IR Briefing for 1H
the Fiscal Year Ending March 2024
Progress in the Final Year of Medium-Term Management Plan NC2023

Inabata & Co., Ltd.

Katsutaro Inabata, Director, President
Inabata & Co., Ltd. will hold the financial results briefing for 1H the fiscal
year ending March 2024 via live broadcast on December 5, 2023.

Contents
Page
2

Company Overview

5

Summary of Medium-Term Management Plan NC2023

9

1H Progress in the Final Year of NC2023

16

Returning Profits to Shareholders

19

ESG

24

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

1Company Overview

About Inabata:
1. Founded in 1890

Inabata Dye Shop (Nishijin, Kyoto)

The Company was founded in Kyoto in 1890 as animporter of dyestuffs. The business was later
expanded with a focus on chemicals.

2. A globally expanding, multifaceted
trading company

The company operates at 60 locations across 19 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.
2Company Overview
3. Four business segments

We operate in four segments: Information & Electronics,
Chemicals, Life Industry, and Plastics.

Life
Industry

Chemicals 6%

12%FY03/23
Plastics
Net sales:
50%¥735.6 billion

Information &Electronics

32%

3

Trend in Net Sales & Operating Profit
 Sales and profit grew steadily during the current medium-term plan,
NC2023, owing in part to a tailwind provided by the weak yen.
(Operating profit: Billions of yen)

(Net sales: Billions of yen)
1,000.0

Net Sales

1,000.0

Operating profit

40.0（Full-year forecast）

800.0

561.1
500.0

410.7

5.5
0.0

3/10

572.1 577.0 586.6

621.1 634.7

680.9
600.3

3/11

3/12

20.0

21.0
20.0 20.3

10.9 10.7 11.3
7.6

30.0

577.5

469.0 464.4 479.9

7.9

735.6

14.0 13.2 14.9

12.6

7.7

10.0

5.9

3/13

3/14

3/15

3/16

3/17

3/18

3/19

3/20

3/21

NC2020

3/22

3/23

0.0
Around 2030
IK Vision 2030

3/24

NC2023

FY03/10 FY03/11 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
Exchange
rate:
USD/JPY

92.10

81.49

77.74

79.81

100.17109.76120.15108.34110.85110.92108.70106.10112.39135.50 140.00*

Note: Revised forex rate assumptions at the time of Q2 FY03/24 results announcement (initially JPY130.00/USDJPY140.00/USD).

4 Summary of Medium-Term Management
Plan New Challenge 2023 (NC2023)

5

NC2023: Basic Policies
 Second-stage medium-term management plan on the way to our longterm vision, IK Vision 2030

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

Medium-term management plan

IK Vision 2030 (envisioning ourselves around 2030)

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

6

Long-term Vision IK Vision 2030
 Inabata’s aspirations for itself in around 2030
Reach consolidated net sales of ¥1 trillion
Further enhancing multifaceted capabilities (such as
manufacturing, logistics, and finance) in addition to trading
At least one-third of business from segments otherthan Information & Electronics and Plastics
Overseas business

70% or more

[ Formulated May 2017 ]7

NC2023:Key Initiatives
 Six key initiatives are as follows
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
growth and steady monetization efforts

3.

Intensification of investment targeting future growth

4.

Further improvement of 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 Final Year of MediumTerm Management Plan NC2023

9

Operating Environments in 1H FY03/24:
Information & Electronics
FPD(flat panel display) Market• While end user demand remained sluggish, inventory adjustments ran theircourse. Panel prices increased, and utilization of panel manufacturers is on arecovery track.
• Demand for FPD-related materials for TVs, smartphones, PC monitors, andtablets is expected to remain low due in part to the impact of the drop in
demand in China.
• Sales of OLED for smartphones grew, but the use of OLED was still limited interms of panel area. In the overall FPD market, LCD panels are expected tomaintain a dominant share in terms of panel area for some time to come.
• Sales of the Company’s FPD-related materials were robust for automotive and
OLED applications, despite stagnant sales for use in large screen TVs.
Projected Breakdown of Total Flat Panel Display Area (LCDs and OLEDs)% of total
panel area

2019

2020

2021

2022

2023

2024

2025

LCDs

96％

96％

95％

94％

94％

94％

94％

OLEDs

4％

4％

5％

6％

6％

6％

6％

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

10

Operating Environments in 1H FY03/24: Plastics
 Domestic naphtha prices were in the JPY60,000/kl range, and per-unit selling prices ofcommodity resins more or less remained high.
 Sales of the Company’s commodity resins for use in everyday goods, construction materials,
and food packaging were stagnant due to a slump in consumer demand against a backdropof rising prices.
 Sales of the Company’s high-performance resins for OA and home electronics applications
were sluggish due to inventory adjustments at manufacturers. Sales for automotive
applications overall were on a recovery path, despite lower sales to Japanese Tier 1 and Tier
2 manufacturers in China, owing to the easing of electronic parts shortages in other regions.
Domestic naphtha prices（JPY/kl）

86,10090,00060,00030,000060,70045,40044,80040,200 41,300

47,70038,80030,200 31,300
25,00064,60081,40072,50066,50067,50063,60053,500Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23

NC2020

NC202311

1H Progress in the Final Year of NC2023
 Results were largely in line with the full-year forecast.
 Net sales and operating profit are expected to reach the final year targets of NC2023;
ordinary profit and profit attributable to owners of the parent are projected to fall short of
the targets due to higher interest rates for securing funds.
(Billions of yen)
NC2023
FY03/23
Second year
1H actual

NC2023
FY03/24
Final year

FY03/23
Actual1H actual

NC2023
FY03/24
Final year targets

FY03/24Plan

Net sales

373.4

735.6

375.1

800.0

800.0

Operating profit

10.5

20.3

10.4

21.0

20.5

Operating profit
margin

2.8%

2.8%

2.8%

2.6%

2.6%

Ordinary profit

10.3

19.1

10.6

20.0

21.5

Profit attributable toowners of parent

9.6

19.4

12.5

21.0

22.5

ROE

－

11.0%

－

10% or more

10% or more

Net debt/equity ratio

0.24x

0.16x

0.06x

－

0.5x or less

Equity ratio

46.6%

47.2%

46.5%

－

Approximately
40-50%

USD1=¥134.03

USD1=¥135.50

USD1=¥141.06

USD1=¥140.00*

USD1=¥120.00

Exchange rate

※Released May 2022
Note: Net D/E ratio = (interest-bearing debt – cash and deposits) / equity capital* Revised forex rate assumptions at the time of Q2 FY03/24 results announcement (initially JPY130.00/USDJPY140.00/USD).
12

1H Progress in the Final Year of NC2023: By Segment
 Sales in Information & Electronics fell short of the final year target due tostagnant sales of FPD-related materials.
 The Plastics business is performing strongly, partly owing to a tailwind provided
by the weak yen.
(Billions of yen)
NC2023
FY03/23
Second year
1H actual
OperatingprofitNC2023
FY03/24
Final year

FY03/23
ActualSales

1H actual

OperatingprofitSales

OperatingprofitFY03/24 Plan*
Sales

OperatingprofitNC2023
FY03/24
Final year targets*

Sales

Information &Electronics

118.9

2.64

238.0

5.26

116.2

3.34

246.0

5.20

284.0

6.3

Chemicals

45.6

1.40

89.8

2.77

54.5

1.36

119.0

3.05

119.0

2.6

Life Industry

21.5

1.17

43.6

1.93

25.4

0.65

52.0

2.65

52.0

2.5

Plastics

187.1

5.26

363.9

10.20

178.8

5.03

382.8

10.00

344.8

9.0

Other

0.0

0.06

0.1

0.13

0.0

0.06

0.2

0.10

0.2

0.1

Total

373.4

10.54

735.6

20.31

375.1

10.46

800.0

21.00

800.0

20.5

※Released June 2023

Sales

OperatingprofitSegment※Released May 2022

13

NC2023 Investment Status In FY03/24, we are accelerating investments in M&A, environment and energy-related,and semiconductor-related fields.
FY03/22
ActualFY03/23
Actual(Billions of yen)

FY03/24
1H
ActualMajor growth investments
in 1H FY03/24

NC2023cumulative
results(FY03/22
onward)M&A:¥3.59 billion

Growth investment

1.20

2.86

6.08

(Maruishi Chemical Trading, Daigo Tsusho)
Information &Electronics:¥0.6 billion for rechargeable battery-related¥0.5 billion for semiconductor-related¥0.3 billion for renewable energy-related

Plastics segment:¥0.27 billion for facilities (related to sheets andinflation films)¥0.13 billion for facilities (related tocompounds)

10.15

Fixed investment

2.01

2.78

1.54

6.32

Total

3.21

5.64

7.62

16.48

* Digitalization-related investments are included in Fixed investment.

14

Summary of progress in key initiatives for NC2023
 We made steady progress in measures for each initiative, building afoundation for further earnings growth.
Key Initiatives for NC2023
1. Further development of core businesses and horizontal
expansion into growth sectors

Specific measures underway• Expansion of business in the automotive, especially EV, field• Acquisition of Maruishi Chemical Trading (made it asubsidiary)

2. Multi-faceted approachto markets with potential for（億円）
futuregrowth and steady monetization efforts• Participation in biomass power generation business(Fukuyama, Sakaiminato)• Expansion of sales of products that reduce environmental
load• Investment in semiconductor-related companies

3. Intensification of investment targeting future growth• Acquisition of Daigo Tsusho (made it a subsidiary)• Establishment of a US subsidiary that manufactures lithium
ion battery-related materials• Reinforcement of Business Planning Office functions

4. Further improvement of global management
information infrastructure• Progress in the core operational system overhaul project• Progress in strengthening security measures, including inoverseas

5. Continuous review of assets and further improvement of
capital and asset efficiency• Fundraising for growth investment through the sale ofstrategic shareholdings• Issue of straight bonds (diversifying fundraising methods)

6. Enhancement of human capital utilization efforts• Introduction of a restricted stock incentive plan for theemployee shareholding association• Revision of HR systems to promote diversity• Enhancement of training systems to nurture global talent15 Returning Profits to Shareholders

16

NC2023 Returning Profits to Shareholders

Basic Policy on Shareholder Return
During NC2023

 Progressive dividends
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%
However, in fiscal years when the Company has recorded a considerable amount ofcash inflows from the sale of strategically held shares, instead of being strictly boundedby the target 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

17

NC2023 Returning Profits to Shareholders
 For FY03/24, we plan to pay an annual dividend of JPY120 per share as planned (interim:
JPY55, year-end: JPY65).
 We will continue buying back and canceling shares to further improve capital efficiency.
110

115

120

Annual dividends per share and indicatorsof shareholder return
Dividend

Dividend payout ratio

(Yen)

33

36

31.1%

31.1%

24.1%

23.7%

40
34.8%
25.6%

Total return ratio

40

63

53

48

Approx.
50%
target

62.2%
47.1%

46.5%
30.0%

31.9%

27.6%

22.7%

28.1%

27.5%

36.4%

29.4%

33.5%

31.9%

FY03/15 FY03/16 FY03/17 FY03/18 FY03/19 FY03/20 FY03/21 FY03/22 FY03/23 FY03/24
NC2020

NC2023

Treasuryshares

FY03/15

FY03/16

FY03/17

FY03/18

FY03/19

FY03/20

FY03/21

FY03/22

FY03/23

FY04/24*

Acquisition
amount

604

707

891

679

936

425

-

7,499

2,635

2,229

No. of shares
Acquired

600

600

600

400

600

300

-

3,085

1,035

765

No. of sharescancelled

1,660

-

-

-

-

-

-

2,700

3,685

1,200

* Amounts current as of September 30, 2023

(Millions of yen)(Thousandsof shares）(Thousandsof shares）

18

 ESG

19

Corporate Governance Structure Transition to Company with Audit and Supervisory Committee in June 2022
 Transition to monitoring-type Board of Directors where independent
outside directors account for more than half

 Added one more outside director (Audit and Supervisory Committee
member) in June 2023
Ratio of independent
outside directors

58％ (7 out of 12)

Directors (excluding audit andsupervisory committee
members)

7 personsOutsideDirectors (audit andsupervisory committee
members)

5 personsOutside20

Sustainability Initiatives

 We accelerated sustainability initiatives in NC2023.
October 2021

Established Sustainability Committee
Chaired by the Company president; all directors, including thosefrom outside the Company, participate in the Committee as amember or observer

November 2021

Formulated the Inabata Group Sustainability Basic Policy andthe Code of Conduct

March 2022

Formulated Inabata Group Human Rights Policy

April 2022

Signed UN Global Compact (UNGC)

June 2022

Announced “2050 Carbon Neutrality Declaration”
Defined materiality issues
Began disclosures in accordance with TCFD recommendations

August 2022

Selected as a component of the FTSE Blossom Japan Sector Relative
Index

March 2023

Certified as a Health & Productivity Management Outstanding
Organization 2023

April 2023

Endorsed the recommendations of TCFD

August 2023

Selected as a component of the FTSE Blossom Japan Index

September 2023 Forged a business alliance with Asuene Inc. to support
decarbonization of corporations

21

Products that reduce environmental load: Sales by field Sales of eco-friendly (i.e., environmental load-reducing) products steadily expanded as we
strengthened measures targeting the Energy & Power and Resources & Environment fields.
 We are focusing on expanding sales of eco-friendly and recycled resins.

(Billions of yen)

Sales

Field

Main contents

FY03/22(actual)

FY03/23(actual)

FY03/24
1H(actual)

FY03/24(forecast)

Energy & Power

Renewable energy-related,battery-related, etc.

13.4

17.5

14.3

25.0

Resources &Environment

Sustainable raw materials,
recycling, water-related

4.2

7.5

5.5

11.2

Materials &Chemicals

Low carbon materials, reductionof environmental pollutants, etc.

0.7

1.5

1.6

3.5

Environmental
certifications

Certified products of FSC, PEFC,
MSC, ASC, etc.

0.3

0.3

0.1

0.4

18.7

26.9

21.6

40.3

Total** Simple aggregate value

22

NC2023 Enhancement of Human Capital Utilization Efforts
 Established Global HR Management Department and further focused on centralized management
and training of global personnel
 Made progress in revising HR system to increase diversity (empowerment of women and seniors)
 Conducted an employee engagement survey, with a greater number of targets. Key scores
improved.
 Certified as a Health & Productivity Management Outstanding Organization 2023
 Introduced a restricted stock incentive plan for the employee shareholder association
Number of overseas personnel in the trading divisionand people on overseas assignment
Trading division(People)

693

95

737

94

764

90

People on overseas assignment
875
849
828
787
783

93

92

96

98

98

President of Inabata and
IK Plastic Compound Mexico employees

End-FY03/17 End-FY03/18 End-FY03/19 End-FY03/20 End-FY03/21 End-FY03/22 End-FY03/23 End-Sep. 2023

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

23

 Reference Materials

24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

25

Key Initiatives for NC2023
2. Multi-faceted approach to markets with potential for future
growth and steady monetization efforts
Segment
Information &Electronics
Plastics
ChemicalsLife industry（Food and
agriculture）

Life industry(Life science)

Key Initiatives••

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 mobility•

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

Strengthen focus on the regenerative medicine sector and other markets
with growth potential

26

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
Plastics
Chemicals

Field•

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.)•••

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

•

Mobility sector

27Key Initiatives for NC2023
4. Further improvement of 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

28

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.

29

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

30

NC2023 Further Development of Core Businesses (Key Initiative 1)
Progress at our compounds plant(sales in the automotive sector in Mexico) As of 1H FY03/24• Demand recovered as production picked up again with the easing ofsemiconductor shortages. Sales volume rose sharply.
 Outlook for FY03/24
・ Both sales within Mexico and to the US are expected to continue holding firm.
Company: IK Plastic Compound Mexico, S.A. de C.V.
Production capacity:22,300 MT/year
Location:
Silao, Guanajuato, central Mexico
Commenced operations in November
2013, with mass production starting in
September 2014

【Sales volume】
FY03/21 (actual)

6,900 MT

FY03/22 (actual)

8,700 MT

1H FY03/23 (actual)

5,700MT

FY03/23 (actual)

10,800 MT

1H FY03/24 (actual)

7,000MT

FY03/24 (forecast)

13,500MT
31

NC2023 Further Development of Core Businesses (Key Initiative 1)
Progress at our compounds plant(sales to manufacturers of OA equipment in the Philippines ) As of 1H FY03/24•

Sales volume declined due to inventory adjustments at OA equipment manufacturers, our
key customers.

 Outlook for FY03/24•

Sales volume is projected to fall year-on-year due to protracted inventory adjustments at
customers.

Company: IK PLASTIC COMPOUND PHILS. INC.
Production capacity: 19,700 MT/year
Location: Laguna Province, Philippines

Commenced business and production in July 2014

【Sales volume】
FY03/21 (actual)

9,500MT

FY03/22 (actual)

17,000MT

1H FY03/23 (actual)
FY03/23 (actual)

8,100MT
15,700MT

1H FY03/24 (actual)

6,300MT

FY03/24 (forecast)

13,000MT
32

[Reference] 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

Philippines

Thailand

37,200 MT/Y

Building and dismantling plants in line with customers’
relocation strategies
Providing consistent service quality everywhere

19,700 MT/Y

Malaysia

28,800 MT/Y

Indonesia
33,000 MT/Y

195,600 MT/Y: 7 sites in 7 countries (As of September 30, 2023)

Mexico22,300 MT/Y
33

NC2023 Strategic shareholdings reduction policy (Key Initiative 5)
 We made greater-than-expected progress in reducing strategic shareholdings,
owing in part to a drop in market prices.
Policy for reducing strategic shareholdings• Reduce the balance of strategic shareholdings at the end of March 2021 by half during the three years of NC2023• Further reduce strategic shareholdings in the medium to long term, curtailing the balance of strategic shareholdings at theend of March 2021 by about 80% by the end of March 2027.

→Funds procured from the sale of strategic shareholdings are in principle allocatedto shareholder returns and growth investment(billions of yen)
60.0
40.0

Sales value of strategic shareholdings*Only includes listed stocks in Japan

Strategic shareholdings
50% reduction
80% reduction

20.0
0.0

EndEndEnd- End-Sep. EndFY03/21 FY03/22 FY03/23
2023
FY03/24

NC2023

EndFY03/27

FY03/18¥9,017 million

FY03/19¥5,298 million

FY03/20¥3,026 million

FY03/21¥2,944 million

FY03/22¥9,367 million

FY03/23¥10,076 million

FY03/24 *¥3,847 million* As of September 30, 2023

Notes: The balance of strategic shareholdings in the figure above is the total of the Company’s shareholdings in listed companies in Japan.
Strategic shareholding balances have been calculated using fiscal year-end stock prices

34

Progress in the Final Year of NC2023: (1) Information & Electronics(Billions of yen)
400.0

Sales

238.0

246.0

284.0

200.0

1H
actual0.0

118.9
FY03/23(actual)(Billions of yen)
8.00

FY03/24(plan)

FY03/24(goal)

5.20

0.00

1H FY03/24
actualFY03/24
plan

238.0

116.2

246.0

284.0

Operating profit

5.26

3.34

5.20

6.30

Operating profit
margin

2.2%

2.9％

2.1％

2.2％

※Released May 2022

 Operating profit is growing faster than projected.
6.30

 Sales of FPD-related materials bottomed out as inventory
adjustments ran their course. OA-related sales were affected byinventory adjustments at some customers.
 Solar cell and rechargeable battery-related businesses are
expanding firmly.

4.00

1H
actualFY03/23
actual

Sales

116.2

Operating profit

5.26(Billions of yen)

NC2023
Final year
goals
(FY03/24)

2.64
FY03/23(actual)3.34
FY03/24(plan)

FY03/24(goal)

 Decided to participate in the biomass power generation business(Sakaiminato, Tottori Pref., Shiwa District, Iwate Pref.), and invest
in a new company for sale and manufacture of lithium-ion battery
related materials (US), expanding the energy-related business.
35

Progress in the Final Year of NC2023: (2) Chemicals(Billions of yen)

Sales

150.0

119.0
100.0

119.0

89.8

50.0
1H
actual0.0

45.6
FY03/23(actual)(Billions of yen)

4.00
3.00

54.5
FY03/24(plan)

FY03/24(goal)

Operating profit

2.77

1H
actual0.00

1.40
FY03/23(actual)1H FY03/24
actualFY03/24plan

NC2023
Final year
goals
(FY03/24)

Sales

89.8

54.5

119.0

119.0

Operating profit

2.77

1.36

3.05

2.60

Operating profit
margin

3.1%

2.5%

2.6%

2.2%
※Released May 2022

 Operating profit is largely in line with plan.

3.05
2.60

2.00
1.00

(Billions of yen)

FY03/23
actual Sales of resin raw materials, additives, raw materials for automotive
parts, paints, inks, and adhesives reflected a reactionary drop fromsolid sales a year ago, but still remained high.
 Made Maruishi Chemical Trading a subsidiary, bolstering management
resources in the chemical products field.

1.36
FY03/24(plan)

FY03/24(goal)

36

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

60.0

Sales
52.0

52.0

43.6
40.0

(Billions of yen)

20.0
1H
actual

0.0

21.5

25.4

FY03/23

FY03/24

FY03/24(actual)(plan)(goal)

FY03/23
actual1H FY03/24
actual

NC2023
Final year
goals
(FY03/24)

FY03/24
plan

Sales

43.6

25.4

52.0

52.0

Operating profit

1.93

0.65

2.65

2.50

Operating profit
margin

4.4%

2.6%

5.1%

4.8%

※Released May 2022
(Billions of yen)

3.00

2.00

1.00
1H
actual0.00

 Operating profit is lagging behind the full-year target.

Operating profit
2.65

2.50

1.93

 Life science-related business is holding firm, and sales of agricultural
products are brisk.
 Sales of seafood products in the US declined due to intensifying
competition, with profitability also down. Sales to conveyor belt sushi
restaurants and mass retailers in Japan are on a recovery track.

1.17

 Made Daigo Tsusho a subsidiary, strengthening business in thedownstream area of the food products field.

0.65
FY03/23

FY03/24

FY03/24(actual)(plan)(goal)

37

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

400.0

363.9

382.8
344.8
(Billions of yen)

200.0
1H
actual

0.0

187.1

178.8

FY03/23

FY03/24

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

Operating profit

10.00

10.00

9.00

0.00

NC2023
Final year
goals
(FY03/24)

FY03/24
plan

Sales

363.9

178.8

382.8

344.8

Operating profit

10.20

5.03

10.00

9.00

Operating profit
margin

2.8%

2.8%

2.6%

2.6%

※Released May 2022

 OA and home electronics-related sales declined due to inventory
adjustments at customers. Automobile-related sales are recovering inregions other than China.
 Profitability of the film and sheet-related business improved, owing toprogress in cost pass-throughs for plastic bags and packages.

5.00
1H
actual1H FY03/24
actual Operating profit was largely in line with plan.

15.00
10.20

FY03/23
actual5.26

5.03

FY03/23

FY03/24

FY03/24(actual)(plan)(goal)

 Continuing to consider enhancing plastic compound production
capacity to prepare for an increase in automobile, OA, and homeelectronics-related demand in the longer term.
38

Sales by Segment(Billions of yen)

Information & Electronics

1,000.0

ChemicalsLife Industry

Plastics

Other

1,000.0(Forecast)

800.0

621.1

634.7
0.1

0.1

600.0
286.9

300.0

735.6

680.9
600.3

270.3

0.1

0.2

0.1

0.1

577.5

0.1

800.0

382.8
363.9

316.2

248.8

400.0
38.2

43.6

78.6

89.8

52.0

42.3

39.0

36.9

76.7

77.5

74.1

37.3
66.6

214.9

217.9

218.6

224.5

247.7

238.0

246.0

FY03/18

FY03/19

FY03/20

FY03/21

FY03/22

FY03/23

FY03/24

119.0

200.0

0.0

NC2020Around 2030
IK Vision 2030

NC202339

Operating Profit by Segment(Billions of yen)

Information & Electronics

ChemicalsLife Industry

Plastics

Other

27.50
(Forecast)

22.50

20.05

17.50

14.03
0.13

12.50

5.96
7.50

0.12
5.54

2.50

-2.50

1.92
0.41
(2.04)
FY03/18

6.34

13.22
0.13

14.97
0.13

1.16
1.20

4.81

4.48

FY03/19

FY03/20

NC2020

0.12

0.13

8.67

10.20

21.00
0.10

10.00

5.63

6.23

1.31
1.42

20.31

2.61

1.93

1.56
1.32

2.20

6.32

6.42

FY03/21

FY03/22

2.65

2.77

3.05

5.26

5.20

FY03/23

FY03/24

Around 2030
IK Vision 2030

NC202340

Earnings per Share(Yen)

376.14374.23400.00343.31300.00211.36200.00137.20229.13188.82151.91 156.25
109.92100.000.00

FY03/15

FY03/16

FY03/17

FY03/18

FY03/19

FY03/20

FY03/21

FY03/22

FY03/23

FY03/24（actual）（actual）（actual）（actual）（actual）（actual）（actual）（actual）（actual）（forecast）

41

Company Overview (As of September 30, 2023)
Name

Inabata & Co., Ltd.

Fiscal year

April 1 to March 31

Founded

October 1, 1890

Exchange listing

Prime Market of the Tokyo
Stock Exchange

Incorporated

June 10, 1918

Ticker8098

Capital stock¥9,364 million

Trading unit

100 shares

Representative

Katsutaro Inabata, Director,
President

Shareholders

55,073

Head offices

Employees
Issuable shares
Shares issued
and outstanding

Osaka Head Office (1-15-14
Minami-semba, Chuo-ku, Osaka)
Tokyo Head Office (2-8-2
Nihonbashi-honcho, Chuo-ku,
Tokyo)*
748 (4,604 on consolidated basis)

Shareholder Composition
Individuals/others
Foreign investors
Securities companies

0.1%
1.3%
32.3%

200,000,000
55,914,127

Financial institutions
Domestic corporations
Treasury stock

Shareholders:
55,073(As of September
30, 2023

23.5%

24.1%

18.7%

*Due to the rebuilding the Tokyo Head Office Building, from December 19, 2022 to around September 2025, we will temporally relocate the Tokyo Head
Office and conduct business at the Muromachi Furukawa Mitsui Building (COREDO Muromachi 2), 2-3-1 Nihonbashi Muromachi, Chuo-ku, Tokyo.

42 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.