IR Briefing for
the Fiscal Year Ended March 2022
Progress in the First Year of Medium-Term Management Plan NC2023 andRevision of Final Year Goals

Inabata & Co., Ltd.
Katsutaro Inabata, Director, President
Inabata & Co., Ltd. held the financial results briefing for the fiscal year
ended March 2022 via live broadcast on June 8, 2022.

1

Contents
Page
3

Company Overview

5

Summary of Medium-Term Management Plan NC2023

7

Progress in the First Year of NC2023 and Revision of Final Year Goals

14

Returning Profits to Shareholders

17

Strategic shareholdings reduction policy

19

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 18 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
Chemicals 6%

12%FY03/22 Plastics
Net sales: 46%¥680.9billion
Information &Electronics

36%4◼ Summaryof 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◼ Progress in the First Year of Medium-Term
Management Plan NC2023 and Revision of
Final Year Goals

7

Operating Environments in FY03/22:
Information & Electronics (FPD)FPD Market◼ In the LCD panel market, demand deteriorated from Q2 onward as extraordinary demandassociated with shelter-in-place measures implemented to prevent the spread of COVID19 ran its course. LCD panel prices fell sharply between Q2 and Q4.
◼ In Inabata’s FPD material sales, sales of materials for polarizing film for use in large TVs
in particular were strong as Chinese panel manufacturers maintained high utilization rates.
For small- and medium-sized panels, raw materials for OLED for use in smartphones andcomponents for automotive applications increased.
◼ 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

2019

2020

2021

2022

2023

2024

LCDs

96％

96％

95％

94％

93％

92％

OLEDs

4％

4％

5％

6％

7％

8％

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

8

Operating Environments in FY03/22: Plastics◼ Naphtha prices rose to over ￥64,000/kl through to Q4, and as a result, the price ofcommodity resins continued to increase.

◼ Performance of high-performance resins recovered from a worldwide market deterioration
set off by the COVID-19 pandemic in 1H. In 2H, conditions remained uncertain due toglobal supply chain disruptions caused by such factors as semiconductor shortages andlockdowns in Asia.
◼ Plastics business performed strong, driven by demand from companies seeking to stock
up on inventory out of concern for unstable supply conditions and demand arising fromautomakers’ increased production to make up for prior production delays.
Domestic naphtha prices（JPY/kl）
COVID-19 pandemic

90,00060,70060,00048,70047,70044,80053,50064,60053,50038,80030,200 31,300

45,40030,000
NC202025,000

NC20230
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 Q3/21 Q4/21

Domestic naphtha prices

9

Progress in the First Year of NC2023◼

Sales and profits exceeded both the first year targets and final year goals ofNC2023, owing to recovery from the sharp drop in earnings caused by the
pandemic in FY03/21 and contributions from increased selling prices of raw
materials and a weak yen.
NC2023
FY03/22First year actual

NC2023
FY03/22First year targets

NC2023
FY03/24
Final year goals

Net sales¥680.9 billion¥600.0 billion(*1) ¥670.0 billion

Operating profit¥20.0 billion¥14.5 billion¥16.5 billion

Ordinary profit¥21.6 billion¥15.0 billion¥17.0 billion

Profit attributable to owners ofparent¥22.3 billion¥14.0 billion¥16.0 billion

ROE

12.8%

8% or more

8% or more

Net debt/equity ratio

0.17x

0.3x or less0.3x or less

Equity ratio

45.0％

50％ or more

50％ or more

USD1=¥112.39

USD1=¥105.00

USD1=¥105.00

Exchange rate(*1) Sales target based on accounting standards prior to the adoption of the revised revenue recognition methods: 700.0 billion JPY(Inabata has adopted Accounting Standard for Revenue Recognition (ASBJ Statement No. 29) effective from FY03/22)(*2) Net D/E ratio = (interest-bearing debt – cash and deposits) / equity capital10

NC2023: Revision of Final Year Goals
Inabata revised goals and performance indicators for the final year of NC2023 assales and profits in the first year of the plan surpassed the final year goals, while also
taking into account the business environment and outlook.
Numerical goals andperformance indicators
Net sales

NC2023
FY03/24
Initial goals(*1) ¥670.0 billion

NC2023
FY03/24
Revised goals(*2)¥800.0 billion

Operating profit¥16.5 billion¥20.5 billion

Ordinary profit¥17.0 billion¥21.5 billion

Profit attributable to ownersof parent¥16.0 billion¥22.5 billion

ROE

8% or more

10% or more

Net debt/equity ratio

0.3x or less0.5x or less

Equity ratio

50％ or more

Approximately 40–50%

Exchange rate

USD1=¥105.00

USD1=¥120.00(*1) Sales target based on accounting standards prior to the adoption of the revised revenue recognition methods: 700.0 billion JPY(*2) Sales target based on accounting standards prior to the adoption of the revised revenue recognition methods: 830.0 billion JPY

11

NC2023: Revision of Final Year Goals
Final year (FY03/24) goals for sales and operating profit by segment
Information & Electornics
Life Industry
Other（Billions of yen）

1,000.0［Sales］［Operating Profit］

800.0
0.2
670.0
0.2
500.0

（Billions of yen）

20.00

344.8

246.0

52.0
119.0

16.5

0.10

300.8
46.0
77.0

Chemicals
Plastics

20.5
0.10

9.00

7.05
10.00

2.20
1.50

284.0

2.50
2.60

5.65

6.30

Initial goal

Revised goal

0.00

0.0

Initial goal

Revised goal12

NC2023: Revision of Final Year Goals
No change was made to the six Key Initiatives; Inabata will continue working
on them.

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 efforts
13◼ Returning Profits to Shareholders

14

NC2023

Returning Profits to Shareholders

Revised the total return ratio in the basic policy for shareholder returns
During NC2023◼ Continue raising dividends (disclosed in March 2021)
We will ensure that dividend per share does not decline year on year by continually
increasing our dividends◼ Target total return ratio of around 50% (disclosed in March 2021)
However, in fiscal years when the Company has recorded a considerable amount of cash
inflows from the sale of strategically held shares, instead of being strictly bounded by thetarget total return ratio, the Company will return profits to shareholders after comprehensive
consideration of various factors including future funding needs, financial position, stock price,and market conditions.

Note: Total return ratio (%) = (dividend amount + amount of treasury shares acquired) / consolidated net income x 100

15

NC2023

Returning Profits to Shareholders◼ Share buyback
Acquisition period

February 2022

Acquisition cost

Total number of sharesacquiredCancellation status¥7,499 million

3,085,100 shares

Cancelled as of April
2022◼ Annual dividends per share
AnnualInterimYear-end

Payout ratio

FY03/22（actual）

¥110

¥30

¥80

29.4%

FY03/23（forecast）

¥115

¥50

¥65

32.0%

(Yen)

150

(forecast)

Dividends per share

110

115

100

50

21

23

30

33

36
NC2016

40

40

48

53

NC202063
Progressive
dividends
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

16

◼ Strategic shareholdings reduction policy

17

Strategic shareholdings reduction policy
In addition to the policy covering the three years of NC2023, added a longerterm policy covering years after that

◼ Maintain the existing policy
Reduce the balance of strategic shareholdings at the end of March 2021 by halfduring the three years of NC2023◼ Addition of a new policy
Further reduce strategic shareholdings in the medium to long term, cutting thebalance of strategic shareholdings at the end of March 2021 by about 80% in thenext five years (by the end of March 2027)(billions of yen)
60.0

Strategic shareholdings

40.0

50% reduction
80%reduction

20.0

0.0

NC2023
EndEndFY03/21 FY03/22

EndFY03/24

Funds procured from thesale of strategic
shareholdings are inprinciple allocated toshareholder returns andgrowth investment

EndFY03/27

Note: The balance of strategic shareholdings in the figure above is the total of the Company’s shareholdings in listed companies in Japan.

18◼ Reference Materials

19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

20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

21

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

22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

23

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

Reduce the balance of strategic shareholdings at the end of March 2021 by half during thethree years of NC2023
Further reduce strategic shareholdings in the medium to long term, cutting the balance ofstrategic shareholdings at the end of March 2021 by about 80% in the next five years (by theend of March 2027)
The policy is to allocate the funds obtained from the sale of shares held as strategic
shareholdings not to internal reserves but to shareholder returns and investment for future
growth.

24

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

25

Progress in the First Year of NC2022: (1) Information & Electronics(Billions of yen)

8.00

Operating profit

6.42
5.05

5.65

4.00

0.00

FY03/22

FY03/22

FY03/24(actual)(target)(goal)(Billions of yen)

300.0

247.7

NC2023
FY03/22First year actual

NC2023
FY03/22First year targets

NC2023
FY03/24
Final year goals

Operating profit

6.42

5.05

5.65

Operating profit margin

2.6％

2.2％

2.3％

Sales

247.7

226.0

246.0

(Billions of yen)

Sales

226.0

246.0

◼

Sales of mainstay products, including FPD-related(e.g., LCD panel), OA equipment-related, and solar
cell-related products, were robust.

◼

Sales and operating profit exceeded both the firstyear targets and final year goals.

200.0

100.0

0.0

FY03/22

FY03/22

FY03/24(actual)(target)(goal)

Note: FY03/24 goals in figures above are those prior to the revision.

26

Progress in the First Year of NC2022: (2) Chemicals(Billions of yen)

3.00

Operating profit

2.20

NC2023
FY03/22First year actual

NC2023
FY03/22First year targets

Operating profit

2.20

1.20

1.50

Operating profit margin

2.８％

1.8％

1.9％

78.6

68.0

77.0

(Billions of yen)

2.00

1.50
1.20

1.00

0.00

Sales
FY03/22

FY03/22

FY03/24(actual)(target)(goal)

NC2023
FY03/24
Final year goals(Billions of yen)

100.0

Sales

78.6

77.0

◼

Sales of resin materials and additives, raw materials
for automotive components, and housing construction
materials recovered overall from the sharp decline in
FY03/21 caused by the pandemic.

◼

Sales and operating profit exceeded both the firstyear targets and final year goals.

68.0
50.0

0.0

FY03/22

FY03/22

FY03/24(actual)(target)(goal)

Note: FY03/24 goals in figures above are those prior to the revision.

27

Progress in the First Year of NC2023: (3) Life Industry(Billions of yen)

3.00

2.61

Operating profit

2.20

NC2023
FY03/22First year actual

NC2023
FY03/22First year targets

NC2023
FY03/24
Final year goals

Operating profit

2.61

1.90

2.20

Operating profit margin

6.9％

4.9％

4.8％

Sales

38.2

38.8

46.0

1.90

(Billions of yen)

2.00

1.00

0.00

FY03/22

FY03/22

FY03/24(actual)(target)(goal)(Billions of yen)

50.0
38.2
40.0

Sales

◼

Sales of processed seafoods and agricultural
products in the food-related business, and ingredientsfor cosmetics and raw materials for daily goods in thelife science-related business were robust.

◼

Operating profit exceeded both the first year targets
and final year goals thanks in part to strong sales of
seafood products in the US.

◼

Sales were in line with the first year targets.

46.0

38.8

30.0
20.0
10.0
0.0

FY03/22

FY03/22

FY03/24(actual)(target)(goal)

Note: FY03/24 goals in figures above are those prior to the revision.

28

Progress in the First Year of NC2023: (4) Plastics(Billions of yen)

10.00

Operating profit

8.67
7.05

(Billions of yen)

NC2023
FY03/22First year actual

NC2023
FY03/22First year targets

NC2023
FY03/24
Final year goals

Operating profit

8.67

6.25

7.05

Operating profit margin

2.7％

2.3％

2.3％

Sales

316.2

267.0

300.8

6.25
5.00

0.00

FY03/22

FY03/22

FY03/24(actual)(target)(goal)(Billions of yen)

400.0

Sales

316.2

◼

Sales of all products, including automotive-related, OA
equipment-related, daily goods-related, and foodrelated products, recovered from a major slump in
FY03/21 caused by the pandemic; increase in resin
prices also contributed to sales growth.

◼

Sales and operating profit exceeded both the first year
targets and final year goals

300.8
267.0

200.0

0.0

FY03/22

FY03/22

FY03/24(actual)(target)(goal)

Note: FY03/24 goals in figures above are those prior to the revision.

29

NC2023 Investment Status(Billions of yen)

NC2020
Four years
cumulative results

NC2023
FY03/22
actual

NC2023cumulative results

Growth investment

8.90

1.20

1.20

Fixed investment

8.03

2.01

2.01

Total

16.93

3.21

3.21

◼ Major growth investments in FY03/22• Plastics segment:¥0.29 billion for facilities (related to compound)¥0.16 billion for facilities (related to inflation molding)¥0.10 billion for facilities (others)• Life industry segment:¥0.09 billion (related to food-related business, Awaji Island Project)30

NC2023

Further Development of Core Businesses

Progress at our compounds plant(sales to automakers in Mexico)◼ As of FY03/22
Sales volume increased as demand recovered versus FY03/21. Selling prices rose on higher
resin prices.
◼ Outlook for FY03/23
Sales to existing customers recovered to pre-pandemic levels, in part because semiconductor
shortages were resolved. Sales volume is expected to increase owing to production transfersfrom other companies among other factors.
Sales volume
FY03/21 (actual)

6,900 MT

FY03/22 (actual)

8,700 MT

FY03/23 (forecast)

14,000 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 201431

NC2023

Further Development of Core Businesses

Progress at our compounds plant(sales to manufacturers of OA equipment in the Philippines)◼ As of FY03/22
Sales targets were not met, as a key customer, an OA equipment manufacturer, missed its
production targets due to electronic parts and resin shortages. That said, overall performance held
firm thanks in part to higher selling prices on the back of soaring resin prices.
◼ Outlook for FY03/23
Sales volume is expected to remain flat YoY.
Sales volume
FY03/21 (actual)

9,500 MT

FY03/22 (actual)

17,000 MT

FY03/23 (forecast)

17,000 MT

Company: IK PLASTIC COMPOUND PHILS. INC.
Production capacity: 17,700 MT/year
Location: Laguna Province, Philippines
Commenced business and production in July 201432

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

17,700 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

190,500 MT/Y: 7 sites in 7 countries (As of March 31, 2022)

Mexico15,000 MT/Y
33

NC2023

Enhancement of Human Capital Utilization Efforts✓ In May 2022, Inabata conducted an engagement survey of 1,700 employees at 29
locations in 17 countries.
✓ Introduced remote work and work-at-home systems to accommodate flexible work
stylesNumber of overseas personnel in the trading division andpeople on overseas assignment(People)1000

Trading division

693

737

People on overseas assignment

764

783

787

828

500

95
0

End-FY03/17

94
End-FY03/18

90
End-FY03/19

93
End-FY03/20

92
End-FY03/21

96

Employees at Inabata Mexico

End-FY03/22

34
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◼ Conducts a third-party evaluation every three years (in the form of surveys
and interviews)◼ FY03/22
Performed a self-evaluation of all directors and Audit & Supervisory
Board members using a survey format⇒ In April 2022, disclosed summary of evaluation

35

Sustainability Initiatives
October 2021

Established Sustainability Committee
Chaired by the Company president; all directors, including
those from outside the Company, participate in theCommittee as a member or observer

November 2021

Formulated the Inabata Group Sustainability Basic Policy
and the Code of Conduct

April 2022

Signed UN Global Compact (UNGC)

Under NC2023, Inabata will strengthen initiatives in the environment andenergy sectors, including in the areas of photovoltaic power generation andlithium-ion batteries, and focus on expanding sales of products that reduce
environmental burden such as environmentally-friendly and recycled resins.

Contribute to realizing a sustainable society while aiming for solid profitability
36

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(Goal)

800.0

25.0

680.9 730.0 20.5
20.0 19.5

20.0(Forecast)

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

600.3

577.5
14.9
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

NC202337

Sales by Segment(Billions of yen)

Information & Electronics

1,200.0

ChemicalsLife Industry

Plastics

Other

1,000.0
1,000.0(Goal)(Forecast)

800.0

800.0

730.0
621.1

634.7
0.1

0.1

600.0
286.9

680.9

300.0

600.3

270.3

0.1

0.2

0.2

577.5
0.1

0.2

344.8
326.8
316.2

248.8

52.0

400.0
38.2
78.6

47.0
83.0

119.0

42.3
76.7

39.0
77.5

36.9
74.1

37.3
66.6

214.9

217.9

218.6

224.5

247.7

273.0

284.0

FY03/18

FY03/19

FY03/20

FY03/21

FY03/22

FY03/23

FY03/24

200.0

0.0

NC2020Around 2030
IK Vision 2030

NC202338

Operating Profit by Segment(Billions of yen)

Information & Electronics

ChemicalsLife Industry

Plastics

Other

27.50
(Goal)

22.50

20.0
0.12

17.50

20.5

19.5

0.10

0.10

14.9

14.0

13.2

0.13

0.13

8.67

8.90

9.00

0.13

12.50

5.63

5.9
7.50

(Forecast)

6.34

6.23

0.12

5.54
2.50
1.92
0.41
(2.04)
FY03/18

1.31
1.42

1.16
1.20

4.81

4.48

FY03/19

FY03/20

2.61

2.30

1.56
1.32

2.20

2.00

2.60

6.32

6.42

6.20

6.30

FY03/21

FY03/22

FY03/23

FY03/24-2.50
NC20202.50

Around 2030
IK Vision 2030

NC202339

Earnings per Share(Yen)
400.00374.23358.91

229.13211.36188.82200.00137.20151.91

156.25109.92

0.00

（604）

（707）

（891）

（679）

（936）

（425）

（7,499）FY03/15

FY03/16

FY03/17

FY03/18

FY03/19

FY03/20

FY03/21

FY03/22

FY03/23（actual）（actual）（actual）（actual）（actual）（actual）（actual）（actual）（forecast）

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

40

Company Overview
Name

Inabata & Co., Ltd.

Founded

October 1, 1890

Incorporated

Capital stock
Representative

Head offices

April 1 to March 31

Exchange listing

Tokyo Stock Exchange

Ticker

8098

Trading unit

100 shares

Shareholders

28,472Major
shareholders(top three andpercentage
ownership)

Sumitomo Chemical Co., Ltd.
(24.1%)The Master Trust Bank of Japan,
Ltd. (Trust Account) (10.7%)
Custody Bank of Japan, Ltd.
(Trust Account) (3.5%)

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

672 (4,207 on consolidated basis)

Issuable shares

200,000,000

Shares issued
and outstanding

60,799,227(As of March 31, 2022)

Fiscal year

The Company owns 3,395,519 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.
The Company retired 3,085,100 shares of treasury shares on April 5,
2022.

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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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