[Delayed]CONSOLIDATED FINANCIAL RESULTS For the first half of the fiscal period ending March 31, 2022

(Reference Translation)

Nov 5, 2021

OSAKA SODA CO., LTD.

CONSOLIDATED FINANCIAL RESULTS

For the first half of the fiscal period ending March 31, 2022

(Prepared under Japan GAAP, unaudited)

Company name:	OSAKA SODA CO., LTD.			Stock Exchange Listing:		Tokyo
Securities code:	4046				URL: http://www.osaka-soda.co.jp
Representative:	Kenshi Terada, Representative Director, President & Chief Executive Officer
For inquiry:	Toru Imamura, General Manager, Administration Division
	(Telephone: [phone])
Scheduled date of filing of quarterly securities report:	November 8, 2021
Scheduled date of commencement of dividend payment:	December 3, 2021
Supplementary materials prepared for the financial results:	Yes
Quarterly financial results briefings:		Yes (for institutional investors and investment analysts)
1. Consolidated Financial Results		(Amounts are rounded down to the nearest million yen)
(1) Results of Operations
						Six Months Ended
					September 30, 2021		September 30, 2020
						Change *					Change *
Net sales		Millions of yen		42,157	- %		45,178		(14.8)%
Operating income		Millions of yen		5,694	62.8%		3,497		(29.4)%
Ordinary income		Millions of yen		6,158	66.5%		3,698		(28.7)%
Net income		Millions of yen		4,421	78.7%		2,474		(22.5)%
Comprehensive income	Millions of yen		3,997	(0.7)%		4,023		51.2%
Net income per share		Yen		189.55	-		104.60		-
Diluted net income per share		Yen		170.28	-		93.09		-

Note: Osaka Soda Group has adopted "Accounting Standard for Revenue Recognition" (ASBJ Statement No.29) from the beginning of quarterly period ended June 30, 2021. The figures for the six months ended September 30, 2021 reflect this change of accounting standard and year-on-year percent changes for six months are not available.

(2)Financial Condition
			September 30, 2021	March 31, 2021
	Total assets	Millions of yen	126,302	119,373
	Net assets	Millions of yen	80,485	77,232
	Equity	Millions of yen	80,477	77,224
	Equity ratio	%	63.7	64.7

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2. Dividends

		Year ending Mar. 31, 2022		Year ended Mar. 31, 2021
			Year ending Mar. 31, 2022
		(Forecast)
End of first quarter			－	－
End of second quarter			35.00	32.50
End of third quarter		－		－
End of fourth quarter	35.00		32.50
Full year	70.00		65.00

Note: Changes from the most recently published forecast of dividends: No

3. Earnings Forecast for the fiscal year ending March 31, 2022

		Full-year
				Change*
Net sales	Millions of yen	82,000		- %
Operating income	Millions of yen	10,700		28.3%
Ordinary income	Millions of yen	11,400		29.0%
Net income	Millions of yen	8,000		32.2%
Earnings per share	Yen	342.95		-

Note 1: Changes from the most recently published forecast of financial results: No

Note 2: Osaka Soda Group has adopted "Accounting Standard for Revenue Recognition" (ASBJ Statement No.29) from the beginning of fiscal year ending March 31, 2022. The earnings forecast for the fiscal year ending March 31, 2022 reflect this change of accounting standard and year-on-year percent changes are not available.

* Notes
(1) Changes in significant subsidiaries during the current quarterly period
(Changes in specified subsidiaries resulting in the change in scope of consolidation):	None

1. Application of accounting methods used specifically for the preparation of quarterly

consolidated financial statements:

None

1. Changes in accounting policies, accounting estimates and restatements of revisions

1)	Changes in accounting policies due to revisions of accounting standards, etc.:	Yes
2)	Changes in accounting policies other than 1):	None
3)	Changes in accounting estimates:	None
4)	Restatement of revisions:	None

1. Number of outstanding shares (common stock)

1)	Number of shares outstanding at the end of the period (including treasury shares)
	As of September 30, 2021:	26,732,017	shares
	As of March 31, 2021:	26,731,415	shares
2)	Number of treasury shares at the end of period
	As of September 30, 2021:	3,400,017	shares
	As of March 31, 2021:	3,404,604	shares

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3) Average number of shares outstanding in each period
Six months ended September 30, 2021	23,328,288	shares
Six months ended September 30, 2020	23,655,604	shares

• Review procedures
  The financial results are not subject to the review procedures performed by certified public accountants or an audit firm.
• Earnings forecasts and other notes
  This material contains forward-looking statements such as earnings forecast about OSAKA SODA CO., LTD. and its group companies ("Osaka Soda Group"). These forward-looking statements are based on the current assumptions and beliefs of Osaka Soda Group in light of the information currently available to it, and contain known and unknown risks, uncertainties and other factors. Osaka Soda Group therefore wishes to caution readers that actual results could be materially different from any future results.

DISCLAIMER:

This is an English translation of the original Japanese document and is prepared for reference. Should there be any inconsistency between the translation and the Japanese original, the latter shall prevail. This translation is subject to change without notice. Osaka Soda Group shall individually or jointly accept no responsibility or liability for damage or loss caused by any error, inaccuracy, misunderstanding, or changes with regard to this translation.

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4. Qualitative Information

1. Results of Operations

During the six months ended September 30, 2021, the Japanese economy is still in a severe situation due to the novel coronavirus, but it is showing movements of picking up. The economic outlook remains uncertain, although the economy is expected to move toward recovery, supported by the effects of the policies and improvement in overseas economies while taking thorough measures against infectious diseases, and accelerating vaccinations.

Under the circumstances, Osaka Soda Group launched the Medium-Term Management Plan "Empower the Next - 22", and implemented concrete measures based on four basic policies, "Building a resilient business foundation", "Promotion of market-in-type development", "Efforts to achieve the SDGs", and "Reforming corporate culture and organizational culture".

With regarding to "Building a resilient business foundation", the following business domains such as Chemicals business, Functional Materials business , and Healthcare business will be positioned as core businesses and resilient strategy is pursued. Functional Materials business responded to growing global demand in Allyl Ethers with expansion of the supply system and improvement of productivity. Health Care business continued to grow at a strong pace due to the increase of customer acceptance for new grades in Chromatography and to the increase of new orders for Pharmaceutical API and Intermediates. Pursuing cost reduction at production sites is connected to contribution to earnings constantly.

As a result, net sales were ¥42,157 million, a decrease of 6.7% compared to the same period of fiscal 2020. Net sales declined 12,266 million yen caused by the adoption of revenue recognition standard, but the reality is that net sales increased. Operating income was ¥5,694 million, an increase of 62.8% compared to the same period of fiscal 2020. Ordinary income was ¥6,158 million, an increase of 66.5% compared to the same period of fiscal 2020. Net income attributable to owners of parent was ¥4,421 million, an increase of 78.7% compared to the same period of fiscal 2020. All incomes during the six months ended September 30, 2021 reached record highs.

The following is a summary of reporting segments.

Basic Chemical Products

In Chlor-Alkali, net sales increased due to the demand recovery out of coronavirus collapse, especially in caustic soda and caustic potash.

In Epichlorohydrin, net sales increased due to the demand recovery mainly in electrical materials and price pass on measures to cope with the rise in raw materials.

As a result, Basic Chemical Products reported net sales of ¥17,544 million, down 11.9% compared to the same period of fiscal 2020, due to the adoption of Accounting Standard for Revenue Recognition.

Functional Chemical Products

In Synthetic Rubber related products, Epichlorohydrin Rubber, net sales increased due to the recovery of global demand for automobiles and office automation. Acrylic Rubber, net sales increased due to an expansion of customer acceptance in domestic and overseas, especially in

In Diallyl Phthalate Resin, net sales increased due to the growth of electric materials caused by domestic demand for nesting and the constant growth in exported sales to Asian countries including China and the United States.

In Allyl Ethers, net sales increased due to vigorous demand in silane coupling agents in domestic and China. In Separation Media in Pharmaceutical Industry (Silica Gel for Liquid Chromatography), net sales increased due to demand expansion for diabetes drug use to Europe, the United States and Asian countries.

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In Active Pharmaceutical Ingredients (API) and their Intermediates, net sales increased due to sales expansion of anti-cancerdrug substance and intermediate, blood flow improver intermediate, and insomnia treatment intermediates.

As a result, Functional Chemical Products reported net sales of ¥21,800 million, up 17.0% compared to the same period of fiscal 2020.

Housing Facilities and Others

Net sales were ¥2,812 million, down 57.5% compared to the same period of fiscal 2020, due to the adoption of Accounting Standard for Revenue Recognition.

1. Financial Condition Assets

Current assets were ¥79,096 million, an increase of 7.1% since March 31, 2021. The increase was due primarily to an increase of ¥4,258 million in cash and deposits, an increase of ¥802 million in merchandise and finished goods.

Noncurrent assets were ¥47,206 million, an increase of 3.8% since March 31, 2021. The increase was due primarily to an increase of ¥2,174 million in property, plant, and equipment.

As a result, Total assets were ¥126,302 million as of September 30, 2021, an increase of 5.8% since March 31, 2020.

Liabilities

Current liabilities were ¥39,610 million, an increase of 47.7% since March 31, 2021. The decrease was due primarily to an increase of ¥8,735 million in current portion of bonds with subscription rights to shares and an increase of ¥10,890 million in notes and accounts payable-trade respectively.

Noncurrent liabilities were ¥6,207 million, a decrease of 59.5% since March 31, 2021. The decrease was due primarily to a decrease of ¥8,737 million in bonds with subscription rights to shares.

As a result, Total liabilities were ¥45,817 million as of September 30, 2021, an increase of 8.7% since March 31, 2021.

Net assets

Net assets were ¥80,485 million as of September 30, 2021, an increase of 4.2% since March 31, 2021.

1. Cash Flows

As of September 30, 2021, cash and cash equivalents were ¥36,194 million, an increase of ¥4,258 million since March 31, 2021.

Cash flows from operating activities

Net cash provided by operating activities totaled ¥7,277 million, due primarily to ¥6,398 million in income before income taxes, ¥1,928 million in depreciation, and a decrease of ¥1,291 million in income tax paid.

Cash flows from investing activities

Net cash used in investing activities totaled ¥2,322 million, due primarily to purchase of ¥1,977 million for purchase of property, plant, and equipment.

Cash flows from financing activities

Net cash used in financing activities amounted to ¥795 million, due primarily to payment of ¥758 million in cash dividends.

(4) Annual Earnings Forecasts

There are no revisions to the earnings forecast from the previous forecast announced in the "Consolidated financial results for the year ended March 31, 2022" dated on October 19, 2021.

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