IR Briefing for 1H
the Fiscal Year Ending March 2022
1H Progress in the First Year of the New Medium-Term Management Plan NC2023

Inabata & Co., Ltd.
Katsutaro Inabata, Director, President
Inabata & Co., Ltd. held the financial results briefing for 1H the fiscal year
ending March 2022 via live broadcast on December 2, 2021.

1

Contents
Page
3

Company Overview

5

Summary of New Medium-Term Management Plan NC2023

9

1H progress in the First Year of NC2023

19

Returning Profits to Shareholders

21

Reference Materials* In this document, Net income = Net income attributable to owners of parent

2Company Overview

About Inabata:
1. Founded in 1890

Inabata Dye Shop (Nishijin, Kyoto)

The Company was founded in Kyoto in 1890 as an importer ofdyestuffs. The business was later expanded with a focus on
chemicals.

2. A globally expanding, multifaceted
trading company
The company operates at 60 locations across 17 countries. Business
functions include market development, manufacturing and processing,logistics, and finance. Our plans and proposals are based on
specialized expertise and knowledge of products and markets.
3Company Overview
3. Four business segments
We operate in four segments: Information & Electronics, Chemicals,Life Industry, and Plastics.

Life
Industry
Chemicals6%

12%

FY03/21 Plastics
Net sales: 43%¥577.5 billion
Information &Electronics

39%

4

◼ Summaryof New Medium-Term Management Plan
New Challenge 2023 (NC2023)

5

NC2023: Basic Policies◼ Second-stage medium-term management plan on the way to our long-term vision, IK Vision 2030
◼ Continues along the same basic trajectory as NC2020, the first-stage plan
◼ Some adjustments have been made based on the degree of achievement associated with targets in
NC2020 and changes in the current business environment.

MissionPeople come first, based on the spirit of "love ( ai )" and " respect ( kei )," andtogether we strive towards contributing to the development of society.

VisionIK Values

To continually evolve, serving clients and society, through global
operations and meeting their changing needs.
IK Values
Ethics, aspiration, organization, role, symbiosis

IK Vision 2030
IK Vision 2030 (envisioning ourselves around 2030)

Medium-term management plan

Second stage NC2023 (targets for FY03/24)
First stage NC2020 (concluding March 31, 2021)
6

Quantitative Targets of NC2023

FY03/24
Net sales¥670.0 billion

Operating profit¥16.5 billion

Ordinary profit¥17.0 billion

Profit attributable toowners of parent¥16.0 billion

ROE

8％ or more

Net D/E ratio

0.3x or less

Equity ratio

50% or more

Assumed exchange rate

USD1 = JPY105

Note: Sales target based on accounting standards prior to the adoption of
the revised revenue recognition methods: 700.0 billion JPY

7

Key Initiatives for NC2023

1.

Further development of core businesses and horizontal expansion
into growth sectors

２.

Multi-faceted approach to markets with potential for future growthand steady monetization efforts

3.

Intensification of investment targeting future growth

4.

Further upgrades to global management information infrastructure

5.

Continuous review of assets and further improvement of capitaland asset efficiency

6.

Enhancement of human capital utilization efforts8◼ 1H Progress in the First Year of the New
Medium-Term Management Plan NC2023

9

Operating Environments in 1H FY03/22:
Information & Electronics (FPD Market)◼ LCD panel price was on an uptrend until Q1 due to tight supply, but began to fall in Q2.
◼ While some LCD panel manufacturers cut down production due to the drop in selling
prices, there was no substantial fall in demand as these manufacturers sought to secureparts amid delayed shipping caused by container shortages.

◼ Inabata’s FPD material sales were favorable thanks to the shift to smartphones with
OLED screens and TVs with larger screens driven by stay-at-home demand.
◼ Sales of organic electroluminescent panels for smartphones continued to grow, but thisgrowth was limited when measured in terms of area. The percentage of FPDs using LCD
panel display area is expected to remain high for the foreseeable future.
Projected Breakdown of Total Flat Panel Display Area (LCDs and OLEDs)% of total
panel area

2018

2019

2020

2021

2022

2023

LCDs

97％

96％

96％

95％

94％

93％

OLEDs

3％

4％

4％

5％

6％

7％

Note: Projected figures are provided for reference and represent company predictions based on various data

10

Operating Environments in 1H FY03/22: Plastics◼ Selling price of general-purpose resins rose in tandem with a continued increase innaphtha price. Naphtha price is forecast to exceed ¥60,000 in 2H.

◼ Selling price of functional resins also increased due to tight supply, as notebook PCs andothers continued to sell well buoyed by stay-at-home demand and telework.
◼ High-performance resins continued to sell without experiencing a drop in demand despite
a downfall in production by auto makers due to shortages of semiconductors and parts,
as parts manufacturers continued to place orders in preparation for a future rebound in
auto production.
Domestic naphtha prices（JPY/kl）

60,00053,50044,60054,200COVID-19 pandemic

45,40047,70041,30047,90044,80040,20030,20038,80030,00031,3000

NC2020

NC2023

Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21

Domestic naphtha prices

11

1H Progress in the First Year of NC2023◼
◼

Performance was steady owing to recovery from the impact of COVID-19
pandemic
Net sales and profits are expected to reach full-year targets in the firstyear of NC2023.
(Billions of yen)

1H FY03/21
actualFY03/22
forecast(A)

1H FY03/22
actual

NC2023First year targets(B)

Projected
achievement
versus targets(A)/(B)%

267.1

328.5

600.0

600.0

100%

Operating profit

6.2

11.0

16.0

14.5

110%

Ordinary profit

6.9

12.0

17.0

15.0

113%

Profit attributable toowners of parent

5.8

13.5

16.0

14.0

114%

Net debt/equity ratio

0.08

0.12

－

0.3x or less

Strong

49.8％

48.0％

－

－

－

USD1=¥106.93 USD1=¥109.81

USD1=¥110.00

USD1=¥105.00－

Net sales

Equity ratio

Exchange rate

Note: Net D/E ratio = (interest-bearing debt – cash and deposits) / equity capital
FY03/22 forecast figures are those released on August 5, 2021.

12

NC2023 Progress by Segment: (1) Information & Electronics(Billions of yen)

8.00
6.32

Operating profit(forecast)

6.00◼ Progress versus operating profit target in NC2023: On track
NC2023

5.05(Billions of yen)

1H FY03/21
actual1H FY03/22
actualOperatingprofit3.33

3.73

Operating profit
margin

3.1％

Sales

106.3

FY03/22
forecast(A)

NC20203
Final year
targets(B)

Projected
achievement
versus targets(A)/(B)%

6.00

5.05

119%

3.0％

2.7％

2.2％

―

123.8
*130.3

226.0

226.0

―

Operatingprofit

Sales

＋

＋

＋

＋

＋
＋

＋
＋

＋

＋

4.00
3.33

0.00

3.73

FY03/211H FY03/22

FY03/22(actual)(actual)(target)(Billions of yen)

400.0

Major factors behind progress

Sales(forecast)

224.5

226.0

NC2023

226.0

200.0
106.3
0.0

123.8

FY03/211H FY03/22

FY03/22(actual)(actual)(target)• Growth in sales of OLED and other materials
for use in FPD• Favorable inkjet printer-related sales for homeuse• Recovery in demand for toners for office-use• Growth in sales of solar power generation- andlithium ion battery-related materials• Strong performance of semiconductor-relatedmaterials and equipment

Notes: *Reference figure based on previous accounting standards prior to the adoption of Accounting Standard for Revenue Recognition(ASBJ Statement 29)
Excluding ¥740mn in reversal of allowance for doubtful accounts, OPM in Information & Electronics in 1H FY03/21 was 2.4%.

13

NC2023 Progress by Segment: (2) Chemicals(Billions of yen)

2.00

Operating profit◼ Progress versus operating profit target in NC2023: On track(forecast)

1.50

1.32
1.00

NC2023

1H FY03/21
actual1H FY03/22
actualOperatingprofit

0.41

1.04

1.50

1.20

125％

Operatingprofit margin

1.4％

2.9％

2.2％

1.8％

―

Sales

30.7

36.0
*38.8

68.0

68.0

―

1.20
1.04

0.41
0.00

(Billions of yen)

FY03/211H FY03/22

FY03/22(actual)(actual)(target)FY03/22
forecast(A)

NC20203
Final year
targets(B)

Projected
achievement
versus targets(A)/(B)%(Billions of yen)

100.0

Sales
NC2023(forecast)

66.6

68.0

68.0

50.0

•
•

30.7
0.0

Major factors behind progress

36.0

•
•

FY03/211H FY03/22

FY03/22(actual)(actual)(target)Strong sales of resin materials andadditives
Growth in sales of raw materials forautomotive components
Recovery in sales of paint materials
Recovery in sales of housing construction
materials

Operatingprofit

Sales

＋

＋

＋

＋

＋
＋

＋
＋

Note: *Reference figure based on previous accounting standards prior to the adoption of Accounting Standard for Revenue Recognition(ASBJ Statement 29)

14

NC2023 Progress by Segment: (3) Life Industry(Billions of yen)

3.00

Operating profit(forecast)

2.20
2.00

◼ Progress versus operating profit target in NC2023: On track
NC2023

1.36
0.53

0.00

FY03/211H FY03/22

FY03/22(actual)(actual)(target)(Billions of yen)

50.0

37.3

38.8

0.53

1.36

2.20

1.90

116％

Operatingprofit margin

3.2％

7.5％

5.7％

4.9％

―

Sales

16.7

18.3
*19.7

38.8

38.8

―

Operatingprofit

Sales

＋
＋

＋
＋

＋

＋

＋

＋

－

－

•
•
16.7

FY03/22
forecast(A)

Major factors behind progress

38.8

20.0

0.0

OperatingprofitNC202330.0

10.0

1H FY03/22
actualSales(forecast)

40.0

1H FY03/21
actual

1.90

1.56

1.00

(Billions of yen)

•

18.3

•
FY03/211H FY03/22

FY03/22(actual)(actual)(target)•Strong sales of seafood products in the US
Favorable sales of processed products forconveyor belt sushi outlets
Favorable sales of frozen vegetables forvolume retailers and home delivery
Recovery in sales of ingredients forpharmaceuticals and cosmetics
Sluggish sales of raw materials for daily goods
to drugstores

NC20203
Final year
targets(B)

Projected
achievement
versus targets(A)/(B)%

Note: *Reference figure based on previous accounting standards prior to the adoption of Accounting Standard for Revenue Recognition(ASBJ Statement 29)

15

NC2023 Progress by Segment: (4) Plastics(Billions of yen)

Operating profit

8.00
6.00

5.63

0.00

NC2023

6.20

6.25

1.86
FY03/211H FY03/22

FY03/22(actual)(actual)(target)(Billions of yen)

400.0
248.8

(Billions of yen)

1H FY03/21
actual1H FY03/22
actualFY03/22
forecast
(A)

113.2

NC20203
Final year
targets(B)

Projected
achievement
versus targets(A)/(B)%

Operatingprofit

1.86

4.86

6.20

6.25

99％

Operatingprofit margin

1.6％

3.2％

2.3％

2.3％

―

Sales

113.2

150.2
*151.5267.0

267.00―Operatingprofit

Sales

＋
＋
＋

＋
＋
＋

＋
＋

＋
＋

Sales
(forecast)

NC2023

267.0

267.0

Major factors behind progress

•
•
•

200.0

0.0

◼ Progress versus operating profit target in NC2023: On track

4.86

4.00
2.00

(forecast)

150.2

•
•

FY03/211H FY03/22

FY03/22(actual)(actual)(target)Strong sales of automotive-related resins
Rise in resin prices
Favorable sales of resins for food products
and daily goods on stay-at-home demand
Recovery in film sales to convenience stores
Recovery in sales of materials for sporting
goods

Note: *Reference figure based on previous accounting standards prior to the adoption of Accounting Standard for Revenue Recognition(ASBJ Statement 29)

16

NC2023 Investment Status(Billions of yen)

NC2020
Actual cumulative
results

1H FY03/22
actual

NC2023cumulative results(1H FY03/22)

Growth investment

8.90

0.45

0.45

Fixed investment

8.03

0.51

0.51

Total

16.93

0.96

0.96

◼ Major growth investments in 1H FY03/22• Plastics segment:¥0.08 billion for facilities (related to compound)¥0.07 billion for facilities (related to inflation molding)¥0.09 billion for facilities (others)• Life industry segment:¥0.06 billion (related to food-related business, Awaji Island Project)17

NC2023 FY03/22 Operating Profit Forecast［Operating Profit］(Billions of yen)

20.0

16.0
0.10

11.07
10.0

0.10
6.20
6.25

0.06
4.86

1.36
1.04
3.73

14.5
Other
Plastics

Life Industry

2.20
1.50

1.90
1.20

6.00

5.05

FY03/22
forecast

FY03/22
targetChemicals
Information &Electronics

0.0

2Q FY03/22
actual18

◼ Returning Profits to Shareholders

19

NC2023

Returning Profits to Shareholders

Adoption of progressive dividends
We will ensure that dividend per share does not decline year on year bycontinually increasing our dividends during NC2023• We will continue to target a total return ratio of about 30–35%.
• We will swiftly and flexibly conduct treasury stock acquisition.
◼ Dividends per share:
FY03/22 Annual dividend: ¥70 (forecast)(interim: ¥30 (actual), year-end: ¥40 (forecast))(Yen)(forecast)

80

70
Dividends per share

63
48

40

30
21

33

36

40

53

Progressive
dividends

40

23
NC2016

NC2020

NC20230
FY03/12 FY03/13 FY03/14 FY03/15 FY03/16 FY03/17 FY03/18 FY03/19 FY03/20 FY03/21 FY03/22 FY03/23 FY03/24

20

◼ Reference Materials

21

Key Initiatives for NC2023
1. Further development of core businesses and horizontal
expansion into growth sectors
Segment
Information &Electronics
Plastics

Key Initiatives•••

Enrich LCD and OLED businesses within the Chinese market
Focus on FPDs for the new generation and peripheral components
Concentrate on the currently expanding business related to industrial inkjet
printers•

Take advantage of global expansion in the plastic compounds business andother operations and achieve business expansion, particularly in theautomotive sector

22Key Initiatives for NC2023
2. Multi-faceted approach to markets with potential for future
growth and steady monetization efforts
Segment

Key Initiatives

Information &Electronics
Plastics
Chemicals••

Expand our lineup of environmental impact-reducing products
Conduct multifaceted rollout of initiatives supporting business in the newenergy sector, 5G-related business, and business associated with
automotive applications and mobilityLife industry（Food and
agriculture）•

Accelerate upstream and downstream expansion through wide-ranging
investment and other initiatives

Life industry(Life science)•Strengthen focus on the regenerative medicine sector and other markets
with growth potential

23Key Initiatives for NC2023◼ Main environmental impact-reducing products by segment
Segment

Main environmental impact-reducing products

Information &Electronics

•
•
•
•
•

Solar cell- and lithium battery-related productsWind power generation- and hydrogen production-related products
Biomass power generation-related products
Biodegradable films
Freshness-preserving catalyst

Chemicals•

Particle boardLife industry•••

Raw materials to streamline pharmaceutical synthesis processes
MSC, MEL, SS certified marine products
Eco-friendly equipment (residue and wastewater treatment)

Plastics

•
•
•
•
•

Resin having PCR materials as part of raw materials
Recycled plastic parts
Recycled raw materials (repellets)
Products made with recycled materials
Raw materials for biodegradable mulch films

Note: PCR stands for post-consumer recycled24Key Initiatives for NC2023
3. Intensification of investment targeting future growth◼ We will consider investing in the following sectors and fields to achieve
expansion in the trading business.
Segment

Information &Electronics
Life industry

Key Initiatives•

Batteries and other elements of renewable energy•

Upstream and downstream domains associated with food products andagriculture (especially processing functions)Regenerative medicine and other growth areas (venture investment, etc.)••

Plastics
Chemicals•

Pursue manufacturing functions with the aim of achieving enrichment in theautomotive sector
Automation and labor saving in manufacturing divisions for compounds, etc.

•

Mobility sector

25

Key Initiatives for NC2023
4. Further upgrades to global management information
infrastructure
Key Initiatives••

Embrace new technological trends and promote further digitalization (digital transformation
initiatives)
Establish a global management information infrastructure that will support security
enhancement, business continuity planning, and new workstyles

26

Key Initiatives for NC2023
5. Continuous review of assets and further improvement of
capital and asset efficiency
Key Initiatives••

Further review strategically held shares and reduce them by 50% in three years
Allocate cash earned evenly toward the following three areas:
1) Investment for future growth2) Returns to shareholders
3) Strengthening of financial base27

Key Initiatives for NC2023
6. Enhancement of human capital utilization efforts

Key Initiatives••

Further implement systemic enhancements aimed at supporting global human resource
development and increasing diversity
Strengthen initiatives targeting employee engagement and new workstyle reforms

28

NC2023

Further Development of Core Businesses

Progress at our compounds plant(sales to automakers in Mexico)◼ Status in 1H FY03/22
Sales volume increased as demand showed signs of recovery. Selling price increased in tandem with arise in raw material prices. Full-scale recovery is not expected until FY03/23 or later due to the impact ofsemiconductor shortages in the auto industry in 2H FY03/22.
Sales volume
FY03/19(actual)

6,700 MT

FY03/20 (actual)

9,000 MT

FY03/21 (actual)

6,900 MT

1H FY03/22 (actual)

4,700 MT

FY03/22 (forecast)

10,200 MT

Company: IK Plastic Compound Mexico, S.A. de C.V.
Production capacity: 15,000 MT/year
Location: Silao, Guanajuato, central Mexico
Commenced operations in November 2013, with mass
production starting in September 201429

NC2023

Further Development of Core Businesses

Progress at our compounds plant(sales to manufacturers of OA equipment in the Philippines)◼ Status in 1H FY03/22
Sales volume is growing, but production at most OA manufactures, the subsidiary’s main customers, istrending below plan due to shortages of resins and electronic parts. Sales grew on higher raw material
prices of resin. 2H performance is also expected to be affected by the shortages of parts and resins.
Sales volume
FY03/19(actual)

10,200 MT

FY03/20 (actual)

9,300 MT

FY03/21 (actual)

9,500 MT

1H FY03/22 (actual)

9,500 MT

FY03/22 (forecast)

16,800 MT

Company: IK PLASTIC COMPOUND PHILS. INC.
Production capacity: 10,800 MT/year
Location: Laguna Province, Philippines
Commenced business and production in July 201430

Annual Production Capacity for Plastic Compounds
China

Plastics Compound
Business Office (Japan)

12,600 MT/Y•••

VietnamShares information
Coordinates facilities andraw materials
Reduces costs bypurchasing in bulk

42,000 MT/Y

ThailandPhilippines

38,400 MT/Y

10,800 MT/Y
Building and dismantling plants in line with customers’
relocation strategies
Providing consistent service quality everywhere

Malaysia
27,600 MT/Y

Indonesia
37,200 MT/Y

183,600 MT/Y: 7 sites in 7 countries (As of September 30, 2021)

Mexico15,000 MT/Y
31

NC2023

Enhancement of Human Capital Utilization Efforts✓ In April 2021, Inabata conducted an engagement survey of 1,400 employees at theheadquarters and 16 key overseas bases.
✓ We continued to hold the Global Staff Meeting.
However, we cancelled the meeting scheduled for May 2021 due to the spread of
the novel coronavirus pandemic.
Number of overseas personnel in the trading division andpeople on overseas assignment(People)1000

Trading division

693

737

People on overseas assignment

764

783

787

811

500

95
0

End-FY03/17

94
End-FY03/18

90
End-FY03/19

93
End-FY03/20

92

95

Employees at Inabata Mexico

End-FY03/21 End-Sep. 2021

32
Note: The number of people on overseas assignment is as of the first day of the following month.

[Governance] Board of Directors evaluation
Objective: To enhance corporate value by increasing the effectiveness andtransparency of the Board of Directors
FY03/20
Performed a self-evaluation of all directors and Audit & Supervisory Board
members using a survey format⇒ In April 2020, disclosed summary of evaluation and measures going forward

FY03/21
Conducted third-party evaluations of all directors and Audit & Supervisory Board
members through questionnaires and interviews⇒ In April 2021, disclosed summary of evaluation and measures going forward

FY03/22
Conducting self-evaluation surveys of all directors and Audit &Supervisory Board members using a survey format⇒ In April 2022, plans to disclose evaluation results and measures
going forward

33

Net Sales and Operating Profit(Operating profit: Billions of yen)

(Net sales: Billions of yen)
1,200.0

Net sales

35.0

Operating profit

1,000.0 30.0

1,000.0

25.0
800.0

561.1

600.0

572.1 577.0 586.6

14.0

469.0 464.4 479.9
410.7

12.6
10.9

400.0
7.9

7.6

621.1 634.7

10.7(Goal)(Target) 670.0(forecast)

600.3

635.0
600.0
16.5
577.5 16.0
15.5
14.9

20.0

15.0

13.2

11.3
10.0

7.7
5.9

5.5
200.0

5.0

0.0

0.0
Around 2030
IK Vision 2030
NC2016

NC2020

NC202334

Sales by Segment(Billions of yen)

Information & Electronics

1,200.0

ChemicalsLife Industry

Plastics

Other

1,000.0
1,000.0

800.0(goal)

621.1(forecast)

634.7
0.1

0.1

600.0

(target)

600.3

577.5
0.1

635.0

600.0

0.2

0.2

0.2

0.1

670.0

284.0

300.8

286.9

300.0

270.3

248.8

267.0

42.3
76.7

39.0
77.5

36.9
74.1

37.3
66.6

38.8
68.0

42.8
72.0

46.0
77.0

214.9

217.9

218.6

224.5

226.0

236.0

246.0

FY03/18

FY03/19

FY03/20

FY03/21

FY03/22

FY03/23

FY03/24

400.0

200.0

0.0

NC2020Around 2030
IK Vision 2030

NC202335

Operating Profit by Segment(Billions of yen)

Information & Electronics

ChemicalsLife Industry

Plastics

Other

27.50

22.50
(forecast)

17.50

14.9

14.0

13.2

0.13

5.63

5.9
7.50

6.34

2.50
1.92
0.41
(2.04)
FY03/18

6.20

15.5
0.10
6.70

16.5
0.10
7.05

6.23

0.12

5.54

0.10

0.13

0.13

12.50

16.0

(goal)(target)

1.31
1.42

1.16
1.20

4.81

4.48

FY03/19

FY03/20

1.56
1.32

2.20

6.32

FY03/21

2.00

2.20

1.35

1.50

6.00

5.35

5.65

FY03/22

FY03/23

FY03/24

1.50

-2.50
NC2020Around 2030
IK Vision 2030

NC202336

Earnings per Share(Yen)

265.80250

229.13211.36200

188.82151.91150

137.01

156.25137.20109.92

100

50

（604）

（707）

（891）

（679）

（936）

（425）

FY03/14

FY03/15

FY03/16

FY03/17

FY03/18

FY03/19

FY03/20

FY03/21

FY03/22（actual）（actual）（actual）（actual）（actual）（actual）（actual）（actual）（forecast）

0

Note: Figures in parentheses at the bottom of the bar graph indicate own-share purchases conducted during the year
(in millions of yen).

37

Company Overview
Name

Inabata & Co., Ltd.

Founded

October 1, 1890

Incorporated

Capital stock
Representative

Head offices

Fiscal year

April 1 to March 31

Exchange listing

Tokyo Stock Exchange

Ticker

8098

Trading unit

100 shares

Shareholders

23,821Major
shareholders(top three andpercentage
ownership)

Sumitomo Chemical Co., Ltd.
(22.9%)The Master Trust Bank of Japan,
Ltd. (Trust Account) (10.0%)
Custody Bank of Japan, Ltd.
(Trust Account) (4.4%)

June 10, 1918

¥9,364 million
Katsutaro Inabata, Director,
President
Osaka Head Office (1-15-14
Minami-semba, Chuo-ku, Osaka)
Tokyo Head Office (2-8-2
Nihonbashi-honcho, Chuo-ku,
Tokyo)

Employees

666 (4,193 on consolidated basis)

Issuable shares

200,000,000

Shares issued
and outstanding

63,499,227

The Company owns 3,010,364 shares of treasury shares. This
shareholding is not shown in the table and has not been included in
the calculation of the shareholding ratio. However, 94,300 shares of
the Company held by Custody Bank of Japan, Ltd. (Trust account E)
as a trust property under the Board Benefit Trust (BBT) system is
excluded from the number of the treasury shares, and hence, is
included in the calculation of the ratio.
(As of September 30, 2021)

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 IR-related inquiries:

IR Department, Financial Management Office
Inabata & Co., Ltd.
E-mail: inabata-ir@inabata.com

Cautionary note regarding forward-looking statements
The data and future predictions contained in this document are forward-looking statements, based on
information available and judgments applicable at the time of the document’s release. The data andforecasts contained herein may include elements that are subject to change. This document and its
contents are no guarantee of future performance.
Presentation of numerical figures
Figures in this document presented in millions and billions of yen have been rounded down.
Consequently, certain discrepancies may exist between individual values and total values, or values
showing changes between sets of data.

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