetransportation of special cargo.
In regard to the performance for the six months ended September 30, 2022, both domestic and overseas
sales remained strong and sales price rose in the Semiconductors. As a result, sales revenue increased to 19,618
millions of yen (up 8.3% year on year).
In terms of profits, operating profit amounted to 2,245 millions of yen (down 8.3% year on year) despite
the increased shipment volume in the Semiconductors, as the impact of supply and demand in the Chinese market
and the weakening yen led to a significant year-on-year increase in the price of anhydrous hydrofluoric acid, a
key raw material. Ordinary profit amounted to 3,028 millions of yen (up 16.9% year on year), as a result ofrecording share of profit of entities accounted for using equity method. This was due to a significant rise in thesales price following a surge in the market price in China for electrolytes for lithium-ion secondary batteries soldby the Quzhou BDX New Chemical Materials Co., Ltd., an equity method affiliate, resulting in the affiliate’srobust operating results. Moreover, as a result of recording gain on sale of investment securities as extraordinary
income due to sale of an unlisted security, profit attributable to owners of parent amounted to 3,022 millions ofyen (up 62.2% year on year).
(2) Explanation of Financial Position(Assets)
Current assets increased by 580 millions of yen (1.9%) from the end of the previous fiscal year to 31,161 millionsof yen. The main reasons for this growth included increases of 942 millions of yen in cash and deposits and 220
millions of yen in notes and accounts receivable - trade.
Non-current assets increased by 1,399 millions of yen (5.4%) from the end of the previous fiscal year to27,416 millions of yen. The main reasons for this growth included increases of 802 millions of yen in property,
plant and equipment and 644 millions of yen in investments and other assets.
Consequently, total assets increased by 1,979 millions of yen from the end of the previous fiscal year to
58,577 millions of yen.
(Liabilities)
Current liabilities decreased by 273 millions of yen (2.8%) from the end of the previous fiscal year to 9,530
millions of yen. The main reason for this decline included a decrease of 234 millions of yen in current portion of
long-term borrowings.
Non-current liabilities decreased by 423 millions of yen (10.4%) from the end of the previous fiscal year to
3,642 millions of yen. The main reason for this decline included a decrease of 533 millions of yen in long-termborrowings.
Consequently, total liabilities decreased by 696 millions of yen from the end of the previous fiscal year to
13,173 millions of yen.
(Net assets)
Net assets at the end of the second quarter of the fiscal year under review amounted to 45,404 millions of yen,
an increase of 2,675 millions of yen from the end of the previous fiscal year. The main reason for this growth
included an increase of 2,566 millions of yen in retained earnings.
2

Consequently, the equity-to-asset ratio was 76.6% (74.5% at the end of the previous fiscal year).

(3) Explanation of Consolidated Financial Results Forecast and Other Forward-Looking Information
Consolidated financial results forecasts for the fiscal year ending March 31, 2023 have not been revised fromthe forecasts announced on May 10, 2022.

3

2. Quarterly Consolidated Financial Statements and Principal Notes(1) Quarterly Consolidated Balance Sheet(Millions of yen)
As of March 31, 2022
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Electronically recorded monetary claims - operating
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Machinery, equipment and vehicles, net
Land
Leased assets
Construction in progress
Other, net
Total property, plant and equipment
Intangible assets
Other
Total intangible assets
Investments and other assets
Other
Total investments and other assets
Total non-current assets
Total assets

4

As of September 30, 2022

15,895
8,577
65
2,175
1,510
1,584
789
(17)
30,581

16,838
8,798
53
2,054
1,469
1,370
594
(16)
31,161

6,535
4,772
5,467
132
3,147
1,611
21,667

6,402
4,630
5,467
153
4,271
1,545
22,469

375
375

327
327

3,973
3,973
26,01656,5984,618
4,618
27,41658,577

(Millions of yen)
As of March 31, 2022
Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating
Short-term borrowings
Current portion of long-term borrowings
Income taxes payable
Provision for bonuses
Provision for bonuses for directors (and otherofficers)
Electronically recorded obligations facilities
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Retirement benefit liability
Provision for retirement benefits for directors (andother officers)
Provision for share awards
Asset retirement obligations
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Total accumulated other comprehensive income
Share acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets

5

As of September 30, 2022

1,743
876
1,920
1,494
1,370
379

2,242
833
1,920
1,260
1,213
379

55

17

401
1,563
9,804

229
1,434
9,530

2,003
956

1,469
942

31

32

99
645
329
4,065
13,869

110
676
410
3,642
13,173

4,829
8,793
29,450(1,642)
41,4304,829
8,793
32,016(2,448)43,191

50
46
643
739
49
508
42,72856,598

49
－
1,624
1,673
48
490
45,40458,577

(2) Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statement of Income
Six Months Ended September 30(Millions of yen)

Sales revenue
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Share of profit of entities accounted for using equity
methodSubsidy income
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Loss on valuation of derivatives
Share issuance costs

For the six months ended
September 30, 2021
18,10913,577
4,531
2,083
2,448

For the six months ended
September 30, 2022
19,61815,446
4,172
1,927
2,245

156

489

34
－
50
240

24
235
53
803

15
－
37
8
4
30
3
99
2,589

11
5
－
－
－
－
3
20
3,028

14
－
14

7
1,237
1,245

35
－
35
2,568
907
1,661
(202)
1,863

3
0
3
4,270
1,331
2,938
(83)
3,022

Foreign exchange losses
Depreciation
Provision of allowance for doubtful accounts
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Total extraordinary income
Extraordinary losses
Loss on abandonment of non-current assets
Loss on sale of non-current assets
Total extraordinary losses
Profit before income taxes
Income taxes
ProfitLoss attributable to non-controlling interests
Profit attributable to owners of parent

6

Quarterly Consolidated Statement of Comprehensive Income
Six Months Ended September 30(Millions of yen)

ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

For the six months ended
September 30, 2021
1,661

For the six months ended
September 30, 2022
2,938

19
19
320

(0)
(46)
783

25

263

385
2,046

999
3,938

2,214

3,956

(167)

(18)

7

(3) Quarterly Consolidated Statement of Cash Flows(Millions of yen)
For the six months ended
September 30, 2021
Cash flows from operating activities
Profit before income taxes
Depreciation
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses for directors(and other officers)
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for retirement benefits for
directors (and other officers)
Increase (decrease) in retirement benefit liability
Increase (decrease) in provision for share awards
Interest and dividend income
Interest expenses
Subsidy income
Foreign exchange losses (gains)Share of loss (profit) of entities accounted for using equity
methodLoss (gain) on sale and retirement of property, plant andequipment
Loss (gain) on sale of investment securities
Loss (gain) on valuation of derivatives
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Decrease (increase) in other current assets
Increase (decrease) in other current liabilities
Decrease (increase) in consumption taxes refund
receivable
Increase (decrease) in accrued consumption taxes
Other, net
SubtotalInterest and dividends received
Interest paid
Subsidies received
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sale of investment securities
Other payments
Other proceeds
Net cash provided by (used in) investing activities

8

For the six months ended
September 30, 2022

2,568
1,338
30

4,270
1,299
(0)

(30)

(37)

(1)

(0)

(3)

1

29
12
(5)
15
(34)
(30)

(13)
11
(11)
11
(24)
(299)

(156)

(489)

20

(4)

－
(5)
(438)
(305)
587
(85)
(154)

(1,237)
5
49
509
252
199
(284)

(8)

0

(61)
29
3,311
5
(15)
34
(858)
2,476

(14)
44
4,234
11
(11)
24
(1,318)
2,941

(189)
179
(1,054)
15
(9)
(518)
－
(10)
1
(1,584)(386)
366(1,808)
10
(10)
(1)
1,245
(33)
22
(595)

(Millions of yen)
For the six months ended
September 30, 2021
Cash flows from financing activities
Repayments of long-term borrowings
Proceeds from share issuance to non-controllingshareholders
Purchase of treasury shares
Repayments of lease liabilities
Dividends paid
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
Cash and cash equivalents at end of period

9

For the six months ended
September 30, 2022

(1,029)

(767)

3,601

－

－
(17)
(323)
2,231
173
3,296
15,245
18,542

(806)
(21)
(455)
(2,051)600
895
15,53816,433

(4) Notes to Quarterly Consolidated Financial Statements(Notes on going concern assumption)
Not applicable.
(Notes on Significant Changes to Shareholders’ Equity)
Not applicable.
(Accounting methods adopted particularly for the preparation of quarterly consolidated financial statements)(Calculation of tax expenses)
The Company has calculated tax expenses by reasonably estimating the effective tax rate after the application oftax effect accounting to profit before income taxes for the fiscal year including the second quarter of the fiscal
year under review and multiplying profit before income taxes by the estimated effective tax rate.

10

(Segment information, etc.)[Segment information]
I. For the six months ended September 30, 2021 (from April 1, 2021 to September 30, 2021)
1. Information on sales revenue and profit or loss by reportable segment
Reportable segment
High-purity
ChemicalSales revenue
Sales revenue tooutside customers
Inter-segment sales
revenue or transfers
Total
Segment profit (loss)

Transportation

Medical

Total(Millions of yen)

Other
(Note)

Total

15,631

2,326

69

18,027

82

18,109

125

1,476

–

1,602

104

1,707

15,756
2,523

3,803
373

69
(332)

19,629
2,564

186
8

19,8162,572(Note) The “Other” category is for non-reportable business segments, including insurance agency business andautomobile maintenance business.

2. Difference between the total amount of reportable segment profit or loss and the amount in the quarterly
consolidated statement of income and main details of this difference (matters relating to difference adjustments)(Millions of yen)
ProfitAmountReportable segment total

2,564

Profit in “Other” category

8Inter-segment elimination(124)

Operating profit in the quarterly consolidated
statement of income

2,448

3. Matters relating to changes in reportable segments, etc.
Not applicable.
4. Information on impairment losses on non-current assets or goodwill, etc. by reportable segment
Not applicable.

11II. For the six months ended September 30, 2022 (from April 1, 2022 to September 30, 2022)
1. Information on sales revenue and profit or loss by reportable segment

High-purity Chemical
Sales revenue
Sales revenue tooutside customers
Inter-segment sales
revenue or transfers
Total
Segment profit

Reportable segment
Transportation

Total(Millions of yen)

Other
(Note)

Total

17,263

2,277

19,54077

19,618

0

1,693

1,693

116

1,809

17,263
1,958

3,970
283

21,234
2,241

194
9

21,4282,250(Note) The “Other” category is for non-reportable business segments, including insurance agency business andautomobile maintenance business.

2. Difference between the total amount of reportable segment profit or loss and the amount in the quarterly
consolidated statement of income and main details of this difference (matters relating to difference adjustments)(Millions of yen)
ProfitAmountReportable segment total

2,241

Profit in “Other” category

9Inter-segment elimination(5)

Operating profit in the quarterly consolidated
statement of income

2,245

3. Matters relating to changes in reportable segments, etc.
In the previous fiscal year, the Company sold part of its shares in Stella Pharma Corporation, which became an
equity method affiliate from a consolidated subsidiary. Accordingly, the “Medical” category has been excluded
from reportable segments from the first quarter of the fiscal year.
4. Information on impairment losses on non-current assets or goodwill, etc. by reportable segment
Not applicable.

12